成都银行（601838）：非息拖累营收，扩表保持积极

Investment Rating - The report maintains a "Strong Buy" rating for Chengdu Bank, expecting the stock to outperform the market by over 20% within the next six months [13]. Core Views - Chengdu Bank's revenue growth is being impacted by non-interest income, but the bank is actively expanding its balance sheet. The bank's total assets grew by 13.4% year-on-year, with loans increasing by 17.4% and deposits by 12.6% [4][7]. - The bank's net profit for the first three quarters of 2025 reached 9.49 billion yuan, a 5.0% increase year-on-year, while operating income grew by 3.0% [4][7]. - The report highlights a narrowing decline in interest margins, with the annualized net interest margin for the third quarter at 1.45%, down 3 basis points from the second quarter [7]. Summary by Sections Financial Performance - Chengdu Bank reported operating income of 17.8 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 3.0%. The net interest income increased by 8.2% year-on-year [4][7]. - The bank's total assets reached 1,385.3 billion yuan by the end of the third quarter, with a year-on-year growth of 13.4% [4][8]. Asset Quality - The non-performing loan (NPL) ratio slightly increased to 0.68% as of the end of the third quarter, attributed to fluctuations in retail and small micro-business asset quality [7][10]. - The bank's provision coverage ratio stood at 433%, indicating stable risk compensation capabilities [7][10]. Future Outlook - The report projects earnings per share (EPS) for 2025-2027 to be 3.26, 3.58, and 3.98 yuan, respectively, with corresponding profit growth rates of 7.6%, 9.8%, and 11.1% [10][11]. - The bank's price-to-book (P/B) ratios for 2025-2027 are expected to be 0.87x, 0.77x, and 0.69x, suggesting potential for valuation premium and upward movement [10][11].