Bank of Chengdu(SH:601838) Guoxin Securities·2025-10-29 05:11Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company maintains a stable performance with rapid expansion in scale, achieving revenue and net profit of 17.76 billion yuan and 9.49 billion yuan respectively in the first three quarters of 2025, with year-on-year growth of 3.01% and 5.03% [1][4] - The company's annualized weighted ROE for the first three quarters of 2025 is 15.20%, which is still relatively high compared to peers, despite a year-on-year decline of 2.35 percentage points [1][3] - The growth in performance is primarily attributed to the drag from net interest margin and non-interest income, although the company maintains a significantly higher asset growth rate than the industry average [1][2] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a total asset growth of 13.4%, exceeding 1.38 trillion yuan by the end of September [2] - Loans (excluding accrued interest) increased by 17.4% to 846.2 billion yuan, with a total of 104.9 billion yuan in new credit issued [2] - The net interest income for the first three quarters grew by 8.2% to 14.725 billion yuan, while non-interest income decreased by 16.5% to 3.036 billion yuan [3] Asset Quality - The non-performing loan ratio as of September is 0.68%, which is still at a low level despite a slight increase from June [3] - The provision coverage ratio stands at 433.08%, maintaining a high level despite a decrease of 19.57 percentage points from June [3] Profit Forecast and Valuation - The company is expected to achieve net profits of 14 billion yuan, 15.1 billion yuan, and 16.2 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.8%, 7.6%, and 7.7% [4][5] - The diluted EPS is projected to be 3.29 yuan, 3.54 yuan, and 3.82 yuan for the same years, with corresponding PE ratios of 5.6, 5.2, and 4.8 [4][5]