Bank of Chengdu(SH:601838) Tianfeng Securities·2025-10-29 07:12Investment Rating - The investment rating for Chengdu Bank is "Buy" with a 6-month outlook maintained [5]. Core Insights - Chengdu Bank reported a revenue of approximately 17.76 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.01% [2][4]. - The net profit attributable to shareholders for the same period was 9.49 billion yuan, showing a year-on-year increase of 5.03% [2][4]. - The net interest margin (NIM) stabilized at 1.62% for the first three quarters of 2025, unchanged from the first half of the year [2][4]. - The bank's non-interest income decreased by 16.52% year-on-year, contributing 30.36 billion yuan to total revenue [2][4]. Financial Performance - For the first three quarters of 2025, net interest income was 14.73 billion yuan, up 8.24% year-on-year, accounting for 82.91% of total revenue [2][3]. - The bank's total interest-earning assets reached 1.37 trillion yuan, a year-on-year increase of 13.31% [3]. - The non-performing loan (NPL) ratio stood at 0.68%, with a provision coverage ratio of 433.1% [3][4]. Profitability Forecast - The forecasted growth rates for net profit attributable to shareholders for 2025-2027 are +6.48%, +8.33%, and +8.57%, respectively [4][19]. - The projected earnings per share (EPS) for 2025 is 3.23 yuan, with a price-to-earnings (P/E) ratio of 5.61 [4][19]. Asset and Liability Structure - As of the third quarter of 2025, the bank's interest-bearing liabilities totaled 1.27 trillion yuan, reflecting a year-on-year increase of 2.63% [3][17]. - The composition of interest-earning assets includes loans (60.01%), financial investments (30.03%), interbank lending (5.28%), and deposits with the central bank (4.69%) [3][16]. Market Position - Chengdu Bank's total market capitalization is approximately 76.76 billion yuan, with a circulating market value of 76.62 billion yuan [6].