Bank of Chengdu(SH:601838) Guoxin Securities·2025-10-29 08:07Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company has maintained a stable performance in terms of revenue and profit, with a year-on-year revenue of 17.76 billion yuan and a net profit attributable to shareholders of 9.49 billion yuan for the first three quarters of 2025, reflecting growth rates of 3.01% and 5.03% respectively [1] - The company's total assets grew by 13.4% year-on-year, exceeding 1.38 trillion yuan as of September 2025, with loans increasing by 17.4% to 846.2 billion yuan [2] - The net interest margin decreased to 1.45% in the third quarter, while net interest income rose by 8.2% to 14.725 billion yuan [3] - The asset quality remains strong, with a non-performing loan ratio of 0.68% and a provision coverage ratio of 433.08% as of September 2025 [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 177.61 billion yuan and a net profit of 94.93 billion yuan, with respective year-on-year growth rates of 3.01% and 5.03% [1] - The annualized weighted ROE for the first three quarters was 15.20%, a decrease of 2.35 percentage points year-on-year [1] Asset Growth - The company’s total assets increased by 13.4% year-on-year, reaching over 1.38 trillion yuan by the end of September 2025 [2] - Loans (excluding accrued interest) grew by 17.4% to 846.2 billion yuan, with a total of 1,049 billion yuan in new credit issued during the first three quarters [2] Income Sources - The net interest income for the first three quarters was 14.725 billion yuan, with an increase of 8.2% year-on-year [3] - Non-interest income decreased by 16.5% to 3.036 billion yuan, primarily due to a 35.2% drop in net fee and commission income [3] Asset Quality - The non-performing loan ratio stood at 0.68%, with a provision coverage ratio of 433.08% as of September 2025 [3] - The company’s attention ratio decreased to 0.37%, indicating a stable asset quality [3] Profit Forecast - The company is expected to achieve net profits of 14 billion yuan, 15.1 billion yuan, and 16.2 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.8%, 7.6%, and 7.7% [4][5]