Bank of Chengdu(SH:601838) Guohai Securities·2025-11-02 08:32Investment Rating - The investment rating for Chengdu Bank is maintained as "Buy" [1][4]. Core Views - Chengdu Bank's business scale shows steady growth, with a decrease in the rate of loans under concern. The bank's asset quality remains high, and it has maintained a low non-performing loan ratio [4][6]. - For the first three quarters of 2025, Chengdu Bank's revenue grew by 3.01% year-on-year, while net profit attributable to shareholders increased by 5.03%. However, there was a significant decline in both revenue and net profit in Q3 compared to Q2, primarily due to a decrease in fee and commission income and fair value gains [4][6]. - As of the end of Q3 2025, Chengdu Bank's total assets reached 1,385.3 billion yuan, a year-on-year increase of 13.4%. The total loan amount increased by 17.4%, with corporate loans and personal loans growing by 19.0% and 10.2%, respectively [4][6]. - The non-performing loan ratio remained stable at 0.68%, with a slight increase of 2 basis points from Q2 2025. The provision coverage ratio was 433.08%, down by 19.57 percentage points from the previous quarter. The rate of loans under concern decreased to 0.37%, down by 7 basis points [4][6]. Summary by Sections Financial Performance - Chengdu Bank's revenue for Q1-Q3 2025 was 24,908 million yuan, with a year-on-year growth rate of 8.38% projected for 2026 and 9.04% for 2027. The net profit attributable to shareholders is expected to be 133,270 million yuan in 2025, with growth rates of 3.65% and 6.08% for the following years [4][6]. - The earnings per share (EPS) is projected to be 3.14 yuan in 2025, with a price-to-earnings (P/E) ratio of 5.35 and a price-to-book (P/B) ratio of 0.80 [4][6]. Asset Quality - The bank's asset quality indicators remain robust, with a non-performing loan ratio of 0.68% and a provision coverage ratio of 433.08% as of Q3 2025. The focus on reducing the rate of loans under concern is a positive sign for future stability [4][6]. Market Performance - As of October 31, 2025, Chengdu Bank's stock price was 16.81 yuan, with a market capitalization of 71,248.10 million yuan. The stock has shown a 14.4% increase over the past 12 months [3][4].