Shenwan Hongyuan Securities·2026-03-25 06:41Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [2] Core Insights - Chongqing Bank achieved a revenue of 15.1 billion yuan in 2025, reflecting a year-on-year growth of 10.5%, with a net profit attributable to shareholders of 5.7 billion yuan, also up by 10.5% [5][7] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.14% as of Q4 2025, unchanged from the previous quarter, and a provision coverage ratio of 246% [5][10] - Key growth drivers include an increase in net interest income by 22% year-on-year, contributing significantly to revenue growth, alongside a reduction in credit impairment losses [7][10] Financial Data and Profit Forecast - Revenue and profit forecasts for Chongqing Bank are as follows: - 2026E Revenue: 16.75 billion yuan, growth of 10.84% - 2026E Net Profit: 6.26 billion yuan, growth of 10.76% - 2027E Revenue: 18.58 billion yuan, growth of 10.91% - 2027E Net Profit: 6.95 billion yuan, growth of 11.02% [6][10] - The bank's return on equity (ROE) is projected to improve gradually, reaching 10.19% in 2026 and 10.49% in 2027 [6][10] Market Position and Strategic Growth - Chongqing Bank is positioned to benefit from significant regional development strategies, including the construction of the Chengdu-Chongqing economic circle and the Western Land-Sea New Corridor [7][10] - The bank's loan growth is robust, with a 21% year-on-year increase in Q4 2025, and total loans reaching over 529 billion yuan by the end of 2025 [7][10] - The bank's market share in both deposits and loans has consistently ranked first among peers in the region for two consecutive years [7][10]