Guohai Securities·2026-03-28 13:55Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [1][6][9] Core Views - Chongqing Bank's revenue and net profit both grew by over 10% year-on-year, indicating a stable operational performance [6] - The bank's public loans increased by over 30% year-on-year, with strong performance in underwriting business [6] - The net interest margin has stabilized and improved, with a decrease in the cost of liabilities [6] - The quality of assets remains robust, with a decline in the proportion of non-performing and overdue loans [6][7] Financial Performance Summary - In 2025, Chongqing Bank achieved operating revenue of 15.113 billion yuan, up 10.48% year-on-year, and a net profit attributable to shareholders of 5.654 billion yuan, up 10.49% year-on-year [6] - The net interest income increased by 22.44% year-on-year, while non-interest income decreased by 24.24% [6] - The bank's public loans increased by 96.864 billion yuan, representing a year-on-year growth of 30.95% [6] - The net interest margin improved by 4 basis points to 1.39%, primarily due to a 40 basis point decrease in the cost of interest-bearing liabilities [6] Asset Quality Summary - As of the end of 2025, the non-performing loan ratio was 1.14%, stable compared to Q3 2025 [7] - The proportion of special mention loans was 1.94%, and overdue loans accounted for 1.36%, both showing a decline from Q2 2025 [6][7] - The coverage ratio for provisions was 245.58%, a decrease of 2.53 percentage points from Q3 2025 [7] Forecast Summary - Revenue growth rates are projected at 9.14%, 9.11%, and 9.44% for 2026, 2027, and 2028 respectively [9] - Net profit growth rates are forecasted at 9.19%, 7.68%, and 8.59% for the same years [9] - The estimated earnings per share (EPS) are 1.70 yuan, 1.84 yuan, and 2.00 yuan for 2026, 2027, and 2028 respectively [9]