Bank of Chengdu(SH:601838) Haitong Securities·2024-05-24 05:01Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown strong revenue and profit growth, with a notable decrease in non-performing loans to 0.66%. The asset quality indicators are performing well, and the bank's total assets and deposits have shown steady growth [5][6][20] - The bank's revenue for Q4 2023 increased by 0.1% year-on-year, while net profit grew by 6.8%. For Q1 2024, revenue increased by 6.3% and net profit by 12.8% [5][6] - The bank's CET1 ratio increased by 23 basis points to 8.45%, likely benefiting from the implementation of the new capital management regulations [5] Summary by Sections Financial Performance - In 2023, the bank's revenue was projected at 21,702 million yuan, with a year-on-year growth of 7.22%. The net profit was expected to reach 11,671 million yuan, reflecting a growth of 16.22% [7] - The bank's EPS for 2024-2026 is forecasted to be 3.39, 3.80, and 4.25 yuan respectively, with net profit growth rates of 10.73%, 12.00%, and 11.99% [6][20] Asset Quality - The non-performing loan ratio decreased to 0.66% in Q1 2024, down from 0.68% in 2023. The attention rate also fell to 0.41% [6][20] - The provision coverage ratio remains above 500%, placing the bank among the top in the industry [6] Digital Transformation - The bank is accelerating its digital transformation, with mobile banking active users reaching 1.1735 million, a year-on-year increase of approximately 30% [6] Valuation - The reasonable value range for the bank is estimated between 19.48 and 20.41 yuan, corresponding to a PE ratio of 5.75-6.02 for 2024 [6][20]