Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [4][6]. Core Views - Chongqing Bank's net interest income increased significantly by 28.08% year-on-year in Q1 2025, driven by active scale expansion and a notable narrowing of interest margin [2][4]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.21%, down 4 basis points from the previous year-end [3][4]. - The bank is expected to benefit from the development opportunities brought by the Chengdu-Chongqing economic circle, with projected net profit growth rates of 3.96%, 4.03%, and 4.18% for 2025-2027 [4]. Financial Performance - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion yuan, a year-on-year increase of 5.30%, and a net profit attributable to shareholders of 1.6 billion yuan, also up 5.33% year-on-year [1][2]. - The bank's total assets and loans reached 931.7 billion yuan and 471.2 billion yuan, respectively, with year-on-year growth rates of 19.33% and 16.43% [4]. - The bank's deposit total was 509.8 billion yuan, reflecting an 18.60% year-on-year increase [4]. Asset Quality - The non-performing loan ratio improved to 1.21%, with a provision coverage ratio of 247.59%, indicating a strengthening of asset quality [3][4]. - The credit cost for Q1 2025 was 0.71%, down 5 basis points year-on-year [3]. Balance Sheet - The bank's general loans saw a significant increase, with a net increase of 330 million yuan in Q1 2025, and a net increase of 432 million yuan in general loans after excluding the impact of bill discounting [4]. - The bank's total deposits increased by 489 million yuan in Q1 2025, primarily driven by time deposits [4].

Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge [1] Core Views - The company's revenue and profit have reached a bottom, with a maintained dividend payout ratio of 50% [1] - The company is expected to benefit from the development of the Chengdu-Chongqing economic circle, enhancing its performance [7] - The report has adjusted profit forecasts for 2025-2026 downwards due to regional investment slowdowns but maintains a positive outlook for 2027 [7] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 115,042 million, with a year-on-year decrease of 14.9% [6] - The net profit attributable to the parent company for 2024 is expected to be 7,210 million, a decrease of 19.9% year-on-year [6] - The company’s gross margin for 2024 is forecasted to be 15.7%, down from the previous year [6] - Operating cash flow for 2024 is expected to increase by 55.45 million, with a cash collection ratio of 90.1% [7] - The company’s debt ratio is projected to be 78.9% at the end of 2024, slightly down from the previous year [7]