Investment Rating - The investment rating for Chongqing Bank is "Outperform the Market" [5][3]. Core Views - The bank has achieved a revenue of 11.74 billion yuan and a net profit attributable to shareholders of 4.88 billion yuan for the first three quarters of 2025, both showing a year-on-year growth of approximately 10% [1]. - The bank's asset quality continues to improve, with a non-performing loan ratio of 1.14% as of September 2025, down 11 basis points from the beginning of the year [2]. - The bank's net interest margin has stabilized and improved, with a year-to-date annualized net interest margin of 1.32%, reflecting a 3 basis points increase from the first half of the year [2]. Financial Performance Summary - For the first three quarters of 2025, the bank's total assets reached 1.02 trillion yuan, with total loans of 5.18 trillion yuan and total deposits of 5.54 trillion yuan, representing year-to-date growth of 19.4%, 18.3%, and 16.9% respectively [1]. - The bank's net interest income increased by 15.2% year-on-year, benefiting from accelerated asset expansion and improved net interest margin [1]. - The bank's projected net profits for 2025, 2026, and 2027 are 5.39 billion yuan, 5.73 billion yuan, and 6.29 billion yuan respectively, with year-on-year growth rates of 5.3%, 6.4%, and 9.8% [3][4]. Valuation Metrics - The price-to-book (PB) ratios for 2025, 2026, and 2027 are projected to be 0.53x, 0.49x, and 0.46x respectively [3][4]. - The earnings per share (EPS) for 2025 is estimated at 1.46 yuan, with a projected growth in net profit [6]. Asset Quality Indicators - The bank's provision coverage ratio remains stable at 248.1% as of September 2025, indicating a strong buffer against potential loan losses [2]. - The bank's credit cost ratio is projected to decrease to 0.76% in 2025, reflecting ongoing improvements in asset quality [6]. Market Context - The bank operates in the Sichuan-Chongqing region, which is a key area for several national strategic initiatives, providing a solid foundation for the bank's growth [3].