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 investment rating for Qilu Bank is "Buy" (maintained) [6] Core Views - Qilu Bank reported a revenue of 12.5 billion yuan in 2024, a year-on-year increase of 4.55%, and a net profit attributable to shareholders of 5 billion yuan, up 17.77% year-on-year. For Q1 2025, revenue reached 3.2 billion yuan, growing 4.72% year-on-year, with a net profit of 1.4 billion yuan, an increase of 16.47% year-on-year [1][10] - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.17% and a provision coverage ratio of 324.06% as of Q1 2025, showing a decrease of 2 basis points and an increase of 1.7 percentage points respectively compared to the end of the previous year [1][4] Performance Summary - In Q1 2025, net interest income grew by 7.89% year-on-year, with a narrowing decline in net interest margin, which was 1.51% in 2024, down 3 basis points from the second half of 2024. The decline in interest margin is attributed to significant improvements in the cost of liabilities [2] - Fee and commission income increased by 8.62% year-on-year, while other non-interest income decreased by 13.96% year-on-year, influenced by market fluctuations [3] - The bank's total assets and loans reached 716.4 billion yuan and 357.7 billion yuan respectively by the end of Q1 2025, representing year-on-year growth of 14.65% and 12.60% [5][10] Asset Quality - The NPL generation rate further declined in Q1 2025, with the NPL ratio at 1.17% and the attention ratio at 1.03%, indicating ongoing improvement in asset quality [4] - The NPL ratio for corporate loans decreased significantly, while personal loan NPLs saw a slight increase due to macroeconomic pressures [4] Financial Metrics - The bank's dividend payout ratio increased to 27.62% in 2024 from 26.73% in 2023, reflecting a commitment to returning value to shareholders [1] - The projected earnings per share (EPS) for 2025 is 1.19 yuan, with a net profit growth forecast of 15.83% [11][12]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.19%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.23% year-on-year. The bank's non-performing loan ratio at the end of Q4 2024 was 0.76%, with a provision coverage ratio of 389.35%, showing a stable asset quality [1][2][4][12]. Performance Summary 1. **Financial Performance**: - The net interest income grew by 17.32% year-on-year, with the net interest margin at 1.86%, a slight increase from the previous quarter. The decline in interest margin was only 2 basis points year-on-year, a significant improvement compared to a 14 basis points decline in the previous year [2][3]. - The bank's fee and commission income decreased by 19.28% year-on-year, but the decline rate has narrowed compared to previous quarters [3]. - Other non-interest income fell by 6.22% year-on-year, primarily due to market fluctuations affecting the fair value of derivative financial instruments [3]. 2. **Asset Quality**: - The non-performing loan ratio remained stable at 0.76% at the end of Q4 2024. The bank's ability to cover risks is reflected in a provision coverage ratio of 389.35% [4][9]. - The bank actively managed its non-performing loans, disposing of 14.2 billion yuan in 2024, which is an increase of 5.8 billion yuan year-on-year [9]. 3. **Asset and Liability Management**: - Total assets and loans reached 3.13 trillion yuan and 1.48 trillion yuan respectively, with year-on-year growth rates of 15.25% and 17.83% [10]. - The total deposits increased by 17.24% year-on-year, with a significant portion of deposits being time deposits, which accounted for 82.6% of the total deposit growth [10]. 4. **Profit Centers**: - The bank's subsidiaries, including leasing and consumer finance, showed significant growth, with total assets of 136.5 billion yuan and 60.1 billion yuan respectively, reflecting a year-on-year increase of 15.8% and 31.7% [11][12]. - The bank's wealth management strategy continued to progress, with personal customer financial assets reaching 1.13 trillion yuan, a year-on-year increase of 14.3% [12]. 5. **Future Outlook**: - The bank is expected to maintain a stable asset quality and continue to grow its net interest income, with a focus on expanding its retail and corporate loan portfolios [12].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.19%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.23% year-on-year. The bank's non-performing loan ratio at the end of Q4 2024 was 0.76%, with a provision coverage ratio of 389.35%, showing a stable asset quality [1][4][12]. Performance Summary 1. **Financial Performance**: - The bank's net interest income grew by 17.32% year-on-year, with a net interest margin of 1.86%. The growth in revenue was primarily driven by a reduction in the decline of interest margins and a smaller decrease in non-interest income [2][3]. - Non-interest income from fees and commissions decreased by 19.28% year-on-year, but the decline rate has narrowed compared to previous quarters [3][12]. 2. **Asset Quality**: - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 389.35%. The bank has actively managed its non-performing loans, disposing of 14.2 billion yuan in 2024, which is an increase of 5.8 billion yuan year-on-year [4][9][12]. 3. **Asset and Liability Management**: - Total assets and loans reached 3.13 trillion yuan and 1.48 trillion yuan respectively, with year-on-year growth rates of 15.25% and 17.83%. The bank's deposits also increased significantly, with a total deposit amount of 1.84 trillion yuan, up 17.24% year-on-year [10][12]. 4. **Profit Center Performance**: - The bank's subsidiaries, including leasing and consumer finance, showed significant growth, with total assets of 136.5 billion yuan and 60.1 billion yuan respectively, reflecting year-on-year increases of 15.8% and 31.7% [11][12]. 5. **Wealth Management**: - The bank's wealth management strategy has been effective, with personal financial assets reaching 1.13 trillion yuan, an increase of 141.2 billion yuan year-on-year [12].