Bank Of Chongqing(601963) 太平洋·2024-11-18 00:30Investment Rating - The report assigns an "Accumulate" rating for Chongqing Bank, indicating an expected relative increase in stock price between 5% and 15% compared to the CSI 300 index over the next six months [5][6]. Core Insights - Chongqing Bank's Q3 2024 report shows a revenue of 10.634 billion yuan, a year-on-year increase of 3.78%, and a net profit attributable to shareholders of 4.428 billion yuan, also up 3.70% year-on-year [1]. - The bank's loan portfolio reached 430.492 billion yuan, reflecting a year-to-date growth of 10.33% and a quarter-on-quarter increase of 3.23% [1]. - The bank's deposit total was 451.731 billion yuan, with a year-to-date increase of 11.19% and a quarter-on-quarter increase of 2.72% [1]. - The non-performing loan ratio stood at 1.26%, with a provision coverage ratio of 250.19% and a capital adequacy ratio of 14.68% [1]. Summary by Sections Financial Performance - Revenue for Q3 2024 was 10.634 billion yuan, up 3.78% year-on-year, with a net interest margin of 1.42%, showing a slight recovery [1][2]. - The cost-to-income ratio was 24.05%, a decrease of 1.37 percentage points year-on-year [1]. Loan and Deposit Growth - Loans increased by 10.33% year-to-date, with retail loans, bills, and corporate loans comprising 22.44%, 6.14%, and 71.42% of the total loan portfolio, respectively [1]. - Deposits grew by 11.19% year-to-date, with time deposits making up 79.63% of total deposits [1]. Asset Quality and Risk Management - The non-performing loan ratio was stable at 1.26%, with a provision coverage ratio of 250.19%, indicating strong risk management [1]. - The bank's risk absorption capacity improved, with a provision-to-loan ratio of 3.15% [1]. Future Projections - Projected revenues for 2024, 2025, and 2026 are 13.544 billion, 14.070 billion, and 14.875 billion yuan, respectively, with net profits expected to be 5.145 billion, 5.481 billion, and 5.869 billion yuan [2]. - The book value per share is projected to increase from 17.59 yuan in 2024 to 21.56 yuan in 2026, with corresponding price-to-book ratios of 0.51, 0.46, and 0.42 [2].