重庆银行（601963）：经营全面向好

Investment Rating - The investment rating for Chongqing Bank is "Buy" (maintained) [5] Core Views - Chongqing Bank's Q1 2025 performance shows overall improvement in operations, with enhanced profit momentum and asset quality [1] - The bank's revenue and net profit both grew by 5.3% year-on-year in Q1 2025, with significant increases in interest income driven by improved net interest margins and accelerated scale expansion [1][2] - The non-performing loan (NPL) ratio decreased to 1.21% at the end of Q1 2025, reflecting a 4 basis points reduction from the previous quarter, while the provision coverage ratio improved to 248% [1][3] - Future profitability growth is expected to remain stable due to strong expansion momentum [2] Summary by Sections Financial Performance - In Q1 2025, Chongqing Bank's revenue reached 3,581 million yuan, marking a 5.3% increase year-on-year, while net profit attributable to shareholders was 1,624 million yuan, also up by 5.3% [10] - Interest income surged by 28.1% year-on-year, with total assets growing by 19.3% compared to the previous year [1][10] - The bank's net interest margin improved by 19 basis points to 1.52% in Q1 2025, supported by a significant reduction in the cost of interest-bearing liabilities [2][10] Asset Quality - The NPL ratio at the end of Q1 2025 was 1.21%, down 4 basis points from the previous quarter, indicating improved asset quality [3][10] - The provision coverage ratio increased to 248%, enhancing the bank's risk mitigation capacity [3][10] Profitability Forecast and Valuation - Chongqing Bank's net profit is projected to grow by 6.8%, 7.9%, and 9.7% for the years 2025, 2026, and 2027, respectively [4] - The target valuation for 2025 is set at a price-to-book (PB) ratio of 0.72x, corresponding to a target price of 11.85 yuan per share, indicating a potential upside of 15% from the current price [4]