Chengdu Bank Investment Research Analysis (601838)

I. Profit Performance
The 2025 performance flash report shows total operating revenue of 23.915 billion yuan (YoY +3.30%), net profit attributable to parent company of 13.52 billion yuan (YoY +5.21%), with profitability maintaining positive growth; weighted average ROE of 15.88%, at the top tier among listed banks. In the first three quarters, operating revenue totaled 17.761 billion yuan and net profit attributable to parent company reached 9.493 billion yuan, with YoY increases of 3.01% and 5.03% respectively, with growth rates moderating from previous periods, mainly dragged down by net interest margin compression and non-interest income decline; non-interest income declined 16.53% YoY, with investment income showing significant volatility. Profit resilience derives from credit scale expansion + moderate provision release, with earnings stability superior to industry average.

II. Asset Quality
Asset quality consistently ranks in the first tier among A-share listed banks: non-performing loan ratio of 0.67% (YoY -0.02pct), far below industry average; provision coverage ratio of 439.21%, with robust risk mitigation "safety cushion." Attention rate maintains low levels, assets are stable and healthy, with corporate infrastructure asset NPL ratios significantly outperforming retail; overall credit risk is controllable.

III. Scale and Capital
Total assets have surpassed 1.4 trillion yuan, with loans and total assets maintaining steady expansion, deeply serving the Chengdu-Chongqing dual-city economic circle, with government and infrastructure credit as core leverage. Core tier-one capital adequacy ratio of 8.93%, meeting regulatory requirements, but continuous business expansion depletes capital, with certain capital replenishment pressure.

IV. Operating Characteristics
Strengths: strong regional barriers, stable liability base, superior asset quality, leading ROE, high proportion of corporate business, prominent customer concentration and regional synergy.
Pressures: persistent net interest margin compression, term deposit increase raising liability costs; low non-interest income proportion with high volatility; lagging retail and intermediary business transformation.

V. Core Conclusion
Chengdu Bank is a representative city commercial bank featuring high asset quality, high profitability efficiency, and high regional barriers, with strong earnings resilience, but facing industry-wide challenges of margin compression, slowdown in growth, capital constraints, and non-interest income shortcomings. Operational stability stands out, with growth momentum shifting from high growth to a high-quality stable interval.