成都银行-三大红利释放成长可期-220805（22页）.pdf

1、Bank of Chengdu（601838）Equity ResearchCompany ResearchBanking1/22东吴证券（香港）东吴证券（香港）请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分Regional,resource and operational edgesfacilitate the growth of BOCDBuy（Initiation）Forecast&Valuation2021A2022E2023E2024ERevenue(RMB mn)17,89021,22425,73030,363Growth(YoY%)22.5%18.6%21.2%

2、18.0%Net profit(RMB mn)7,8319,65212,16014,349Growth(YoY%)30.0%23.3%26.0%18.0%EPS(RMB)2.092.673.373.97P/E(X)7.896.154.874.13Investment Thesis Benefiting from regional,resource and operational advantages,Bank of Chengdusaw a growth against the downward industry trend.As the first city commercial banki

3、n Sichuan province,Bank of Chengdu has achieved remarkable results in itstransformation since 2019,guided by strategies of digitization,refinements and bigretail.In 2021,the company ranked the fourth in revenue growth and first in ROEamong Chinese city commercial banks.Its success can be attributed

4、to three majoradvantages:regional,resource and operational edges.By combining the innate regionaland resource edge with acquired operational advantage,BOCD reinforces its businessmoat of high customer stickiness and low-cost debt.1.Regional advantage:Rooted in regional economy,BOCD enjoys rich gover

5、nmentresources that lay solid foundation for its expansion of efficient assets,stable liabilitiesand key customer base.In 2020,Chengdu-Chongqing Metropolitan Area became anational strategy,and BOCD grew rapidly amid the regional economic growth.On theasset side,70%of loans came from corporate loans,

6、of which nearly 60%came fromgovernment affairs,represented by infrastructure,leasing and business services.On theliability side,as one of the payroll banks for the government as well as some enterprisesand public institutions,BOCD is able to accumulate large amounts of demand depositsand maintain lo