Investment Rating - The report maintains a "Recommend" rating for Chongqing Rural Commercial Bank (渝农商行) with a target price of 8.32 CNY / 7.77 HKD [2][5] Core Insights - The bank reported a total operating income of 28.648 billion CNY for 2025, a year-on-year increase of 1.37%, and a net profit attributable to shareholders of 12.128 billion CNY, up 5.35% year-on-year [2][6] - The non-performing loan (NPL) ratio decreased by 4 basis points to 1.08%, while the provision coverage ratio increased by 2 percentage points to 367% [2][6] - The bank's net interest income grew significantly, driven by stable interest margins and asset quality improvements, with a net interest margin of 1.60% for the year [2][6] Financial Performance Summary - **Operating Income**: 28.648 billion CNY in 2025, with projected growth rates of 4.36%, 5.04%, and 6.03% for 2026E, 2027E, and 2028E respectively [6][11] - **Net Profit**: 12.128 billion CNY in 2025, with expected growth rates of 2.93%, 2.95%, and 4.19% for the following years [6][11] - **Earnings Per Share (EPS)**: 1.07 CNY for 2025, projected to increase to 1.18 CNY by 2028 [6][11] - **Price-to-Earnings (P/E) Ratio**: 6.58 for 2025, expected to decrease to 5.96 by 2028 [6][11] - **Price-to-Book (P/B) Ratio**: 0.61 for 2025, projected to decline to 0.50 by 2028 [6][11] Asset Quality and Risk Management - The NPL ratio is expected to improve to 1.03% in 2026E and further to 0.99% by 2028E, indicating a positive trend in asset quality [9][11] - The provision coverage ratio is projected to decrease to 346.95% in 2026E and 339.89% in 2028E, reflecting strong risk mitigation capabilities [9][11] Market Position and Strategic Outlook - The bank is well-positioned in the Chongqing region, benefiting from a strong network and low-cost funding advantages, with significant growth potential in corporate lending [2][5] - The bank's focus on national and regional strategic opportunities, such as the Chengdu-Chongqing economic circle, supports its future performance [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's net profit for 2026, 2027, and 2028 is projected to grow by 10.2%, 9.6%, and 9.3% year-on-year, respectively, with corresponding BVPS of 12.63, 13.82, and 15.12 yuan [4] - The current stock price corresponds to a PB of 0.56X, 0.51X, and 0.46X for 2026, 2027, and 2028, respectively, indicating a valuation discount compared to peers [4] - The target price is set at 8.14 yuan per share, reflecting a 10% premium over the comparable company's PB of 0.59X for 2026 [4] Financial Information Summary - Revenue for 2024A is projected at 28,261 million yuan, with a year-on-year growth of 1.1%, increasing to 33,294 million yuan by 2028E with a growth rate of 5.6% [5] - Operating profit is expected to rise from 12,848 million yuan in 2024A to 18,422 million yuan in 2028E, with growth rates of 5.4% to 9.4% [5] - The attributable net profit for 2024A is forecasted at 11,513 million yuan, growing to 16,019 million yuan by 2028E, with growth rates of 5.6% to 9.3% [5] - The earnings per share (EPS) is projected to increase from 0.99 yuan in 2024A to 1.39 yuan in 2028E [5] - The return on average assets (ROAA) is expected to remain stable at around 0.8% across the forecast period [5] Performance Metrics - The net interest margin for the year is expected to stabilize at 1.60%, with a slight increase of 1 basis point [10] - The non-performing loan (NPL) ratio is projected to improve to 0.98% by 2027E, down from 1.18% in 2024A [10] - The provision coverage ratio is expected to improve to 361% by 2026E, indicating a strong buffer against potential loan losses [10]

Investment Rating - The report maintains an "Accumulate/Buy" rating for both A and H shares of the company [1][5][7]. Core Views - The company's net profit, revenue, and pre-provision operating profit (PPOP) for 2025 are expected to grow by 5.35%, 1.37%, and 1.88% year-on-year, indicating a steady recovery in profitability [1]. - The company plans to distribute a dividend of 0.32 RMB per share for 2025, maintaining a cash dividend payout ratio of 30.05% [1]. - The asset quality indicators are improving, with a non-performing loan (NPL) ratio of 1.08% as of the end of 2025, down 4 basis points from the previous quarter [4]. Summary by Sections Financial Performance - For 2025, total assets, total loans, and total deposits are projected to increase by 10.0%, 11.6%, and 9.2% year-on-year, respectively, with a notable acceleration in credit issuance [2]. - The net interest margin is expected to stabilize at 1.60%, with interest income increasing by 7.85% year-on-year [2]. Non-Interest Income and Cost Control - Non-interest income is projected to decline by 23.92% year-on-year, primarily due to a significant drop in card fees and a decrease in demand for agency services [3]. - The company has successfully managed costs, with business and management expenses decreasing by 0.68% year-on-year, resulting in a cost-to-income ratio of 31.2% [3]. Asset Quality - The company’s NPL ratio is improving, with a coverage ratio of 367% as of the end of 2025, reflecting a robust ability to cover potential losses [4]. - The report highlights a decrease in both the amount and ratio of non-performing loans, indicating a positive trend in asset quality [4]. Valuation and Forecast - The report forecasts net profits for 2026-2028 to be 13.3 billion, 14.6 billion, and 16.1 billion RMB, with year-on-year growth rates of 9.4%, 10.0%, and 10.3% respectively [5][10]. - The target price for A and H shares is set at 8.67 RMB and 9.57 HKD, respectively, reflecting a price-to-book (PB) ratio of 0.70 and 0.68 for 2026 [5].

上 市 公 司 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 增持（维持） 证 券 研 究 报 告 | 市场数据： | 2026 年 03 月 25 日 | | --- | --- | | 收盘价（元） | 7.03 | | 一年内最高/最低（元） | 7.79/5.61 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 4.46 | 流通 A 股市值（百万元） 62,133 上证指数/深证成指 3,931.84/13,801.00 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 11.55 | | 资产负债率% | 91.64 | | 总股本/流通 A 股(百万) | 11,357/8,838 | | 流通 B 股/H 股（百万） | -/2,513 | 一年内股价与大盘对比走势： 联系人 李禹昊 A0230525070004 liyh2@swsresearch.com 事件：2025 年实现营收 286.5 亿，同比增长 1.4%（9M25：0.7%），归母净利润同比增 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 28.65 billion yuan in 2025, representing a year-on-year growth of 1.4%, while the net profit attributable to shareholders increased by 5.3% [4][6] - The report highlights a decrease in the non-performing loan (NPL) ratio to 1.08% in Q4 2025, with a provision coverage ratio improving to 367% [4][6] - The company is expected to see steady performance improvements in 2026, driven by a new management team and strategic goals set for significant growth by the end of 2027 [6][9] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 28.26 billion yuan - 2025: 28.65 billion yuan - 2026E: 30.18 billion yuan - 2027E: 31.87 billion yuan - 2028E: 33.72 billion yuan - Net profit forecasts are: - 2024: 11.51 billion yuan - 2025: 12.13 billion yuan - 2026E: 13.20 billion yuan - 2027E: 14.39 billion yuan - 2028E: 15.73 billion yuan - The company’s return on equity (ROE) is projected to be around 9.57% in 2026 [5][6] Performance Metrics - The company’s dividend payout ratio is expected to increase to 30.7% in 2025, leading to a projected dividend yield of 4.6% for 2026 [6][9] - The company’s price-to-earnings (P/E) ratio is forecasted to decrease to 6.12 in 2026, indicating a low valuation relative to earnings [5][6] - The non-performing loan ratio is expected to stabilize around 1.08% through 2028, with a provision coverage ratio maintaining above 350% [5][6]

公司评级 [Table_Invest] 买入-A/买入-H 当前价格 7.03 元/6.60 港元 合理价值 8.09 元/7.59 港元 前次评级 买入/买入 报告日期 2026-03-26 [Table_Page] 年报点评|农商行Ⅱ 证券研究报告 [Table_Title] 渝农商行(601077.SH)/重庆农村商 业银行(03618.HK) 主营向好，非息承压，对公零售质量分化 [Table_Summary] 核心观点： [联系人： Table_Contacts] 王宇 010-59136615 yfwangyu@gf.com.cn 972918116公共联系人2026-03-26 11:12:33 1 / 24 识别风险，发现价值 请务必阅读末页的免责声明 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 -10% -2% 6% 14% 22% 30% 03/25 05/25 07/25 09/25 11/25 01/26 03/26 渝农商行 沪深300 | SAC 执证号：S0260518020004 | | --- | | 021-38003646 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company has shown a continuous improvement in revenue and profit for the year 2025, exceeding market expectations, with total revenue reaching 28.56 billion yuan, a year-on-year increase of 1.35% [5] - The net profit attributable to the parent company for 2025 was 12.13 billion yuan, reflecting a year-on-year growth of 5.35% [5] - The bank's net interest income increased by 7.85% year-on-year, driven by accelerated scale expansion and a stabilization in interest margins [5] - The bank's asset quality has improved, with a non-performing loan ratio of 1.08%, down 10 basis points from the previous year [5] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2025A: Revenue of 28.56 billion yuan, net profit of 12.13 billion yuan - 2026E: Revenue of 30.53 billion yuan, net profit of 13.30 billion yuan - 2027E: Revenue of 33.51 billion yuan, net profit of 14.65 billion yuan - 2028E: Revenue of 36.47 billion yuan, net profit of 16.05 billion yuan [1][22] - **Key Financial Ratios**: - P/E ratio for 2025A is 6.58, expected to decrease to 4.98 by 2028E - P/B ratio for 2025A is 0.58, expected to decrease to 0.49 by 2028E [1][22] Asset Quality and Loan Growth - The total loan amount reached 797.29 billion yuan by the end of 2025, with a year-on-year growth of 11.62% [5] - Corporate loans accounted for 54.56% of total loans, with a year-on-year increase of 21.46% [5] - The bank's non-performing loan coverage ratio was 367.26% as of 4Q25, indicating strong asset quality management [5][22] Deposit Structure - Total deposits reached 1.03 trillion yuan, with a year-on-year growth of 9.21% [5] - The proportion of demand deposits increased to 25.29% by the end of 2025 [5]

EF002 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 重慶農村商業銀行股份有限公司 | | 股份代號 | 03618 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 10 股 1.1755 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Chongqing Rural Commercial Bank Co., Ltd. 重慶農村商業銀行股份有限公司* （於中華人民共和國註冊成立的股份有限公司） （股份代號 : 3618） 2025年度業績公告 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」） 之董事會（「董事會」）欣然宣佈本行及所屬子公司（「本集團」）截至2025年12月31日止十二 個月之經審計業績（「年度業績」）。本年度業績公告列載本集團截至2025年12月31日止十 二個月之年度報告全文，其內容是根據適用的香港聯合交易所有限公司（「香港聯交所」） 證券上市規則披露要求及按照國際財務報告準則編製。董事會審計委員會已審閱年度業 績。本年度業績公告於本行的網站(www.cqrcb.com)及香港聯交所的網站(www.hkexnews.hk) 發佈。本行將按本行H ...

2025 可持續發展報告 年度 Sustainability Report 2025 股票 代碼 CONTENTS 目錄 | 報告編制說明 | 03 | | --- | --- | | 董事會聲明 | 05 | | 董事長致辭 | 07 | | 行長致辭 | 08 | | 關於我們 | 09 | | 數說2025 | 10 | | 榮譽獎項 | 11 | | 可持續發展戰略 | 12 | | --- | --- | | 可持續發展管理 | 12 | | 利益相關方溝通 | 12 | | 雙重重要性分析 | 14 | | 目錄 | | 環境篇 | | 治理篇 | | --- | --- | --- | --- | --- | | | | 堅持"雙碳"引領，推動綠色轉型 | | | | 報告編制說明 | 03 | 應對氣候變化 | 17 | 強化黨建引領 | | 董事會聲明 | 05 | 綠色金融 | 21 | 完善公司治理 | | 董事長致辭 | 07 | 綠色運營 | 29 | 誠信合規經營 | | 行長致辭 | 08 | | | 全面風險管理 | | 關於我們 | 09 | 發展篇 | | | | 數說20 ...