证券研究报告 2024 年 10 月 29 日 湘财证券研究所 公司研究 渝农商行（601077.SH） 息差呈现趋稳态势 | 1. | 《业绩持续改善，资产加快增 | | --- | --- | | 长》 | 2024.04.16 | 公司评级：增持（维持） | % | 1 | 个月 | 3 个月 | 12 | 个月 | | --- | --- | --- | --- | --- | --- | | 相对收益 | 4.6 | | -12.6 | | 8.7 | | 绝对收益 | 7.7 | | 0.9 | | 27.1 | 分析师：郭怡萍 Tel：(8621) 50295327 Email：guoyp@xcsc.com 中国人寿金融中心10楼 相关研究： 核心要点： 业绩增长稳定，息差走势趋稳 渝农商行营收增速回升，主要得益于净利息收入修复。根据 2025 年三季报， 渝农商行营业收入同比增长 0.7%，营收增速较上半年提高 0.2 pct，归母净 利润增速为 3.7%，较上半年下降 0.9 pct。净利息收入增速为 6.9%，较上半 年提高 0.9 pct，主要是今年以来净息差降幅明显收窄。 证书编号：S ...

Core Insights - The company reported a slight increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 21.658 billion and net profit at 10.694 billion, reflecting year-on-year growth of 0.67% and 3.74% respectively [1] - The non-performing loan ratio decreased to 1.12%, while the provision coverage ratio improved to 364.82% [1] Financial Performance - In Q3, the company's revenue experienced a significant decline, with a quarter-on-quarter decrease of 7.98% and a year-on-year increase of only 1.1% [2] - The net profit for Q3 saw a quarter-on-quarter drop of 24.26% and a year-on-year increase of 1.53%, indicating a substantial decline in profitability [2] - The company's revenue and net profit have stagnated since 2019, with Q3 revenue dropping over 12% compared to its peak in 2021 [2] Income Sources - The net interest margin has further narrowed, with the net interest yield for the first three quarters at 1.59%, down 0.02 percentage points year-on-year [4] - The company's revenue growth is heavily reliant on regional economic vitality and credit expansion, which are currently constrained by macroeconomic pressures [4] - The company has not effectively developed its fee-based income, with traditional interest margin still dominating its revenue structure [4] Asset and Liability Management - The growth rate of loans is lagging behind the growth of total assets, with total assets increasing by 9.3% year-on-year, while customer loans and advances grew by only 8.92% [5] - The company's financial investment business is expanding slowly, with a mere 4.54% growth in financial investments compared to the end of the previous year [5] - The deposit structure is heavily weighted towards individual deposits, which account for 85.7% of total deposits, while corporate deposits are weak, limiting the bank's access to stable, low-cost funding [5] Strategic Challenges - The company's strategy of "leading in rural areas and catching up in urban areas" has not effectively overcome regional and business bottlenecks [6][7] - The business remains highly concentrated in the Chongqing area, facing intensified competition and limited growth opportunities due to a slowdown in regional economic growth [7] - There is a noticeable gap in the company's investment and output in emerging business areas compared to peers, hindering its ability to attract quality clients and expand high-yield businesses [7]

渝农商行（601077.SH）2025 年三季报点评 优于大市 规模扩张提速，资产质量稳健 营收利润稳健增长。公司 2025 年前三季度分别实现营收、归母净利润 216.58 亿元、106.94 亿元，分别同比增长 0.67%、3.74%，增速较上半年分别回升 0.20pct、下滑 0.89pct。其中三季度单季实现营收 69.17 亿元，同比增长 1.10%；实现归母净利润 29.95 亿元，同比增长 1.53%。公司 2025 年前三季 度年化加权 ROE14.48%，同比下降 0.40pct。从业绩增长归因来看，主要是 公司资产规模扩张及拨备反哺对业绩贡献较大，但在去年同期高基数上，其 他非息收入则显示为拖累项。 规模扩张提速。公司 2025 年 9 月末总资产同比增长 9.1%至 1.66 万亿元，环 比来看增速仍然提升。资产端，9 月末贷款（不含应计利息）同比增长 8.8% 至 7780 亿元。前三季度累计新增信贷 626 亿元，分项来看，对公/个人/票 据贷款分别投放 610/106/-90 亿元。三季度单季新增信贷 127 亿元，同比多 增 42 亿元，分项来看，对公/个人/票据贷款分别投放 2 ...

农商行Ⅱ 详解渝农商行 2025 三季报： 存贷规模稳步增长，资产质量持续提升 渝农商行（601077.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | | 营业收入（百万元） | 27,902 | 28,179 | 28,342 | 28,857 | 29,421 | | | | 增长率 yoy% | -3.6% | 1.0% | 0.6% | 1.8% | 2.0% | | 执业证书编号：S0740517030004 | | 归母净利润（百万元） | 10,900 | 11,513 | 12,134 | 12,721 | 13,230 | | Email：daizf@zts.com.cn | | 增长率 yoy% | 6.1% | 5.6% | 5.4% | 4.8% | 4.0% | ...

Core Viewpoint - Chongqing Rural Commercial Bank reported a slight increase in revenue and net profit for the first three quarters of 2025, indicating stable performance despite some declines in operational efficiency metrics [1][2]. Financial Performance - The bank achieved an operating income of 21.658 billion yuan, a year-on-year increase of 0.67% [1]. - Net interest income reached 17.850 billion yuan, growing by 6.88% compared to the previous year [1]. - Net profit for the first three quarters was 10.925 billion yuan, reflecting a 3.32% increase year-on-year [1]. - The net profit attributable to shareholders was 10.694 billion yuan, up 3.74% from the same period last year [1]. Operational Efficiency - The net interest margin was 1.59%, a decrease of 0.02 percentage points from the previous year, although the decline was narrower than the previous year's drop of 0.14 percentage points [1]. - The annualized average return on total assets was 0.92%, down 0.03 percentage points year-on-year [1]. - The annualized weighted average return on equity was 10.86%, a decrease of 0.30 percentage points compared to the previous year [1]. Asset Quality - As of September 30, 2025, the bank's non-performing loan balance was 8.711 billion yuan, with a non-performing loan ratio of 1.12%, down 0.06 percentage points from the end of the previous year [1]. - The provision coverage ratio stood at 364.82%, an increase of 1.38 percentage points from the end of the previous year [1]. Asset and Liability Growth - The total assets of the bank reached 1.66 trillion yuan, an increase of 140.869 billion yuan, representing a growth of 9.30% compared to the end of the previous year [2]. - Total liabilities amounted to 1.51 trillion yuan, increasing by 134.801 billion yuan, which is a growth of 9.76% from the previous year-end [2].

Investment Rating - The report maintains a "Recommended" rating for Chongqing Rural Commercial Bank (601077) with a target price of 8.36 CNY / 7.60 HKD, compared to the current price of 6.96 CNY / 6.45 HKD [2]. Core Views - The bank's net interest margin has stabilized, and its risk compensation ability remains strong. The bank reported a 0.67% year-on-year increase in operating income for the first three quarters, reaching 21.658 billion CNY, and a 3.74% increase in net profit attributable to shareholders, totaling 10.694 billion CNY [2]. - The non-performing loan (NPL) ratio decreased by 5 basis points to 1.12%, while the provision coverage ratio increased by 9 percentage points to 365% [2]. - The bank's core revenue-generating capacity continues to improve, driven by net interest income, which grew by 8.7% year-on-year to 6.11 billion CNY in Q3 2025 [2][5]. - The bank's asset quality remains stable, with a slight increase in retail loan risks expected due to macroeconomic conditions [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the bank achieved operating income of 216.58 billion CNY, a year-on-year growth of 0.67%, and a net profit of 106.94 billion CNY, reflecting a 3.74% increase [2]. - The bank's total loans reached 777.973 billion CNY, with a year-on-year growth of 8.75% [2]. - The bank's net interest margin for the first three quarters was 1.59%, showing a minor decline of 1 basis point from the first half of 2025 [2]. Asset Quality - The overall NPL ratio decreased to 1.12%, with a quarterly NPL net generation rate rising to 0.67% [2][8]. - The provision coverage ratio increased to 365%, indicating strong risk compensation capabilities [2][8]. Future Outlook - The bank is expected to benefit from strategic opportunities in the Chengdu-Chongqing economic circle and the "33618" modern manufacturing cluster, which will support future performance growth [2]. - Revenue growth projections for 2025E-2027E are 1.5%, 4.5%, and 5.8% respectively, with net profit growth of 4.6%, 4.8%, and 5.3% [2][6].

格隆汇10月28日丨渝农商行(601077.SH)发布三季报，2025年前三季度实现营业总收入216.58亿元，同比 增长0.67%；归属母公司股东净利润106.94亿元，同比增长3.74%；基本每股收益为0.92元。 ...

Core Insights - Chongqing Rural Commercial Bank reported a net profit of 10.925 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.32% [2] - The bank's operating income reached 21.658 billion yuan, showing a slight growth of 0.67% compared to the same period last year [2] Financial Performance - The net profit attributable to shareholders was 10.694 billion yuan, up 3.74% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 10.675 billion yuan, reflecting a growth of 7.11% year-on-year [2] - Net interest income amounted to 17.850 billion yuan, an increase of 6.88% from the previous year [2] - The net interest margin was 1.59%, a decrease of 0.02 percentage points year-on-year, but the decline was narrowed by 0.14 percentage points [2] Asset Quality - As of September 30, 2025, the bank's non-performing loan balance stood at 8.711 billion yuan, with a non-performing loan ratio of 1.12%, down 0.06 percentage points from the end of the previous year [2] - The provision coverage ratio was 364.82%, an increase of 1.38 percentage points compared to the end of the previous year [2]

Core Viewpoint - Chongqing Rural Commercial Bank (Yunong Bank) reported a slight increase in revenue and net profit for the first three quarters of 2025, but faced significant declines in non-interest income, which negatively impacted overall revenue growth [1][4]. Financial Performance - For the first nine months of 2025, the bank achieved operating income of 21.658 billion yuan, a year-on-year increase of 0.67%, and a net profit attributable to shareholders of 10.694 billion yuan, up 3.74% year-on-year [1]. - Non-interest income saw a significant decline of 20.9% year-on-year, with the drop accelerating each quarter [1][4]. - The bank's total assets reached approximately 1.66 trillion yuan by the end of September, marking a 9.3% increase from the beginning of the year, the highest growth rate for the same period in nearly four years [2]. Loan Growth and Strategy - Customer loans and advances totaled nearly 778 billion yuan, reflecting an 8.92% increase year-to-date, also the highest growth in four years, primarily driven by corporate loans [2]. - The bank aims to achieve an average annual asset growth of 100 billion yuan over the next three years, focusing on agricultural loans and inclusive small and micro loans [2][3]. Non-Interest Income Challenges - The bank's non-interest income accounted for about 20% of total income, but the decline in this area has been a drag on overall revenue growth [4]. - The bank's fee and commission income decreased by 2.12 billion yuan, while investment income and fair value changes dropped by 6.3 billion yuan year-on-year [5]. Management Changes - In April 2023, Liu Xiaojun was appointed as the new chairman, marking a significant leadership change for the bank [6]. - A series of executive changes occurred, including the retirement and resignation of several vice presidents, leading to a new executive structure [6][7].

格隆汇10月28日丨渝农商行(601077.SH)发布三季报，2025年前三季度实现营业总收入216.58亿元，同比 增长0.67%；归属母公司股东净利润106.94亿元，同比增长3.74%；基本每股收益为0.92元。 ...