Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company achieved a Q2 profit growth rate of 26%, with revenue growth turning positive in the same quarter. For H1 2024, revenue and net profit attributable to the parent company decreased by 1.3% and increased by 5.3% year-on-year, respectively. Q2 figures showed a revenue increase of 0.2% and a net profit increase of 26.3% year-on-year, exceeding expectations [1][3]. - Loan growth was steady, with corporate loans contributing over 90%. In H1 2024, total loans increased by 4.9% year-on-year, with corporate loans rising by 8%. New loans added in H1 2024 were approximately 30 billion, which was a decrease of about 10 billion year-on-year, primarily due to retail loan performance [1][2][3]. - The cost of liabilities improved significantly, with a slight decrease in net interest margin in Q2. The net interest margin for H1 2024 was 1.63%, down 16 basis points year-on-year, with a slight decrease of 2 basis points in Q2. The loan yield decreased by 43 basis points to 4.25% [2][3]. - The non-performing loan (NPL) ratio remained stable at 1.19%, with a provisioning coverage ratio decreasing by 7 percentage points to 360%. The overdue and attention rates increased, influenced by retail loans. The overdue rate rose to 1.52%, with the estimated NPL generation rate increasing to approximately 0.82% [4][5]. - Earnings forecasts have been slightly adjusted, with EPS for 2024 and 2025 projected at 1.02 yuan and 1.07 yuan, respectively. The estimated net asset value per share by the end of 2024 is expected to be 10.92 yuan, corresponding to a price-to-book (PB) ratio of 0.48 times based on the closing price on August 28, 2024 [5][7].

证券代码：601077 证券简称：渝农商行 公告编号：2024-029 重庆农村商业银行股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 重庆农村商业银行股份有限公司（以下简称"本行"）于 2024 年 8 月 29 日 披露了 2024 年半年度报告，为使广大投资者更加全面、深入地了解本行 2024 年 半年度经营成果、财务状况，本行计划于 2024 年 9 月 6 日(星期五)14:00-15:30 举行 2024 年半年度业绩说明会，就投资者普遍关注的问题进行回答。 一、业绩说明会类型 （三）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 本行董事长、行长、副行长等高级管理人员、独立董事代表及本行部分部 门负责人。如有特殊情况，参加人员可能会有调整。 四、投资者参加方式 （一）投资者可在 2024 年 9 月 6 日(星期五)14:00-15:30，通过互联网登 录上证路演中心（http://roadshow.sseinfo.com ...

渝农商行（601077.SH） 执业证书编号：S0680524010001 邮箱：chenhuiqin@gszq.com 息差降幅收窄，成本管控成效显著 业绩：营收、利润双提升，成本管控成效明显 渝农商行 24H1 营收、归母净利润增速分别为-1.3%、+5.3%，分别较 24Q1 降幅收窄 1.6pc、提升 16.1pc，营收及利润增速双双提升，主要受益于 24Q2 息差降幅收窄、投资收益增加、业务及管理费下降。 1）利息净收入：24H1 同比增速为-8.0%，较 24Q1 降幅收窄 1.2pc，24H1 净息差为 1.63%，较 23A 下降 10bps，其中 24Q1 下降 9bps、24Q2 下降 1bp，累计降幅收窄。 A、生息资产收益率（3.49%）、贷款收益率（4.07%）分别较 23A 下降 18bps、下降 30bps，其中对公贷款、个人贷款分别较 23A 下降 20bps、 下降 43bps 至 4.25%、4.40%，公司持续加大对实体经济的支持力度，贷 款在生息资产中的占比较 23A 提升 1.4pc 至 50.5%。 B、计息负债成本率（1.95%）、存款成本率（1.79%）分别较 ...

Investment Rating - The report maintains a "Recommend" rating for Chongqing Rural Commercial Bank (渝农商行) [2][3] Core Views - Profit growth has significantly rebounded, with a 5.3% YoY increase in net profit attributable to the parent company in H1 2024 [1] - The bank plans to implement an interim dividend, maintaining a dividend payout ratio of around 30% for the past three years [2] - The net interest margin (NIM) is expected to narrow its decline, supported by improved deposit costs [2] Financial Performance - Revenue in H1 2024 was RMB 14.7 billion, a YoY decrease of 1.3%, but the decline narrowed compared to Q1 2024 [1] - Net interest income and fee income decreased by 8.0% and 9.4% YoY, respectively, while other non-interest income surged by 47.2% [1] - The cost-to-income ratio continued to decline, reaching 27.2% at the end of H1 2024, down 2.0 percentage points from Q1 2024 [1] Loan and Deposit Growth - Total assets, loans, and deposits grew by 5.0%, 4.9%, and 4.3% YoY, respectively, in H1 2024 [1] - Corporate loans increased by 8.0% YoY, while personal loans decreased by 0.9%, mainly due to pressure on mortgage loan growth [1] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.19% at the end of H1 2024 [1] - The provision coverage ratio stood at 360%, indicating strong risk resistance capabilities [1] Profit Forecast - EPS for 2024-2026 is forecasted to be RMB 1.01, 1.07, and 1.13, respectively [2] - The P/B ratio is 0.5x based on the closing price on August 28, 2024 [3] Balance Sheet and Asset Quality Projections - Total assets are projected to grow from RMB 14.4 trillion in 2023 to RMB 18.4 trillion by 2026 [11] - The NPL ratio is expected to decline from 1.19% in 2023 to 1.02% by 2026 [13] - The net interest margin (NIM) is forecasted to decrease from 1.67% in 2023 to 1.30% by 2026 [13] Valuation Metrics - The P/E ratio is projected to remain at 5x from 2024 to 2026 [12] - The P/B ratio is expected to decrease from 0.5x in 2024 to 0.4x by 2026 [12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.80 CNY per share, based on a current stock price of 5.19 CNY [4]. Core Insights - Revenue and profit growth have rebounded, with year-on-year growth rates for revenue, PPOP, and net profit attributable to shareholders improving to -1.3%, 6.5%, and 5.3% respectively as of H1 2024 [1]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.19% and a slight decline in the provision coverage ratio to 360.3% [1]. - The bank's strategy focuses on regional development and industrial upgrades, which supports credit issuance, particularly in the public and manufacturing sectors [1]. Financial Performance Summary - The company's revenue for 2024 is projected at 27,587 million CNY, with a year-on-year growth of -1.3% [3]. - The net profit attributable to shareholders is expected to reach 11,588 million CNY in 2024, reflecting a growth of 6.3% [3]. - Earnings per share (EPS) for 2024 is forecasted at 1.00 CNY, with book value per share (BVPS) estimated at 10.95 CNY [2]. Asset Quality and Risk Management - The NPL ratio has remained stable at 1.19%, while the attention rate has increased by 27 basis points to 1.41% [1]. - The bank's provision coverage ratio has decreased slightly, indicating a robust buffer against potential loan losses [1]. Market Comparison - The average price-to-book (PB) ratio for comparable companies in 2024 is adjusted to 0.53, suggesting the company's current PB of 0.47 indicates potential undervaluation [2][6]. - The report highlights the bank's competitive position within the industry, with a lower decline in net interest margin compared to peers [1].

——渝农商行 24H1 中报点评 营收、利润增速双回升，息差降幅低于同 业 核心观点 ⚫ 营收、利润增速实现双回升。截至 24H1，渝农商行营收、PPOP、归母净利润累计 同比增速分别较 24Q1 提升 1.6pct、1.0pct 和 16.1pct 至-1.3%、6.5%以及 5.3%。 营收边际改善，叠加一季度不良收回节奏的影响消退，归母净利润增速迎来显著修 复。拆分营收来看，得益于息差的较好韧性以及扩表速度的提升，净利息收入同比 增速环比回升 1.2pct 至-8.0%；受代理和银行卡手续费减少影响，净手续费收入同 比增速环比回落 9.6pct 至-9.4%；净其他非息收入同比增速环比小幅提升 0.5pct 至 47.2%，得益于债市的强劲表现，投资收益高增。 ⚫ 区域发展战略、产业升级支撑信贷投放。截至 24H1，渝农商行总资产、贷款同比增 速分别环比小幅提升 0.8pct、0.1pct 至 5.0%、4.9%，对公、个人贷款同比增速分别 环比变动 1.1pct、-2.3pct，增量主要来自涉政类和制造业贷款，契合重庆地区发展 方向。负债成本改善明显，息差降幅优于行业整体水平。截至 24H1，净息差较 ...

渝农商行（601077.SH）2024 年半年报点评 中性 净息差企稳，成本收入比下降 核心观点 公司研究·财报点评 银行·农商行Ⅱ 盈利能力维持在较好水平。2024 年上半年实现营收 146.7 亿元，同比下降 证券分析师：田维韦 证券分析师：王剑 1.3%，较一季度降幅收窄 1.6 个百分点；归母净利润 73.6 亿元，同比增长 021-60875161 021-60875165 tianweiwei@guosen.com.cnwangjian@guosen.com.cn S0980520030002 S0980518070002 5.3%，较一季度增速提高了 16.1 个百分点。上半年拨备前利润同比增长 6.5%，较一季度增速提升 1.1 个百分点。一季度归母净利润下降 10.8%，主 证券分析师：陈俊良 联系人：刘睿玲 要是去年同期实现大额不良资产处置收回带来基数较高，二季度恢复到正常 021-60933163 021-60375484 chenjunliang@guosen.com.cn liuruiling@guosen.com.cn 水平。年化加权平均 ROE 为 12.2%，同比下降 0.4 ...

渝农商行(601077) 报告日期：2024 年 08 月 28 日 利润增速显著回升 ——渝农商行 2024 年中报点评 投资要点 ❑ 渝农 24H1 利润增速环比大幅改善 16pc 至 5%。 ❑ 数据概览 渝农银行 24H1 归母净利润同比增长 5.3%，增速较 24Q1 大幅改善 16.1pc；营收 同比下降 1.3%，降幅较 24Q1 收窄 1.6pc。24Q2 末不良率环比 Q1 持平于 1.19%， 拨备覆盖率环比下降 7pc 至 360%。 ❑ 利润增速显著回升 渝农银行 24H1 归母净利润同比增长 5.3%，增速较 24Q1 大幅改善 16.1pc；营收 同比下降 1.3%，降幅较 24Q1 收窄 1.6pc，符合市场预期。利润增速大幅回升， 主要得益于减值基数影响的消退。（1）息差：24Q2 息差（期初期末，下同）环 比下降 3bp 至 1.58%，对盈利的拖累改善。（2）减值：24H1 减值损失同比增加 33%，增幅较 Q1 收窄，主要是减值低基数效应消退。 展望未来，随着减值基数影响的进一步消退，全年利润有望继续保持快增。 ❑ 息差环比小幅下行 24Q2 息差（期初期末，下同）环比下 ...

本次会议由董事长谢文辉先生主持。本次会议审议通过了以下议案： 一、《关于审议重庆农村商业银行股份有限公司 2024 年半年度报告及其摘 要、业绩公告的议案》 表决情况：有效表决票 9 票，同意 9 票，反对 0 票，弃权 0 票。 本议案已经本行第五届董事会审计委员会第二十一次会议审议通过。具体详 见本行同日在上海证券交易所网站披露的《重庆农村商业银行股份有限公司 2024 年半年度报告摘要》《重庆农村商业银行股份有限公司 2024 年半年度报告》， 及在香港联合交易所有限公司指定网站披露的《重庆农村商业银行股份有限公司 2024 年中期业绩公告》。 证券代码：601077 证券简称：渝农商行 公告编号：2024-028 重庆农村商业银行股份有限公司 第五届董事会第四十五次会议决议公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重庆农村商业银行股份有限公司（以下简称"本行"）第五届董事会第四十 五次会议于 2024 年 8 月 28 日在本行总行 401 会议室以现场结合通讯方式召开。 本行已于 2024 年 8 月 ...

重庆农村商业银行股份有限公司 CHONGQING RURAL COMMERCIAL BANK CO.,LTD. 2024 年半年度报告 股票代码： 601077.SH | 03618.HK 重要提示 一、本行董事会、监事会及董事、监事、高级管理人员保 证半年度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、本行于 2024 年 8 月 28 日召开了第五届董事会第四十 五次会议，审议通过了本行 2024 年半年度报告及摘要。会议 应出席董事 9 名，实际出席 9 名。本行部分监事及高级管理人 员列席了本次会议。 三、本行按照中国会计准则编制的 2024 年半年度财务报 告已经毕马威华振会计师事务所（特殊普通合伙）根据中国审 阅准则审阅，按照国际财务报告准则编制的 2024 年中期财务 报告已经毕马威会计师事务所根据国际审阅准则审阅。 四、本行董事长谢文辉、主管会计工作的副行长张进及会 计机构负责人刘一保证本报告中财务报告的真实、准确、完整。 五、为进一步加大投资者回报力度、提振投资者长期持股 信心，本行根据《上市公司监管指引第 3 号——上市公司现金 分红 ...