Investment Rating - The investment rating for the company is "Neutral" [6]. Core Views - The company's revenue for 2024 reached 28.261 billion yuan, reflecting a year-on-year increase of 1.09%, while the net profit attributable to shareholders was 11.513 billion yuan, up 5.60% year-on-year [1]. - Total assets grew by 5.13% year-on-year to 1.51 trillion yuan, with deposits and loans increasing by 5.10% and 5.55%, respectively [2]. - The net interest margin for 2024 was 1.61%, a decrease of 12 basis points year-on-year, but it stabilized compared to the previous quarters [2]. - Non-interest income saw a significant increase of 29.23% year-on-year, driven mainly by investment income, despite a 10% decline in net fee and commission income [3]. - The company maintained a stable asset quality with a non-performing loan ratio of 1.18% and a provision coverage ratio of 363.44% [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is 12.217 billion yuan, 13.031 billion yuan, and 13.966 billion yuan, respectively, with corresponding year-on-year growth rates of 6.1%, 6.7%, and 7.2% [4]. Summary by Sections Financial Performance - Revenue for 2024 was 28.261 billion yuan, a 1.09% increase from the previous year, while net profit was 11.513 billion yuan, up 5.60% [1]. - The company experienced a decline in net interest income by 4.25% year-on-year due to narrowing interest margins [3]. - Non-interest income increased significantly by 29.23%, primarily due to strong investment returns [3]. Asset Quality - The non-performing loan ratio stood at 1.18%, with a slight increase from the previous quarter [3]. - The provision coverage ratio improved to 363.44%, indicating enhanced risk mitigation capabilities [3]. Capital and Growth Projections - The core Tier 1 capital adequacy ratio was 14.24%, an increase of 0.71 percentage points from the previous year [2]. - The company expects to maintain a stable growth trajectory with projected net profits for 2025-2027 at 12.217 billion yuan, 13.031 billion yuan, and 13.966 billion yuan, respectively [4].

Core Viewpoint - Chongqing Rural Commercial Bank (渝农商行) has shown a positive revenue growth of 1% year-on-year for 2024, driven primarily by significant contributions from non-interest income, particularly in the fourth quarter [1] Group 1: Revenue and Profitability - The bank's net profit increased by 5.6% year-on-year, with a notable recovery in revenue growth due to a 55.6% surge in other non-interest income [1] - In Q4 2024, net interest income grew by 3.11% quarter-on-quarter, with an annualized net interest margin improving by 4 basis points to 1.61% [1] - The yield on interest-earning assets decreased by 2 basis points to 3.24%, while the cost of interest-bearing liabilities fell by 5 basis points to 1.73%, contributing to the recovery of the interest margin [1] Group 2: Asset and Liability Management - In Q4 2024, the bank's asset deployment was primarily focused on structural adjustments, with a total loan issuance of -1.1 billion, a reduction of 1.45 billion compared to the same period in 2023 [2] - The bank's deposit scale increased by 2.06 billion in Q4 2024, significantly higher than the previous year, with a 0.5 percentage point increase in the proportion of interest-bearing liabilities [2] - The growth rate of demand deposits turned positive at 2.1% year-on-year, with the proportion of total deposits rising by 1.6 percentage points to 26.1% [2] Group 3: Non-Interest Income - The bank's net non-interest income grew by 28.9% year-on-year, with a significant increase in other non-interest contributions [2] - Fee income from bank cards saw a decline of 47.2%, negatively impacting overall fee growth [2] - The bank experienced a 55.6% year-on-year increase in other non-interest income, driven by favorable conditions in the bond market [2] Group 4: Asset Quality - The bank's non-performing loan (NPL) ratio slightly increased to 1.18%, with a cumulative annualized NPL generation rate of 0.91% [3] - The overdue rate decreased to 1.32%, with a significant reduction in the proportion of overdue loans classified as non-performing [3] - The provision coverage ratio improved by 4.84 percentage points to 363.43%, indicating a strengthening of provisions [4] Group 5: Investment Outlook - The bank's projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 0.53X, 0.49X, and 0.46X, respectively, with price-to-earnings (PE) ratios of 5.64X, 5.39X, and 5.21X [4] - The bank is well-positioned to capitalize on the development of major industrial clusters in Chongqing and the Chengdu-Chongqing economic circle, focusing on infrastructure loans and maintaining a strong retail banking presence [4] - The bank has a history of stable dividends and a high dividend yield, supporting a "buy" rating and encouraging active monitoring [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [11]. Core Insights - The company achieved a revenue of 28.261 billion yuan in 2024, reflecting a year-on-year growth of 1.09%, and a net profit attributable to shareholders of 11.513 billion yuan, which is a 5.60% increase compared to the previous year [1][2]. - Investment income saw a significant increase of 93.56% year-on-year, reaching 4.198 billion yuan, which played a crucial role in supporting revenue growth despite declines in net interest income and fee-based income [2][4]. - The bank's total loans and advances reached 714.273 billion yuan at the end of 2024, marking a year-on-year growth of 5.55% [3]. - Customer deposits grew by 5.10% year-on-year to 941.946 billion yuan, with a notable increase in the proportion of personal deposits [3]. - The net interest margin for 2024 was reported at 1.61%, remaining stable compared to the previous quarter [4]. - The bank's non-performing loan ratio improved to 1.18%, a slight decrease from the previous year, while the capital adequacy ratios showed an upward trend [4][19]. Summary by Sections Financial Performance - The bank's operating income for 2024 was 28.261 billion yuan, with a year-on-year increase of 1.09% [14]. - The net interest income decreased by 4.25% to 22.494 billion yuan, while fee and commission income fell by 10% to 1.612 billion yuan [2][14]. - Investment income surged to 4.198 billion yuan, contributing significantly to overall revenue [14]. Loan and Deposit Growth - Total loans and advances increased to 714.273 billion yuan, with corporate loans growing by 9.26% to 358.133 billion yuan [3]. - Customer deposits reached 941.946 billion yuan, with personal deposits accounting for 85.84% of the total [3]. Asset Quality and Capital Adequacy - The non-performing loan ratio improved to 1.18%, and the provision coverage ratio was reported at 363.44% [4][18]. - The core tier 1 capital adequacy ratio was 14.24%, indicating a strong capital position [20]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 11.978 billion yuan, 12.508 billion yuan, and 13.142 billion yuan, respectively, with expected growth rates of 4.04%, 4.42%, and 5.07% [4][22].

渝农商行加入估值提升保卫战 2024年息差持续收窄 发布估值提升计划 值得一提的是，渝农商行于同日发布关于估值提升计划的公告，2024年，该行A股股价全年上涨 57%，但仍连续12个月每个交易日收盘价均低于最近一个会计年度经审计的每股归属于该行普通股股东 的净资产，因此触发估值提升计划。 | (除另有注明外, 币百万元列示) | 以人民 | 2024 年 | 2023 年 | 变动顺 | 变动率(%) | | --- | --- | --- | --- | --- | --- | | 利息收入 | | 47,087.8 | 49,887.1 | (2,799.3) | (5.61) | | 利息支出 | | (24,593.3) | (26,394.0) | 1,800.7 | (6.82) | | 利息净收入 | | 22,494.5 | 23,493.1 | (998.6) | (4.25) | 该行在年报中称，这主要是受市场利率下调影响。 非利息净收入方面，截至2024年末，该行实现非利息净收入57.67亿元，同比增幅29.23%。从数据 来看实现大幅增长，非息收入贡献度显著提高。但细究来看，该行非利息 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue and profit growth rates have improved, with net profit increasing by 5.6% year-on-year in 2024, and revenue growing by 1.1% year-on-year [2][5] - The stability of the interest margin exceeded expectations, with a daily average interest margin of 1.61% in 2024, remaining stable compared to the first three quarters of 2024 [3] - Asset quality remains stable, with a non-performing loan ratio of 1.18% at the end of 2024, which is a slight increase of 1 basis point from the end of Q3 2024 [4] Summary by Sections Financial Performance - In 2024, the company's net profit attributable to shareholders increased by 5.6%, and revenue grew by 1.1%, both showing improvement compared to the first three quarters of 2024 [2][5] - The decline in net interest income has narrowed, with a decrease of 4.3% in 2024, which is an improvement of 2.7 percentage points compared to the first three quarters [2] - Other non-interest income saw a significant increase of 56% in 2024, up 16 percentage points from the first three quarters [2] Interest Margin - The daily average interest margin for 2024 was reported at 1.61%, which is stable compared to the first three quarters and better than market expectations [3] - The decline in interest margin is expected to narrow in 2025 due to the maturity of high-interest deposits and a slowdown in the decline of loan rates [3] Asset Quality - The non-performing loan ratio at the end of 2024 was 1.18%, with a slight increase from the previous quarter, while the coverage ratio for provisions improved to 363% [4] - The company is expected to face pressure on non-performing loan generation, particularly in traditional manufacturing and retail sectors [4] Profit Forecast and Valuation - The forecast for net profit growth is 5.8% for 2025, 5.5% for 2026, and 5.7% for 2027, with corresponding book values per share of 12.01, 12.80, and 13.63 CNY respectively [5] - The target price is set at 7.81 CNY per share, indicating a potential upside of 29% based on a price-to-book ratio of 0.65 for 2025 [5]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of 6.04 CNY/5.34 HKD and a fair value of 6.64 CNY/5.87 HKD [2]. Core Insights - The report highlights that the company's net interest margin has stabilized, while other non-interest income has seen significant growth, particularly benefiting from favorable market conditions [5]. Financial Performance Summary - For the fiscal year 2024, the company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 1.1%, 3.9%, and 5.6% year-on-year, respectively, showing improvements compared to the first three quarters of 2024 [5][7]. - The net interest margin for 2024 was reported at 1.61%, remaining stable compared to the previous quarters, primarily due to improved funding costs [5]. - Non-interest income surged by 56% year-on-year, with investment income contributing significantly to the net profit, accounting for 36.5% of the total [5]. - The cost-to-income ratio improved, decreasing by 2.08 percentage points year-on-year, reflecting effective cost management strategies [5]. - The asset quality remains robust, with a non-performing loan (NPL) ratio of 1.18% and a provision coverage ratio of 363% as of the end of 2024 [5]. Loan and Deposit Growth - The loan growth rate for 2024 was 5.6%, although there was a decline in loan volume in the fourth quarter, attributed to debt resolution impacts [5]. - The company has increased its focus on supporting new productive capacities, with manufacturing loans rising by 104 billion CNY, representing 27.8% of total loan growth [5]. Profitability Forecast - The report forecasts a net profit growth of 3.11% and 3.70% for the years 2025 and 2026, respectively, with earnings per share (EPS) projected at 1.02 CNY and 1.06 CNY [5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has exceeded expectations, with a solid advantage in funding costs [1] - The forecast for the company's net profit growth for 2025, 2026, and 2027 is adjusted to 5.8%, 7.5%, and 8.3% respectively, with corresponding BVPS of 11.85, 12.70, and 13.62 yuan [3] - The target price is set at 7.43 yuan per share, reflecting a 10% valuation premium over the average PB of comparable companies [3] Financial Performance Summary - For 2023A, the company reported operating income of 27,956 million yuan, with a year-on-year decline of 3.6%. The operating profit was 12,194 million yuan, up 8.9% year-on-year, and the net profit attributable to the parent company was 10,902 million yuan, an increase of 6.1% year-on-year [5] - The projected operating income for 2024A is 28,261 million yuan, with a slight growth of 1.1%. The operating profit is expected to rise to 12,848 million yuan, a growth of 5.4%, and the net profit attributable to the parent company is forecasted at 11,513 million yuan, reflecting a growth of 5.6% [5] - The company’s total assets and loan growth rates as of the end of 2024 are expected to be 5.1% and 5.6% respectively, indicating a positive trend in asset expansion [10] Valuation Metrics - The current A-share price corresponds to PB ratios of 0.51, 0.48, and 0.44 for the years 2025, 2026, and 2027 respectively [3] - The average PB of comparable companies for 2025 is adjusted to 0.57, leading to a target PB of 0.63 for the company [3] - The company’s PE ratio is projected to decrease from 6.43 in 2023A to 4.92 in 2027E, indicating an improving valuation outlook [5]

Investment Rating - The report maintains a "Buy" rating for A/H shares with a target price of HKD 7.06 and RMB 7.46 [8][9]. Core Insights - The company's 2024 net profit attributable to shareholders, revenue, and PPOP are expected to grow by 5.6%, 1.1%, and 4.0% year-on-year, respectively, with growth rates improving compared to the first nine months of the year [1]. - The company plans to distribute a dividend of RMB 0.30 per share in 2024, maintaining a dividend payout ratio of 30.05% [1]. - The net interest margin for 2024 is projected to be 1.61%, stable compared to the previous three quarters, with a year-on-year decrease of 12 basis points [3]. - The company has seen a steady increase in total assets, loans, and deposits, all growing by 5.1% year-on-year as of the end of 2024 [2]. Summary by Sections Financial Performance - The company reported a year-on-year increase in net profit attributable to shareholders of RMB 11,513 million for 2024, with a projected growth of 5.6% for 2025 [28]. - Revenue for 2024 is expected to reach RMB 28,261 million, reflecting a 1.09% increase from 2023 [29]. Asset Quality - The non-performing loan ratio at the end of 2024 is 1.18%, with a provision coverage ratio of 363% [4]. - The report indicates an improvement in overdue indicators, with the overdue rate decreasing to 1.32% [4]. Valuation Metrics - The report forecasts a price-to-book (PB) ratio of 0.63 for A shares and 0.55 for H shares in 2025, with a target price adjustment from previous estimates [5]. - The expected return on equity (ROE) for 2025 is projected to be 9.25% [29].

经济复苏不及预期；信贷需求不及预期；资产质量恶化。 核心观点 盈利预测与投资建议 ⚫ 结合财报数据、区域信贷需求，适度上调贷款增速等假设，预测公司 25/26/27 年归 母净利润同比增速为 5.8%/7.5%/8.3%，BVPS 为 11.85/12.70/13.62 元（25/26 年前 预测值 11.75/12.62 元），当前 A 股股价对应 25/26/27 年 PB 为 0.51/0.48/0.44 倍。 可比公司 25 年 PB 调整平均值为 0.57 倍，维持 10%的估值溢价，对应 25 年 0.63 倍 PB，目标价 7.43 元 /股，维持"买入"评级。 风险提示 业绩改善超预期，负债成本优势巩固 ——渝农商行 2024 年年报点评 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 27,956 | 28,261 | 28,628 | 29,603 | 31,147 | | 同比增长 (%) | -3.6% | 1.1% | 1. ...

结合财报数据、区域信贷需求，适度上调贷款增速等假设，预测公司25/26/27 年归母净利润同比增 速为5.8%/7.5%/8.3%，BVPS 为11.85/12.70/13.62 元（25/26 年前预测值11.75/12.62 元），当前A 股股价 对应25/26/27 年PB 为0.51/0.48/0.44 倍。 2024 年10 月，渝农商行原董事长谢文辉先生调任渝富控股董事长；2025 年3 月24 日，渝农商行公 告称，经过重庆国资股权架构调整，渝富资本（第一大股东、渝富控股全资子公司）及其一致行动人持 股比例由10.14%增至15.13%。后续来看，渝农商行与重庆国资在项目端的合作有望进一步强化，利好 信贷投放。 息差边际企稳，负债成本优势巩固。渝农商行24 年净息差为1.61%，持平24Q3，全年收窄12bp， 好于银行业整体水平。其中，生息资产收益率、计息负债成本率分别较24H1 下降12bp、改善9bp，活期 存款占比较24H1 提升1.6pct。 资产质量整体稳健，拨备进一步夯实。截至24 年末，不良率为1.18%，相比24Q3上行1bp。前瞻性 指标方面，相比24H1，关注率、逾期率分上 ...