Core Points - The rural commercial bank sector experienced a decline of 1.59% on October 29, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Group 1: Stock Performance - Ruifeng Bank (601528) closed at 5.51 with no change in price [1] - Qingnong Commercial Bank (002958) closed at 3.21, down 0.93% [1] - Changshu Bank (601128) closed at 6.92, down 1.14% [1] - Sunong Bank (603323) closed at 5.17, down 1.34% [1] - Zijin Bank (601860) closed at 2.87, down 1.37% [1] - Yunnan Agricultural Commercial Bank (601077) closed at 6.86, down 1.44% [1] - Wuxi Bank (600908) closed at 6.05, down 1.47% [1] - Zhangjiagang Bank (002839) closed at 4.42, down 1.56% [1] - Shanghai Agricultural Commercial Bank (601825) closed at 8.52, down 2.07% [1] - Jiangyin Bank (002807) closed at 4.80, down 2.83% [1] Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 78.64 million yuan from main funds, while retail funds experienced a net outflow of 10.52 million yuan [2] - Speculative funds had a net outflow of 68.12 million yuan [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 - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]

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。 ...

2025年1至9月，重庆农商行实现营业收入216.58亿元，较上年同期增长0.67%。其中，利息净收入 178.50亿元，较上年同期增长6.88%，手续费及佣金净收入10.57亿元。净利息收益率为1.59%，较上年 同期下降0.02个百分点，降幅收窄0.14个百分点。 北京商报讯（记者 宋亦桐）10月28日，重庆农商行发布2025年三季度报告，数据显示，2025年1至9 月，该行实现净利润109.25亿元，较上年同期增长3.32%；其中归属于该行股东的净利润106.94亿元， 较上年同期增长3.74%。扣除非经常性损益后归属于该行股东的净利润106.75亿元，较上年同期增长 7.11%。 资产质量方面，截至2025年9月30日，重庆农商行不良贷款余额87.11亿元；不良贷款率1.12%，较上年 末下降0.06个百分点；拨备覆盖率364.82%，较上年末上升1.38个百分点。 ...