渝农商行 601077.SH 公司研究 | 季报点评 信贷有力投放，资产质量改善 经济复苏不及预期；信贷需求不及预期；资产质量恶化 渝农商行 25Q3 财报点评 核心观点 25Q3 净息差为 1.59%，较 25H1 仅-1BP，我们测算生息资产收益率较 25H1 仅小幅 下行 2bp，计息负债成本率-3BP。渝农商行存款定期化特征较为明显，后续负债成 本改善空间依然乐观，息差韧性十足。 ⚫ 资产质量改善，核心指标优化。截至 25Q3，渝农商行不良贷款率环比-5bp 至 1.12%，拨备覆盖率提升 9pct 至 365%，核心指标明显优化，风险抵补能力充足。 渝农商行加大不良确认和风险处置力度，为后续经营腾挪空间，或短期扰动利润表 现，展望后续，资产质量有望延续改善趋势。 盈利预测与投资建议 ⚫ 根 据 25Q3 财报数据，预测公司 25/26/27 年 归 母 净 利 润 同 比 增 速 为 5.7%/8.3%/8.5%， BVPS 为 12.05/13.12/14.29 元（原预测值为 11.85/12.70/13.62 元，主要是适度调整息差及非息收入预期），当前股价对应 25/26/27 年 PB 为 ...

单季年化净息差环比提升3bp。3Q25 银行单季年化净息差为1.58%，环比二季度上升3bp，其中单季年 化生息资产收益率为3.01%，环比下降5bp，单季年化计息负债成本率为1.49%，环比下降7bp。前三季 度累积年化净息差为1.57%，环比上半年提升1bp。 机构：中泰证券 研究员：戴志锋/邓美君 渝农商行2025 年前三季度实现营业收入216.0 亿元，同比增长0.7%（1H25 为+0.5%），实现归母净利润 107.0 亿元，同比增长3.7%（1H25 为+4.6%）。1）营收端：2025Q1-Q3 渝农商行实现净利息净收入 178.5 亿元，同比增长6.9%（1H25为+6.0%），占营业收入比例为82.6%，环比上半年增加2.8 个百分 点；实现净手续费收入10.6 亿元，同比下降16.7%，降幅环比扩大3.4 个百分点；实现净其他非息收入 26.91 亿元，同比下降22.7%（1H25 为-17.8%）。2）利润端：前三季度银行归母净利润同比增长 3.7%，其中规模增长贡献比例最大，从边际变化来看，规模、息差、成本、税收贡献边际提升，手续 费、其他非息、拨备贡献边际下滑。 存贷规模稳步增长。 ...

Core Insights - The rural commercial bank sector experienced a slight increase of 0.03% on October 30, with Changshu Bank leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Changshu Bank (601128) closed at 7.04, up 1.73% with a trading volume of 1,123,500 shares and a transaction value of 800 million yuan [1] - Other notable performances include: - Yunnan Rural Commercial Bank (601077) at 6.88, up 0.29% [1] - Wuxi Bank (600908) at 6.06, up 0.17% [1] - Jiangyin Bank (002807) at 4.79, down 0.21% [1] - Shanghai Rural Commercial Bank (601825) at 8.49, down 0.35% [1] Capital Flow - The rural commercial bank sector saw a net outflow of 21.47 million yuan from institutional investors, while retail investors contributed a net inflow of 18.53 million yuan [1] - Specific capital flows for selected banks include: - Jiangyin Bank (002807) with a net outflow of 29.87 million yuan from institutional investors [2] - Yunnan Rural Commercial Bank (601077) with a net inflow of 19.57 million yuan from institutional investors [2] - Shanghai Rural Commercial Bank (601825) with a significant net outflow of 23.35 million yuan from institutional investors [2]

Core Insights - Chongqing Rural Commercial Bank (渝农商行) reported a slight increase in revenue and net profit for the first three quarters of 2025, with operating income at 21.658 billion yuan, up 0.67% year-on-year, and net profit attributable to shareholders at 10.694 billion yuan, up 3.74% year-on-year [2] - The bank's non-interest income, which had previously driven growth, saw a significant decline of 21% year-on-year, impacting overall revenue growth [2][6] - The bank's investment income decreased by 8% year-on-year to 3.495 billion yuan, with losses from fair value changes expanding to 807 million yuan [5][6] Financial Performance - For the first three quarters of 2025, Chongqing Rural Commercial Bank achieved operating income of 21.658 billion yuan, a year-on-year increase of 0.67% [2] - The net profit attributable to shareholders reached 10.694 billion yuan, reflecting a year-on-year growth of 3.74% [2] - Non-interest net income for the bank was 3.808 billion yuan, down 21% year-on-year, with a quarterly decline observed: Q1 down 12%, Q2 down 20%, and Q3 down 34% [6] Non-Interest Income Analysis - The decline in non-interest income is attributed to a downturn in the bond market, with the bank's investment income falling by 8% year-on-year [4][6] - The bank's bond investments amounted to 514.5 billion yuan, representing 82% of its total financial investments, but faced challenges in the third quarter due to rising bond yields [4] - The bank's fair value losses increased significantly, indicating a challenging investment environment [5][6] Management and Governance - The bank's new chairman, Liu Xiaojun, has not yet received regulatory approval for his position, with the current president, Sui Jun, acting as chairman for over a year [7][8] - Liu Xiaojun has a strong background in finance, having held various positions in banking and trust companies prior to his current role [8]

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 ...

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].