渝农商行（601077.SH） 农商行Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn Email：qiaodan@zts.com.cn 备注：股价截止自2024 年 10 月 29 日收盘价，每股指标按照最新股本数全面摊薄 | --- | --- | |-------------------|-----------| | | | | 基本状况 | | | 总股本 (百万股) | 11,357.00 | | 流通股本(百万股 ) | 11,349.41 | | 市价 (元) | 5.80 | | 市值 (百万元) | 65,870.60 | | 流通市值(百万元 ) | 65,826.58 | 相关报告 1、《详解渝农商行 2024 半年报：非 息高增带动营收负增收窄，基数拖累 减弱净利润增速回升》2024-09-01 2、《深度 | 渝农商行：深耕区域带 来低成本和低风险偏好，高股息标的》 2024-05-28 ...

Financial Performance - Revenue for Q3 2024 reached RMB 6,841.9 million, a year-on-year increase of 2.73%[3] - Net profit for Q3 2024 was RMB 3,013.4 million, up 0.34% year-on-year[3] - Net profit for the first nine months of 2024 was RMB 10.57 billion, an increase of 4.24% year-on-year[20] - Net profit for the first nine months of 2024 reached 10,574,134 thousand RMB, compared to 10,144,182 thousand RMB in the same period of 2023[28] - Net profit attributable to the parent company's shareholders for the first nine months of 2024 was RMB 9,306,456 thousand, compared to RMB 9,053,344 thousand in 2023[37] - Operating income for the first nine months of 2024 was RMB 21.51 billion, a decrease of 1.76% year-on-year[20] - Total operating income for the first nine months of 2024 was 21,514,396 thousand RMB, slightly down from 21,899,501 thousand RMB in the same period of 2023[28] - Total operating income for the first nine months of 2024 was RMB 19,574,803 thousand, a slight decrease from RMB 19,852,874 thousand in the same period of 2023[36] - Net interest income for the first nine months of 2024 was RMB 14,497,209 thousand, down from RMB 15,714,953 thousand in 2023[36] - Interest income for the first nine months of 2024 was 35,408,272 thousand RMB, down from 37,812,491 thousand RMB in the same period of 2023[28] - Basic earnings per share for the first nine months of 2024 were 0.89 RMB, up from 0.86 RMB in the same period of 2023[29] - The company's total comprehensive income for the first nine months of 2024 was 12,214,527 thousand RMB, up from 10,759,015 thousand RMB in the same period of 2023[29] - Total comprehensive income for the first nine months of 2024 was RMB 10,309,346 thousand, up from RMB 9,490,829 thousand in 2023[37] Asset and Liability Management - Total assets as of September 30, 2024, increased by 5.30% to RMB 1,517,467.5 million compared to the end of 2023[4] - Total assets of the group reached RMB 1,517.47 billion, an increase of RMB 76.39 billion or 5.30% compared to the end of the previous year[19] - Total assets increased to 1,517,467,458 thousand RMB as of September 30, 2024, up from 1,441,081,943 thousand RMB at the end of 2023[26] - Total assets increased to 1,433,298,339 thousand yuan as of September 30, 2024, up from 1,360,945,521 thousand yuan at the end of 2023[33] - Total liabilities reached RMB 1,385.39 billion, an increase of RMB 67.81 billion or 5.15% compared to the end of the previous year[20] - Total liabilities increased to 1,385,390,233 thousand RMB as of September 30, 2024, up from 1,317,580,322 thousand RMB at the end of 2023[27] - Total liabilities rose to 1,309,837,807 thousand yuan as of September 30, 2024, compared to 1,244,279,840 thousand yuan at the end of 2023[34] - Total equity increased to 132,077,225 thousand RMB as of September 30, 2024, up from 123,501,621 thousand RMB at the end of 2023[27] - Total equity attributable to shareholders increased to 123,460,532 thousand yuan as of September 30, 2024, up from 116,665,681 thousand yuan at the end of 2023[34] Loan and Deposit Growth - Customer loans and advances grew by 5.71% to RMB 715,376.1 million as of September 30, 2024[4] - Customer loans and advances totaled RMB 715.38 billion, up RMB 38.67 billion or 5.71% from the end of the previous year[19] - Loans and advances grew to 619,510,873 thousand yuan as of September 30, 2024, compared to 585,073,500 thousand yuan at the end of 2023[33] - Customer deposits totaled RMB 939.89 billion, up RMB 43.69 billion or 4.87% from the end of the previous year[20] - Customer deposits increased to 937,441,636 thousand yuan as of September 30, 2024, up from 893,928,148 thousand yuan at the end of 2023[34] Risk Management - Non-performing loan ratio decreased slightly to 1.17% as of September 30, 2024, from 1.19% at the end of 2023[7] - Non-performing loan ratio decreased by 0.02 percentage points to 1.17% compared to the end of the previous year[20] - Provision coverage ratio stood at 358.59% as of September 30, 2024, down from 366.70% at the end of 2023[7] - Provision coverage ratio stood at 358.59%, and the loan-to-deposit ratio was 4.20%, indicating strong risk resilience[21] Capital Adequacy - Core tier 1 capital adequacy ratio was 13.83% as of September 30, 2024, compared to 13.30% at the end of 2023[13] - Total capital adequacy ratio increased to 15.69% as of September 30, 2024, from 15.17% at the end of 2023[13] Cash Flow - Operating cash flow for the first nine months of 2024 surged by 98.67% to RMB 19,794.7 million[9] - Net cash flow from operating activities increased to 19,794,740 thousand yuan in 2024 Q1-Q3, up from 9,963,580 thousand yuan in the same period last year[30] - Net cash flow from operating activities for the first nine months of 2024 was RMB 25,653,065 thousand, a significant increase from RMB 7,138,521 thousand in 2023[38] - Net cash flow from investing activities decreased to -52,450,902 thousand yuan in 2024 Q1-Q3, compared to 21,284,445 thousand yuan in 2023 Q1-Q3[31] - Net cash used in investing activities for the first nine months of 2024 was RMB 51,634,699 thousand, compared to a net cash inflow of RMB 20,883,733 thousand in 2023[39] - Net cash flow from financing activities improved to 46,262,938 thousand yuan in 2024 Q1-Q3, reversing from -30,874,317 thousand yuan in 2023 Q1-Q3[31] - Net cash flow from financing activities for the first nine months of 2024 was RMB 46,366,608 thousand, a turnaround from a net cash outflow of RMB 30,858,384 thousand in 2023[39] - Cash and cash equivalents at the end of the period stood at 56,808,706 thousand yuan, up from 31,908,158 thousand yuan at the end of 2023[31] - The company's cash and cash equivalents at the end of September 2024 were RMB 53,994,279 thousand, up from RMB 26,732,664 thousand at the end of September 2023[39] Shareholder Information - The top 10 shareholders collectively hold a significant portion of the company's shares, with the largest shareholder being Hong Kong Securities Clearing (Nominees) Limited, holding 22.07% of the shares[21] - Chongqing Development Property Management Co., Ltd. and its affiliates held 9.21% of the company's total shares as of the reporting period[24] - Chongqing Urban Construction Investment (Group) Co., Ltd. and its affiliates held 7.28% of the company's total shares as of the reporting period[24] Interest Margin and Financial Investments - Net interest margin for the first nine months of 2024 was 1.52%, a decrease of 0.16 percentage points year-on-year[7] - Financial investments amounted to RMB 617.48 billion, an increase of RMB 18.70 billion or 3.12% compared to the end of the previous year[19]

财联社10月22日讯（记者 邹俊涛）继国有行、股份行之后，城农商行也开始新一轮存款利率下调。 10月22日，渝农商行（重庆农商行）在网站披露，将于今日起执行新的人民币存款利率表，其中定期存 款利率统一下调25个基点，下调幅度与此前的国有行、股份行最大降幅基本持平。与此同时，渝农商行 的活期和通知存款利率也作了不同幅度下调。 截图来自渝农商行网站 同日，北京银行也公布新一轮调整人民币储蓄存款挂牌利率。财联社记者注意到，自本月18日国有行率 先开始新一轮存款利率下调后，仅不到3个工作日"降息潮"已覆盖了国有行、股份行以及城农商行。 光大银行金融市场部宏观研究周茂华今日接受财联社记者采访指出，相较于前几轮，本轮中小银行调降 存款利率速度加快，反映国内政策传导效率提升。同时，他表示，一定程度上机构也希望推动存款利率 调降效果尽快释放。 本轮"降息潮"已蔓延至城农商行 渝农商行今日在网站披露，该行已将活期存款利率下调5个基点至0.10%；三个月期、半年、一年期、 二年期、三年期、五年期定期存款挂牌利率均下调25个基点至0.80%、1.00%、1.10%、1.20%、1.50%、 1.55%；7天期通知存款利率同步下调2 ...

王霄鸿 wangxiaohong@orientsec.com.cn 管理层预计平稳过渡，有望受益于化债提 速 核心观点 ⚫ 事件：2024 年 10 月 17 日，渝农商行发布公告，谢文辉先生因工作调动辞去董事长 职务，公司董事会推举行长隋军先生代为履行董事长、法定代表人职务。 ⚫ 谢文辉先生赴任渝富控股董事长，有助于强化与重庆国资的合作。根据渝富控股官 网披露，谢文辉先生已出任其党委书记、董事长。渝富控股为重庆国有产业资本投 资运营公司，实控子公司 38 家，也是渝农商行的第一大股东，截至 24H1 持股比例 为 8.70%。此次调任后，渝农商行与渝富控股及其子公司在项目端的合作有望进一 步强化，利好其资产投放。行长隋军先生自 2008 年起在渝农商行任职多年，熟悉行 内业务和发展战略，代为履行董事长职务，有利于高管团队的平稳过渡。 ⚫ 地方化债发力提速，利好资产质量改善，并有望打开扩表空间。重庆作为重点化债 省份，积极落实一揽子化债举措，近日财政部明确拟出台近年来支持化债力度最大 的措施，化债有望显著提速，截至 24H1，渝农商行广义基建贷款占比居上市农商行 首位，有望充分受益：一是相关资产质量将得到进一 ...

证券研究报告 ＃industryId＃ 银行 II 渝农商行（601077） ＃investSuggestion 增持 ＃(＃ investS uggesti onChan ge＃ 维持） ＃相关报告 relatedReport＃ 公 司 点 评 报 告 | --- | --- | --- | --- | |--------|-------|------------------------|-------| | | | | | | SAC ： | | S0190517070003 | | | | | chenshaox@xyzq.com.cn | | | 曹欣童 | | | | | | | | | | SAC ： | | S0190522060001 | | | | | caoxintong@xyzq.com.cn | | ＃title＃ 利润亮眼，筑底回升 ——渝农商行 2024 年半年报点评 ＃createTime1＃ 2024 年 8 月 29 日 投资要点 ＃summary＃ ⚫ Q2 单季度利润增速达 26%，单季度营收增速转正。2024H1 营收/归母净 利润同比分别-1.3%/+5.3%，Q2 ...

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]

——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 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 ...