证券代码：601077 证券简称：渝农商行 公告编号：2024-019 重庆农村商业银行股份有限公司 关于副行长任职资格获监管机构核准的公告 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。 重庆农村商业银行股份有限公司（以下简称"本行"）于近日收到《国家金 融监督管理总局重庆监管局关于重庆农村商业银行张进任职资格的批复》（渝金 管复【2024】46 号），国家金融监督管理总局重庆监管局已核准张进先生担任本 行副行长的任职资格，上述任职资格自 2024 年 4 月 28 日起生效，任期至本行第 五届董事会任期届满之日止。张进先生简历详见本行于 2024 年 3 月 29 日在上海 证券交易所网站（www.sse.com.cn）披露的《重庆农村商业银行股份有限公司第 五届董事会第四十一次会议决议公告》。 特此公告。 重庆农村商业银行股份有限公司董事会 2024 年 4 月 30 日 ...

根据年报 详解渝农商行2024年一季报：成本管控加强，PPOP+5.4%；一次性因素影响下净利润负增 渝农商行(601077.SH)/银行 证券研究报告/公司点评 2024年04月28日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：4.55 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 28,956 27,902 27,058 26,788 26,788 分析师 戴志锋 增长率yoy% -6.0% -3.6% -3.0% -1.0% 0.0% 执业证书编号：S0740517030004 净利润（百万元） 10,276 10,900 11,501 12,074 12,623 Email： daizf@zts.com.cn 增长率yoy% 7.5% 6.1% 5.5% 5.0% 4.5% 每股收益（元） 0.90 0.96 1.01 1.06 1.11 分析师 邓美君 净资产收益率 9.44% 9.28% 9.36% 9.40% 9.18% 执业证书编号：S074051905 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a market price of 4.55 [1]. Core Insights - The company has strengthened cost control, resulting in a year-on-year increase in PPOP of 5.4%. However, net profit experienced a negative growth of 10.8% due to one-time factors from the previous year [5][10]. - The company is focusing on expanding infrastructure loans in response to the development of three trillion-level industrial clusters in Chongqing and the Chengdu-Chongqing economic circle [7][28]. - The company has a stable dividend history and a high dividend yield, making it an attractive investment opportunity [28]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue (in million) for 2022A was 28,956, with a projected decline to 27,902 in 2023A and further to 27,058 in 2024E [1]. - Net profit (in million) is expected to grow from 10,900 in 2023A to 11,501 in 2024E, with a growth rate of 6.1% [1]. - Earnings per share (EPS) is projected to increase from 0.96 in 2023A to 1.01 in 2024E [1]. - **Key Financial Ratios**: - The Price-to-Earnings (P/E) ratio is forecasted to decrease from 4.74 in 2023A to 4.49 in 2024E [1]. - The Price-to-Book (P/B) ratio is expected to remain stable at 0.42 for 2024E [1]. Operational Insights - **Net Interest Income**: - In Q1, net interest income decreased by 0.5% quarter-on-quarter, with an annualized interest margin of 1.62%, down 3 basis points [19]. - The asset yield decreased to 3.5%, while the liability interest rate fell to 1.94%, contributing to the stability of the interest margin [19]. - **Asset Quality**: - The non-performing loan (NPL) ratio remained stable at 1.19%, with a year-on-year decline in the annualized net generation rate of NPLs to 0.34% [26][27]. - The provision coverage ratio increased to 367.54%, indicating a strengthening of risk buffers [26][27]. - **Loan and Deposit Growth**: - The company issued loans totaling 202.6 billion in Q1, with corporate loans making up 77% of the total [21]. - New deposits amounted to 553.6 billion, with the deposit ratio increasing to 71.0% [23]. Investment Recommendations - The report suggests actively monitoring the company due to its strategic positioning in the Chongqing market and its potential for profit release as historical non-performing assets are cleared [28].

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 渝农商行（601077） 扩张放缓＃ ，titl业e＃ 绩筑底 ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） ——渝农商行 2024年一季报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 4月 29日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ ⚫ 利润降幅较大主要受信用减值拖累。2024Q1营收同比-2.9%，归母净利润 评 同比-10.8%。利润降幅较大主要由信用减值损失变动引起。收入方面，① 报 利息净收入同比-9.2%，其中贷款增速下行至4.7%，测算Q1单季度息差 告 较23Q4环比+3bp。②手续费净收入同比+0.2%，降幅收窄。③其他非息 ＃分em析a师ilA：ut hor＃ 收入同比+46.7%，主要是投资收益贡献。成本方面，2024Q1计提减值13 ＃陈a绍ss兴Au thor＃ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.86 CNY per share [4][2]. Core Views - Revenue growth has slightly rebounded, with non-interest income performing well. As of Q1 2024, the company's revenue, PPOP, and net profit attributable to shareholders have shown year-on-year growth rates of 0.7%, 11.9%, and -16.9% respectively. The decline in net profit is attributed to a high base from significant asset disposals in the same period last year [1][2]. - The pace of asset expansion has slowed, with credit growth primarily driven by corporate lending. Total assets and loan amounts grew at year-on-year rates of 2.5% and 2.1% respectively as of Q1 2024, with corporate loans being the main contributor [1][2]. - Asset quality remains stable, with a slight improvement in the provision coverage ratio. The non-performing loan ratio stands at 1.19%, unchanged from the end of 2023, while the provision coverage ratio has increased to 367.5%, the highest since 2018 [1][2]. Financial Summary - The company's revenue for 2024 is projected at 27,577 million CNY, with a year-on-year decline of 1.4%. The net profit attributable to shareholders is expected to be 11,451 million CNY, reflecting a growth of 5.0% [3][8]. - Earnings per share (EPS) for 2024 is forecasted at 0.99 CNY, with book value per share (BVPS) expected to be 10.94 CNY [2][3]. - The company's price-to-book (PB) ratios for 2024, 2025, and 2026 are projected to be 0.42, 0.39, and 0.36 respectively, indicating a valuation discount compared to peers [2][3].

证券研究报告 | 2024年04月27日 渝农商行（601077.SH）2024 年一季报点评 增持 上年资产清收导致业绩同比波动 核心观点 公司研究·财报点评 高基数下净利润同比下降10.8%，拨备前净利润同比增长5.4%。2024年一 银行·农商行Ⅱ 季度实现营收71.3亿元（YoY,-2.9%），归母净利润35.2亿元（YoY,-10.8%）。 证券分析师：田维韦 证券分析师：王剑 全年加权平均ROE为12.01%，同比下降了2.66个百分点。一季度归母净利 021-60875161 021-60875165 tianweiwei@guosen.com.cnwangjian@guosen.com.cn 润降幅较大主要是由信用减值损失变动引起，本期信用减值损失13.33亿元， S0980520030002 S0980518070002 较上年同期增加12.03亿元。这主要是由于上年同期实现大额不良资产处置 证券分析师：陈俊良 收回，金额占全年比重为 70.8%，带来一季度净利润比较基数较高。本期拨 021-60933163 chenjunliang@guosen.com.cn 备前利润同比增长5.4%，实 ...

渝农商行（601077.SH）2024年一季报点评 成本收入比下降 6.7pct，资产质量平稳 2024年04月27日 事件：4 月 26 日，渝农商行发布 2024 年一季报。24Q1 累计实现营收 71 亿 推荐 维持评级 元，YoY-2.9%；归母净利润35亿元，YoY-10.8%；不良率1.19%，拨备覆盖率 当前价格： 4.55元 368%。 ➢ 业务管理费显著节约下，拨备前利润同比+5.5%。24Q1渝农商行营收、拨 备前利润、归母净利润分别同比-2.9%，+5.5%、-10.8%，增速较 23 年分别 [Table_Author] +0.7pct、+12.3pct、-16.9pct。 拨备前利润增速显著高于营收增速，主要源于公司支出端业务管理费的节约， 24Q1业务管理费同比减少20.5%，成本收入比较23年下降6.7pct。 归母净利润增速下滑较多，主要受减值力度变化的影响，可以看到24Q1公司拨 备前利润同比增长5.5%，而资产减值损失为23年同期10倍。减值准备显著提 升，一方面是公司在23Q1实现了大额不良资产处置收回，使得基数较低，另一 分析师 余金鑫 方面也有公司审慎计提的考虑。 执 ...

Financial Performance - Operating income for Q1 2024 was RMB 7,127.8 million, a decrease of 2.88% compared to RMB 7,339.2 million in Q1 2023[8] - Net profit for Q1 2024 was RMB 3,661.6 million, down 8.77% from RMB 4,013.7 million in Q1 2023[8] - The bank's operating profit for Q1 2024 was CNY 3,791,889 thousand, down from CNY 4,726,159 thousand in Q1 2023, a decrease of 19.8%[41] - Net profit for Q1 2024 was CNY 2,891,377, a decline of 21.06% compared to CNY 3,665,721 in Q1 2023[52] - The company's cost-to-income ratio improved to 27.21%, a decrease of 5.81 percentage points year-on-year, reflecting effective cost management strategies[24] Assets and Liabilities - Total assets as of March 31, 2024, reached RMB 1,491,082.7 million, an increase of 3.47% from RMB 1,441,082.0 million at the end of 2023[8] - Total liabilities increased to RMB 1,363,024.5 million, up 3.45% from RMB 1,317,580.3 million at the end of 2023[8] - The company's total assets as of March 31, 2024, amounted to 1.491 trillion yuan, an increase of 500.01 billion yuan or 3.47% from the end of the previous year[25] - Total liabilities rose to CNY 1,363,024,517 thousand as of March 31, 2024, compared to CNY 1,317,580,322 thousand at the end of 2023, marking an increase of 3.4%[38] Customer Loans and Deposits - Customer loans and advances totaled RMB 696,970.7 million, reflecting a growth of 2.99% from RMB 676,710.6 million at the end of 2023[8] - Customer deposits rose to RMB 951,560.4 million, marking a 6.18% increase from RMB 896,202.2 million at the end of 2023[8] - Customer loans and advances totaled 696.971 billion yuan, up 202.60 billion yuan or 2.99% from the end of the previous year[25] - Customer deposits reached 951.560 billion yuan, an increase of 553.58 billion yuan or 6.18% from the end of the previous year[25] Profitability Ratios - The return on average equity (annualized) decreased to 12.01%, down 2.66 percentage points from 14.67% in Q1 2023[8] - The annualized average return on total assets was 1.00%, a decrease of 0.17 percentage points year-on-year[23] - The annualized weighted average return on equity was 12.01%, down 2.66 percentage points from the previous year[23] Cash Flow - The net cash flow from operating activities significantly increased by 83.14% to RMB 69,904.6 million compared to RMB 38,170.9 million in Q1 2023[12] - Net cash flow from operating activities for Q1 2024 was ¥75,257,069 thousand, a significant increase from ¥37,456,835 thousand in Q1 2023, representing a growth of 100.5%[55] - Cash inflow from financing activities was ¥15,679,930 thousand in Q1 2024, down from ¥40,241,625 thousand in Q1 2023, a decrease of 61.0%[56] Investment Income - The bank reported a significant increase in investment income to CNY 938,466 thousand in Q1 2024, compared to CNY 464,183 thousand in Q1 2023, an increase of 102.1%[41] - The company reported a significant increase in investment income to CNY 1,070,899, compared to CNY 519,213 in Q1 2023[52] Non-Performing Loans - The company's non-performing loan balance was 8.274 billion yuan, with a non-performing loan ratio of 1.19%, remaining stable compared to the end of the previous year[26] - The provision for credit impairment losses for the period was 1.333 billion yuan, an increase of 1.203 billion yuan year-on-year, primarily due to a low base from the previous year[23]

一、《关于审议重庆农村商业银行股份有限公司 2024 年第一季度报告的议 案》 重庆农村商业银行股份有限公司 第五届董事会第四十二次会议决议公告 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 二次会议于 2024 年 4 月 26 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 4 月 12 日以电子邮件形式发出会议通知和材料，于 2024 年 4 月 22 日以电子邮件形式发出会议补充通知和材料。本次会议应出席董事 9 名， 实际出席董事 9 名（其中，现场出席董事 3 名，董事张桥云先生书面委托毕茜女 士代为出席会议并行使表决权，董事长谢文辉先生、董事胡淳女士、殷祥林先生、 李明豪先生、毕茜女士以通讯方式参会）。会议的召开符合法律、法规、规章和 本行章程的有关规定。 经参会董事推举，本次会议由董事隋军先生主持。本次会议审议通过了以下 议案： 证券代码：601077 证券简称：渝农商行 公告编号：2024-018 四、《关 ...

证券代码：601077 证券简称：渝农商行 公告编号：2024-017 重庆农村商业银行股份有限公司 表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 三、关于审议《重庆农村商业银行股份有限公司监事会关于辜校旭同志履职 情况审计的报告》的议案 表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 特此公告。 本行监事会及全体监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"）第五届监事会第二十 三次会议以书面传签、通讯表决方式召开。本行已于 2024 年 4 月 17 日以直接送 达、传真或电子邮件形式发出会议通知和材料，表决截止时间为 2024 年 4 月 22 日。截至 2024 年 4 月 22 日，本行已收到全部监事就本次会议审议事项的表决意 见。本次会议应参与表决监事 7 名，实际表决监事 7 名。会议的召开符合法律、 行政法规、部门规章、规范性文件和《重庆农村商业银行股份有限公司章程》的 有关规定。 本次会议审议通过了以下议案： 一、关于审 ...