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].

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 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 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 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. ...

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 ...

公司代码：601077 公司简称：渝农商行 重庆农村商业银行股份有限公司 2024年度内部控制评价报告 重庆农村商业银行股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变 ...

重庆农村商业银行股份有限公司（以下简称"公司"）聘请了毕马威华振会 计师事务所（特殊普通合伙）（以下简称"毕马威华振"）和毕马威会计师事务 所（以下简称"毕马威香港"，毕马威华振和毕马威香港合称"毕马威"）为本 行2024年度会计师事务所，分别负责按照中国和国际审计准则提供相关服务，主 要包括年度审计、中期审阅、季度商定程序、内部控制审计、关联方资金占用情 况鉴证等。根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计 师事务所管理办法》，公司对毕马威2024年审计过程中的履职情况进行评估。经 评估，公司认为毕马威资质等方面合规有效，保持了良好的独立性，认真履职、 勤勉尽责、公允表达意见，具体情况如下： 一、资质条件 毕马威华振会计师事务所于1992年8月18日在北京成立，于2012年7月5日获 财政部批准转制为特殊普通合伙的合伙制企业，更名为"毕马威华振会计师事务 所（特殊普通合伙）"，2012年7月10日取得工商营业执照，并于2012年8月1日 正式运营。毕马威华振总所位于北京，注册地址为北京市东城区东长安街1号东 方广场东2座办公楼8层。毕马威华振的首席合伙人邹俊，中国国籍，具有中国注 册会计师 ...

证券代码：601077 证券简称：渝农商行 公告编号：2025-013 重庆农村商业银行股份有限公司 关于续聘会计师事务所的公告 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法律责任。 重要内容提示： （一） 机构信息 1. 毕马威华振会计师事务所（特殊普通合伙） （1）基本信息 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业，更名为"毕马威华振会计 师事务所（特殊普通合伙）"，2012 年 7 月 10 日取得工商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东长安街 1 号东方广场 东 2 座办公楼 8 层。毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册会 计师资格。于 2024 年 12 月 31 日，毕马威华振有合伙人 241 人，注册会计师 1,309 人，其中签署过证券服务业务审计报告的注册会计师超过 300 人。 毕马威华振 2023 年经审计的业务收入总额超过人民币 ...