Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [11]. Core Insights - The company achieved a revenue of 28.261 billion yuan in 2024, reflecting a year-on-year growth of 1.09%, and a net profit attributable to shareholders of 11.513 billion yuan, which is a 5.60% increase compared to the previous year [1][2]. - Investment income saw a significant increase of 93.56% year-on-year, reaching 4.198 billion yuan, which played a crucial role in supporting revenue growth despite declines in net interest income and fee-based income [2][4]. - The bank's total loans and advances reached 714.273 billion yuan at the end of 2024, marking a year-on-year growth of 5.55% [3]. - Customer deposits grew by 5.10% year-on-year to 941.946 billion yuan, with a notable increase in the proportion of personal deposits [3]. - The net interest margin for 2024 was reported at 1.61%, remaining stable compared to the previous quarter [4]. - The bank's non-performing loan ratio improved to 1.18%, a slight decrease from the previous year, while the capital adequacy ratios showed an upward trend [4][19]. Summary by Sections Financial Performance - The bank's operating income for 2024 was 28.261 billion yuan, with a year-on-year increase of 1.09% [14]. - The net interest income decreased by 4.25% to 22.494 billion yuan, while fee and commission income fell by 10% to 1.612 billion yuan [2][14]. - Investment income surged to 4.198 billion yuan, contributing significantly to overall revenue [14]. Loan and Deposit Growth - Total loans and advances increased to 714.273 billion yuan, with corporate loans growing by 9.26% to 358.133 billion yuan [3]. - Customer deposits reached 941.946 billion yuan, with personal deposits accounting for 85.84% of the total [3]. Asset Quality and Capital Adequacy - The non-performing loan ratio improved to 1.18%, and the provision coverage ratio was reported at 363.44% [4][18]. - The core tier 1 capital adequacy ratio was 14.24%, indicating a strong capital position [20]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 11.978 billion yuan, 12.508 billion yuan, and 13.142 billion yuan, respectively, with expected growth rates of 4.04%, 4.42%, and 5.07% [4][22].

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].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has exceeded expectations, with a solid advantage in funding costs [1] - The forecast for the company's net profit growth for 2025, 2026, and 2027 is adjusted to 5.8%, 7.5%, and 8.3% respectively, with corresponding BVPS of 11.85, 12.70, and 13.62 yuan [3] - The target price is set at 7.43 yuan per share, reflecting a 10% valuation premium over the average PB of comparable companies [3] Financial Performance Summary - For 2023A, the company reported operating income of 27,956 million yuan, with a year-on-year decline of 3.6%. The operating profit was 12,194 million yuan, up 8.9% year-on-year, and the net profit attributable to the parent company was 10,902 million yuan, an increase of 6.1% year-on-year [5] - The projected operating income for 2024A is 28,261 million yuan, with a slight growth of 1.1%. The operating profit is expected to rise to 12,848 million yuan, a growth of 5.4%, and the net profit attributable to the parent company is forecasted at 11,513 million yuan, reflecting a growth of 5.6% [5] - The company’s total assets and loan growth rates as of the end of 2024 are expected to be 5.1% and 5.6% respectively, indicating a positive trend in asset expansion [10] Valuation Metrics - The current A-share price corresponds to PB ratios of 0.51, 0.48, and 0.44 for the years 2025, 2026, and 2027 respectively [3] - The average PB of comparable companies for 2025 is adjusted to 0.57, leading to a target PB of 0.63 for the company [3] - The company’s PE ratio is projected to decrease from 6.43 in 2023A to 4.92 in 2027E, indicating an improving valuation outlook [5]

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 ...

Financial Performance - Chongqing Rural Commercial Bank reported a total revenue of RMB 3.046 per 10 shares as the proposed dividend for the year 2024, which includes a mid-year dividend of RMB 1.944 per 10 shares[10]. - Operating income and net profit grew by 0.98% and 5.97% year-on-year, achieving a dual increase in scale and efficiency[13]. - Net profit attributable to shareholders rose by 5.60% to RMB 11,512.7 million, compared to RMB 10,902.4 million in 2023[35]. - The company's net profit increased by CNY 666 million, a growth rate of 5.97%, driven by improved revenue and cost management[122]. - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[1]. Asset and Liability Management - Total assets increased by 5.12% to RMB 1,515,381.8 million from RMB 1,441,522.1 million at the end of 2023[36]. - As of December 31, 2024, the total liabilities of the group amounted to RMB 1,381.33 billion, an increase of RMB 63.75 billion, representing a growth of 4.84% compared to the end of 2023[68]. - The total amount of loans and advances reached CNY 358.13 billion, an increase of CNY 30.35 billion, representing a growth of 9.26% compared to the end of the previous year[61]. - The group's issued debt securities increased by RMB 52.08 billion, a growth of 43.55% compared to the previous year, reflecting proactive adjustments in the liability structure[71]. Risk Management - The bank has no significant risks that require special attention from investors, and it has implemented measures to manage operational risks[11]. - The company has implemented proactive risk management measures, enhancing the risk control process and establishing a regular asset quality inspection mechanism[130]. - The company is actively managing market risks, focusing on interest rate and exchange rate risks, and has established a market risk management system[136]. - The provision coverage ratio stood at 363.44% at the end of 2024, maintaining a strong risk compensation capability[127]. Digital Transformation and Innovation - The company plans to enhance digital transformation and service capabilities through key project implementations and big data utilization[18]. - The bank's digital transformation included the launch of a marketing platform and a management platform, serving 417 enterprises[41]. - The bank's AI capabilities have been enhanced, with the completion of the intelligent call platform and the development of a facial recognition platform[112]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[5]. Governance and Compliance - The board of directors approved the annual report and performance announcement for 2024 during the meeting held on March 25, 2025, with full attendance of the board members[10]. - The company has established a comprehensive governance structure to enhance its operational effectiveness and compliance with regulations[162]. - The company has maintained compliance with regulatory requirements regarding related party transactions, with all related transaction concentration indicators meeting the standards[154]. - The company is focused on maintaining stability in its leadership structure while adapting to regulatory changes in the financial sector[171]. Market Expansion and Strategic Initiatives - The company aims to implement a development strategy focused on "retail banking, technology-driven operations, and talent enhancement" by 2025[161]. - Market expansion plans include entering three new countries by the end of the year, projected to increase user base by 30%[6]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[7]. - The company will actively pursue strategic opportunities in the western region's development and the Yangtze River Economic Belt, aiming to strengthen its service offerings in credit, bonds, and investment banking[161]. Customer and Community Engagement - The number of service outlets reached 1,743, covering all towns in Chongqing, with credit card and consumer loan balances nearing 150 billion yuan[14]. - The three agricultural service platforms served over 3 million households, including farmers, cooperatives, and collective economic organizations[116]. - The company provided credit support of RMB 126.24 billion to key projects in the Chengdu-Chongqing economic circle, covering 176 projects with a loan balance of RMB 26.47 billion[103]. - The group conducted 25,000 grid marketing activities in 2024, engaging 246,000 customers, leveraging its traditional advantages of familiarity with local conditions[118].

（一）利润分配方案的具体内容 渝农商行: 重庆农村商业银行股份有限公司2024年 度利润分配方案公告 证券代码：601077 证券简称：渝农商行 公告编号：2025-010 重庆农村商业银行股份有限公司 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： H 股股息预计将于 2025 年 6 月 27 日支付，具体将在权益分派实施公告 中明确。 配金额不变，相应调整分配总额，并将另行公告具体调整情况。 月修订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警 示的情形。 一、利润分配方案内容 经 2025 年 3 月 25 日召开的本行第五届董事会第五十三次会议审议，全体董 事一致通过《关于审议重庆农村商业银行股份有限公司 2024 年度利润分配方案 的议案》，本方案符合公司章程规定的利润分配政策和本行已披露的股东回报规 划。 经毕马威华振会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，重庆农村商业银行股份有限公司（以下简称"本行"）经审计的 2024 年度 税后净利润为人民币 ...

渝农商行: 重庆农村商业银行股份有限公司第五届 监事会第三十一次会议决议公告 证券代码：601077 证券简称：渝农商行 公告编号：2025-009 重庆农村商业银行股份有限公司 第五届监事会第三十一次会议决议公告 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法律责任。 重庆农村商业银行股份有限公司（以下简称"本行"）第五届监事会第三十 一次会议于 2025 年 3 月 24 日在本行总行 503 会议室以现场方式召开。本行已 于 2025 年 3 月 19 日以直接送达、传真和电子邮件形式发出会议通知和材料。本 次会议应出席监事 7 名，实际出席监事 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、关于审议《重庆农村商业银行股份有限公司 2024 年年度报告及其摘要、 业绩公告》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。 监事会认为：本行 2024 年年度报告及其摘要、业绩公告的编制和审议程序 符合国 ...