Core Viewpoint - The ongoing anti-corruption campaign in the financial system has expanded from large state-owned banks to smaller city and rural commercial banks, raising concerns about governance and management in these institutions [1] Group 1: Management Changes - Recent investigations have led to the exposure of former executives from Wuhan Rural Commercial Bank and Guangzhou Rural Commercial Bank, increasing market attention on rural commercial banks in major cities [1] - Chongqing Rural Commercial Bank announced that its former deputy president, Shu Jing, is under investigation for serious violations of discipline and law, although the bank claims that its operations remain normal and unaffected [1] - Shu Jing held 39,300 shares in the bank and received a pre-tax salary of 498,300 yuan in 2023 [1] Group 2: Financial Performance - Chongqing Rural Commercial Bank reported a total revenue of 27.96 billion yuan in 2023, a decrease of 3.57% year-on-year, while net profit attributable to shareholders increased by 6.10% to 10.90 billion yuan [6][7] - The bank's net interest income fell by 7.52% to 23.49 billion yuan, while non-interest income rose by 24.43% to 4.46 billion yuan, with other non-interest income seeing a significant increase of 59.65% [7] - The bank's non-performing loan ratio improved to 1.19%, down from 1.22% at the end of the previous year, and the provision coverage ratio increased to 366.7% [8] Group 3: Capital and Asset Management - As of the end of last year, Chongqing Rural Commercial Bank's total assets reached 1.44 trillion yuan, with deposits of 896.2 billion yuan and loans of 676.7 billion yuan, reflecting year-on-year growth of 6.6%, 8.64%, and 6.96% respectively [7] - The bank's capital adequacy ratio improved to 15.99%, up from 15.62% at the end of 2022 and 14.77% at the end of 2021 [8]

证券代码：601077 证券简称：渝农商行 公告编号：2024-014 重庆农村商业银行股份有限公司董事会 2024年3月29日 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。 根据中共重庆市纪律检查委员会、重庆市监察委员会网站 2024 年 3 月 29 日披露的信息，重庆农村商业银行股份有限公司（以下简称"本行"）原党委 委员、副行长舒静涉嫌严重违纪违法，目前正接受市纪委监委纪律审查和监察 调查。 本行经营管理运行正常，该事项不会对本行造成重大影响。 特此公告。 重庆农村商业银行股份有限公司 重要事项公告 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a total revenue of 28 billion yuan in 2023, a year-on-year decrease of 3.6%, while the net profit attributable to shareholders was 10.9 billion yuan, reflecting a year-on-year increase of 6.1% [2]. - The improvement in asset quality is supported by a significant reduction in asset impairment losses, which decreased by 24.2% year-on-year [2]. - The company has a strong competitive advantage in the local market, with rapid growth in corporate loans and small micro-loans, increasing by 12.2% and 13.7% respectively [2]. - The net interest margin (NIM) was 1.73% at the end of 2023, with a decline of 24 basis points for the year, but the rate of decline has slowed [2]. - The non-performing loan (NPL) ratio was 1.19%, showing a slight improvement, while the provision coverage ratio increased to 367% [2]. Summary by Sections Financial Performance - Total revenue for 2023 was 28 billion yuan, with a growth rate of -3.6% [4]. - Net profit attributable to shareholders was 10.9 billion yuan, with a growth rate of 6.1% [4]. - The company’s earnings per share (EPS) for 2023 was 0.96 yuan, with projected EPS for 2024, 2025, and 2026 being 0.99, 1.03, and 1.07 yuan respectively [4][33]. Asset Quality - The NPL ratio at the end of 2023 was 1.19%, with a downward trend observed [34]. - The provision coverage ratio improved to 367%, indicating a strong risk mitigation capacity [34]. Loan and Deposit Growth - Total assets, loan amounts, and deposits increased by 6.6%, 7.0%, and 8.6% year-on-year respectively [2]. - The company has focused on supporting local economic projects, leading to significant growth in corporate loans [2]. Dividend and Valuation - The cash dividend ratio for 2023 was 30.05%, translating to a dividend yield of 6.2% based on the closing price on March 29, 2024 [3]. - The report estimates a price-to-book (PB) ratio of 0.4 for 2024 based on the closing price [3].

证券研究报告 | 2024年03月29日 渝农商行（601077.SH）2023 年报点评 增持 存量不良基本出清，负债成本管控优异 核心观点 公司研究·财报点评 公司降低拨备计提释放利润，业绩增速稳定。2023年实现营业收入280亿元， 银行·农商行Ⅱ 同比下降3.6%；2023年实现归母净利润109亿元，同比增长6.1%。受益于 证券分析师：田维韦 证券分析师：王剑 资产质量大幅改善，公司继续降低拨备释放利润，全年资产减值损失同比下 021-60875161 021-60875165 tianweiwei@guosen.com.cnwangjian@guosen.com.cn 降24.2%。 S0980520030002 S0980518070002 存量不良压力大幅下降，不良生成率回落至低位。经过过去几年不断加大不 证券分析师：陈俊良 021-60933163 良确认和处置，公司存量不良基本出清。2023年公司不良处置规模同比大幅 chenjunliang@guosen.com.cn 下降了40.4%至42.1亿元，计算的全年不良生成率0.72%，同比大幅下降 S0980519010001 57bps。 ...

Financial Performance - The net profit for 2023 was RMB 111.25 billion, reflecting a growth of 6.18% compared to RMB 104.78 billion in 2022[6]. - The company's net profit increased by 647 million yuan, representing a growth of 6.18% despite revenue pressures[157]. - Revenue was CNY 28 billion, with a net profit of CNY 11.1 billion, showing a growth rate of 6.18%[25]. - The company achieved a net profit of CNY 11.13 billion in 2023, a year-on-year increase of CNY 647.4 million, representing a growth rate of 6.18%[50]. - The company reported a loan growth of CNY 44 billion, with a focus on general and retail loans, maintaining the top market share in incremental retail loans[154]. Asset and Liability Management - The total assets of Chongqing Rural Commercial Bank reached RMB 1,441.1 billion in 2023, an increase of 6.60% from RMB 1,351.9 billion in 2022[6]. - As of December 31, 2023, the company's total loans and advances amounted to RMB 676,710.6 million, with a non-performing loan (NPL) ratio of 1.04%, a decrease of 0.43 percentage points from the previous year[108]. - The total liabilities of the group amounted to RMB 1,317.58 billion, an increase of RMB 80.74 billion or 6.53% compared to the end of the previous year[90]. - The total equity of the group was RMB 1,235.02 billion, an increase of RMB 84.86 billion, primarily due to the rise in undistributed profits[99]. - The group's total customer deposits included RMB 141.84 billion in corporate deposits and RMB 747.18 billion in personal deposits, with personal deposits increasing by RMB 698.27 billion or 10.31%[92]. Risk Management - The non-performing loan ratio improved to 1.19% in 2023, down from 1.22% in 2022[5]. - The provision coverage ratio was 366.70% in 2023, indicating strong risk management capabilities[9]. - The company is enhancing its risk management framework, focusing on proactive identification and monitoring of risks, and improving asset quality management[162]. - The company continues to strengthen asset quality management and improve loan recovery processes[103]. - The company aims to optimize its asset-liability structure to mitigate the impact of narrowing net interest margins in the coming year[155]. Digital Transformation - The company has launched three "billion-level" online products as part of its digital transformation strategy, enhancing the convenience of financial services[19]. - The company plans to accelerate its digital transformation in 2024, emphasizing a customer-centric organizational structure and innovative service models[22]. - The company has established a digital transformation plan for 2024-2025, focusing on four key value areas: digital development, intelligent risk control, smart outlets, and beneficial operations[139]. - The mobile banking app reached 14.3824 million users by the end of 2023, with a net increase of 857,600 users, representing a growth rate of 6.34%[144]. - The intelligent data decision platform provided a total of 422 million decision services in 2023, with a daily average of 1.156 million services, reflecting a year-on-year growth of 156%[140]. Market Position and Growth Strategy - The company ranked 115th among global banks, reflecting its significant growth and competitive positioning in the industry[18]. - The company aims to achieve full coverage of administrative villages in Chongqing through its rural financial service platform, focusing on digital empowerment[20]. - The company has a strategic vision to become a leading regional bank in China, focusing on high-quality and sustainable growth[32]. - The company plans to enhance its "Three Banks" strategy and focus on digital transformation to create new advantages for development in 2024[195]. - The company intends to improve its risk management and internal controls to ensure a stable operating environment[197]. Customer and Community Engagement - The company has established 2,562 counters and 420 banking outlets in rural areas, significantly enhancing its financial service penetration in these regions[148]. - The company supported over 80% of entrepreneurial guarantee loans in the city, focusing on "specialized, refined, unique, and innovative" enterprises[48]. - The balance of agricultural loans reached 232.8 billion yuan, an increase of 17.175 billion yuan from the beginning of the year[147]. - The company launched a series of financial products aimed at supporting rural revitalization, with a total issuance of nearly 130 billion yuan in wealth management products[148]. - The company has established 12 rural banks across 5 provinces with a total registered capital of CNY 1.662 billion, total assets of CNY 5.174 billion, and a net profit of CNY 58 million[149]. Compliance and Governance - The company has enhanced its internal control systems and conducted special inspections to improve compliance and rectify issues[183]. - The board of directors has implemented measures to enhance corporate governance and ensure compliance with relevant regulations[197]. - The company has purchased liability insurance for all directors to mitigate legal risks[197]. - The company will continue to review and strengthen its corporate governance to meet higher expectations from shareholders and investors[197]. - The company has maintained compliance with regulatory requirements regarding related party transactions, with all related transaction concentration indicators meeting regulatory standards[185].

证券研究报告 | 年报点评报告 2024年03月29日 渝农商行（601077.SH） 业绩保持平稳增长，不良环比继续改善 事件：渝农商行发布2023年报，2023年实现营收279.6亿元，同比下降3.6%，归母净利 买入（维持） 润109.0亿元，同比增长6.1%。2023年宣布每10股派2.885元（含税），分红比例为 30.05%（2022年为30.00%）。 股票信息 业绩：收入端仍有压力，拨备少计提支撑业绩。 行业 农商行 2023年营收和拨备前利润增速分别为-3.6%、-6.5%，均较前三季度降幅扩大0.7pc，归母 前次评级 买入 净利润增速为 6.1%，较前三季度下降 1.6pc，主要受息差收窄、手续费及佣金净收入下降 拖累。 3月28日收盘价(元) 4.65 总市值(百万元) 52,810.05 1）净利息收入增速-7.5%，较前三季度降幅扩大2.8pc，净息差为1.73%，较前三季度下降 4bps，主要由于资产端压力较大。 总股本(百万股) 11,357.00 资产端：生息资产收益率较23H1下降8bps至3.67%，贷款收益率下降13bps至4.37%， 其中自由流通股(%) 77.80 ...

Financial Performance - Net profit for the year was RMB 11.125 billion, reflecting a growth of 6.18% compared to RMB 10.478 billion in 2022[7]. - Revenue for the year was CNY 28 billion, with a net profit of CNY 11.1 billion, showing a growth rate of 6.18%[26]. - Operating income totaled RMB 27,957.2 million, down 3.40% from RMB 28,941.3 million in 2022[43]. - Net profit attributable to shareholders was RMB 10,902.4 million, reflecting a growth of 6.10% from RMB 10,275.6 million in 2022[43]. - Basic earnings per share for 2023 was RMB 0.94, an increase of RMB 0.05 compared to RMB 0.89 in 2022[43]. - The average return on total assets remained stable at 0.80%[43]. - The cost-to-income ratio was 33.94%, an increase from 31.90% in the previous year[43]. Asset and Loan Growth - Total assets reached RMB 1,441.5 billion, an increase of 6.60% from RMB 1,352.3 billion in 2022[7]. - Total loans amounted to RMB 676.7 billion, up 6.96% from RMB 632.7 billion in 2022[7]. - Total deposits increased to RMB 824.9 billion, representing an 8.64% growth from RMB 759.4 billion in 2022[7]. - The total amount of loans and advances to customers was RMB 676.71 billion, with a non-performing loan balance of RMB 8.06 billion, an increase of RMB 0.34 billion year-on-year[107]. - The total customer deposits reached RMB 896.20 billion, an increase of RMB 71.26 billion, with a growth rate of 8.64% year-on-year[95]. Risk Management - The non-performing loan ratio was 1.22%, a slight decrease from 1.25% in 2022[8][9]. - The provision coverage ratio stood at 366.70%, indicating strong risk management practices[10]. - The bank has no significant risks that require special attention from investors, as detailed in the risk management section of the report[15]. - The impairment provision for loans increased to RMB 29,433.8 million by December 31, 2023, from RMB 27,591.7 million at the end of 2022, reflecting a proactive approach to risk management[115]. - The company has implemented a comprehensive risk management system, enhancing monitoring and proactive response to risk changes in the new normal[172]. Digital Transformation and Innovation - The company aims to enhance digital transformation as a driving force for innovation and development, focusing on four key value areas: digital development, intelligent risk control, smart outlets, and beneficial operations[26]. - The company has established a financial technology organization structure to improve independent research and development capabilities, with the proportion of financial technology talent increasing to 4.13%[26]. - The bank has launched three online products with a scale of over RMB 10 billion each, enhancing the convenience of financial services[20]. - The company has actively engaged in digital transformation, with the establishment of Chongqing Yuyin Financial Technology Co., Ltd. to enhance its digital banking framework[20]. - The intelligent data decision platform provided 422 million decision services in 2023, with a daily average of 1.156 million, representing a year-on-year increase of 156% and a decision success rate of 99.9%[147]. Green Finance and Social Responsibility - The bank's green credit balance reached RMB 62 billion, with a year-on-year growth of 27.2%[22]. - The bank has been recognized as a financial institution for carbon reduction support tools, contributing to the construction of a green finance reform and innovation pilot zone[22]. - The company is committed to supporting rural revitalization and small enterprises, aligning with the dual circulation development trend[34]. - The company has issued nearly 13 billion yuan in rural revitalization financial products, with a current scale of over 10 billion yuan[157]. - The company has supported over 80% of the entrepreneurial guarantee loans in Chongqing, serving more than two-thirds of the "specialized, refined, distinctive, and innovative" enterprises in the region[21]. Market Position and Recognition - The bank's industry ranking has risen to 115th globally, maintaining its leading position among banks in Central and Western China and nationwide rural commercial banks[19]. - The company has been recognized in multiple rankings, including 430th in the 2023 Fortune China 500 and 142nd in the Brand Finance Global Banking 500[41]. - The company maintained a Moody's rating of Baa2 (stable) and was rated A-class by the State Administration of Foreign Exchange for eight consecutive years[139]. Operational Efficiency - The group achieved a net interest income change of RMB 1.237 billion, impacted by average asset and liability balance changes, while a decrease of RMB 3.148 billion was due to changes in average yield and cost rates[64]. - The group reported a significant increase in transaction net income of RMB 1.886 billion, up RMB 687.4 million, reflecting a growth rate of 174.43%[69]. - The group has strengthened its digital transformation efforts, leading to increased investments in digital infrastructure and technology talent[71]. - The company plans to enhance its digital banking transformation and improve credit risk management to maintain asset quality in 2024[164]. - The company aims to optimize its asset-liability structure to mitigate the narrowing of net interest margin in the face of external uncertainties[166].

证券代码：601077 证券简称：渝农商行 公告编号：2024-010 重庆农村商业银行股份有限公司 关于变更证券事务代表的公告 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 2024 年 3 月 28 日召开的第五届董事会第四十一次会议审议通过了《关于聘任重庆农村商业银 行股份有限公司证券事务代表的议案》，同意聘任黄薇女士担任本行证券事务代 表，协助董事会秘书开展工作。因工作调整，谢小舟女士不再担任本行证券事 务代表。 黄薇女士具备履行证券事务代表职责的专业知识、管理能力及工作经验， 符合《上海证券交易所股票上市规则》规定的任职条件，其个人简历详见本行 同日在上海证券交易所网站披露的《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3月28日 ...

重庆农村商业银行股份有限公司 2023 年度独立非执行董事述职报告 各位股东： 二、年度履职概况 （一）出席股东大会 作为独立董事，积极出席股东大会、董事会及董事会专 委会会议。出席重庆农商行 2022 年度股东大会，审阅议案 或报告共计 15 项，并与中小股东进行交流。 （二）出席董事会 2023 年，本人担任重庆农村商业银行（以下简称"重庆 农商行"）独立非执行董事（以下简称"独立董事"），现将 2023 年度履职情况报告如下： 一、基本情况 本人张桥云，西南财经大学经济学博士，2018 年 12 月 起任重庆农商行独立董事；现任西南财经大学金融学院教授、 博士生导师。四川省决策咨询委员会委员；乐山市商业银行 股份有限公司独立董事；四川省农业信贷担保有限公司、成 都云智天下科技股份有限公司、华西证券股份有限公司（深 圳证券交易所上市公司，股票代码：002926）独立董事；宜 宾西南财经大学长江金融研究院法定代表人。 本人任职资格均符合境内外监管规定，不拥有重庆农商 行或其子公司任何业务或财务权益，也不在重庆农商行担任 管理职务，独立性得到有力保障。本人已向重庆农商行提交 独立性年度确认函，经董事会评估，认 ...

根据本行公司章程及本行《董事会审计委员会工作细则》，本行董事会审计 委员会主要职责为：监督本行的内部控制，检查和评估本行重大经营活动的合规 性；审核本行重大财务政策及其贯彻执行情况，监督财务运营状况，监控财务报 告的真实性和管理层实施财务报告程序的有效性；监督和评价本行内部审计工作， 以及本行内部审计制度及其实施情况；提议聘请或更换外部审计师，采取合适措 施监督外部审计师的工作，确保审计工作的独立性；审查外部审计师所作出的本 行年度审计报告、半年度财务审阅报告、其他财务会计报告和其他需披露的财务 信息，并对其真实性、准确性和完整性作出判断性报告，提交董事会审议；审核 内部审计章程等重要制度和报告，审查中长期审计规划和年度审计计划，提交董 事会审议；协调内部审计部门与外部审计师之间的沟通；确保本行雇员可就财务 汇报、内部监控或其他方面可能发生的不正当行为提出关注，并让本行对此等事 宜作出公平独立的调查及采取适当行动；审核本行的财务信息及其披露；监督及 评估本行的内部控制；本行股票上市地证券监督管理机构及相关法律法规规定的 职权；董事会授予的其他职权等。 2023 年，本行董事会审计委员会召开会议 7 次，单独与 ...