香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 載有將於2024年第一次臨時股東大會上提呈的決議案詳情的通函及通告，將適時登載於 香港聯合交易所有限公司網站(www.hkexnews.hk)及本行網站(www.cqrcb.com)，並按本行 H股股東選擇收取公司通訊方式寄發予本行H股股東。 代表董事會 重慶農村商業銀行股份有限公司* Chongqing Rural Commercial Bank Co., Ltd.* 執行董事兼行長 隋軍 Chongqing Rural Commercial Bank Co., Ltd. * * : 3618 公告 暫停辦理股份過戶登記 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」）董 事會（「董事會」）謹此宣佈，本行擬於2024年12月16日（星期一）舉行本行2024年第一次臨 時股東大會（「2024年第一次臨時股東大會」）。 為確定有權 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶農村商業銀行股份有限公司 呈交日期: 2024年11月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03618 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,513,336,041 | RMB | | 1 | RMB | | 2,513,336,041 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,513,336,041 | RMB | | 1 | RMB | | 2,513,336,041 | ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The performance of the company in Q3 2024 was slightly below expectations, with a slowdown in other non-interest income growth, which weakened its revenue support. However, net interest margins stabilized, and asset quality remained generally stable [3]. - The loan demand has been weak in 2024, compounded by multiple LPR cuts and a decline in existing mortgage rates. The net profit growth forecasts for 2024-2026 have been adjusted to 3.28%/3.30%/5.07%, with corresponding EPS estimates of 0.99 (unchanged)/1.02 (-0.02)/1.08 (-0.04) yuan. The target price has been raised to 6.77 yuan, corresponding to a 0.61x PB for 2024, while maintaining the "Buy" rating [4][6]. - Q3 2024 saw a slight decline in revenue and profit, with a revenue growth rate of -2.7%, down 2.9 percentage points from Q2. Net interest income decreased by 4.8%, but the decline was mitigated by stabilized interest margins. The net income growth rate rebounded to -0.6% due to effective cost control measures [4][6]. Financial Summary - For 2024, the company expects total revenue of 27,595 million yuan, a decrease of 1.3% from 2023. The net profit attributable to the parent company is projected to be 11,260 million yuan, reflecting a growth of 3.3% [5]. - The net interest margin for the first three quarters of 2024 was 1.61%, a decrease of 0.16 percentage points year-on-year, with a Q3 margin of 1.48%, showing a slight recovery from Q2 [4][5]. - The company’s asset quality remained stable, with a non-performing loan balance of 8.372 billion yuan and a non-performing loan ratio of 1.17% as of Q3 2024, both showing a decrease from Q2 [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 21.514 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.8%, while the net profit attributable to shareholders was 10.308 billion yuan, an increase of 3.5% year-on-year [2][10] - Interest income remains under pressure, but other non-interest income has contributed positively to performance, with investment gains showing a remarkable growth of 148.3% year-on-year [2][10] - The company is expected to benefit from the strong credit demand in the Chengdu-Chongqing economic circle, with projected net profit growth of 5.1%, 6.5%, and 7.4% for 2024-2026 [4][20] Summary by Sections Interest Income Pressure and Non-Interest Contribution - The company experienced a decline in revenue, with a total of 21.514 billion yuan for 1-3Q24, down 1.8% year-on-year. The net profit for the same period was 10.308 billion yuan, up 3.5% year-on-year [2][10] - Interest income is under pressure, contributing negatively to performance, while non-interest income, particularly from investment gains, has significantly improved [2][10] Steady Growth in Scale and Balanced Corporate and Retail Loans - As of 3Q24, total loans amounted to 715.4 billion yuan, reflecting a year-on-year increase of 5.3%, with balanced growth in both corporate and retail loans [3][13] - Total deposits reached 939.9 billion yuan, up 3.5% year-on-year, although the growth rate has slowed [3][13] Liability Cost Optimization and Narrowing Interest Margin - The net interest margin for 1-3Q24 was 1.61%, a year-on-year decrease of 16 basis points, but the decline has narrowed by 5 basis points [14][15] - The company has effectively managed its liabilities, leading to a reduction in interest costs [14][15] Asset Quality and Adequate Provision Coverage - The non-performing loan ratio stood at 1.17% at the end of 3Q24, showing a slight decrease from the end of 1H24, with a provision coverage ratio of 359% [17][19] - The company’s asset quality is expected to remain stable as it continues to mitigate risks in key areas [17][19] Investment Recommendations - The company is expected to benefit from the robust credit demand in the Chengdu-Chongqing economic circle, with a projected price-to-book (PB) ratio of 0.53, 0.50, and 0.47 for 2024-2026 [4][20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for its stock performance in the coming months [5]. Core Insights - The company reported a revenue of 21.51 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.8%, while the net profit attributable to shareholders was 10.31 billion yuan, reflecting a year-on-year increase of 3.5% [1]. - The non-performing loan ratio decreased to 1.17% as of the end of Q3 2024, down by 2 basis points from the previous quarter, indicating improved asset quality [2]. - The bank's total assets reached 1.52 trillion yuan, with total loans amounting to 715.4 billion yuan, showing a year-on-year growth of 4.8% and 5.3% respectively [3]. - The bank is expected to benefit from the development of the Chengdu-Chongqing economic circle, with projections for net profit attributable to shareholders of 11.57 billion yuan, 12.29 billion yuan, and 13.14 billion yuan for 2024, 2025, and 2026 respectively [3]. Financial Performance Summary - For the first three quarters of 2024, net interest income decreased by 6.9% year-on-year, while non-interest income from fees and commissions fell by 9.7% [1]. - The bank's cost of deposits has been optimized, with the deposit cost rate decreasing to 1.76%, down by 3 basis points from the first half of 2024 [1]. - The bank's provision coverage ratio stood at 359% as of Q3 2024, indicating strong risk compensation capabilities [2]. - The bank's total liabilities and total deposits were 1.39 trillion yuan and 939.9 billion yuan respectively, with year-on-year growth rates of 4.6% and 3.5% [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price corresponding to 0.5 times the 2024 PB based on the closing price on October 29, 2024 [4][6]. Core Views - The company has shown steady profit growth, with a year-on-year increase of 3.5% in net profit for the first three quarters of 2024, despite a slight decline in revenue [3][4]. - Asset quality continues to improve, with a decrease in the non-performing loan ratio to 1.17% and a high provision coverage ratio of 359% [3][4]. - The company is well-positioned for credit expansion, supported by significant local economic projects, and maintains a cash dividend payout ratio of at least 30% [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 21.5 billion yuan, a year-on-year decrease of 1.8%, while net profit reached 10.3 billion yuan, reflecting a year-on-year increase of 3.5% [3]. - The net interest income decreased by 6.9%, while other non-interest income saw a significant increase of 39.1% [3]. - The total assets and loan amounts grew by 4.8% and 5.3% year-on-year, respectively, with public loans increasing by 9.7% and personal loans slightly declining by 0.4% [3][4]. Asset Quality and Risk Management - The non-performing loan ratio improved to 1.17%, down by 2 basis points from the end of the first half of 2024, indicating enhanced asset quality [3][4]. - The provision coverage ratio remains robust at 359%, reflecting strong risk mitigation capabilities [3][4]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.01 yuan, 1.07 yuan, and 1.13 yuan, respectively [4][30]. - The report anticipates a gradual increase in net profit growth rates, with estimates of 5.6% for 2024 and 5.5% for 2025 [30].

Investment Rating - The report assigns a 2024E P/B of 0.5x and a 2024E P/E of 5.7x for Chongqing Rural Commercial Bank, with a TTM dividend yield of 5.0% [1][5]. Core Insights - In Q3 2024, Chongqing Rural Commercial Bank reported a year-on-year revenue decline of 2.7%, with pre-provision profit down 2.4% and net profit attributable to shareholders down 0.6% [1][5]. - For the first three quarters of 2024, revenue decreased by 1.8% year-on-year, while pre-provision profit and net profit attributable to shareholders both increased by 3.6% [1][5]. - The annualized ROA for the first three quarters of 2024 decreased by 0.02 percentage points to 0.95%, and the annualized ROE decreased by 0.54 percentage points to 11.16% [1][5]. - The core tier 1 capital adequacy ratio increased by 0.64 percentage points year-on-year to 13.83% [1][5]. - The bank announced a mid-term dividend of ¥0.1944 per share (before tax), corresponding to a payout ratio of 30.0% [1][5]. Revenue and Profitability - In Q3 2024, net interest income decreased by 4.8% year-on-year, but improved from a decline of 8.0% in H1 2024 [2]. - The net interest margin (NIM) for Q1-3 2024 was 1.61%, down 2 basis points from H1 2024, while the estimated NIM for Q3 2024 was stable at 1.51% [2]. - The bank's net fee and commission income for the first three quarters of 2024 decreased by 9.7%, showing slight improvement from a 9.4% decline in H1 2024 [3][5]. Asset Quality - The non-performing loan (NPL) ratio improved to 1.17%, down 2 basis points quarter-on-quarter, continuing a downward trend since the end of 2020 [3][5]. - The provision coverage ratio decreased to 358.59%, down 1.7 percentage points quarter-on-quarter [3][5]. Loan and Deposit Growth - Total loans increased by 5.7% compared to the end of 2023, with corporate loans growing by 9.1% and personal loans by 0.7% [2]. - Total deposits rose by 4.9%, driven by an 8.5% increase in personal deposits, while corporate deposits fell by 13.9% [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.20 CNY per share, reflecting a 10% valuation premium over the average adjusted PB of comparable companies [2][5]. Core Insights - Revenue growth has slightly declined, but net interest income growth shows marginal improvement. As of Q3 2024, the company's revenue, PPOP, and net profit attributable to the parent company have decreased year-on-year growth rates to 1.8%, 3.6%, and 3.5% respectively, with net profit growth declining more than revenue due to the timing of bad asset recoveries [1]. - Loan growth has marginally increased, benefiting from regional strategies and accelerated debt resolution. Total asset growth has decreased slightly to 4.8%, while loan growth has improved to 5.3%, primarily driven by corporate loans [1]. - The non-performing loan ratio has decreased, providing ample room for profit replenishment. The non-performing loan ratio fell to 1.17%, the lowest since 2018, with a slight decline in the provision coverage ratio to 358.6% [1]. Financial Summary - The company forecasts net profit growth rates of 6.3%, 5.6%, and 8.0% for 2024, 2025, and 2026 respectively, with EPS projected at 1.00, 1.06, and 1.14 CNY [2]. - Key financial metrics include a projected PB of 0.53, 0.49, and 0.46 for 2024, 2025, and 2026, respectively, indicating a stable valuation outlook [2]. - The company reported a net interest margin of 1.61% for Q3 2024, with a limited narrowing of the margin and a solidified cost advantage in liabilities [1].

Investment Rating - The investment rating for the company is "Buy" [2][15][18] Core Views - The report indicates that the company is experiencing a slight decline in revenue and net profit growth due to a slowdown in non-interest income, with a cumulative year-on-year revenue decrease of 1.9% as of Q3 2024 [5][14] - The company maintains a stable asset quality, with a non-performing loan (NPL) ratio of 1.17%, which has decreased by 2 basis points [12][13] - The report highlights the company's strong position in the Chongqing market, capitalizing on the development of three trillion-level industrial clusters and the Chengdu-Chongqing economic circle [15] Summary by Sections Q3 Report Overview - The company's net interest income remains stable, with a quarter-on-quarter growth of 1% in Q3 2024, driven by an increase in new credit issuance [5][8] - The overall cumulative net profit growth has decreased by 1.8 percentage points to 3.5% year-on-year [5][14] Net Interest Income - Q3 net interest income increased by 1% quarter-on-quarter, with a narrowing decline in net interest margin to 1.57% [8][9] - The asset yield decreased by 11 basis points to 3.26%, while the liability interest rate decreased by 7 basis points to 1.78% [8][9] Asset and Liability Growth and Structure - New credit issuance in Q3 2024 was 8.51 billion yuan, a year-on-year increase of 54.2% [8][11] - The loan-to-earning asset ratio increased to 46.9%, with corporate loans remaining the primary focus [8][11] Asset Quality - The overall asset quality remains robust, with a non-performing loan ratio of 1.17% and a cumulative annualized NPL generation rate of 0.86% [12][13] - The provision coverage ratio decreased to 358.59% [12][13] Other Financial Metrics - The report notes a year-on-year increase of 21.3% in net non-interest income, although this is a decline from the previous quarter [14] - The cost-to-income ratio has decreased year-on-year to 26.97% [14]

Financial Performance - Total operating income for Q3 2024 was RMB 6,840.6 million, a decrease of 2.72% year-on-year[4] - Net profit for Q3 2024 reached RMB 3,013.4 million, a slight decrease of 0.34% compared to the same period last year[4] - Net profit attributable to shareholders was RMB 2,949.7 million, down 0.65% year-on-year[4] - The net profit for the first nine months of 2024 was RMB 10.574 billion, representing a year-on-year growth of 4.24%[18] - The operating income for the first nine months of 2024 was RMB 21.483 billion, a decrease of 1.91% year-on-year[19] - The bank's net profit for the three months ended September 30, 2024, was RMB 3,013,440 thousand, slightly down from RMB 3,023,674 thousand in the same period of 2023, representing a decrease of 0.5%[27] - Total operating income for the nine months ended September 30, 2024, was RMB 21,482,790 thousand, compared to RMB 21,901,004 thousand for the same period in 2023, indicating a decline of 1.9%[25] - The bank's total comprehensive income for the nine months ended September 30, 2024, was RMB 12,214,527 thousand, an increase of 13.5% compared to RMB 10,759,015 thousand in the same period of 2023[27] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 1,517,907.6 million, an increase of 5.30% from the end of 2023[6] - The group’s total liabilities reached RMB 1,385.390 billion, an increase of RMB 67.810 billion or 5.15% compared to the end of the previous year[17] - As of September 30, 2024, total assets increased to RMB 1,517,907,587 thousand from RMB 1,441,522,072 thousand as of December 31, 2023, representing a growth of approximately 5.3%[28] - Total liabilities increased to RMB 1,385,390,233 thousand from RMB 1,317,580,322 thousand, reflecting a growth of approximately 5.1%[29] Customer Loans - Total customer loans and advances reached RMB 715,376.1 million, reflecting a growth of 5.71% compared to the previous year[6] - The total customer loans and advances amounted to RMB 715.376 billion, up RMB 38.666 billion or 5.71% from the end of the previous year[17] - Customer loans and advances rose to RMB 685,480,580 thousand, up from RMB 647,276,750 thousand, indicating an increase of about 5.3%[28] Profitability Ratios - The return on average equity (annualized) was 9.01%, down 0.80 percentage points year-on-year[4] - The average total asset return (annualized) was 0.79%, a decrease of 0.04 percentage points compared to the previous year[4] - The annualized average return on total assets was 0.95%, a decrease of 0.02 percentage points year-on-year[18] - The cost-to-income ratio improved to 26.93%, down 4.13 percentage points from the same period last year[19] Non-Performing Loans - The non-performing loan ratio improved to 1.17% from 1.19% at the end of 2023[7] - The non-performing loan balance was RMB 8.372 billion, with a non-performing loan ratio of 1.17%, a decrease of 0.02 percentage points from the end of the previous year[19] Cash Flow and Liquidity - The net cash flow from operating activities increased by 98.67% year-on-year, primarily due to a decrease in the net increase of financial assets held for trading[9] - The liquidity coverage ratio as of September 30, 2024, was 407.76%, indicating a strong liquidity position[16] - The net cash generated from operating activities for the nine months ended September 30, 2024, was RMB 19,794,740 thousand, compared to RMB 9,963,580 thousand for the same period in 2023, showing a significant increase[30] Equity and Capital - The core tier 1 capital adequacy ratio stood at 13.83% as of September 30, 2024, compared to 13.53% at the end of 2023[13] - The total equity attributable to shareholders increased to RMB 130,602,181 thousand from RMB 122,173,769 thousand, reflecting a growth of approximately 6.5%[29] Investment and Other Activities - The company reported a pre-tax profit of RMB 11,627,404 thousand for the nine months ended September 30, 2024, slightly up from RMB 11,538,163 thousand in the previous year[30] - Cash and cash equivalents increased to RMB 56,808,706 thousand as of September 30, 2024, compared to RMB 31,908,158 thousand at the end of the same period in 2023, marking a rise of approximately 78%[31] - The company’s investment activities resulted in a net cash outflow of RMB 52,450,902 thousand for the nine months ended September 30, 2024, compared to a net inflow of RMB 21,284,445 thousand in the previous year[31] - The company issued bonds with net proceeds of RMB 233,464,283 thousand during the nine months ended September 30, 2024, compared to RMB 182,336,206 thousand in the same period of 2023[31] Strategic Focus - The bank's strategic focus includes enhancing user data analytics and expanding market presence, although specific figures were not provided in the content[24] - The bank continues to explore new product development and technological advancements to improve service offerings and operational efficiency[24]