特此公告。 重庆农村商业银行股份有限公司董事会 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"）近日收到本行董事 长谢文辉先生提交的书面辞职信，谢文辉先生因工作调动，辞去本行董事长、 执行董事、董事会战略发展委员会主任委员、三农金融服务委员会主任委员及 提名委员会委员职务。谢文辉先生的辞任自其辞职信送达本行董事会之日起生 效。经谢文辉先生确认，其与本行董事会无不同意见，无其他事项需要通知本 行股东。 谢文辉先生自 2013 年起担任本行党委副书记、行长，自 2022 年起担任本 行党委书记、董事长。任职期间，始终坚持以习近平新时代中国特色社会主义 思想为指导，完整、准确、全面贯彻新发展理念，深入践行金融工作的政治性 和人民性，全力做好金融"五篇大文章"，恪尽职守、求真务实、锐意进取、 开拓创新，带领本行深入实施"零售立行、科技兴行、人才强行"战略，深化 "一体四驱"发展体系，坚持把金融服务实体经济作为根本宗旨，积极践行 "以客户为中心"理念，大力实施数字化转型升级，持续提升服 ...

FF301 截至月份: 2024年9月30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10月7日 I. 法定/註冊股本變動 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 | 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 | | ...

重庆农村商业银行股份有限公司 重要内容提示： 1. 重庆农村商业银行股份有限公司（以下简称"本行"）同意对浙江网商银 行股份有限公司（以下简称"浙江网商银行"）同业授信额度 12 亿元，授信期限 1 年。本次关联交易无需提交本行董事会和股东大会审议。 关于关联交易事项的公告 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。 证券代码：601077 证券简称：渝农商行 公告编号：2024-030 浙江网商银行成立于 2015 年，法定代表人金晓龙，注册资本 65.714 亿元， 地址为浙江省杭州市西湖区古荡街道西溪路 556 号，企业类型为股份有限公司。 经营范围为：银行业务；公募证券投资基金销售（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以审批结果为准）。 截至 2023 年末，浙江网商银行资产总额 4,521.30 亿元，负债总额 4,263.62 亿元，净资产 257.68 亿元。全年实现营业收入 187.43 亿元，实现净利润 42.03 亿元。 三、关联交易的定价依据 本次授信后拟发生业务按 ...

Dividend Distribution and Shareholder Returns - The company plans to implement an interim dividend distribution for 2024 to enhance investor returns and boost long-term shareholder confidence[4] - The company distributed a cash dividend of RMB 0.2885 per share (tax included) for the 2023 fiscal year, totaling RMB 3.276 billion, with RMB 2.551 billion distributed to A-share holders and RMB 725 million to H-share holders[188] - The company's cash dividend payout ratio for 2023 was 30.05% of the net profit attributable to shareholders, consistent with the 30% payout ratio in 2022 and 2021[188] - The company plans to implement an interim dividend distribution to enhance investor returns and boost long-term shareholder confidence, with specific details to be announced after corporate governance procedures[189] Financial Performance and Key Metrics - Total assets increased by 4.77% to RMB 1,510.31 billion as of June 30, 2024, compared to RMB 1,441.52 billion at the end of 2023[19] - Net profit for the first half of 2024 reached RMB 7.56 billion, a year-on-year increase of 6.18%[18] - Non-performing loan ratio remained stable at 1.19% as of June 30, 2024, unchanged from the end of 2023[19] - Provision coverage ratio stood at 360.29% as of June 30, 2024, down by 6.41 percentage points from the end of 2023[19] - Capital adequacy ratio was 15.71% as of June 30, 2024, a decrease of 0.28 percentage points from the end of 2023[19] - Net interest income decreased by 7.99% to RMB 110.81 billion in the first half of 2024 compared to the same period in 2023[18] - Non-interest income increased by 26.03% to RMB 35.61 billion in the first half of 2024 compared to the same period in 2023[18] - Cost-to-income ratio improved to 25.28% in the first half of 2024, down by 5.92 percentage points from the same period in 2023[18] - Customer deposits grew by 5.07% to RMB 941.65 billion as of June 30, 2024, compared to RMB 896.20 billion at the end of 2023[19] - Core tier 1 capital adequacy ratio increased to 13.83% as of June 30, 2024, up by 0.30 percentage points from the end of 2023[19] - Net profit increased by 440 million yuan, a year-on-year growth of 6.18%[119] - Non-performing loan (NPL) ratio remained stable at 1.19% as of June 2024[120] - Overdue loan ratio slightly increased to 1.52%, up by 0.1 percentage points compared to the end of the previous year[120] - Special mention loans ratio rose to 1.41%, up by 0.27 percentage points, with 90.04% of these loans being secured[121] - The average provision ratio for special mention loans reached 32.56% as of June 2024[121] - Corporate loan NPL ratio increased slightly to 1.07%, but the NPL formation rate continued to decline year-on-year[121] - The company achieved operating income of 14.642 billion yuan, with a year-on-year decline narrowing by 1.41 percentage points compared to Q1[118] Risk Management and Asset Quality - The company does not have any significant risks that require special attention from investors, with detailed risk management measures outlined in Chapter 3[5] - Non-performing loan (NPL) balance increased to RMB 8,395.0 million, up by RMB 336 million from the end of 2023, with the NPL ratio remaining stable at 1.19%[72] - Corporate NPL balance increased by RMB 366 million, with the NPL ratio rising by 0.03 percentage points, while retail NPL balance decreased by RMB 30 million, with the NPL ratio dropping by 0.02 percentage points[73] - The largest single borrower's loan accounted for 3.68% of net capital, and the top ten borrowers' loans accounted for 23.14% of net capital, with no NPLs among the top ten borrowers[74] - Manufacturing sector loans accounted for 10.25% of total loans, with an NPL ratio of 0.82%, while the real estate sector had an NPL ratio of 6.88%[73] - Loans to the water, environment, and public facilities management sector accounted for 10.85% of total loans, with an NPL ratio of 0.53%[73] - The top ten single borrowers were primarily from sectors such as water management, transportation, and leasing services, with no NPLs reported[76] - The company maintained strict credit risk management and optimized its loan structure, focusing on reducing NPLs and improving asset quality[72][73] - Total customer loans and advances increased to RMB 706.86 billion as of June 30, 2024, with a non-performing loan (NPL) ratio of 1.19%, unchanged from the end of 2023[77] - Corporate loans NPL ratio rose by 0.03 percentage points to 1.07%, while retail loans NPL ratio decreased by 0.02 percentage points to 1.58% as of June 30, 2024[77] - Restructured customer loans and advances increased to RMB 3.15 billion, accounting for 0.45% of total loans and advances, up from RMB 614.5 million (0.09%) at the end of 2023[78] - Overdue customer loans and advances totaled RMB 10.75 billion, representing 1.52% of total loans and advances, an increase of RMB 1.14 billion and 0.10 percentage points from the end of 2023[79] - Loan impairment provisions increased to RMB 30.13 billion as of June 30, 2024, up from RMB 29.43 billion at the end of 2023[80] - Credit loans accounted for 20.78% of total loans and advances, up from 19.80% at the end of 2023[81] - The migration rate for normal loans increased to 2.20% as of June 30, 2024, compared to 1.43% at the end of 2023[82] - County deposits accounted for 73.79% of total deposits, up 1.61 percentage points from the end of 2023, while county loans accounted for 48.91%, down 0.39 percentage points[83] - Credit risk loss provision balance reached 34.263 billion yuan, an increase of 617 million yuan compared to the end of the previous year, with credit asset impairment provision balance at 30.246 billion yuan[123] - Provision coverage ratio stood at 360.29%, and the provision-to-loan ratio was 4.28%, maintaining a high level among listed banks[123] - Overdue loans coverage ratios were 477.01% for loans overdue for more than 90 days and 413.32% for loans overdue for more than 60 days[123] - Credit impairment losses for the first half of 2024 amounted to 2.457 billion yuan, an increase of 612 million yuan year-on-year, up by 33.18%[123] - Loan and advances credit impairment losses were 2.535 billion yuan, an increase of 1.165 billion yuan year-on-year, up by 85.06%[123] - The company's debt investment asset quality remained stable, with a decrease of 445 million yuan in impairment provisions compared to the same period last year[123] - The company completed the optimization and update of the retail internal rating model, with coverage of retail products increasing to 99%[125] - The company initiated the construction of a model risk management system and the optimization of the operational risk management system[125] - The company conducted stress tests on credit, market, and liquidity risks, and quantified the impact of extreme risks on capital adequacy levels[125] - The company's large risk exposure indicators as of the end of June 2024 were better than regulatory standards[129] - The company strengthened its operational risk management system, including optimizing monitoring indicators and enhancing risk prevention capabilities[146] - The company improved its reputation risk management mechanism, focusing on crisis response, complaint handling, and public relations[147] - The company optimized its information technology risk management system and updated the "Information Technology Risk Management Measures" to enhance the comprehensiveness, effectiveness, and operability of the system[148] - The company strengthened 7×24 operation and maintenance management, ensuring network security during key periods such as New Year's Day and Spring Festival, effectively maintaining the stable operation of important businesses[148] - The company revised anti-money laundering internal control systems, optimized monitoring models, and applied technologies such as artificial intelligence and machine learning to efficiently screen and report suspicious transactions[149] Digital Transformation and Technology - The company is accelerating digital transformation, focusing on "digital development, intelligent risk control, smart branches, and efficient operations"[14] - The company's financial technology personnel exceeded 600, with over 20% of talent in the technology finance sector[103] - External data service interfaces were accessed 191 million times in the first half of 2024, with a decision success rate exceeding 99.99%[104] - The company submitted 12 invention patent applications in 2024, with a cumulative total of 157 patents and 8 software copyrights[105] - Mobile banking users reached 14.7616 million, with a net increase of 379,200 users and transaction volume of 703.427 billion yuan in 2024[106] - Corporate internet banking customers totaled 165,900, with a net increase of 6,200 and transaction volume of 538.168 billion yuan in 2024[106] - The company's call center handled 3.5117 million calls with a customer satisfaction rate of 99.34% and an artificial response rate of 92.82%[106] - The company's robot outbound calls reached 5.8608 million, accounting for 98.07% of total outbound calls[106] - The company's wealth management product system includes multiple branded products such as rural revitalization and the Chengdu-Chongqing economic circle[101] - The company has established 5 branches, 26 primary sub-branches, 126 secondary sub-branches, 1,283 sub-offices, 1 community branch, and 12 village banks in county areas by the end of June 2024[108] - The company has issued 23.6525 million debit cards in county areas, accounting for 78.81% of the total debit cards issued by the bank[108] - The company has 11.7306 million mobile banking users in county areas, accounting for 79.47% of the total mobile banking users, with an increase of 302,900 users compared to the end of the previous year[108] - The company's personal deposits in county areas reached 635.261 billion yuan, accounting for 78.65% of the total personal deposits[109] - The company's rural revitalization series wealth management products have accumulated over 16 billion yuan in issuance and created nearly 400 million yuan in profits for customers[110] - The company's leasing asset balance in Chongqing is 14 billion yuan, with 77% in county areas, and new leasing projects in Chongqing in 2024 amounted to 2.96 billion yuan, with 56.32% in county areas[110] - The company's rural revitalization digital financial service platform has achieved full coverage in 38 agricultural counties in Chongqing, covering 7,752 villages with a coverage rate of nearly 98%, and pre-approved credit for 1.33 million farmers exceeded 20.2 billion yuan[111] - The company's 12 village banks have a total registered capital of 1.662 billion yuan, total assets of 5.246 billion yuan, and a non-performing loan ratio of 1.47%[112] - The company's financial leasing subsidiary has total assets of 65.679 billion yuan and achieved a net profit of 1.018 billion yuan in the reporting period[113] - The company aims to accelerate digital transformation by integrating into the digital Chongqing initiative, enhancing operational efficiency through standardization and digitalization[168] Green Finance and Sustainability - The company is targeting to become a green finance benchmark bank, integrating into green finance reform and innovation pilot zones, and forming a comprehensive green finance service system[16] - The company's green credit balance reached 67.46 billion yuan, an increase of 5.47 billion yuan from the end of the previous year, achieving 91.2% of the target plan, with the green credit ratio increasing by 0.4 percentage points to 10.6%[94] - The company has supported 9 ecological restoration and environmental protection projects in the Yangtze Economic Belt, with a total credit line of 6.385 billion yuan and a loan balance of 557 million yuan as of June 2024[191] - The company has launched innovative green financial products such as "Solid Waste Loan" and "Green Electricity Loan," forming a comprehensive green financial service system[191] - The company has collaborated with State Grid Chongqing Electric Power Company to develop green financial solutions for the new power system, aiming to promote the clean energy industry chain[192] - The company's agricultural loan balance reached 240.457 billion yuan as of June 2024, supporting rural revitalization and poverty alleviation efforts[193] - The company has pre-approved credit for 1.33 million rural households, exceeding 20.2 billion yuan, through its digital rural financial service platform[194] - The company has launched over 20 standardized credit products tailored to local agricultural industries, such as "Pickled Mustard Loan" and "Orange Loan"[195] Corporate Governance and Compliance - The 2024 interim financial report has been reviewed by KPMG Huazhen LLP under Chinese review standards and by KPMG under international review standards[4] - The company's registered and office address is at No. 36 Jinshamen Road, Jiangbei District, Chongqing, with a postal code of 400023[7] - The company's A-share stock is listed on the Shanghai Stock Exchange with the stock code 601077, and its H-share stock is listed on the Hong Kong Stock Exchange with the stock code 03618[8] - The company was established in 2008, listed on the H-share main board in 2010, and listed on the A-share main board in 2019, with main businesses including inclusive finance, corporate finance, and financial markets[10] - The company has 1 non-bank wholly-owned subsidiary and 1 non-bank controlled subsidiary, engaged in wealth management and financial leasing, and controls 12 village banks[10] - The company aims to become a nationally leading regional bank, focusing on "supporting agriculture and small businesses, serving the real economy"[11] - The company is leveraging its retail financial advantages, including a wide network of branches and leading customer groups, to drive the development of "pension finance" and "inclusive finance"[15] - The company is aiming to become a comprehensive financial market operator, promoting synergy across the group, and forming a full-chain customer service system of "investment + funds + custody"[17] - The company held 1 shareholders' meeting, 7 board meetings, and 6 supervisory board meetings during the reporting period, reviewing a total of 93 proposals and 68 reports[169] - The bank has adopted the "Standard Code for Securities Transactions by Directors of Listed Companies" and confirmed that all directors and supervisors complied with the code during the first half of 2024[171] - The bank's board of directors includes 9 members, with Chairman Xie Wenhui and President Sui Jun being key executives, and the board composition reflects a mix of executive, non-executive, and independent directors[174] - The bank's supervisory board consists of 7 members, including shareholder representatives, external supervisors, and employee representatives, ensuring diverse oversight[175] - The company and its shareholders, directors, supervisors, and senior management strictly fulfilled the commitments disclosed in the IPO prospectus and listing announcement[200] - Major shareholders committed not to transfer or entrust others to manage their shares within 36 months after the listing, with possible extensions under certain conditions[200] - After the lock-up period, shareholders must notify the company in writing before selling shares and comply with relevant regulations[200] - Internal employees holding shares over 50,000 committed not to transfer shares within 3 years after listing and to limit annual sales to 15% of their holdings thereafter[200] - Shareholders holding more than 1% of shares committed to comply with CSRC and SSE regulations on share reduction[200] Employee Structure and Training - The company has a total of 14,156 in-service employees, with 10,501 in business development, 530 in technology information, 1,017 in risk control, and 2,108 in operations and comprehensive management[180] - The age structure of employees is as follows: 1,573 aged 30 and below, 6,704 aged 31-40, 3,343 aged 41-50, and 2,536 aged 51 and above[180] - The educational structure of employees includes 1,019 with a master's degree or higher, 10,418 with a bachelor's degree, and 2,719 with a college degree or below[180] - As of the end of June 2024, the group has 14,592 in-service employees, including 14,156 in the bank and 436 in subsidiaries[181] - The bank also has 385 dispatched workers, 292 retired employees, and 7,587 retired employees[181] - The number of technology information employees decreased slightly compared to the end of the previous year due to some employees being formally transferred to Chongqing Yuyin Financial Technology Co., Ltd[181] - The bank's compensation policy includes basic salary, performance salary, and welfare income, with performance salary linked to annual operating performance[182] - In the first half of 2024, the bank conducted over 750 training sessions with more than 60,000 participants[184] - The proportion of employees with a bachelor's degree or higher has increased to 80.79%[184] Branch Network and Customer Service - The company has a total of 1,743 branches, including 1,439 in Chongqing's counties and 302 in Chongqing's main urban area, with a branch network covering all 38 administrative districts and counties in Chongqing[185] - The company has established 74 24-hour self-service banking centers and deployed 6,149 self-service devices, with a machine-to-branch ratio of 3

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company achieved a Q2 profit growth rate of 26%, with revenue growth turning positive in the same quarter. For H1 2024, revenue and net profit attributable to the parent company decreased by 1.3% and increased by 5.3% year-on-year, respectively. Q2 figures showed a revenue increase of 0.2% and a net profit increase of 26.3% year-on-year, exceeding expectations [1][3]. - Loan growth was steady, with corporate loans contributing over 90%. In H1 2024, total loans increased by 4.9% year-on-year, with corporate loans rising by 8%. New loans added in H1 2024 were approximately 30 billion, which was a decrease of about 10 billion year-on-year, primarily due to retail loan performance [1][2][3]. - The cost of liabilities improved significantly, with a slight decrease in net interest margin in Q2. The net interest margin for H1 2024 was 1.63%, down 16 basis points year-on-year, with a slight decrease of 2 basis points in Q2. The loan yield decreased by 43 basis points to 4.25% [2][3]. - The non-performing loan (NPL) ratio remained stable at 1.19%, with a provisioning coverage ratio decreasing by 7 percentage points to 360%. The overdue and attention rates increased, influenced by retail loans. The overdue rate rose to 1.52%, with the estimated NPL generation rate increasing to approximately 0.82% [4][5]. - Earnings forecasts have been slightly adjusted, with EPS for 2024 and 2025 projected at 1.02 yuan and 1.07 yuan, respectively. The estimated net asset value per share by the end of 2024 is expected to be 10.92 yuan, corresponding to a price-to-book (PB) ratio of 0.48 times based on the closing price on August 28, 2024 [5][7].

证券代码：601077 证券简称：渝农商行 公告编号：2024-029 重庆农村商业银行股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 重庆农村商业银行股份有限公司（以下简称"本行"）于 2024 年 8 月 29 日 披露了 2024 年半年度报告，为使广大投资者更加全面、深入地了解本行 2024 年 半年度经营成果、财务状况，本行计划于 2024 年 9 月 6 日(星期五)14:00-15:30 举行 2024 年半年度业绩说明会，就投资者普遍关注的问题进行回答。 一、业绩说明会类型 （三）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 本行董事长、行长、副行长等高级管理人员、独立董事代表及本行部分部 门负责人。如有特殊情况，参加人员可能会有调整。 四、投资者参加方式 （一）投资者可在 2024 年 9 月 6 日(星期五)14:00-15:30，通过互联网登 录上证路演中心（http://roadshow.sseinfo.com ...

渝农商行（601077.SH） 执业证书编号：S0680524010001 邮箱：chenhuiqin@gszq.com 息差降幅收窄，成本管控成效显著 业绩：营收、利润双提升，成本管控成效明显 渝农商行 24H1 营收、归母净利润增速分别为-1.3%、+5.3%，分别较 24Q1 降幅收窄 1.6pc、提升 16.1pc，营收及利润增速双双提升，主要受益于 24Q2 息差降幅收窄、投资收益增加、业务及管理费下降。 1）利息净收入：24H1 同比增速为-8.0%，较 24Q1 降幅收窄 1.2pc，24H1 净息差为 1.63%，较 23A 下降 10bps，其中 24Q1 下降 9bps、24Q2 下降 1bp，累计降幅收窄。 A、生息资产收益率（3.49%）、贷款收益率（4.07%）分别较 23A 下降 18bps、下降 30bps，其中对公贷款、个人贷款分别较 23A 下降 20bps、 下降 43bps 至 4.25%、4.40%，公司持续加大对实体经济的支持力度，贷 款在生息资产中的占比较 23A 提升 1.4pc 至 50.5%。 B、计息负债成本率（1.95%）、存款成本率（1.79%）分别较 ...

Investment Rating - The report maintains a "Recommend" rating for Chongqing Rural Commercial Bank (渝农商行) [2][3] Core Views - Profit growth has significantly rebounded, with a 5.3% YoY increase in net profit attributable to the parent company in H1 2024 [1] - The bank plans to implement an interim dividend, maintaining a dividend payout ratio of around 30% for the past three years [2] - The net interest margin (NIM) is expected to narrow its decline, supported by improved deposit costs [2] Financial Performance - Revenue in H1 2024 was RMB 14.7 billion, a YoY decrease of 1.3%, but the decline narrowed compared to Q1 2024 [1] - Net interest income and fee income decreased by 8.0% and 9.4% YoY, respectively, while other non-interest income surged by 47.2% [1] - The cost-to-income ratio continued to decline, reaching 27.2% at the end of H1 2024, down 2.0 percentage points from Q1 2024 [1] Loan and Deposit Growth - Total assets, loans, and deposits grew by 5.0%, 4.9%, and 4.3% YoY, respectively, in H1 2024 [1] - Corporate loans increased by 8.0% YoY, while personal loans decreased by 0.9%, mainly due to pressure on mortgage loan growth [1] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.19% at the end of H1 2024 [1] - The provision coverage ratio stood at 360%, indicating strong risk resistance capabilities [1] Profit Forecast - EPS for 2024-2026 is forecasted to be RMB 1.01, 1.07, and 1.13, respectively [2] - The P/B ratio is 0.5x based on the closing price on August 28, 2024 [3] Balance Sheet and Asset Quality Projections - Total assets are projected to grow from RMB 14.4 trillion in 2023 to RMB 18.4 trillion by 2026 [11] - The NPL ratio is expected to decline from 1.19% in 2023 to 1.02% by 2026 [13] - The net interest margin (NIM) is forecasted to decrease from 1.67% in 2023 to 1.30% by 2026 [13] Valuation Metrics - The P/E ratio is projected to remain at 5x from 2024 to 2026 [12] - The P/B ratio is expected to decrease from 0.5x in 2024 to 0.4x by 2026 [12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.80 CNY per share, based on a current stock price of 5.19 CNY [4]. Core Insights - Revenue and profit growth have rebounded, with year-on-year growth rates for revenue, PPOP, and net profit attributable to shareholders improving to -1.3%, 6.5%, and 5.3% respectively as of H1 2024 [1]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.19% and a slight decline in the provision coverage ratio to 360.3% [1]. - The bank's strategy focuses on regional development and industrial upgrades, which supports credit issuance, particularly in the public and manufacturing sectors [1]. Financial Performance Summary - The company's revenue for 2024 is projected at 27,587 million CNY, with a year-on-year growth of -1.3% [3]. - The net profit attributable to shareholders is expected to reach 11,588 million CNY in 2024, reflecting a growth of 6.3% [3]. - Earnings per share (EPS) for 2024 is forecasted at 1.00 CNY, with book value per share (BVPS) estimated at 10.95 CNY [2]. Asset Quality and Risk Management - The NPL ratio has remained stable at 1.19%, while the attention rate has increased by 27 basis points to 1.41% [1]. - The bank's provision coverage ratio has decreased slightly, indicating a robust buffer against potential loan losses [1]. Market Comparison - The average price-to-book (PB) ratio for comparable companies in 2024 is adjusted to 0.53, suggesting the company's current PB of 0.47 indicates potential undervaluation [2][6]. - The report highlights the bank's competitive position within the industry, with a lower decline in net interest margin compared to peers [1].

——渝农商行 24H1 中报点评 营收、利润增速双回升，息差降幅低于同 业 核心观点 ⚫ 营收、利润增速实现双回升。截至 24H1，渝农商行营收、PPOP、归母净利润累计 同比增速分别较 24Q1 提升 1.6pct、1.0pct 和 16.1pct 至-1.3%、6.5%以及 5.3%。 营收边际改善，叠加一季度不良收回节奏的影响消退，归母净利润增速迎来显著修 复。拆分营收来看，得益于息差的较好韧性以及扩表速度的提升，净利息收入同比 增速环比回升 1.2pct 至-8.0%；受代理和银行卡手续费减少影响，净手续费收入同 比增速环比回落 9.6pct 至-9.4%；净其他非息收入同比增速环比小幅提升 0.5pct 至 47.2%，得益于债市的强劲表现，投资收益高增。 ⚫ 区域发展战略、产业升级支撑信贷投放。截至 24H1，渝农商行总资产、贷款同比增 速分别环比小幅提升 0.8pct、0.1pct 至 5.0%、4.9%，对公、个人贷款同比增速分别 环比变动 1.1pct、-2.3pct，增量主要来自涉政类和制造业贷款，契合重庆地区发展 方向。负债成本改善明显，息差降幅优于行业整体水平。截至 24H1，净息差较 ...