Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.86 CNY per share [4][2]. Core Views - Revenue growth has slightly rebounded, with non-interest income performing well. As of Q1 2024, the company's revenue, PPOP, and net profit attributable to shareholders have shown year-on-year growth rates of 0.7%, 11.9%, and -16.9% respectively. The decline in net profit is attributed to a high base from significant asset disposals in the same period last year [1][2]. - The pace of asset expansion has slowed, with credit growth primarily driven by corporate lending. Total assets and loan amounts grew at year-on-year rates of 2.5% and 2.1% respectively as of Q1 2024, with corporate loans being the main contributor [1][2]. - Asset quality remains stable, with a slight improvement in the provision coverage ratio. The non-performing loan ratio stands at 1.19%, unchanged from the end of 2023, while the provision coverage ratio has increased to 367.5%, the highest since 2018 [1][2]. Financial Summary - The company's revenue for 2024 is projected at 27,577 million CNY, with a year-on-year decline of 1.4%. The net profit attributable to shareholders is expected to be 11,451 million CNY, reflecting a growth of 5.0% [3][8]. - Earnings per share (EPS) for 2024 is forecasted at 0.99 CNY, with book value per share (BVPS) expected to be 10.94 CNY [2][3]. - The company's price-to-book (PB) ratios for 2024, 2025, and 2026 are projected to be 0.42, 0.39, and 0.36 respectively, indicating a valuation discount compared to peers [2][3].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's net profit decreased by 10.8% year-on-year in Q1 2024, primarily due to high base effects from significant asset recoveries in the previous year. However, the pre-provision profit increased by 5.4% year-on-year, indicating solid operational performance [1][4] - Revenue for Q1 2024 was 7.13 billion yuan, down 2.9% year-on-year, but the decline was less severe compared to the full year of 2023. Non-interest income saw a substantial increase of 47% year-on-year, driven by declining bond market interest rates [1] - The company continues to optimize resource allocation and reduce costs, achieving a cost-to-income ratio of 27.2%, down 5.8 percentage points year-on-year [1] Financial Performance Summary - Q1 2024 net profit was 3.52 billion yuan, with a return on equity (ROE) of 12.01%, down 2.66 percentage points year-on-year. The total assets reached 1.49 trillion yuan, growing 3.5% from the beginning of the year [1][4] - The non-performing loan (NPL) ratio remained stable at 1.19% as of March 2024, with a provision coverage ratio of 367.5%, indicating robust asset quality management [1][5] - The company forecasts net profits of 11.8 billion yuan, 13 billion yuan, and 14.3 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 8.4%, 9.6%, and 10.0% [1][4]

渝农商行（601077.SH）2024年一季报点评 成本收入比下降 6.7pct，资产质量平稳 2024年04月27日 事件：4 月 26 日，渝农商行发布 2024 年一季报。24Q1 累计实现营收 71 亿 推荐 维持评级 元，YoY-2.9%；归母净利润35亿元，YoY-10.8%；不良率1.19%，拨备覆盖率 当前价格： 4.55元 368%。 ➢ 业务管理费显著节约下，拨备前利润同比+5.5%。24Q1渝农商行营收、拨 备前利润、归母净利润分别同比-2.9%，+5.5%、-10.8%，增速较 23 年分别 [Table_Author] +0.7pct、+12.3pct、-16.9pct。 拨备前利润增速显著高于营收增速，主要源于公司支出端业务管理费的节约， 24Q1业务管理费同比减少20.5%，成本收入比较23年下降6.7pct。 归母净利润增速下滑较多，主要受减值力度变化的影响，可以看到24Q1公司拨 备前利润同比增长5.5%，而资产减值损失为23年同期10倍。减值准备显著提 升，一方面是公司在23Q1实现了大额不良资产处置收回，使得基数较低，另一 分析师 余金鑫 方面也有公司审慎计提的考虑。 执 ...

Financial Performance - Operating income for Q1 2024 was RMB 7,125.5 million, a decrease of 2.94% compared to RMB 7,341.6 million in Q1 2023[4] - Net profit for Q1 2024 was RMB 3,661.6 million, down 8.77% from RMB 4,013.7 million in Q1 2023[4] - Net profit attributable to shareholders was RMB 3,524.3 million, reflecting a decline of 10.81% from RMB 3,951.4 million in the same period last year[4] - In Q1 2024, the group achieved a net profit of 3.662 billion yuan, a decrease of 8.77% year-on-year, primarily due to changes in credit impairment losses[14] - The group's operating income for the period was 7.125 billion yuan, down 2.94% year-on-year, with net interest income at 5.519 billion yuan[14] - The group's pre-provision profit was 5.123 billion yuan, an increase of 5.44% year-on-year, while the annualized return on total assets was 1.00%, down 0.17 percentage points[14] - The pre-tax profit for the three months ended March 31, 2024, was RMB 3,789,605, a decrease of 20% compared to RMB 4,728,494 in the same period of 2023[26] - The bank reported a basic and diluted earnings per share of RMB 0.31 for the current quarter, down from RMB 0.35 in the same period last year, reflecting a decrease of approximately 11.4%[22] Cash Flow and Liquidity - Cash flow from operating activities increased significantly by 83.14% to RMB 69,904.6 million, compared to RMB 38,170.9 million in Q1 2023[5] - The net cash flow from operating activities for the three months ended March 31, 2024, was RMB 69,904,634, an increase of 83% from RMB 38,170,881 in the same period of 2023[26] - Cash and cash equivalents as of March 31, 2024, totaled RMB 67,727,691, significantly up from RMB 26,997,573 at the same date in 2023[27] - The liquidity coverage ratio stood at 306.78% as of March 31, 2024, indicating strong liquidity position[13] Assets and Liabilities - Total assets as of March 31, 2024, reached RMB 1,491,522.8 million, representing a growth of 3.47% from RMB 1,441,522.1 million at the end of 2023[4] - Total customer loans and advances amounted to RMB 696,970.7 million, an increase of 2.99% from RMB 676,710.6 million at the end of 2023[4] - Total liabilities increased by 3.45% to RMB 1,363,024.5 million, up from RMB 1,317,580.3 million at the end of 2023[4] - The non-performing loan balance was 8.274 billion yuan, with a non-performing loan ratio of 1.19%, remaining stable compared to the end of the previous year[15] - The bank's total liabilities amounted to RMB 1,363,024,517 thousand, up from RMB 1,317,580,322 thousand, representing an increase of approximately 3.4%[25] - Customer loans and advances increased to RMB 666,682,870 thousand as of March 31, 2024, up from RMB 647,276,750 thousand at the end of 2023, reflecting a growth of approximately 3.1%[24] Credit and Impairment - Credit impairment losses for the period were 1.333 billion yuan, an increase of 1.203 billion yuan compared to the same period last year[14] - The company experienced a credit impairment loss of RMB 1,333,226 for the three months ended March 31, 2024, compared to RMB 130,247 in the same period of 2023, indicating a substantial increase in credit risk[26] - The group plans to continue enhancing the recovery of non-performing assets while maintaining prudent provisioning for impairment losses[14] Cost and Efficiency - The group’s cost-to-income ratio improved to 27.22%, a decrease of 5.79 percentage points year-on-year, attributed to resource optimization efforts[14]

Financial Performance - Operating income for Q1 2024 was RMB 7,127.8 million, a decrease of 2.88% compared to RMB 7,339.2 million in Q1 2023[8] - Net profit for Q1 2024 was RMB 3,661.6 million, down 8.77% from RMB 4,013.7 million in Q1 2023[8] - The bank's operating profit for Q1 2024 was CNY 3,791,889 thousand, down from CNY 4,726,159 thousand in Q1 2023, a decrease of 19.8%[41] - Net profit for Q1 2024 was CNY 2,891,377, a decline of 21.06% compared to CNY 3,665,721 in Q1 2023[52] - The company's cost-to-income ratio improved to 27.21%, a decrease of 5.81 percentage points year-on-year, reflecting effective cost management strategies[24] Assets and Liabilities - Total assets as of March 31, 2024, reached RMB 1,491,082.7 million, an increase of 3.47% from RMB 1,441,082.0 million at the end of 2023[8] - Total liabilities increased to RMB 1,363,024.5 million, up 3.45% from RMB 1,317,580.3 million at the end of 2023[8] - The company's total assets as of March 31, 2024, amounted to 1.491 trillion yuan, an increase of 500.01 billion yuan or 3.47% from the end of the previous year[25] - Total liabilities rose to CNY 1,363,024,517 thousand as of March 31, 2024, compared to CNY 1,317,580,322 thousand at the end of 2023, marking an increase of 3.4%[38] Customer Loans and Deposits - Customer loans and advances totaled RMB 696,970.7 million, reflecting a growth of 2.99% from RMB 676,710.6 million at the end of 2023[8] - Customer deposits rose to RMB 951,560.4 million, marking a 6.18% increase from RMB 896,202.2 million at the end of 2023[8] - Customer loans and advances totaled 696.971 billion yuan, up 202.60 billion yuan or 2.99% from the end of the previous year[25] - Customer deposits reached 951.560 billion yuan, an increase of 553.58 billion yuan or 6.18% from the end of the previous year[25] Profitability Ratios - The return on average equity (annualized) decreased to 12.01%, down 2.66 percentage points from 14.67% in Q1 2023[8] - The annualized average return on total assets was 1.00%, a decrease of 0.17 percentage points year-on-year[23] - The annualized weighted average return on equity was 12.01%, down 2.66 percentage points from the previous year[23] Cash Flow - The net cash flow from operating activities significantly increased by 83.14% to RMB 69,904.6 million compared to RMB 38,170.9 million in Q1 2023[12] - Net cash flow from operating activities for Q1 2024 was ¥75,257,069 thousand, a significant increase from ¥37,456,835 thousand in Q1 2023, representing a growth of 100.5%[55] - Cash inflow from financing activities was ¥15,679,930 thousand in Q1 2024, down from ¥40,241,625 thousand in Q1 2023, a decrease of 61.0%[56] Investment Income - The bank reported a significant increase in investment income to CNY 938,466 thousand in Q1 2024, compared to CNY 464,183 thousand in Q1 2023, an increase of 102.1%[41] - The company reported a significant increase in investment income to CNY 1,070,899, compared to CNY 519,213 in Q1 2023[52] Non-Performing Loans - The company's non-performing loan balance was 8.274 billion yuan, with a non-performing loan ratio of 1.19%, remaining stable compared to the end of the previous year[26] - The provision for credit impairment losses for the period was 1.333 billion yuan, an increase of 1.203 billion yuan year-on-year, primarily due to a low base from the previous year[23]

一、《关于审议重庆农村商业银行股份有限公司 2024 年第一季度报告的议 案》 重庆农村商业银行股份有限公司 第五届董事会第四十二次会议决议公告 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"）第五届董事会第四十 二次会议于 2024 年 4 月 26 日在本行总行 401 会议室以现场结合通讯方式召开。 本行已于 2024 年 4 月 12 日以电子邮件形式发出会议通知和材料，于 2024 年 4 月 22 日以电子邮件形式发出会议补充通知和材料。本次会议应出席董事 9 名， 实际出席董事 9 名（其中，现场出席董事 3 名，董事张桥云先生书面委托毕茜女 士代为出席会议并行使表决权，董事长谢文辉先生、董事胡淳女士、殷祥林先生、 李明豪先生、毕茜女士以通讯方式参会）。会议的召开符合法律、法规、规章和 本行章程的有关规定。 经参会董事推举，本次会议由董事隋军先生主持。本次会议审议通过了以下 议案： 证券代码：601077 证券简称：渝农商行 公告编号：2024-018 四、《关 ...

证券代码：601077 证券简称：渝农商行 公告编号：2024-017 重庆农村商业银行股份有限公司 表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 三、关于审议《重庆农村商业银行股份有限公司监事会关于辜校旭同志履职 情况审计的报告》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。 特此公告。 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"）第五届监事会第二十 三次会议以书面传签、通讯表决方式召开。本行已于 2024 年 4 月 17 日以直接送 达、传真或电子邮件形式发出会议通知和材料，表决截止时间为 2024 年 4 月 22 日。截至 2024 年 4 月 22 日，本行已收到全部监事就本次会议审议事项的表决意 见。本次会议应参与表决监事 7 名，实际表决监事 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 ...

关于获准发行金融债券的公告 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。 特此公告。 证券代码：601077 证券简称：渝农商行 公告编号：2024-015 重庆农村商业银行股份有限公司董事会 重庆农村商业银行股份有限公司 2024 年 4 月 19 日 重庆农村商业银行股份有限公司（以下简称"本行"）近期收到中国人民银 行《准予行政许可决定书》（银许准予决字〔2024〕第 53 号），本行获准在全国 银行间市场发行金融债券，2024 年末金融债券余额不超过 280 亿元。其中，二 级资本债券、无固定期限资本债券等资本类债券存续余额不超过核心一级资本净 额的 50%。行政许可有效期截止至 2024 年 12 月 31 日，在有效期内本行可自主 选择分期发行时间。 本行将严格遵守《全国银行间债券市场金融债券发行管理办法》《全国银行 间债券市场金融债券发行管理操作规程》等规定，做好上述金融债券发行管理及 信息披露工作。 ...

证券代码：601077 证券简称：渝农商行 公告编号：2024-016 重庆农村商业银行股份有限公司 关于召开 2023 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： 三、参加人员 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 29 日 披露了 2023 年度报告，为使广大投资者更加全面、深入地了解本行 2023 年度经 营成果、财务状况，本行计划于 2024 年 4 月 29 日(星期一)上午 10:00-11:30 举 行 2023 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 本次业绩说明会以视频结合网络互动形式召开，本行将针对 2023 年度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2024 年 4 月 29 日(星期一)上午 10:00-11:30 会议召开时间：2024 年 4 月 29 日(星 ...

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之內容概不負責，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分內容 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。 Chongqing Rural Commercial Bank Co., Ltd. * * : 3618 董事會會議召開日期 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」）茲通告謹定於2024年4月26日（星期五）舉行董事會會議，以審議及通過 （其中包括）本行及其附屬公司截至2024年3月31日止三個月的未經審核季度業績。 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.* 董事長兼行長 謝文輝 中國•重慶，2024年4月15日 於本公告日期，本行執行董事為謝文輝先生、隋軍先生、張培宗先生；本行非執行董事 為胡淳女士及殷祥林先生；及本行獨立非執行董事為張橋雲先生、李明豪先生、李嘉明 先生及畢茜女士。 * 本行經中國銀行業監督管理 ...