Core Viewpoint - The performance meeting of Hu Nong Commercial Bank highlighted its steady growth and future strategies under the theme "Steady Progress, Promising Future" [1] Financial Performance - In 2024, the bank achieved an operating income of 26.641 billion yuan, a year-on-year increase of 0.86%, and a net profit attributable to shareholders of 12.288 billion yuan, up 1.20% [2] - The average return on total assets (ROA) was 0.88%, and the weighted average return on equity (ROE) was 10.35%, maintaining a good level among listed banks [2] - Total assets reached 1,487.809 billion yuan, growing 6.87% year-on-year, with total loans and advances amounting to 755.219 billion yuan, an increase of 6.15% [2] Asset Quality - The non-performing loan (NPL) ratio remained below 1% at 0.97%, with a provision coverage ratio of 352.35%, significantly higher than the industry average [2] - The proportion of loans in the Shanghai region increased to 95.06%, with the NPL ratio in this area lower than the group average [2] Shareholder Returns - The bank implemented a mid-term dividend policy, achieving an annual dividend payout ratio of 33.91%, an increase of 3.81 percentage points from 2023 [3] - Since its IPO in 2021, the dividend payout ratio has consistently remained above 30%, with total cash dividends distributed amounting to 16.5 billion yuan, nearly double the amount raised during the IPO [3] Brand Recognition - Hu Nong Commercial Bank ranked 128th in the "2024 Global Top 1000 Banks" list by The Banker and 23rd in the "2024 Top 100 Chinese Banks" by the China Banking Association [3] Strategic Focus - The bank's strategic goals include becoming a quality bank with steady development, a model for ESG management, and a pioneer in inclusive finance, with a focus on customer priority and digital transformation [3][4] Business Development - Retail financial assets reached 795.32 billion yuan, growing 6.6% year-on-year, with the number of personal customers increasing by 6.4% to 24.732 million [4] - The total customer financing amount was 630.45 billion yuan, up 9.7%, with non-loan financing increasing by 16.2% [4] Inclusive Finance - The balance of inclusive small and micro loans was 86.61 billion yuan, an increase of 11.1%, while agricultural loans amounted to 67.79 billion yuan, maintaining the bank's leading position in Shanghai's agricultural finance [5][6] Digital Transformation - The bank invested approximately 1.34 billion yuan in technology, a 17.6% increase, with 904 dedicated fintech personnel, representing 9.8% of the total workforce [7] - The bank aims to enhance its digital transformation across various business lines, focusing on ecosystem development and operational automation [7]

4月25日，沪农商行（601825）2024年度业绩说明会在全景网成功举行。沪农商行董事长徐力在活动中 谈到，2024年，集团资本充足率进一步提升，内生性资本留存足够支持集团高质量可持续增长，也是银 行长期回报股东的底气所在。2024年银行在行业内第一家落实实施中期分红，2024年度分红率为 33.91%，较2023年提升3.81个百分点，保持在上市银行中的前列。银行高度重视股东回报，2021年上市 以来，分红率始终保持在30%以上，累计派发普通股现金红利165亿元，为IPO募资金额的近2倍。 更多业绩说明会详情，请点击：https://rs.p5w.net/html/145836.shtml 徐力表示，近几年沪农商行在盈利、资产质量和股东回报方面的得到了社会各界和资本市场的认可， 2024年银行股价涨幅达到63%，在A股银行板块中排名第二位。 对于未来的分红规划，沪农商行董事会秘书兼首席财务官姚晓岗指出，公司的分红政策将在综合考虑自 身经营状况、业务发展需求及股东意愿等因素的基础上，保持持续性、稳定性和可预期性，同时确保留 足业务发展所需资本，实现股东短期投资收益与长期价值回报的合理平衡。他强调，公司不追求 ...

4月25日，沪农商行（601825）2024年度业绩说明会在全景网成功举行。首席风险官朱卫对银行资产质 量状况及未来展望进行了深入阐述，他将银行整体资产质量概括为"总体稳健""挑战加大""风险可控"。 2024年末，沪农商行不良贷款率维持在0.97%，与2023年末持平，除一季度有小幅波动外，全年保持稳 定；拨备覆盖率高达352%，处于行业较高水平。这一稳定局面得益于银行长期稳健经营策略， 然而，外部经济环境的复杂性也不容忽视。朱卫指出，当前国内外经济形势给银行资产质量带来一定挑 战。国外关税及国际贸易不利变化冲击外向型企业及国内产业链，国内需求不足导致部分企业经营困 难、群众就业增收压力增大，风险隐患增多。尽管如此，朱卫强调，银行资产质量风险仍在可控范围 内。 对于风险可控的信心来源，朱卫从多个方面进行了说明。一方面，基于对中国经济基本面的长期信心， 中国经济的广阔市场、强韧性和潜力为银行稳健发展提供了有力支撑。另一方面，银行自身的稳健展业 模式也发挥了关键作用。 具体来看，在审批架构上，作为本地法人银行，授信审批层级少、效率高，对重点产品设置专业集中审 批，确保风险偏好有效执行。投向政策方面，坚持服务实体 ...

核心要点： 贷款投放加快，对公与零售端均回暖 根据2024 年及2025Q1 财报，沪农商行贷款投放积极，2024 年及2025Q1总资产分别增长6.9%/6.8%，贷 款分别增长6.6%/6.2%，贷款投放持续加快，一季度公司贷款和个人贷款增长均较上年明显改善。存款 方面，2024 年沪农商行存款增长放缓，随着信贷投放加快，今年一季度存款增速小幅提升至5.9%。 2024 年，沪农商行公司贷款（不含贴现）增长5.6%，房地产、金融、批零、交运等行业贷款比重提 升，一季度公司贷款增速进一步提升至7.4%。零售业务呈现回暖态势，全年零售贷款增速为1.3%，经 营类和消费贷款比重提升，一季度零售贷款增速提升至3.3%。 受益于区域经济修复，沪农商行信贷投放加快，资产扩张稳健。随着存款成本管理加强，沪农商行负债 成本仍有充足节约空间。考虑公司经营稳健，拨备及资本水平充足，未来有望继续巩固稳定分红条件， 分红率有望维持高位，具备高股息股属性。 根据2024 年及2025Q1 财报， 调整2025~2026 年归母净利润增速至0.8%/1.3%（预测前值2.6%/4.2%）， 增加2027 年归母净利润增速预测值2.2 ...

Core Insights - The company's revenue growth has significantly declined in Q1 2025 compared to the same period last year, primarily due to the impact of one-time asset disposals in the previous year [1] - Credit growth continues to rebound, which may alleviate the pressure on net interest margins [2] - The company's projected net profit growth for the years 2025, 2026, and 2027 is modest, with estimates of 0.3%, 1.8%, and 1.6% respectively [3] Financial Performance - As of Q1 2025, the company's revenue, PPOP, and net profit attributable to shareholders showed year-on-year growth rates of 0.9%, -7.4%, and -3.6% respectively [1] - Net interest income decreased by 5.6% year-on-year, indicating ongoing pressure on net interest margins despite total assets growing by 6.8% [1] - The company experienced a significant decline in non-interest income, with a year-on-year decrease of 14.4% and a quarter-on-quarter drop of 44.8% [1] Credit and Asset Quality - Total assets and loan amounts grew by 6.8% and 6.0% year-on-year as of Q1 2025, with loan growth showing a continuous rebound over three consecutive quarters [2] - The non-performing loan (NPL) ratio remained stable, while the attention rate increased by 21 basis points [2] - The company’s provision coverage ratio and loan-to-deposit ratio decreased by 13.1 percentage points and 11 basis points respectively as of Q1 2025 [2] Valuation and Forecast - The projected book value per share (BVPS) for 2025, 2026, and 2027 is estimated at 13.37, 13.92, and 14.47 yuan respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X, 0.62X, and 0.60X for the years 2025, 2026, and 2027 [3] - A valuation premium of 10% is applied due to the company's strong core tier one capital adequacy ratio and dividend rate, resulting in a reasonable value of 9.18 yuan per share for 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The revenue growth rate is impacted by the base effect, while the dividend payout ratio continues to rise [2][9] - The company is expected to experience a slight increase in net profit for the years 2025, 2026, and 2027, with projected growth rates of 0.3%, 1.8%, and 1.6% respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, 0.62X for 2026, and 0.60X for 2027, indicating potential undervaluation [3] Financial Performance Summary - For 2023, the company reported a revenue of 26,414 million yuan, with a year-on-year growth of 3.1% [4] - The net profit attributable to the parent company for 2023 was 12,142 million yuan, reflecting a year-on-year increase of 10.6% [4] - The earnings per share (EPS) for 2023 was 1.26 yuan, with projected EPS of 0.72 yuan for 2024 [4] - The company’s total assets are projected to grow from 1,392,214 million yuan in 2023 to 1,653,004 million yuan by 2027 [12] Profitability and Valuation Metrics - The report forecasts a decline in net interest income from 20,700 million yuan in 2023 to 19,675 million yuan in 2025 [12] - The average return on equity (ROE) is expected to decrease from 11.34% in 2023 to 9.31% by 2027 [12] - The price-to-earnings (P/E) ratio is projected to decrease from 6.86 in 2023 to 6.54 in 2027, indicating a potential increase in valuation attractiveness [12] Dividend Policy - The dividend payout ratio is expected to increase from 33.1% to 33.9% in 2024, supported by strong core capital adequacy [9]

Core Viewpoint - Shanghai Rural Commercial Bank aims to establish itself as a "century-old store" with a focus on stability in its operations [2] Group 1: Financial Performance - In 2024, the bank achieved operating income of 26.641 billion yuan, a year-on-year increase of 0.86%, with non-interest income accounting for 24.53% of total revenue, up by 2.90 percentage points from the previous year [4] - The net profit attributable to shareholders reached 12.288 billion yuan, growing by 1.20%, with a weighted average return on equity of 10.35% [4] - Total assets amounted to 1.4878 trillion yuan, a 6.87% increase year-on-year, while total loans and advances reached 755.219 billion yuan, up by 6.15% [4] - The bank maintained a non-performing loan ratio of 0.97% and a provision coverage ratio of 352.35% as of the end of 2024 [4] Group 2: Asset Quality and Market Position - The bank's asset quality is supported by a solid customer base, advantageous location, cultural heritage, strong shareholder backing, and strategic consistency [5] - 95.1% of the bank's loans were issued within Shanghai, benefiting from the city's robust economic foundation and market vitality [5] Group 3: Dividend Policy - The bank announced a cash dividend payout ratio of 33.91% for 2024, an increase of 3.81 percentage points from 2023, with a dividend yield exceeding 5% [6] - Since its IPO, the bank has consistently maintained a cash dividend ratio above 30% of net profit, with total cash dividends distributed amounting to 16.52 billion yuan [6] Group 4: Cost Management and Risk Control - The bank has effectively managed its funding costs, with a cumulative reduction of 28 basis points in deposit interest rates over the past three years [7] - Despite challenges in the external operating environment, the bank's long-standing risk preference and local customer management capabilities have helped maintain asset quality [7] Group 5: Future Development Strategy - The bank plans to achieve sustainable development through four advancements: transitioning from scale growth to value creation, deepening customer management, enhancing service capabilities, and leading with technology [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The revenue growth rate is impacted by the base effect, while the dividend payout ratio continues to rise [2][9] - The company is expected to experience a slight increase in net profit for the years 2025, 2026, and 2027, with projected growth rates of 0.3%, 1.8%, and 1.6% respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, 0.62X for 2026, and 0.60X for 2027, indicating potential undervaluation [3] Financial Performance Summary - For 2023, the company reported a revenue of 26,414 million yuan, with a year-on-year growth of 3.1% [4] - The net profit attributable to the parent company for 2023 was 12,142 million yuan, reflecting a year-on-year increase of 10.6% [4] - The earnings per share (EPS) for 2023 was 1.26 yuan, with projected EPS of 0.72 yuan for 2024 [4] - The company’s total assets return rate is projected to remain stable at around 0.9% for 2024 and beyond [4] Profitability and Valuation - The report predicts a slight decline in net interest income, with a forecast of 19,675 million yuan for 2025 [11] - The price-to-earnings (P/E) ratio is projected to decrease from 6.86 in 2023 to 6.54 in 2027, indicating a potential increase in market valuation [11] - The book value per share (BVPS) is expected to rise from 11.66 yuan in 2023 to 14.47 yuan in 2027 [11] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio is expected to remain stable at around 0.97% for 2024, with a slight improvement projected for subsequent years [11] - The core tier one capital adequacy ratio is forecasted to be 14.73% in 2024, indicating a strong capital position [11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The revenue growth rate is impacted by the base effect, while the dividend payout ratio continues to rise [2][9] - The company's net profit for 2025 is projected to grow by 0.3%, with a book value per share (BVPS) of 13.37 yuan [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, with a target price of 9.18 yuan per share [3] Financial Performance Summary - For 2023, the company reported an operating income of 26,414 million yuan, with a year-on-year growth of 3.1% [4] - The net profit attributable to the parent company for 2023 was 12,142 million yuan, reflecting a 10.6% increase year-on-year [4] - The company’s total assets and loan amounts grew by 6.8% and 6.0% respectively as of Q1 2025 [9] - The non-performing loan ratio remained stable, with a coverage ratio of 405% [9][12] Profitability and Valuation Metrics - The report forecasts the company's net interest income to decrease to 19,675 million yuan in 2025, with a projected net interest margin of 1.31% [12] - The price-to-earnings (P/E) ratio is expected to decline from 6.86 in 2023 to 6.54 in 2027 [12] - The price-to-book (P/B) ratio is projected to decrease from 0.74 in 2023 to 0.60 in 2027 [12] Dividend Policy - The dividend payout ratio increased from 33.1% to 33.9% in 2024, supported by strong core capital adequacy [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.75 CNY per share, indicating a potential upside of 24% from the current price [8]. Core Views - The company's non-recurring performance remains positive, with a forecast for profit growth in 2025, supported by stable asset quality and potential for provisioning release [3][8]. - The bank's dividend payout ratio has increased, reaching 33.91% for 2024, which translates to a dividend yield of 5.0% at the current price [7]. Financial Performance Summary - In Q1 2025, the company's revenue decreased by 7.4% year-on-year, while net profit attributable to shareholders grew by 0.3% [2]. - The non-recurring revenue for Q1 2025 showed a slight increase of 0.05%, and non-recurring net profit increased by 12.58% [3]. - The bank's loan and deposit growth rates improved to 6.6% and 5.9% year-on-year, respectively [4]. - The net interest margin decreased by 6 basis points to 1.31% due to a larger decline in asset yield compared to liability costs [5]. - The non-performing loan (NPL) ratio remained stable at 0.97%, with a provisioning coverage ratio of 339%, down 13 percentage points from the previous year [2][6]. Asset Quality and Dividends - The bank's asset quality indicators showed some fluctuations, with the NPL ratio stable and the attention rate rising to 1.49% [6]. - The dividend payout ratio has been consistently high, reflecting the bank's commitment to returning value to shareholders [7]. Profit Forecast and Valuation - The forecast for net profit growth from 2025 to 2027 is 1.51%, 1.88%, and 2.39%, respectively, with corresponding book values per share of 13.44, 14.32, and 15.22 CNY [8][15].