编号：2024-15 证券代码：601825 证券简称：沪农商行 上海农村商业银行股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|-------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：601825 证券简称：沪农商行 公告编号：2024-050 上海农村商业银行股份有限公司 关于高级管理人员和部分董事、监事自愿增持 公司股份计划实施完毕暨增持结果的公告 本公司董事会、全体董事及相关股东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 和完整性承担法律责任。 重要内容提示： 近日，公司收到增持主体增持公司股份完成情况的告知函，现将 有关情况公告如下： 一、增持主体的基本情况 1 上海农村商业银行股份有限公司（以下简称"公司"）高级管 理人员和部分董事、监事合计 12 人（以下简称"增持主体"） 计划自 2024 年 8 月 19 日起 6 个月内以自有资金通过上海证 券交易所交易系统集中竞价交易方式增持不少于 550.00 万元 人民币公司 A 股股份，拟增持公司股份价格不设区间。 截至 2024 年 12 月 4 日，增持主体通过上海证券交易所交易系 统以集中竞价的方式累计增持公司股份 892,800 股，累计增持 金额 6,012,068 元，占本次增持股份计划金额下限的 109.31%， 本次增持计划实施完毕。 1. 增持主体情况：公司高 ...

编号：2024-14 证券代码：601825 证券简称：沪农商行 上海农村商业银行股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------------|---------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 7.90 CNY and a reasonable value of 9.25 CNY [2]. Core Insights - The company reported a steady performance in Q3 2024, with revenue, PPOP, and net profit attributable to shareholders growing by 0.3%, -3.3%, and 0.8% year-on-year, respectively. The growth rates showed slight improvements compared to the first half of 2024 [2][3]. - Key highlights include a rebound in loan growth, particularly in mortgage loans, which saw a quarterly increase of 1.307 billion CNY in Q3 2024, contributing 17.56% to total loan growth [2][3]. - Non-interest income showed significant growth, with a year-on-year increase of 32.7%, driven mainly by investment income, which rose by 67.37% [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company experienced a year-on-year revenue growth of 0.3%, while PPOP and net profit attributable to shareholders decreased by 3.3% and increased by 0.8%, respectively [2][3]. - The company's total assets grew by 7.91% year-on-year, with loan and deposit growth rates of 6.02% and 8.86%, respectively [6][12]. - The non-performing loan (NPL) ratio remained stable at 0.97%, with a provision coverage ratio of 364.98%, indicating solid asset quality [2][3]. Profitability and Valuation - The forecast for net profit growth is 1.6% and 3.3% for 2024 and 2025, respectively, with EPS projected at 1.28 CNY and 1.32 CNY [2][3]. - The current price corresponds to a PE ratio of 6.2X for 2024 and 6.0X for 2025, with a PB ratio of 0.6X for both years, suggesting the stock is undervalued based on historical PB averages [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - Revenue and profit growth have slightly improved, with non-interest income showing marginal improvement. As of Q3 2024, the company's revenue, PPOP, and net profit attributable to the parent company have increased year-on-year by 0.3%, -3.3%, and 0.8% respectively compared to H1 2024 [1][2] - The company has accelerated its scale expansion, with individual loan growth showing positive trends. As of Q3 2024, total assets and loan growth rates have increased by 0.9% and 0.4% respectively, reaching 7.9% and 6.0%. Individual loan growth improved by 1.6% quarter-on-quarter, supported by favorable policies in real estate and consumption [2][3] - The non-performing loan ratio remains stable, and the provision coverage ratio has decreased, indicating sufficient profit space for reinvestment. As of Q3 2024, the non-performing loan ratio is 0.97%, unchanged from the previous quarter, while the provision coverage ratio has decreased by 7.4% to 365.0% [2][3] Financial Summary - The company’s revenue for 2024 is projected to be 26,631 million yuan, with a year-on-year growth of 0.8%. The net profit attributable to the parent company is expected to be 12,340 million yuan, reflecting a growth of 1.6% [4][9] - Earnings per share (EPS) for 2024 is forecasted at 1.28 yuan, with book value per share (BVPS) at 12.58 yuan. The current stock price corresponds to a price-to-book (PB) ratio of 0.62X for 2024 [3][4] - The report indicates a reasonable value of 8.64 yuan per share based on comparable companies' adjusted average PB for 2024 [3][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 shows improvement in growth rates, with revenue increasing by 0.4% year-on-year and net profit rising by 0.8% compared to the first half of 2024 [5][7] - The bank's asset and liability growth rates are recovering, with individual loan issuance showing signs of recovery [7][8] - The non-interest income has increased by 12.1% year-on-year, indicating a positive trend in this area [10] Summary by Relevant Sections Revenue and Profitability - In Q3 2024, the company's revenue increased by 0.4% year-on-year, while net profit rose by 0.8% [5] - The cumulative revenue growth for the company was 4.4% year-on-year, with net profit growth of 8.2% [5] Net Interest Income - The net interest income decreased by 1.6% quarter-on-quarter, with the annualized net interest margin declining by 3 basis points to 1.48% [7] - The yield on interest-earning assets fell by 4 basis points to 3.31%, while the cost of interest-bearing liabilities remained stable at 1.92% [7] Asset and Liability Growth - The growth rate of interest-earning assets increased by 7.3% year-on-year, with loans growing by 6% [7] - Individual loans saw a quarterly increase of 21.3 billion, reflecting a recovery in loan issuance [7] Non-Interest Income - Non-interest income grew by 12.1% year-on-year, with net fee income showing a reduction of 16.4% [10] - The growth in other non-interest income was significant, increasing by 33.5% year-on-year [10] Asset Quality - The non-performing loan ratio remained stable at 0.97%, indicating a solid asset quality [12][14] - The coverage ratio for provisions decreased to 364.98%, but overall safety margins remain high [14]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown stable credit expansion and an increase in deposit growth [2] - The performance indicators for Q3 2024 show total assets, loans, and deposits growing year-on-year by 7.9%, 6.0%, and 8.9% respectively, with loan balances reaching 428.762 billion yuan, a 5.0% increase [3] - Non-interest income has increased by 11.8% year-on-year, driven by improved fee and commission income from wealth management and strong performance in financial market operations [3] - The company maintains a stable asset quality with a non-performing loan ratio of 0.97% and a provision coverage ratio of 364.98% [3] Summary by Sections Financial Performance - For Q3 2024, the company's operating income growth is 0.3% and net profit growth is 0.8%, both slightly up from mid-year figures [3] - The forecast for operating income from 2024 to 2026 shows a gradual increase, with expected revenues of 26.6 billion yuan in 2024 and 27.7 billion yuan in 2026 [5] - The projected net profit for 2024 is 12.269 billion yuan, reflecting a growth rate of 1.1% [5] Asset Quality - The company’s non-performing loan ratio remains stable at 0.97%, with a slight increase in the attention loan ratio to 1.36% [3] - The capital adequacy ratio is strong at 14.51%, indicating a solid capital position [3] Investment Outlook - The company is expected to maintain stable credit growth supported by incremental policy measures, with potential for further reduction in funding costs due to improved deposit management [3] - The adjusted forecast for net profit growth from 2024 to 2026 is 1.1%, 2.6%, and 4.2% respectively, with corresponding EPS of 1.31, 1.34, and 1.40 yuan [3][5]

编号：2024-13 证券代码：601825 证券简称：沪农商行 上海农村商业银行股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------------|---------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a year-on-year increase in both revenue and profit for Q3 2024, with revenue up by 0.6% and net profit attributable to shareholders up by 1.2% [4] - The bank's wealth management system is steadily advancing, optimizing deposit maturity structure while reducing liability costs [4] - Asset quality remains stable, with a non-performing loan ratio holding steady at 0.97% in Q3 2024 [4] Financial Performance Summary - For the first three quarters of 2024, revenue increased by 0.3% year-on-year, and net profit rose by 0.8% [4] - The core Tier 1 capital adequacy ratio improved by 1.26 percentage points to 14.51% [4] - The bank's savings AUM balance reached 546.43 billion yuan, a growth of 7.5%, while non-savings AUM was 239.23 billion yuan, up by 0.7% [4] Interest Margin and Income - The net interest margin for the first three quarters of 2024 was 1.47%, a decrease of 2 basis points compared to the first half of 2024 [5] - The bank's net interest income decreased by 4.0% year-on-year in Q3 2024 [5] - The report predicts EPS for 2024-2026 to be 1.29, 1.35, and 1.42 yuan, with net profit growth rates of 2.69%, 4.23%, and 5.44% respectively [5] Valuation Metrics - The reasonable value range for the company is estimated to be between 8.42 and 9.06 yuan, corresponding to a PE ratio of 6.51-7.01 times for 2024 [5] - The bank's PB valuation for 2024 is set at 0.65 times, compared to a peer average of 0.57 times [5] Comparative Analysis - The bank's average ROE for 2023 is 11.33%, with projected values of 10.51%, 9.89%, and 9.47% for 2024, 2025, and 2026 respectively [6] - The bank's non-performing loan coverage ratio is projected to be 362.69% in 2024, indicating a strong buffer against potential loan losses [6]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 8.64 CNY, compared to the current price of 7.90 CNY [1]. Core Views - The company has shown a rebound in performance in Q3 2024, with operating income reaching 20.48 billion CNY, a year-on-year increase of 0.34%. The net profit attributable to the parent company was 10.49 billion CNY, up 0.81% year-on-year [1]. - The asset quality remains stable, with a non-performing loan ratio holding steady at 0.97% and a provision coverage ratio decreasing by 7.4 percentage points to 365% [1]. - The report indicates that the low point of annual performance has passed, with revenue and profit growth rates recovering in the first three quarters of 2024. The growth in retail loans has shown signs of improvement, particularly in mortgage loans, which have returned to positive growth [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating income of 20.48 billion CNY, with a growth rate of 0.34% year-on-year. The net profit attributable to the parent company was 10.49 billion CNY, reflecting a year-on-year increase of 0.81% [1][2]. - The Q3 2024 revenue growth rate was 0.58%, an increase of 3.7 percentage points compared to the previous quarter, driven by improved investment income from the bond market and a recovery in retail loan demand [1]. Asset Quality - The non-performing loan ratio remained stable at 0.97%, with a slight decrease in the provision coverage ratio to 365%. The report notes a marginal improvement in risk indicators, with the non-performing loan generation rate decreasing to 0.63% [1][3]. - The report highlights that the company’s management has shown confidence in future growth by increasing their shareholdings [1]. Future Outlook - The company is expected to see a gradual recovery in credit demand as the economy stabilizes and mortgage rates decrease. The projected revenue growth rates for 2024E-2026E are 0.9%, 1.7%, and 5.5%, respectively [1][2]. - The report emphasizes the company's solid customer base and stable business development, particularly in sectors like technology innovation and pension finance, which are seen as areas of competitive advantage [1].