Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company's performance shows marginal improvement with a revenue of 20.484 billion yuan for the first nine months of 2024, a year-on-year increase of 0.34%, and a net profit attributable to shareholders of 10.485 billion yuan, up 0.81% year-on-year [2]. - The company has successfully reduced deposit costs, with the interest-bearing deposit rate decreasing by 24 basis points compared to the end of the previous year [2]. - The company has a strong focus on technology and green loans, with significant growth in these areas, indicating a clear characteristic of innovation finance [2][3]. - The asset quality remains stable with a non-performing loan ratio of 0.97%, and the capital adequacy ratio is solid, with a core Tier 1 capital ratio of 14.51% [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 20.484 billion yuan, with a year-on-year growth of 0.34%. The net profit attributable to shareholders was 10.485 billion yuan, reflecting a year-on-year increase of 0.81% [2]. - The annualized weighted average ROE was 11.87%, a decrease of 1.16 percentage points year-on-year [2]. Income Sources - The net interest income for the first nine months of 2024 was 15.232 billion yuan, down 3.08% year-on-year, with an annualized net interest margin of 1.48%, a decline of 8 basis points from the first half of 2024 [2]. - Non-interest income reached 5.252 billion yuan, a year-on-year increase of 11.76%, primarily driven by a significant rise in investment income, which grew by 67.37% [2]. Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 0.97%, unchanged from the end of the previous year, while the coverage ratio was 364.98%, down 40 percentage points year-on-year [3]. - The core Tier 1 capital adequacy ratio improved by 1.19 percentage points to 14.51% as of September 2024, indicating a strong capital position [3]. Investment Recommendations - The company is well-positioned in the economically developed Yangtze River Delta region, with a strong emphasis on serving key sectors of the real economy and a notable focus on retail financial strategies [3]. - The report forecasts BVPS for 2024-2026 to be 12.54 yuan, 13.49 yuan, and 14.46 yuan, respectively, with corresponding PB ratios of 0.63X, 0.59X, and 0.55X [3].

证券研究报告 | 2024年10月27日 沪农商行（601825.SH）2024 年三季报点评 中性 营收利润增速略有改善 三季报营收利润增速略有改善。公司 2024 年前三季度实现营收 204.84 亿元 （YoY,+0.34%），归母净利润 104.85 亿元（YoY,+0.81%）。公司上半年营 收和利润同比分别增长 0.23%和 0.62%，三季度业绩保持正增且略有改善。 公司2024年前三季度年化加权平均ROE为11.87%，同比下降1.16个百分点。 资产增长稳健，个贷需求或有所改善。截至 9 月末，公司总资产同比增长 7.91%至 1.48 万亿元，其中贷款同比增长 6.02%至 7433 亿元。1-9 月新增信 贷投放 318 亿元，分项来看，对公/个人/票据贷款分别同比增长 5.00%/-1.46%/30.68%，票据冲量较为明显，对公端则起到相对支撑作用。 三季度单季新增信贷74 亿元，对公/个人/票据贷款分别投放13/21/40 亿元， 个人贷款增长单季度由负转正，释放积极信号，个贷需求或有所改善。 净息差延续收窄，非息收入增长亮眼。我们测算的公司 1-9 月净息差 1.48%， 同比下 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company reported a slight increase in revenue and net profit for the first nine months of 2024, with revenue at 20.5 billion yuan, up 0.3% year-on-year, and net profit at 10.5 billion yuan, up 0.8% year-on-year [3][6]. - The report highlights that the company's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 0.97% and a provision coverage ratio decreasing to 365% [4][6]. - The report emphasizes the company's focus on optimizing its asset structure amid weak demand, with a loan growth rate of approximately 6% in Q3 2024, driven by retail loans recovering slightly [4][6]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a revenue of 20.5 billion yuan, a year-on-year increase of 0.3%, and a net profit of 10.5 billion yuan, up 0.8% [3][6]. - The interest income decreased by 3.1% year-on-year, while non-interest income grew by 11.8% [4][6]. - The company expects net profit growth rates of 1.1%, 2.8%, and 5.8% for 2024, 2025, and 2026 respectively [6]. Asset Quality - The NPL ratio remained stable at 0.97% in Q3 2024, with an annualized NPL generation rate of 0.55% [4][6]. - The provision coverage ratio decreased by 7.4 percentage points to 365% in Q3 2024, indicating a slight reduction in the buffer against potential loan losses [6][11]. Loan and Deposit Trends - The company reported a loan growth of 6% year-on-year in Q3 2024, with significant contributions from private, technology, and green sectors [4][6]. - Retail loans showed signs of recovery, contributing nearly 30% to the new loans in Q3 2024 [4][6]. - The report indicates a shift in focus towards optimizing loan structures, with a notable increase in retail deposits [9][10].

Investment Rating - The report maintains an "Accumulate" rating for the company [5][9]. Core Views - The company's performance shows improvement in revenue and profit growth, with a year-on-year revenue increase of 0.3% and a net profit increase of 0.8% for the first three quarters of 2024 [2][5]. - Asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 364.98% as of Q3 2024, indicating a solid financial position [3][5]. - The management's confidence is reflected in their share buyback plan, which has exceeded its initial target [5]. Financial Performance - Revenue for the first three quarters of 2024 reached 20.5 billion yuan, with a slight increase compared to the previous period [2]. - Net interest income decreased by 3.1% year-on-year, while non-interest income from other sources increased by 32.8%, significantly supporting overall revenue [2]. - The company reported a credit cost of 0.28%, which is a decrease of 12 basis points year-on-year, indicating improved credit quality [3]. Asset Quality - The non-performing loan ratio remained stable at 0.97%, with a slight increase in the attention ratio to 1.36% [3]. - The provision coverage ratio decreased by 7.4 percentage points compared to the previous quarter, reflecting a proactive approach to managing potential credit risks [3]. Asset and Liability Management - Total assets and loans reached 1.48 trillion yuan and 743.3 billion yuan respectively, with year-on-year growth rates of 7.9% and 6.0% [4]. - Retail loans showed a positive trend, with a net increase of 21.3 billion yuan in Q3 2024, and mortgage loans increased by over 40% year-on-year [4]. - Total liabilities and deposits also grew, with total deposits reaching 1.06 trillion yuan, reflecting a year-on-year increase of 8.9% [4]. Corporate Governance - The management's confidence in the company's future is demonstrated by their share buyback plan, which has already exceeded the initial target of 5.5 million yuan [5].

Financial Performance - The total operating income for Q3 2024 reached RMB 6,566,785, reflecting a year-on-year increase of 0.58%[3] - The net profit attributable to shareholders of the parent company for Q3 2024 was RMB 3,514,359, representing a year-on-year growth of 1.19%[3] - The company achieved operating revenue of 20.484 billion yuan, a year-on-year increase of 0.34%[13] - Net profit attributable to shareholders was 10.485 billion yuan, up 0.81% year-on-year; annualized return on total assets was 1.00%, down 0.08 percentage points[13] - Total profit for the period was RMB 12,926,693 thousand, slightly up from RMB 12,918,575 thousand, indicating a marginal increase of 0.06%[34] - Net profit attributable to shareholders of the parent company reached RMB 10,485,188 thousand, compared to RMB 10,400,723 thousand in the previous year, marking a growth of 0.81%[34] - The company's other comprehensive income increased significantly to 5.93 billion RMB from 3.31 billion RMB, indicating improved financial performance[31] Assets and Liabilities - The total assets as of September 30, 2024, amounted to RMB 1,476,689,143, an increase of 6.07% compared to the end of 2023[4] - The total liabilities as of September 30, 2024, were RMB 1,353,061,927, up by 6.05% from the end of 2023[4] - The net asset attributable to shareholders of the parent company was RMB 119,574,233, marking a 6.36% increase from the end of 2023[4] - As of September 30, 2024, total assets reached 1.477 trillion RMB, an increase from 1.392 trillion RMB at the end of 2023, reflecting a growth of approximately 6.1%[30] - The company's total liabilities amounted to 1.353 trillion RMB, up from 1.276 trillion RMB at the end of 2023, indicating a growth of about 6%[31] - The total equity attributable to shareholders increased to 119.57 billion RMB from 112.43 billion RMB, representing a growth of approximately 6.4%[31] Loans and Advances - The total loans and advances amounted to RMB 743,316,974, an increase from RMB 711,483,312 at the end of 2023[6] - The company's loans and advances to customers stood at 718.68 billion RMB, compared to 684.88 billion RMB at the end of 2023, marking an increase of about 4.9%[30] - The balance of inclusive small and micro loans was 81.049 billion yuan, up 4.01% from the end of the previous year[19] - Corporate customer financing totaled 620.295 billion yuan, an increase of 45.610 billion yuan or 7.94% year-on-year[17] - The company's technology-oriented enterprise loan balance reached CNY 110.29 billion, an increase of CNY 17.77 billion or 19.21% compared to the end of the previous year, with 80.21% of loans allocated to small and medium-sized technology enterprises[20] - The number of technology enterprise loan clients increased to 4,080, representing a growth of 805 clients or 24.58% year-over-year[20] Customer Base - The number of personal customers (excluding credit card customers) increased to 24.3608 million, a growth of 4.80%[15] - Retail financial assets under management (AUM) amounted to 785.658 billion yuan, a growth of 5.33% year-on-year[15] Capital Adequacy and Liquidity - The liquidity coverage ratio stood at 163.96% as of September 30, 2024, indicating strong liquidity position[12] - The core Tier 1 capital adequacy ratio was 14.51% as of September 30, 2024, slightly up from 14.47% in the previous quarter[8] - The core tier one capital adequacy ratio was 14.51%, meeting regulatory requirements[14] - The non-performing loan ratio remained stable at 0.97% as of September 30, 2024[10] - The company's non-performing loan ratio remained stable at 0.97%, unchanged from the end of the previous year[14] Dividends and Shareholder Returns - The company distributed a cash dividend of RMB 0.239 per share to ordinary shareholders, totaling RMB 2,305,022,222.36[2] - The company reported a mid-term cash dividend distribution of 2.39 RMB per 10 shares, totaling 2.305 billion RMB, with a distribution ratio of 33.07% for the 2024 mid-term[28] - The company plans to implement a share buyback program with a minimum investment of 5.5 million RMB by senior management and board members, reflecting confidence in future growth[29] Green Finance Initiatives - The company's green credit balance reached CNY 79.11 billion, reflecting a year-over-year increase of 28.79%[22] - The balance of on-balance sheet green bond investments was CNY 15.23 billion, up 31.84% from the previous year[22] - The balance of green leasing reached CNY 15.63 billion, marking a significant increase of 54.02% year-over-year[22] - The company has trained over 1,700 personnel to improve green finance data quality and governance[23] - The company plans to continue its digital transformation in green finance, launching the second phase of its green finance system[23] Operational Efficiency - The bank's cash flow from operating activities generated a net amount of RMB 30,920,069 thousand, an increase from RMB 24,037,311 thousand in the same period last year[35] - The net increase in customer deposits and interbank and other financial institution deposits was RMB 44,182,190 thousand, up from RMB 24,524,846 thousand, showing a significant increase of 80.00%[35] - The bank's total assets increased, with net loans and advances to customers rising to RMB 34,829,615 thousand, compared to RMB 32,383,312 thousand in the previous year, reflecting a growth of 7.61%[35] - The bank's investment income increased to RMB 2,007,582 thousand from RMB 1,199,458 thousand, representing a substantial growth of 67.38% year-over-year[32] Cash Flow Analysis - Cash inflow from investment activities totaled CNY 107,576,221, a significant increase from CNY 69,096,736 in the same period last year, representing a growth of approximately 55.7%[36] - Cash outflow from investment activities was CNY 125,265,265, slightly higher than CNY 124,237,797 in the previous year, indicating a marginal increase of 0.8%[36] - Net cash flow from investment activities showed a deficit of CNY 17,689,044, an improvement from a deficit of CNY 55,141,061 year-over-year[36] - Cash inflow from financing activities was CNY 76,645,024, down from CNY 98,555,262, reflecting a decrease of about 22.2%[36] - Cash outflow from financing activities decreased to CNY 81,664,314 from CNY 90,969,269, marking a reduction of approximately 10.5%[36] - The net increase in cash and cash equivalents was CNY 8,147,700, a recovery from a decrease of CNY 23,537,144 in the previous year[36] - The ending balance of cash and cash equivalents reached CNY 37,420,208, up from CNY 31,282,256 year-over-year, representing an increase of approximately 19.5%[36] - Cash received from investment income was CNY 10,772,827, an increase from CNY 9,092,640, reflecting a growth of about 18.5%[36] - Cash received from the disposal of fixed assets and other long-term assets amounted to CNY 562,249, significantly higher than CNY 138,181 in the previous year, indicating a growth of approximately 307.5%[36]

本公司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 担法律责任。 重要内容提示： 证券代码：601825 证券简称：沪农商行 公告编号：2024-049 上海农村商业银行股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩 说明会的公告 上海农村商业银行股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日发布公司 2024 年三季度报告，为便于广大投资者更全 面深入地了解公司 2024 年三季度经营成果、财务状况，公司定于 2024 年 11 月 13 日(星期三)下午 15:00-16:30 参加"2024 年上海辖区上 市公司三季报集体业绩说明会"活动，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年三季 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， 会议召开时间：2024 年 11 月 13 日（星期三）下午 15:00-16:30 会议召开地点： 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、说明会召开的时间、地点 （一 ...

证券代码：601825 证券简称：沪农商行 公告编号：2024-046 上海农村商业银行股份有限公司 第四届董事会第三十六次会议决议公告 本公司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 担法律责任。 上海农村商业银行股份有限公司（以下简称"公司"）第四届董 事会第三十六次会议以现场加远程视频电话接入方式于 2024 年10 月 25 日在上海召开，会议通知及会议文件已于 2024 年 10 月 15 日以邮 件方式发出。本次会议应出席董事 18 人，亲自出席董事 18 人，本次 会议符合《公司法》和《公司章程》关于召开董事会法定人数的规定， 表决所形成的决议合法、有效。会议由徐力董事长主持，公司部分监 事、非董事高级管理人员列席会议。 会议经审议并表决通过以下议案： 一、关于公司 2024 年第三季度报告的议案 表决情况：同意 18 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过，全体成员同意提交 董事会审议。 详见公司同日在上海证券交易所网站披露的《上海农村商业银行 股份有限公司 2024 年第三季度报告》。 ...

证券代码：601825 证券简称：沪农商行 公告编号：2024-047 上海农村商业银行股份有限公司监事会 1 会议审议并表决通过《关于公司 2024 年第三季度报告的议案》。 表决情况：同意 5 票，反对 0 票，弃权 0 票。 监事会认为，公司 2024 年第三季度报告的编制和审议程序符合 国家法律、法规和《公司章程》等规定；报告内容真实、准确、完整 地反映了报告期内公司的经营管理和财务状况。 特此公告。 2024 年 10 月 26 日 上海农村商业银行股份有限公司 第四届监事会第十九次会议决议公告 本公司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 担法律责任。 上海农村商业银行股份有限公司（以下简称"公司"）第四届监 事会第十九次会议以现场方式于 2024 年 10 月 25 日在上海召开，会 议通知及会议文件已于 2024 年 10 月 15 日以电子邮件方式发出。本 次会议由连柏林外部监事召集并主持，应参会监事 5 人，实际参会监 事 5 人。本次会议符合《公司法》和《公司章程》关于召开监事会法 定人数的规定，表决所形成决议合法 ...

沪农商行：前三季度净利润104.85亿元 同比增长0.81% 财联社10月25日电，沪农商行发布2024年第三季 度报告，公司前三季度实现营业收入204.84亿元，同比增长0.34%；归属于母公司股东的净利润104.85 亿元，同比增长0.81%。 公司资产总额1.48万亿元，较上年末增长6.07%。 不良贷款率0.97%，与上年末持平。 拨备覆盖率364.98%，较上年末下降。 查看公告原文 ...

编号：2024-12 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 | --- | --- | --- | --- | |-----------------------|--------------------------------------------------------|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...