Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company reported a revenue growth of 3.9% year-on-year in Q1 2024, compared to a full-year growth of 3.0% in 2023. However, net profit growth was only 1.49% in Q1 2024, significantly lower than the 10.64% growth in 2023, primarily due to a 72.2% increase in credit impairment losses [7][12]. - The report highlights that the company has a solid capital base, stable asset quality, and a high dividend payout ratio, which is expected to continue. The focus on innovation in financial services and retail transformation is showing initial positive results [3][4]. Summary by Sections Financial Overview - The company's total revenue for 2023 was 26,381 million yuan, with a projected revenue of 27,259 million yuan for 2024, reflecting a growth rate of 3.3% [2]. - Net profit for 2023 was 12,142 million yuan, with an expected increase to 12,720 million yuan in 2024, indicating a growth rate of 4.8% [2]. Revenue and Profitability - Q1 2024 saw a revenue increase of 3.9% year-on-year, while net profit growth was impacted by credit impairment losses [7]. - The net interest margin for Q1 2024 decreased by 3 basis points to 1.52%, with a slight increase in interest income by 1.4% [12]. Asset and Liability Management - The company’s total loans increased by 6.1% year-on-year, with a significant portion of new loans being corporate loans [14]. - Total deposits grew by 6.2% year-on-year, although the growth in new deposits was lower compared to the previous year [15]. Non-Interest Income - Non-interest income showed a strong recovery in Q1 2024, with a year-on-year growth of 22%, driven by investment income and one-time revenues [4][8]. Asset Quality - The non-performing loan ratio remained stable at 1%, with a slight increase in overdue loans [4][14]. - The company has maintained a high coverage ratio for loan loss provisions, ensuring a strong safety margin [4]. Dividend Policy - The company continues to maintain a dividend payout ratio of over 30%, reflecting its commitment to returning value to shareholders [4][14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [3]. Core Views - The company has shown steady growth in revenue and profit, with a 3.9% year-on-year increase in revenue for Q1 2024, although net profit growth was impacted by credit impairment losses [7][13]. - The bank's financial health remains robust, with a focus on maintaining a high dividend payout ratio of over 30% and a strong capital adequacy ratio [3][15]. - The report highlights the bank's strategic positioning in Shanghai and the Yangtze River Delta, which supports its growth potential [3]. Summary by Sections Financial Overview - Q1 2024 revenue increased by 3.9% year-on-year, while net profit rose by 1.49%, affected by a 72.2% increase in credit impairment losses [7][9]. - The bank's total assets grew by 9.3% year-on-year, with total loans increasing by 6.1% [15][17]. Income and Profitability - Net interest income for Q1 2024 increased by 1.4% quarter-on-quarter, but the net interest margin decreased by 3 basis points to 1.52% [13][14]. - Non-interest income saw a significant rise of 69% year-on-year, driven by other non-interest income sources [15]. Asset and Liability Management - The bank's asset structure shows a decrease in the proportion of real estate loans, with corporate loans being the main driver of growth [15][17]. - Total deposits grew by 6.2% year-on-year, with a notable increase in interest-bearing liabilities by 9.7% [16][17]. Risk and Asset Quality - The non-performing loan ratio remains stable at below 1%, with a slight increase in overdue loans [15][18]. - The bank's provisioning coverage ratio is high, indicating a strong buffer against potential loan losses [15].

证券研究报告 2024 年05 月10 日 湘财证券研究所 公司研究 沪农商行（601825）业绩点评 资产稳健扩张，资本水平充足 相关研究： 核心要点：  营业收入增速稳定，投资收益贡献增加 1《. 银行业：高股息投资价值仍存》 2024.04.12 2023年，沪农商行营业收入同比增长3.07%，归母净利润同比增长10.64%。 2024Q1，营业收入同比增长3.69%，归母净利润同比增长1.48%。一季度营 收增速较上年略有提升，主要是投资收益增长带动非息收入增速提高，利 润增速放缓则由于拨备计提力度加大，信用减值损失同比增长72%，为应 对资产风险分类新规，预计一次性减值计提因素影响加大。收入结构方面， 2023年与2024Q1利息净收入分别同比下降0.26%/1.95%,非利息净收入同比 公司评级：增持 增长17.26%/20.98%。  资产稳健扩张，重点发力科创与普惠金融 近十二个月公司表现 2023年与2024Q1，沪农商行总资产同比增长8.65%/9.13%，贷款同比增长 6.09%/6.14%，存款同比增长7.73%/6.16%，业务规模稳健扩张。2023年， 科技型企业贷款余额同比增 ...

Summary of the Conference Call Company Overview - The conference call is hosted by Shanghai Rural Commercial Bank, with the Chief Financial Officer, Yao Xiaogang, leading the discussion [1] Key Points and Arguments - The bank expresses gratitude towards investors, analysts, and media for their ongoing support and interest in the bank's performance [1] Other Important Content - The call marks the annual performance briefing for 2023, indicating a focus on financial results and strategic insights for the year [1]

Summary of the Conference Call Company Overview - The conference call is regarding Shanghai Rural Commercial Bank's 2023 annual performance presentation, hosted by the Secretary of the Board and Chief Financial Officer, Yao Xiaogang [1] Key Points and Arguments - The company expresses gratitude towards investors, analysts, and media for their support and attention over the years [1] Other Important Content - No specific financial data, industry trends, or detailed performance metrics were provided in the excerpt [1]

证券代码：601825 证券简称：沪农商行 公告编号：2024-024 上海农村商业银行股份有限公司 关于董事会秘书任职资格获监管机构核准的公告 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。 2024 年 5 月 7 日 姚晓岗先生的简历详见公司于 2024 年 2 月 3 日在上海证券交易 所网站（www.sse.com.cn）披露的《上海农村商业银行股份有限公司 关于聘任董事会秘书的公告》。 特此公告。 上海农村商业银行股份有限公司董事会 上海农村商业银行股份有限公司（以下简称"公司"）近日收到 《国家金融监督管理总局上海监管局关于姚晓岗上海农村商业银行 股份有限公司董事会秘书任职资格的批复》（沪金复〔2024〕262 号）， 国家金融监督管理总局上海监管局已核准姚晓岗先生的公司董事会 秘书任职资格。姚晓岗先生已于 2024 年 3 月 19 日获得上海证券交易 所颁发的董事会秘书任职培训证明。根据相关规定，姚晓岗先生自 2024 年 5 月 6 日起就任公司董事会秘书。 ...

关于上海农村商业银行股份有限公司 首次公开发行股票并上市之保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准上海农村商 业银行股份有限公司首次公开发行股票的批复》（证监许可〔2021〕2038 号）核准， 上海农村商业银行股份有限公司（以下简称 "沪农商行"、"上市公司"、"公司"、 或"发行人"）首次公开发行人民币普通股（A 股）96,444.4445 万股，每股发行价 格人民币 8.90 元，募集资金总额为人民币 858,355.56 万元，扣除发行费用后，实际 募集资金净额为人民币 852,888.30 万元。本次发行证券已于 2021 年 8 月 19 日在上 海证券交易所上市。海通证券股份有限公司（以下简称"海通证券"）、国泰君安 证券股份有限公司（以下简称"国泰君安"，海通证券与国泰君安简称"联席保荐 机构"）作为本次公开发行股票项目持续督导的联席保荐机构，持续督导期间为 2021 年 8 月 19 日至 2023 年 12 月 31 日。 2023 年 12 月 31 日，持续督导期已届满，联席保荐机构根据《证券发行上市保 荐业务管理办法》《上海证券交易所股票上市规则》 ...

首次公开发行股票并上市 2023 年度持续督导报告书 | 联席保荐机构 | 海通证券股份有限公司、国泰君安证 | 上市公司简称 | 沪农商行 | | --- | --- | --- | --- | | | 券股份有限公司 | | | | 保荐代表人 | 杜娟、胡连生、蔡锐、张铎 | 上市公司代码 | 601825 | 海通证券股份有限公司、国泰君安证券股份有限公司 关于上海农村商业银行股份有限公司 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准上海农村 商业银行股份有限公司首次公开发行股票的批复》（证监许可〔2021〕2038 号） 核准，上海农村商业银行股份有限公司（以下简称"沪农商行"或"公司"）首 次公开发行人民币普通股（A 股）96,444.4445 万股，发行价格为人民币 8.90 元/ 股，募集资金总额为人民币 858,355.56 万元，扣除各项发行费用人民币 5,467.26 万元后，实际募集资金净额为人民币 852,888.30 万元。本次公开发行股票已于 2021 年 8 月 19 日在上海证券交易所上市。海通证券股份有限公司（以下简称"海 通证券"）、国泰君安证券股份有限公 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.16 CNY per share [4]. Core Insights - The company's revenue growth slightly rebounded in Q1 2024, while profit growth declined. Year-on-year growth rates for revenue, PPOP, and net profit attributable to shareholders were -1.4pct, -5.0pct, and -5.2pct respectively compared to Q3 2023 and 2023 [1]. - The bank's asset expansion is steady, with a notable increase in loans, particularly in the technology innovation finance sector, which saw a nearly 30% year-on-year growth in 2023 [1]. - The net interest margin has narrowed but the cost of liabilities has improved, with a net interest margin of 1.67% in 2023, down 5 basis points from the first half of 2023 [1]. - Asset quality remains stable, although the non-performing loan ratio increased slightly to 0.99% in Q1 2024 [1]. Financial Performance Summary - The company's revenue for 2023 was 26,414 million CNY, with a year-on-year growth of 3.1%. The projected revenue for 2024 is 27,314 million CNY, reflecting a growth of 3.4% [3]. - The net profit attributable to shareholders for 2023 was 12,142 million CNY, with a year-on-year growth of 10.6%. The forecast for 2024 is 12,709 million CNY, indicating a growth of 4.7% [3]. - The earnings per share (EPS) for 2023 was 1.26 CNY, with projections of 1.32 CNY for 2024 and 1.40 CNY for 2025 [2][3]. - The price-to-book ratio (PB) for 2024 is projected at 0.52X, with comparable companies averaging a PB of 0.57X [2][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company's revenue growth has slowed, primarily due to increased impairment provisions. In 2023, revenue and net profit attributable to shareholders grew by 3.1% and 10.6% year-on-year, respectively. In Q4 2023, revenue and net profit decreased by 1.5% and 12.7% year-on-year [2][4] - For Q1 2024, revenue and net profit attributable to shareholders increased by 3.7% and 1.5% year-on-year, respectively. The decline in net interest income by 2.0% is attributed to a decrease in loan growth to 6.5% and a slight decline in interest margins [2][4] Summary by Sections Financial Performance - In 2023, the company achieved operating income of 26.4 billion yuan, a year-on-year increase of 3.1%, and a net profit of 12.1 billion yuan, a year-on-year increase of 10.6%. For Q1 2024, operating income was 7.1 billion yuan, up 3.7% year-on-year, with a net profit of 3.6 billion yuan, up 1.5% year-on-year [3][4] Asset Quality - The non-performing loan (NPL) ratio slightly increased, remaining stable at the end of 2023, with a Q1 2024 increase of 2 basis points to 0.99%. The coverage ratio for provisions decreased to 405% at the end of 2023 and further declined to 382% in Q1 2024 [5][6] Loan Growth - Loan growth has slowed, with year-on-year increases of 6.4% in 2023 and 6.5% in Q1 2024. The total new loans for 2023 amounted to 40.9 billion yuan, with corporate loans contributing significantly [2][4] Interest Margin - The net interest margin for 2023 was 1.67%, a decrease of 16 basis points year-on-year. The loan yield decreased by 29 basis points to 4.24%, while the deposit cost rate fell by 5 basis points to 1.95% [2][4]