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].

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].

Investment Rating - The investment rating for the company is "Neutral" [3] Core Views - The company's revenue and profit growth showed slight improvement in the third quarter of 2024, with total revenue reaching 20.484 billion yuan (YoY, +0.34%) and net profit attributable to shareholders at 10.485 billion yuan (YoY, +0.81%) [1] - The annualized weighted average ROE for the first three quarters of 2024 was 11.87%, a decrease of 1.16 percentage points year-on-year [1] - Total assets grew steadily, increasing by 7.91% year-on-year to 1.48 trillion yuan, with loans rising by 6.02% to 743.3 billion yuan [1] - The net interest margin continued to narrow, measured at 1.48%, down 27 basis points year-on-year, while non-interest income grew by 11.76% [1] - The non-performing loan ratio remained stable at 0.97%, while the attention ratio increased slightly to 1.36% [1] Financial Forecasts - The company is expected to achieve net profits of 12.563 billion yuan, 13.140 billion yuan, and 13.882 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 3.5%, 4.6%, and 5.6% [2][4] - The diluted EPS is projected to be 1.30 yuan, 1.36 yuan, and 1.44 yuan for the years 2024, 2025, and 2026 respectively [2][4] - The current stock price corresponds to a PE ratio of 6.1, 5.8, and 5.5 for the years 2024, 2025, and 2026, and a PB ratio of 0.63, 0.58, and 0.54 respectively [1][2]

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 ...