编号：2024-10 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 | --- | --- | --- | |-------------------------|-------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 2024 年 08 月 21 日 湘财证券研究所 公司研究 沪农商行（601825） 业绩保持正增，中期分红率提高 相关研究： 1.《沪农商行：资产稳健扩张，资 本水平充足》 2024.05.10 % 1 个月 3 个月 12 个月 相对收益 7.88 4.61 38.78 绝对收益 2.05 -4.78 26.85 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 营收增长放缓，非息收益贡献减弱 公司评级：增持 近十二个月公司表现 注：相对收益与沪深 300 相比 2024H1 与 2024Q1，沪农商行营业收入同比增长 0.23%/3.69%，归母净利润 同比增长 0.62%/1.48%，利息净收入同比下降 2.61%/1.95%,非息净收入同比 增长 8.86%/20.98%。营收增速较一季度放缓，主要是资产增速趋缓导致利 息收入增速下降，而费率下调、投资收益增速放缓压低非息收入贡献。与 一季度相比，拨备计提力度有所降低，归母净利润维 ...

Investment Rating - The report assigns a "Recommended" rating for the company, marking its first coverage [2][27]. Core Insights - The company achieved a revenue of 13.917 billion yuan in H1 2024, reflecting a year-on-year growth of 0.23%, while the net profit attributable to shareholders was 6.971 billion yuan, up 0.62% year-on-year. However, Q2 2024 saw a decline in both revenue and net profit by 3.13% and 1.18% respectively, with growth primarily driven by other non-interest income [5][7]. - The company has optimized its funding costs, with a net interest income of 10.181 billion yuan in H1 2024, down 2.61% year-on-year. The net interest margin (NIM) stood at 1.56%, a decrease of 11 basis points from the end of the previous year. The yield on interest-earning assets and the cost of interest-bearing liabilities were 3.48% and 1.98%, respectively, both lower than the previous year-end [7][17]. - The company has shown strong support for key sectors of the real economy, with significant growth in green credit (21.7%), technology enterprises (17.34%), and inclusive small and micro loans (5.7%) compared to the beginning of the year [7][17]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 13.917 billion yuan, with a year-on-year increase of 0.23%, and a net profit of 6.971 billion yuan, up 0.62% year-on-year. The growth in the first half was mainly attributed to other non-interest income [5][7]. Non-Interest Income - Non-interest income increased by 8.86% year-on-year, accounting for 26.85% of total revenue, although it decreased by 1.87 percentage points from the first quarter. The middle-income revenue fell by 17.39%, primarily due to a decline in insurance rates and a 25.46% drop in agency business income. Other non-interest income surged by 29.41%, driven by asset disposal gains and investment income [17][19]. Asset Quality and Capital Adequacy - As of June 2024, the company reported a non-performing loan (NPL) ratio of 0.97% and a focus loan ratio of 1.23%, both down from the previous quarter. The provision coverage ratio was 372.42%, a decrease of 9.42 percentage points. The core Tier 1 capital adequacy ratio improved to 14.68%, up 19 basis points [23][27]. Investment Recommendations - The company is well-positioned in the Shanghai market and the economically developed Yangtze River Delta region, with a strong focus on serving key sectors of the real economy. The report highlights the company's robust asset quality and risk absorption capacity, along with its first implementation of a mid-term dividend, increasing the payout ratio to 33.07% [27][30].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's operating income for H1 2024 increased by 0.23% year-on-year, while the net profit attributable to the parent company rose by 0.62%. The mid-term dividend payout ratio reached 33%, indicating a stable net interest margin quarter-on-quarter and a decrease in non-performing loans in the corporate real estate sector [4][6] - The mid-term dividend payout ratio has improved compared to the 2023 fiscal year, with a cash dividend of RMB 2.39 per 10 shares (before tax) [4] - The net interest margin for Q2 2024 is estimated to be 1.49%, remaining stable compared to Q1 2024, primarily due to a decrease in the cost of interest-bearing liabilities [4][6] - The non-performing loan ratio at the end of Q2 2024 was 0.97%, down 2 basis points from Q1 2024, while the proportion of loans under special attention decreased by 4 basis points to 1.23% [4][6] - The company’s loans to technology enterprises grew significantly, with a balance of RMB 108.6 billion, representing a year-on-year increase of 30% [4][6] Summary by Sections Financial Performance - The company forecasts EPS for 2024-2026 to be RMB 1.29, 1.36, and 1.44, with net profit growth rates of 2.45%, 5.31%, and 6.30% respectively [4][6] - The estimated reasonable value based on the DDM model is RMB 8.65, while the PB-ROE model gives a reasonable value of RMB 8.42, leading to a valuation range of RMB 8.42-8.65 [4][6] Dividend Policy - The mid-term dividend payout ratio for 2024 is 33.07%, an increase from 30.10% in 2023, reflecting the company's capital adequacy and moderate growth [4][6] Asset Quality - The company reported a decrease in the non-performing loan balance and ratio in the corporate real estate sector, with the non-performing loan ratio dropping to 1.73% [4][6] - The coverage ratio for provisions decreased to 372.42% from Q1 2024 [4][6] Loan Growth - The company’s loan growth rate for Q2 2024 was 6.18% year-on-year, while deposit growth was 4.94%, showing a slight slowdown compared to Q1 2024 [4][6] - The company is actively promoting innovative financing products for technology enterprises, enhancing its competitive position in the market [4][6]

[Table_RightTitle] 证券研究报告|银行 [Table_Title] 分红率提升至 33% 资本充足率保持高位 [Table_StockName] ——沪农商行（601825）点评报告 [Table_ReportDate] 2024 年 08 月 19 日 [Table_Summary] 报告关键要素: 沪农商行发布 2024 年中期业绩报告。 投资要点: ⚫ 中期分红，分红率为 33%：公司积极响应新"国九条"号召，在业绩 报告中宣布中期分红方案，每 10 股派发现金 2.39 元，按照当期归 母净利润计算的分红率为 33%，按照 8 月 16 日收盘价测算的非年化 股息率为 3.65%。截至 6 月末，沪农商行核心一级资本充足率为 14.68%，较上年末上升 1.36%。 总资产同比增速 7.02%，贷款同比增速 6.18%：截至 2024 年 6 月末， 沪农商行总资产同比增速 7.02%，其中，贷款同比增速 6.18%，金融 投资同比增速 10.63%。 零售业务稳步发展：零售金融资产（AUM）余额 7735.37 亿元，较上 年末增加 276.55 亿元，增幅 3.71%。贵宾及财富 ...

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company achieved positive growth in both revenue and net profit in the first half of 2024, with revenue reaching 13.917 billion yuan (YoY, 0.23%) and net profit attributable to shareholders at 6.971 billion yuan (YoY, 0.62%) [1] - Total assets grew by 7.02% year-on-year to 1.45 trillion yuan, with deposits increasing by 6.93% and loans by 6.18% [2] - The company has strengthened its liability advantage, with a net interest margin of 1.56%, down 16 basis points year-on-year [2] - The non-interest income increased by 8.86%, driven mainly by financial investment income [2] - Asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 372.42% [2] Financial Performance Summary - For the first half of 2024, the annualized weighted average ROE was 11.89%, a decrease of 1.18 percentage points year-on-year [1] - The mid-term dividend payout ratio increased to 33.07%, up approximately 3 percentage points from 2023 [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 12.9 billion, 14 billion, and 15.1 billion yuan, with corresponding year-on-year growth rates of 6.5%, 7.9%, and 8.2% [2][6] - The diluted EPS for the same period is projected to be 1.34, 1.45, and 1.57 yuan, with current PE ratios of 4.9, 4.5, and 4.2 times, and PB ratios of 0.52, 0.48, and 0.44 times [2][6]

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 编号：2024-09 | --- | --- | --- | |------------|---------------|--------------| | | ☑特定对象调研 | ☑分析师会议 | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | □ 其他： | | --- | |--------------------------------------------------------------------------------| | 2024年8月16 日 18:00-19:00 电话会议 | | 国盛证券、招商证券、广发证券、中信证券、浙商证券、中信建投证券、海通证券、中金 | | 公司、兴业证券、美银证券、华泰证券、国泰君安证券、国投证券、耕霁投资、开源证 | | 券、华创证券、华福证券、湘财证券、光大证券、长江证券、东方证券、民生证券、信达 | | 证券、国信证券、申万宏源证券、平安证券、东兴证券、财通证券 ...

副公司 银行 时间》 / 생盛园 苦労車殊 P&商行 申万宏遜研究微信服务导 -年内股价与大盘对比走势 : 2024 年 08 月 16 日市场数据： 收盘价（元）6.54 -年内最高/最低 (元)8.25/5.56 市净率.0.5 息率 (分红/股价)5.80 流通 A 股市值 (百万元)30,226 上证指数/深证成指2,879.43/8,349.87 注："息率"以最近一年已公布分红计算 2024 年 06 月 30 日月花設居： 铅股净资产 (元)12.28 91.59资产负债率% 总股本/流通 A 股(百万)9,644/4,622 流通 B 股/H 股（百万）-{ 财务数据及盈利预测 百万元202220232024E2025E2026E 营业总收入（百万元）25,627.2726,541.3927,729.0429,098.5926,413.80 3.07 0.484.47营业总收入同比增长率 (%)6.054.94 资产减值损失 (百万元)3,868.913,207.373,654.614,002.314,106.65 资产减值损失同比增长率 (%)(13.94)(17.10)13.949.51 ...

沪农商行(601825)/银行 证券研究报告/公司点评 2024 年 08 月 18 日 [Table_Industry] [Table_Title] 评级：增持(维持) 市场价格：6.54 分析师 戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 研究助理 杨超伦 Email：yangcl@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 9,644 | | 流通股本(百万股) | 4,622 | | 市价(元) | 6.54 | | 市值(百万元) | 63,075 | | 流通市值(百万元) | 30,226 | [Table_QuotePic] 股价与行业-市场走势对比 -20% -10% 0% 10% 20% 30% 40% 50% 2023-08-162023-09-052023-09-252023-10-232023- ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 18 年 月 日 沪农商行（601825.SH） 业绩正增长，分红比例提升至 33% 事件：沪农商行发布 2024 半年报，营业收入 139 亿元，同比增 0.2%， 归母利润 70 亿元，同比增 0.6%。中期每股派发 0.239 元，分红比例由 30%提升至 33%。 业绩：排除一次性扰动后利润增速超 6% 沪农商行 2024 上半年收入、利润增速分别为 0.2%、0.6%，较一季度分 别下降 3.5pc、0.9pc。23Q2 公司有一笔 4.8 亿大额营业外投资收入，排 除此影响后 2024H1 利润增速超过 6%，较一季度改善明显。 1）利息净收入：2024H1 同比下滑 2.6%，其中上半年净息差为 1.56%， 较 2023 年下滑 11bps，预计下半年降幅有望收窄，资负两端拆分来看： A、资产端：生息资产、贷款收益率较 2023 年分别下降 0.18pc、0.31pc 至 3.48%、3.93%，贷款细分来看，对公贷款利率下降 0.31pc，零售贷款 利率下降 0.08pc。除各类贷款利率下降外，由于有效需求不足，6 月末 ...