渝农商行(601077)：其他非息高增 带动营收增速回正

Core Viewpoint - Chongqing Rural Commercial Bank (渝农商行) has shown a positive revenue growth of 1% year-on-year for 2024, driven primarily by significant contributions from non-interest income, particularly in the fourth quarter [1] Group 1: Revenue and Profitability - The bank's net profit increased by 5.6% year-on-year, with a notable recovery in revenue growth due to a 55.6% surge in other non-interest income [1] - In Q4 2024, net interest income grew by 3.11% quarter-on-quarter, with an annualized net interest margin improving by 4 basis points to 1.61% [1] - The yield on interest-earning assets decreased by 2 basis points to 3.24%, while the cost of interest-bearing liabilities fell by 5 basis points to 1.73%, contributing to the recovery of the interest margin [1] Group 2: Asset and Liability Management - In Q4 2024, the bank's asset deployment was primarily focused on structural adjustments, with a total loan issuance of -1.1 billion, a reduction of 1.45 billion compared to the same period in 2023 [2] - The bank's deposit scale increased by 2.06 billion in Q4 2024, significantly higher than the previous year, with a 0.5 percentage point increase in the proportion of interest-bearing liabilities [2] - The growth rate of demand deposits turned positive at 2.1% year-on-year, with the proportion of total deposits rising by 1.6 percentage points to 26.1% [2] Group 3: Non-Interest Income - The bank's net non-interest income grew by 28.9% year-on-year, with a significant increase in other non-interest contributions [2] - Fee income from bank cards saw a decline of 47.2%, negatively impacting overall fee growth [2] - The bank experienced a 55.6% year-on-year increase in other non-interest income, driven by favorable conditions in the bond market [2] Group 4: Asset Quality - The bank's non-performing loan (NPL) ratio slightly increased to 1.18%, with a cumulative annualized NPL generation rate of 0.91% [3] - The overdue rate decreased to 1.32%, with a significant reduction in the proportion of overdue loans classified as non-performing [3] - The provision coverage ratio improved by 4.84 percentage points to 363.43%, indicating a strengthening of provisions [4] Group 5: Investment Outlook - The bank's projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 0.53X, 0.49X, and 0.46X, respectively, with price-to-earnings (PE) ratios of 5.64X, 5.39X, and 5.21X [4] - The bank is well-positioned to capitalize on the development of major industrial clusters in Chongqing and the Chengdu-Chongqing economic circle, focusing on infrastructure loans and maintaining a strong retail banking presence [4] - The bank has a history of stable dividends and a high dividend yield, supporting a "buy" rating and encouraging active monitoring [4]