渝农商行：2024年半年报点评：净息差企稳，成本收入比下降

Investment Rating - The investment rating for the company is "Neutral" [4][7]. Core Views - The company's profitability remains at a good level, with a revenue of 14.67 billion yuan in the first half of 2024, a year-on-year decrease of 1.3%, while net profit attributable to shareholders reached 7.36 billion yuan, a year-on-year increase of 5.3% [1]. - The net interest margin has stabilized, with a slight decrease of 1 basis point quarter-on-quarter, and the company has effectively managed deposit costs [1]. - Non-interest income has increased significantly by 27.3% year-on-year, contributing to a decrease in the cost-to-income ratio [1]. Financial Performance Summary - Revenue and Profitability: - Revenue for the first half of 2024 was 14.67 billion yuan, down 1.3% year-on-year [1]. - Net profit attributable to shareholders was 7.36 billion yuan, up 5.3% year-on-year [1]. - The annualized weighted average ROE was 12.2%, a decrease of 0.4 percentage points year-on-year [1]. - Interest Income and Margin: - Net interest income decreased by 8.0% year-on-year, primarily due to a narrowing net interest margin [1]. - The net interest margin for the first half of 2024 was 1.63%, down 16 basis points year-on-year [1]. - Asset Quality: - The non-performing loan ratio was 1.19%, stable compared to the end of March [1]. - The provision coverage ratio was 360%, slightly down 7 basis points from the beginning of the year but still at a high level [1]. Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 11.8 billion, 12.9 billion, and 14.2 billion yuan, respectively, with year-on-year growth rates of 8.4%, 9.6%, and 10.0% [1][5]. - The current stock price corresponds to a PE ratio of 4.7x for 2024, 4.3x for 2025, and 3.9x for 2026, and a PB ratio of 0.44x for 2024, 0.41x for 2025, and 0.38x for 2026 [1][5].