渝农商行2024年半年报点评：利润亮眼，筑底回升

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company achieved a Q2 profit growth rate of 26%, with revenue growth turning positive in the same quarter. For H1 2024, revenue and net profit attributable to the parent company decreased by 1.3% and increased by 5.3% year-on-year, respectively. Q2 figures showed a revenue increase of 0.2% and a net profit increase of 26.3% year-on-year, exceeding expectations [1][3]. - Loan growth was steady, with corporate loans contributing over 90%. In H1 2024, total loans increased by 4.9% year-on-year, with corporate loans rising by 8%. New loans added in H1 2024 were approximately 30 billion, which was a decrease of about 10 billion year-on-year, primarily due to retail loan performance [1][2][3]. - The cost of liabilities improved significantly, with a slight decrease in net interest margin in Q2. The net interest margin for H1 2024 was 1.63%, down 16 basis points year-on-year, with a slight decrease of 2 basis points in Q2. The loan yield decreased by 43 basis points to 4.25% [2][3]. - The non-performing loan (NPL) ratio remained stable at 1.19%, with a provisioning coverage ratio decreasing by 7 percentage points to 360%. The overdue and attention rates increased, influenced by retail loans. The overdue rate rose to 1.52%, with the estimated NPL generation rate increasing to approximately 0.82% [4][5]. - Earnings forecasts have been slightly adjusted, with EPS for 2024 and 2025 projected at 1.02 yuan and 1.07 yuan, respectively. The estimated net asset value per share by the end of 2024 is expected to be 10.92 yuan, corresponding to a price-to-book (PB) ratio of 0.48 times based on the closing price on August 28, 2024 [5][7].