渝农商行：管理层预计平稳过渡，有望受益于化债提速

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.20 CNY per share, reflecting an upward adjustment in valuation premium to 10% [3][5]. Core Insights - The recent appointment of Mr. Xie Wenhui as the chairman of Yufu Holdings is expected to strengthen cooperation with Chongqing State-owned Assets, benefiting the company's asset deployment [2]. - The acceleration of local debt resolution measures in Chongqing is anticipated to improve asset quality and expand the bank's balance sheet capacity [2]. - The company's fundamentals are positive, with expected improvements in annual performance driven by strategic initiatives and cost advantages [2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit growth of 6.3%, with earnings per share (EPS) expected to be 1.00 CNY [3][4]. - The company's revenue for 2024 is estimated at 27,587 million CNY, reflecting a year-on-year decline of 1.3% [4]. - The bank's net profit attributable to the parent company for 2024 is forecasted to be 11,588 million CNY, with a growth rate of 6.3% [4][11]. Management and Leadership - The management transition is expected to be smooth, with Mr. Sui Jun, who has extensive experience within the bank, taking over as acting chairman [2][11]. - The leadership team has a strong background in banking operations, which is likely to support the company's strategic goals [11]. Market Position and Valuation - The current price-to-book (PB) ratio for the company is projected to be 0.56 for 2024, compared to an average of 0.60 for comparable companies [3][4]. - The bank's stock has shown strong performance relative to the market, with a 52-week performance of 52.83% [5]. Future Outlook - The company is expected to benefit from ongoing initiatives in the Chengdu-Chongqing economic circle and the Western Land-Sea New Corridor strategy, which will support asset deployment [2]. - The bank's cost of liabilities remains competitive, with the lowest deposit cost rate among listed rural commercial banks as of the first half of 2024 [2].