沪农商行：业绩增速改善，资产质量保持稳健

Investment Rating - The report maintains an "Accumulate" rating for the company [5][9]. Core Views - The company's performance shows improvement in revenue and profit growth, with a year-on-year revenue increase of 0.3% and a net profit increase of 0.8% for the first three quarters of 2024 [2][5]. - Asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 364.98% as of Q3 2024, indicating a solid financial position [3][5]. - The management's confidence is reflected in their share buyback plan, which has exceeded its initial target [5]. Financial Performance - Revenue for the first three quarters of 2024 reached 20.5 billion yuan, with a slight increase compared to the previous period [2]. - Net interest income decreased by 3.1% year-on-year, while non-interest income from other sources increased by 32.8%, significantly supporting overall revenue [2]. - The company reported a credit cost of 0.28%, which is a decrease of 12 basis points year-on-year, indicating improved credit quality [3]. Asset Quality - The non-performing loan ratio remained stable at 0.97%, with a slight increase in the attention ratio to 1.36% [3]. - The provision coverage ratio decreased by 7.4 percentage points compared to the previous quarter, reflecting a proactive approach to managing potential credit risks [3]. Asset and Liability Management - Total assets and loans reached 1.48 trillion yuan and 743.3 billion yuan respectively, with year-on-year growth rates of 7.9% and 6.0% [4]. - Retail loans showed a positive trend, with a net increase of 21.3 billion yuan in Q3 2024, and mortgage loans increased by over 40% year-on-year [4]. - Total liabilities and deposits also grew, with total deposits reaching 1.06 trillion yuan, reflecting a year-on-year increase of 8.9% [4]. Corporate Governance - The management's confidence in the company's future is demonstrated by their share buyback plan, which has already exceeded the initial target of 5.5 million yuan [5].