渝农商行2024年年报点评：业绩改善超预期，负债成本优势巩固

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has exceeded expectations, with a solid advantage in funding costs [1] - The forecast for the company's net profit growth for 2025, 2026, and 2027 is adjusted to 5.8%, 7.5%, and 8.3% respectively, with corresponding BVPS of 11.85, 12.70, and 13.62 yuan [3] - The target price is set at 7.43 yuan per share, reflecting a 10% valuation premium over the average PB of comparable companies [3] Financial Performance Summary - For 2023A, the company reported operating income of 27,956 million yuan, with a year-on-year decline of 3.6%. The operating profit was 12,194 million yuan, up 8.9% year-on-year, and the net profit attributable to the parent company was 10,902 million yuan, an increase of 6.1% year-on-year [5] - The projected operating income for 2024A is 28,261 million yuan, with a slight growth of 1.1%. The operating profit is expected to rise to 12,848 million yuan, a growth of 5.4%, and the net profit attributable to the parent company is forecasted at 11,513 million yuan, reflecting a growth of 5.6% [5] - The company’s total assets and loan growth rates as of the end of 2024 are expected to be 5.1% and 5.6% respectively, indicating a positive trend in asset expansion [10] Valuation Metrics - The current A-share price corresponds to PB ratios of 0.51, 0.48, and 0.44 for the years 2025, 2026, and 2027 respectively [3] - The average PB of comparable companies for 2025 is adjusted to 0.57, leading to a target PB of 0.63 for the company [3] - The company’s PE ratio is projected to decrease from 6.43 in 2023A to 4.92 in 2027E, indicating an improving valuation outlook [5]