渝农商行（601077）：营收、利润增速双正，拨备环比提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a revenue of 28.3 billion yuan in 2024, representing a year-on-year growth of 1.09%, and a net profit attributable to shareholders of 11.5 billion yuan, with a year-on-year increase of 5.60% [1][2] - The non-performing loan ratio at the end of Q4 2024 was 1.18%, and the provision coverage ratio was 363.44%, both showing improvements from the previous quarter [1][4] - The company distributed a cash dividend of 3.046 yuan per 10 shares, resulting in a total dividend payout ratio of 30.05% for the year [1] Performance Summary - Revenue and net profit growth rates for 2024 were 1.09% and 5.60%, respectively, with improvements of 2.9 percentage points and 2.1 percentage points compared to the first three quarters of 2024 [2] - Net interest income decreased by 4.25% year-on-year, but the decline was less severe than in the earlier quarters, with a net interest margin of 1.61% for the year [2][3] - The company saw a 55.54% increase in other non-interest income, primarily driven by a 93.56% rise in investment income [3] Asset Quality - The company reported a non-performing loan ratio of 1.18% at the end of Q4 2024, with a provision coverage ratio of 363% [4][5] - The non-performing loan ratio for corporate loans was 1.04%, while personal loans had a non-performing loan ratio of 1.60% [5] - The company has a strong risk mitigation capability, with 82.78% of non-performing loans backed by collateral [5] Financial Overview - Total assets and loans at the end of Q4 2024 were 1.5 trillion yuan and 714.3 billion yuan, respectively, reflecting year-on-year growth of 5.13% and 5.55% [6][11] - The total deposits at the end of Q4 2024 amounted to 941.9 billion yuan, with a year-on-year increase of 5.10% [11] - The company is expected to benefit from the Chengdu-Chongqing economic circle construction, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% for 2025-2027 [11]