渝农商行（601077）：2024年年报点评：规模效益稳健增长，非息收入表现亮眼

Investment Rating - The report assigns an "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company achieved a revenue of 28.262 billion yuan in 2024, reflecting a year-on-year growth of 1.09%. The net profit attributable to shareholders reached 11.513 billion yuan, up 5.6% year-on-year, with an acceleration in growth compared to the previous quarters [5][8]. - The asset scale of the company expanded steadily, with total assets reaching 15,149.42 billion yuan, a 5.1% increase from the previous year. Customer deposits totaled 9,419.46 billion yuan, also up 5.1% year-on-year [5][8]. - Non-interest income showed significant growth, amounting to 5.767 billion yuan, a substantial increase of 29.23% year-on-year, contributing to 20.41% of total revenue, up 4.44 percentage points from the previous year [5][8]. Summary by Sections Recent Performance - The company outperformed the CSI 300 index with a 12-month return of 41.6%, compared to the index's 11.2% [4]. - The stock price as of March 28, 2025, was 6.02 yuan, with a 52-week price range of 4.43-6.20 yuan [4]. Financial Highlights - The company reported a net interest margin of 1.61%, down 12 basis points year-on-year, but stable quarter-on-quarter [5]. - The non-performing loan ratio stood at 1.18% at the end of 2024, with a provision coverage ratio of 363.44%, indicating stable asset quality [5]. Future Projections - Revenue forecasts for 2025-2027 are 28.671 billion yuan, 29.917 billion yuan, and 31.205 billion yuan, with growth rates of 1.45%, 4.34%, and 4.31% respectively. Net profit projections are 11.846 billion yuan, 12.311 billion yuan, and 12.771 billion yuan, with growth rates of 2.89%, 3.92%, and 3.74% respectively [7][8].