渝农商行（601077）：规模扩张提速，营收业绩回暖

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [5] Core Views - The company's revenue performance shows a marginal recovery in Q1 2025, with revenue reaching 7.224 billion yuan, a year-on-year increase of 1.35%, and a net profit attributable to shareholders of 3.745 billion yuan, up 6.25% year-on-year [1][2] - Total assets grew by 8.00% year-on-year to 1.61 trillion yuan, with loan and deposit growth rates of 6.91% and 8.85% respectively, indicating a significant increase in corporate loans [2] - The net interest income for Q1 2025 was 5.812 billion yuan, reflecting a year-on-year growth of 5.31%, supported by stable interest margins [2][3] - The company maintains a healthy asset quality with a non-performing loan ratio of 1.17% and a provision coverage ratio of 363.37% as of March 2025 [3] Financial Performance Summary - Q1 2025 revenue was 72.24 billion yuan, with a profit margin showing improvement compared to the previous year [1] - The company expects net profits for 2025-2027 to be 12.217 billion yuan, 13.031 billion yuan, and 13.966 billion yuan respectively, with corresponding year-on-year growth rates of 6.1%, 6.7%, and 7.2% [3][4] - The diluted EPS for the same period is projected to be 1.06 yuan, 1.13 yuan, and 1.21 yuan, with current PE ratios of 6.3, 5.9, and 5.5 [3][4]