GOLDEN SUN SECURITIES·2025-08-27 06:48Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (601077.SH) [5] Core Views - Chongqing Rural Commercial Bank's performance shows a steady increase in credit and stable net interest margins, benefiting from the construction of the Chengdu-Chongqing economic circle [10] - The bank's net profit for the first half of 2025 is projected to grow at rates of 5.81%, 6.15%, and 6.67% for the years 2025, 2026, and 2027 respectively [10] Financial Performance - In the first half of 2025, the bank achieved revenue of 14.7 billion yuan, a year-on-year increase of 0.46%, and a net profit of 7.7 billion yuan, up 4.63% year-on-year [1] - The net interest margin for the first half of 2025 was 1.60%, showing a slight decrease of 1 basis point compared to the previous year [2] - Interest income increased by 5.98% year-on-year, while non-interest income decreased by 13.2% [2][3] Asset and Liability Management - As of the end of Q2 2025, total assets reached 1.63 trillion yuan, with total loans amounting to 765.2 billion yuan, both reflecting year-on-year growth of 8.0% and 8.3% respectively [4] - The bank's total deposits reached 1.03 trillion yuan, a year-on-year increase of 8.9% [4] Asset Quality - The non-performing loan (NPL) ratio stood at 1.17% at the end of Q2 2025, remaining stable compared to the previous quarter [9] - The bank's provision coverage ratio was 355.6%, indicating a slight decrease of 8 percentage points from the previous quarter [9] Investment Outlook - The bank is expected to benefit from increased credit support and stable net interest margins, maintaining a favorable position among high-dividend banks [10]