编号：2024-11 证券代码：601825 证券简称：沪农商行 上海农村商业银行股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------------|---------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved positive growth in both revenue and net profit in the first half of 2024, slightly exceeding expectations, while maintaining stable asset quality [4] - The company implemented its first interim dividend with an increased payout ratio, raising the target price to 7.85 CNY, corresponding to a 0.62 times price-to-book ratio for 2024 [5] - The report adjusts the net profit growth forecasts for 2024-2026 to 2.6%, 4.0%, and 6.2%, respectively, with corresponding book value per share (BVPS) estimates of 12.60 CNY, 13.76 CNY, and 14.74 CNY [5] Summary by Sections Financial Performance - The company reported a revenue of 26,793 million CNY for 2024E, with a growth rate of 1.4% [12] - The net profit attributable to the parent company is projected to be 12,456 million CNY for 2024E, reflecting a growth of 2.6% [12] - The core tier 1 capital adequacy ratio stands at 14.68%, indicating a solid capital position [5] Dividend Policy - The company has increased its dividend payout ratio from 30% to 33%, with an expected dividend yield increase of 0.6 percentage points to 6.3% [5] Asset Quality - The non-performing loan (NPL) ratio improved slightly to 0.97% as of Q2 2024, with a provision coverage ratio of 372% [5] - The company has seen a marginal improvement in asset quality, although retail and real estate sectors still face pressure [5] Market Position - Approximately 95% of the company's loans are concentrated in the Shanghai area, with a focus on differentiated advantages in technology innovation, inclusive finance, and retail banking [5] - The company has strategically deepened its presence in suburban areas, positioning itself for differentiated competition against peers [5]

证券代码：601825 证券简称：沪农商行 公告编号：2024- 043 本公司董事会、全体董事及相关股东保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 上海农村商业银行股份有限公司 关于高级管理人员和部分董事、监事自愿增持 公司股份进展的公告 1 上海农村商业银行股份有限公司（以下简称"公司"）高级管 理人员和部分董事、监事合计 12 人（以下简称"增持主体"） 计划自 2024 年 8 月 19 日起 6 个月内以自有资金通过上海证 券交易所交易系统集中竞价交易方式增持不少于 550.00 万元 人民币公司 A 股股份，拟增持公司股份价格不设区间。 截至 2024 年 9 月 5 日，部分增持主体通过上海证券交易所交 易系统以集中竞价的方式累计增持公司股份 509,900 股，累计 增持金额 3,457,596 元，占本次增持股份计划金额下限的 62.87%。 人。 二、增持计划的主要内容 公司高级管理人员和部分董事、监事合计 12 人基于对公司未来 发展的信心和价值成长的认可，计划自 2024 年 8 月 19 日起 6 个月内 以自有资金 ...

会议召开时间：2024 年 9 月 13 日（星期五）下午 14:00-16:30 会议召开地点： 一、说明会类型 会议召开方式：网络互动 投资者可于 2024 年 9 月 12 日下午 17:00 前通过公司邮箱 ir@shrcb.com 进行提前留言提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 上海农村商业银行股份有限公司（以下简称"本公司"）于 2024 年 8 月 17 日发布本公司 2024 年半年度报告，为便于广大投资者更全 面深入地了解本公司 2024 年上半年经营成果、财务状况，本公司定 于 2024 年 9 月 13 日(星期五)下午 14:00-16:30 参加"2024 年上海 辖区上市公司集体接待日暨中报业绩说明会"活动，就投资者关心的 问题进行交流。 证券代码：601825 证券简称：沪农商行 公告编号：2024-042 上海农村商业银行股份有限公司 关于参加 2024 年上海辖区上市公司集体接待日 暨中报业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： ...

编号：2024-10 证券代码：601825 证券简称：沪农商行 上海农村商业银行股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|-------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 2024 年 08 月 21 日 湘财证券研究所 公司研究 沪农商行（601825） 业绩保持正增，中期分红率提高 相关研究： 1.《沪农商行：资产稳健扩张，资 本水平充足》 2024.05.10 % 1 个月 3 个月 12 个月 相对收益 7.88 4.61 38.78 绝对收益 2.05 -4.78 26.85 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 营收增长放缓，非息收益贡献减弱 公司评级：增持 近十二个月公司表现 注：相对收益与沪深 300 相比 2024H1 与 2024Q1，沪农商行营业收入同比增长 0.23%/3.69%，归母净利润 同比增长 0.62%/1.48%，利息净收入同比下降 2.61%/1.95%,非息净收入同比 增长 8.86%/20.98%。营收增速较一季度放缓，主要是资产增速趋缓导致利 息收入增速下降，而费率下调、投资收益增速放缓压低非息收入贡献。与 一季度相比，拨备计提力度有所降低，归母净利润维 ...

Investment Rating - The report assigns a "Recommended" rating for the company, marking its first coverage [2][27]. Core Insights - The company achieved a revenue of 13.917 billion yuan in H1 2024, reflecting a year-on-year growth of 0.23%, while the net profit attributable to shareholders was 6.971 billion yuan, up 0.62% year-on-year. However, Q2 2024 saw a decline in both revenue and net profit by 3.13% and 1.18% respectively, with growth primarily driven by other non-interest income [5][7]. - The company has optimized its funding costs, with a net interest income of 10.181 billion yuan in H1 2024, down 2.61% year-on-year. The net interest margin (NIM) stood at 1.56%, a decrease of 11 basis points from the end of the previous year. The yield on interest-earning assets and the cost of interest-bearing liabilities were 3.48% and 1.98%, respectively, both lower than the previous year-end [7][17]. - The company has shown strong support for key sectors of the real economy, with significant growth in green credit (21.7%), technology enterprises (17.34%), and inclusive small and micro loans (5.7%) compared to the beginning of the year [7][17]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 13.917 billion yuan, with a year-on-year increase of 0.23%, and a net profit of 6.971 billion yuan, up 0.62% year-on-year. The growth in the first half was mainly attributed to other non-interest income [5][7]. Non-Interest Income - Non-interest income increased by 8.86% year-on-year, accounting for 26.85% of total revenue, although it decreased by 1.87 percentage points from the first quarter. The middle-income revenue fell by 17.39%, primarily due to a decline in insurance rates and a 25.46% drop in agency business income. Other non-interest income surged by 29.41%, driven by asset disposal gains and investment income [17][19]. Asset Quality and Capital Adequacy - As of June 2024, the company reported a non-performing loan (NPL) ratio of 0.97% and a focus loan ratio of 1.23%, both down from the previous quarter. The provision coverage ratio was 372.42%, a decrease of 9.42 percentage points. The core Tier 1 capital adequacy ratio improved to 14.68%, up 19 basis points [23][27]. Investment Recommendations - The company is well-positioned in the Shanghai market and the economically developed Yangtze River Delta region, with a strong focus on serving key sectors of the real economy. The report highlights the company's robust asset quality and risk absorption capacity, along with its first implementation of a mid-term dividend, increasing the payout ratio to 33.07% [27][30].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's operating income for H1 2024 increased by 0.23% year-on-year, while the net profit attributable to the parent company rose by 0.62%. The mid-term dividend payout ratio reached 33%, indicating a stable net interest margin quarter-on-quarter and a decrease in non-performing loans in the corporate real estate sector [4][6] - The mid-term dividend payout ratio has improved compared to the 2023 fiscal year, with a cash dividend of RMB 2.39 per 10 shares (before tax) [4] - The net interest margin for Q2 2024 is estimated to be 1.49%, remaining stable compared to Q1 2024, primarily due to a decrease in the cost of interest-bearing liabilities [4][6] - The non-performing loan ratio at the end of Q2 2024 was 0.97%, down 2 basis points from Q1 2024, while the proportion of loans under special attention decreased by 4 basis points to 1.23% [4][6] - The company’s loans to technology enterprises grew significantly, with a balance of RMB 108.6 billion, representing a year-on-year increase of 30% [4][6] Summary by Sections Financial Performance - The company forecasts EPS for 2024-2026 to be RMB 1.29, 1.36, and 1.44, with net profit growth rates of 2.45%, 5.31%, and 6.30% respectively [4][6] - The estimated reasonable value based on the DDM model is RMB 8.65, while the PB-ROE model gives a reasonable value of RMB 8.42, leading to a valuation range of RMB 8.42-8.65 [4][6] Dividend Policy - The mid-term dividend payout ratio for 2024 is 33.07%, an increase from 30.10% in 2023, reflecting the company's capital adequacy and moderate growth [4][6] Asset Quality - The company reported a decrease in the non-performing loan balance and ratio in the corporate real estate sector, with the non-performing loan ratio dropping to 1.73% [4][6] - The coverage ratio for provisions decreased to 372.42% from Q1 2024 [4][6] Loan Growth - The company’s loan growth rate for Q2 2024 was 6.18% year-on-year, while deposit growth was 4.94%, showing a slight slowdown compared to Q1 2024 [4][6] - The company is actively promoting innovative financing products for technology enterprises, enhancing its competitive position in the market [4][6]

[Table_RightTitle] 证券研究报告|银行 [Table_Title] 分红率提升至 33% 资本充足率保持高位 [Table_StockName] ——沪农商行（601825）点评报告 [Table_ReportDate] 2024 年 08 月 19 日 [Table_Summary] 报告关键要素: 沪农商行发布 2024 年中期业绩报告。 投资要点: ⚫ 中期分红，分红率为 33%：公司积极响应新"国九条"号召，在业绩 报告中宣布中期分红方案，每 10 股派发现金 2.39 元，按照当期归 母净利润计算的分红率为 33%，按照 8 月 16 日收盘价测算的非年化 股息率为 3.65%。截至 6 月末，沪农商行核心一级资本充足率为 14.68%，较上年末上升 1.36%。 总资产同比增速 7.02%，贷款同比增速 6.18%：截至 2024 年 6 月末， 沪农商行总资产同比增速 7.02%，其中，贷款同比增速 6.18%，金融 投资同比增速 10.63%。 零售业务稳步发展：零售金融资产（AUM）余额 7735.37 亿元，较上 年末增加 276.55 亿元，增幅 3.71%。贵宾及财富 ...

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company achieved positive growth in both revenue and net profit in the first half of 2024, with revenue reaching 13.917 billion yuan (YoY, 0.23%) and net profit attributable to shareholders at 6.971 billion yuan (YoY, 0.62%) [1] - Total assets grew by 7.02% year-on-year to 1.45 trillion yuan, with deposits increasing by 6.93% and loans by 6.18% [2] - The company has strengthened its liability advantage, with a net interest margin of 1.56%, down 16 basis points year-on-year [2] - The non-interest income increased by 8.86%, driven mainly by financial investment income [2] - Asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 372.42% [2] Financial Performance Summary - For the first half of 2024, the annualized weighted average ROE was 11.89%, a decrease of 1.18 percentage points year-on-year [1] - The mid-term dividend payout ratio increased to 33.07%, up approximately 3 percentage points from 2023 [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 12.9 billion, 14 billion, and 15.1 billion yuan, with corresponding year-on-year growth rates of 6.5%, 7.9%, and 8.2% [2][6] - The diluted EPS for the same period is projected to be 1.34, 1.45, and 1.57 yuan, with current PE ratios of 4.9, 4.5, and 4.2 times, and PB ratios of 0.52, 0.48, and 0.44 times [2][6]