民生银行披露2025 年一季报，25Q1 营业收入、PPOP、归母利润同比增速分别为7.41%、 9.98%、-5.13%，增速分别较24A 回升10.63pct、15.37pct、4.72pct。累计业绩驱动上，规模增长、息差 回升、其他非息、成本收入比下降形成正贡献，中收及拨备计提形成负贡献。 核心观点： （3）不良率略降，资产质量指标平稳。25Q1 公司不良贷款率1.46%，环比24Q4末略降1BP；关注贷款 率2.69%，环比24Q4 末下降1BP。25Q1 末公司拨备覆盖率144.27%，环比24Q4 末提升2.33pct；拨贷比 2.11%，环比24Q4 末提升2BP。 关注：（1）中收负增。25Q1 手续费及佣金业务净收入49.27 亿元，同比增速-3.94%，负增幅度较24 年 全年略微收窄。中收连续五年负增，目前依旧承压。 （2）资产增速放缓。25Q1 公司总资产规模同比增长0.72%，增速较24 年全年下降1.10pct，其中贷款增 速0.48%，增速较24 年全年下降1.02pct，资产规模平稳。 投资建议：公司营收增速回暖，息差回升，资产质量指标平稳。虽然公司资产质量和存量拨备厚度仍有 ...

渝农商行2025Q1 营收同比增长1.3%，增速较24A 提升0.3pc；归母净利润同比增长6.3%，增速较24A 提 升0.7pc。2025Q1 末不良率1.17%，环比持平；2025Q1末拨备覆盖率363%，环比持平。 盈利增速回升 渝农商行2025Q1 盈利增速回升，资产质量平稳。 数据概览 资产质量平稳 25Q1 末不良率环比持平于1.17%，测算不良TTM 生成率环比-9bp，不良表现整体平稳。拨备方面， 25Q1 末拨备覆盖率363%，环比基本持平，拨备水平充足。 盈利预测与估值 预计渝农商行2025-2027 年归母净利润同比增长6.6%/7.6%/7.7%，对应BPS11.84/12.65/13.54 元。维持目 标价7.81 元/股，对应2025 年PB 估值0.66x，现价空间15%，维持"买入"评级。 风险提示：宏观经济失速，不良大幅暴露。 2025Q1营收同比增长1.3%，增速较24A提升0.3pc；归母净利润同比增长6.3%，增速较24A 提升0.7pc。 驱动因素来看，规模扩张提速、息差拖累改善，减值支撑加大。①规模，25Q1 末总资产同比增长 8.0%，增速较24A 末提升3pc ...

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank with a target price of 7.81 CNY per share, corresponding to a 2025 PB valuation of 0.66x, indicating a potential upside of 15% from the current price of 6.79 CNY per share [5][8]. Core Views - The bank's Q1 2025 earnings growth has shown a marginal recovery, with a 1.3% year-on-year increase in revenue and a 6.3% increase in net profit attributable to shareholders, reflecting improved operational performance [2][5]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 1.17% at the end of Q1 2025, unchanged from the previous quarter, and a provision coverage ratio of 363% [4][5]. Summary by Sections Earnings Growth - In Q1 2025, revenue increased by 1.3% year-on-year, and net profit attributable to shareholders grew by 6.3%, driven by accelerated asset growth and improved net interest margin [2][3]. - Total assets grew by 8.0% year-on-year, with corporate loans seeing a significant increase of 17%, indicating strong credit demand in the Chongqing region [2][3]. Net Interest Margin - The average net interest margin for Q1 2025 was 1.61%, stable compared to 2024, supported by a reduction in funding costs [3][4]. - The asset yield decreased to 3.11%, primarily due to the impact of LPR repricing, while the cost of liabilities fell to 1.62% [3][4]. Asset Quality - The NPL ratio remained stable at 1.17%, with a year-on-year decline in impairment losses of 19.2%, indicating improved credit quality [4][5]. - The provision coverage ratio was maintained at a robust 363%, reflecting adequate provisioning levels [4][5]. Financial Forecast and Valuation - The bank is expected to achieve net profit growth of 6.6%, 7.6%, and 7.7% for the years 2025, 2026, and 2027, respectively, with corresponding book values per share of 11.84 CNY, 12.65 CNY, and 13.54 CNY [5][6].