证券研究报告 | 2025年04月30日 规模扩张提速，营收业绩回暖 一季度营收业绩边际回暖。公司 2025 年一季度实现营收 72.24 亿元 （YoY,+1.35%），归母净利润 37.45 亿元（YoY,+6.25%）。公司一季度营收 增速较 2024 全年回升 0.25 个百分点，利润增速较 2024 全年回升 0.65 个百 分点。公司 2025 年一季度年化加权平均 ROE 为 12.00%，同比小幅下降 0.01 个百分点。 规模扩张提速，对公贷款放量明显。公司 2025 年一季度总资产同比增长 8.00%至 1.61 万亿元，增速较 2024 全年提升 2.87 个百分点。一季度存贷款 增速均较 2024 年提升，其中贷款、存款分别同比增长 6.91%、8.85%。公司 一季度新增信贷投放 302 亿元，分项来看，对公/个人/票据贷款分别投放 446/73/-218 亿元，对公及个人贷款放量明显，分别同比去年同期多增 290 亿元、34 亿元，票据规模大幅回落。结合公司 2023 年一季度、2024 年一季 度分别新增信贷投放 320 亿元、203 亿元，今年一季度新增信贷投放回暖， 结构上看 ...

近日，本行收到重庆渝富控股集团有限公司通知，上述无偿划转事项的工商 变更登记手续已办理完成。 证券代码：601077 证券简称：渝农商行 公告编号：2025-021 重庆农村商业银行股份有限公司 关于股东权益变动事项的进展公告 本行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。 重庆农村商业银行股份有限公司（以下简称"本行"）于 2025 年 3 月 25 日 在上海证券交易所网站（www.sse.com.cn）披露了《关于股东权益变动的提示性 公告》（公告编号：2025-007）。为增强国有企业服务与保障国家战略能力，提质 提速水务水利和环境基础设施建设，根据重庆市国有资产监督管理委员会《关于 同意重庆渝富控股集团有限公司无偿划转所持重庆市水利投资（集团）有限公司 28%股权的批复》（渝国资〔2025〕157 号）、《关于无偿划转所持重庆市水利投资 （集团）有限公司 72%股权的批复》（渝国资〔2025〕158 号），重庆水务环境控 股集团有限公司将通过国有股权无偿划转的方式合计取得重庆市水利投资（集团） 有限公司 100%的股权 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit attributable to shareholders is projected to grow at a rate of 5.5%/7.9%/8.5% for the years 2025/2026/2027, with corresponding EPS of 1.05/1.13/1.23 yuan and BVPS of 11.85/12.70/13.62 yuan. The current stock price corresponds to a PB of 0.57X/0.53X/0.50X for the years 2025/2026/2027. Given the strong financing demand in the region, a 10% valuation premium is maintained compared to comparable companies, leading to a reasonable value of 7.6 yuan per share [3][5] Financial Information Summary - For the year 2023, the company reported operating income of 27,956 million yuan, with a year-on-year decrease of 3.6%. The operating profit was 12,194 million yuan, reflecting a year-on-year increase of 8.9%. The net profit attributable to shareholders was 10,902 million yuan, with a year-on-year growth of 6.1% [4] - The projected operating income for 2025 is 28,724 million yuan, with a year-on-year growth of 1.6%. The operating profit is expected to reach 13,732 million yuan, growing by 6.9% year-on-year. The net profit attributable to shareholders is forecasted to be 12,151 million yuan, reflecting a growth of 5.5% [4] - The company’s total assets and loan amounts are expected to grow by 8% and 6.8% year-on-year respectively by the end of Q1 2025, with a net increase in loans of 30.17 billion yuan, accounting for 80.3% of the total net increase for the year [9] Performance Metrics - The net interest income showed a year-on-year growth of 5.6% as of Q1 2025, supported by a stable net interest margin of 1.61% [9] - The non-performing loan ratio stood at 1.17% as of Q1 2025, showing a slight improvement compared to the end of 2024 [9] - The company’s capital adequacy ratio is projected to be 15.99% for 2023, increasing to 18.96% by 2027 [11]

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].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit attributable to shareholders is projected to grow at a rate of 5.5%/7.9%/8.5% for the years 2025/2026/2027, with corresponding EPS of 1.05/1.13/1.23 yuan and BVPS of 11.85/12.70/13.62 yuan. The current stock price corresponds to a PB of 0.57X/0.53X/0.50X for the years 2025/2026/2027. Given the strong financing demand in the region, a 10% valuation premium is maintained compared to comparable companies, leading to a reasonable value of 7.6 yuan per share [3][5] Financial Performance Summary - For Q1 2025, the company reported a year-on-year revenue growth of 1.4%, PPOP growth of 3.8%, and a net profit growth of 6.25%. The net interest income grew by 5.6%, supported by a strong net interest margin and robust asset expansion [9] - The total assets and loan amounts grew by 8% and 6.8% year-on-year, respectively, with a net increase in loans of 30.17 billion yuan, accounting for 80.3% of the total net increase for the year [9] - The non-performing loan ratio stood at 1.17%, with a provision coverage ratio of 363%, indicating stable asset quality [9] Financial Projections - The company's projected operating income for 2025 is 28,724 million yuan, with a year-on-year growth of 1.6%. The net profit attributable to shareholders is expected to reach 12,151 million yuan, reflecting a growth of 5.5% [4][11] - The projected EPS for 2025 is 1.05 yuan, with a PB ratio of 0.57 [3][4] Market Performance - As of April 25, 2025, the company's stock price was 6.79 yuan, with a target price of 7.6 yuan, indicating potential upside [5] - The company has shown strong absolute performance over various time frames, including a 59.66% increase over the past 12 months [6]

Core Viewpoint - Chongqing Rural Commercial Bank (渝农商行) reported a revenue of 7.2 billion yuan for Q1 2025, reflecting a year-on-year growth of 1.35%, and a net profit attributable to shareholders of 3.7 billion yuan, up 6.25% year-on-year [1]. Performance Summary - Revenue and net profit growth rates for Q1 2025 were 1.35% and 6.25%, respectively, showing improvements of 0.3 percentage points and 0.7 percentage points compared to 2024 [2]. - Net interest income increased by 5.31% year-on-year, with a net interest margin of 1.61%, stabilizing for three consecutive quarters, attributed to improved funding costs [2]. - Fee and commission income decreased by 3.21% year-on-year, but the decline was narrowed by 6.8 percentage points compared to 2024 [3]. - Other non-interest income fell by 16.60% year-on-year, primarily due to a high base last year and increased volatility in the bond market, although investment income rose by 42.39% [3]. Asset Quality Summary - As of Q1 2025, total assets and loans reached 1.61 trillion yuan and 744.4 billion yuan, respectively, marking year-on-year growth of 8.00% and 6.81% [4]. - The net increase in loans for Q1 2025 was 30.2 billion yuan, with a significant increase in general loans of 51.9 billion yuan compared to the same period last year [4]. - Total deposits reached 1.04 trillion yuan, up 8.85% year-on-year, with a net increase of 93.8 billion yuan in Q1 2025, mainly driven by personal deposits [4]. Asset-Liability Management Summary - The non-performing loan ratio stood at 1.17%, down 1 basis point from the end of the previous year, with a provision coverage ratio of 363.37% [5]. - The credit cost for Q1 2025 was 0.62%, a decrease of 19 basis points year-on-year [5]. - The bank is expected to benefit from the Chengdu-Chongqing economic circle development, with anticipated improvements in loan growth, cost management, and asset quality [5].

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (渝农商行) [4][7]. Core Views - Chongqing Rural Commercial Bank is expected to benefit from the construction of the Chengdu-Chongqing economic circle, with loan growth accelerating, cost reduction and efficiency enhancement, and improving asset quality contributing to a continuous improvement in fundamentals [4]. - The bank's net interest margin has stabilized over three consecutive quarters, with a net interest margin of 1.61% in Q1 2025 [2][4]. - The bank's revenue and net profit for Q1 2025 were 72 billion yuan and 37 billion yuan, respectively, representing year-on-year growth of 1.35% and 6.25% [1][4]. Financial Performance - Revenue and net profit growth rates for Q1 2025 were 1.35% and 6.25%, respectively, showing improvements compared to the previous year [2]. - Net interest income increased by 5.31% year-on-year, while net interest margin remained stable at 1.61% [2]. - Fee and commission income decreased by 3.21%, but the decline was less severe than in the previous year [2]. Asset Quality - As of Q1 2025, total assets and loans amounted to 1.61 trillion yuan and 744.4 billion yuan, respectively, with year-on-year growth of 8.00% and 6.81% [3]. - The non-performing loan ratio was 1.17%, a slight decrease from the previous year, while the provision coverage ratio was 363.37% [4]. - The bank's credit cost was 0.62%, down 19 basis points year-on-year [4]. Balance Sheet - The bank's total deposits reached 1.04 trillion yuan, with a year-on-year growth of 8.85% [3]. - The bank's loan growth was driven by significant increases in both corporate and personal loans, with net increases of 446 billion yuan and 73 billion yuan, respectively [3].

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (601077.SH) [4][7]. Core Views - Chongqing Rural Commercial Bank's performance shows positive growth in revenue and net profit, with Q1 2025 revenue at 7.2 billion yuan, up 1.35% year-on-year, and net profit at 3.7 billion yuan, up 6.25% year-on-year [1][4]. - The bank's net interest margin has stabilized over three consecutive quarters, currently at 1.61%, benefiting from improved funding costs despite a decline in asset yields [2][4]. - The bank is expected to benefit from the Chengdu-Chongqing economic circle development, with anticipated net profit growth rates of 5.81%, 6.15%, and 6.67% for 2025-2027 [4]. Financial Performance - In Q1 2025, net interest income increased by 5.31% year-on-year, while non-interest income saw a decline of 16.60%, primarily due to market volatility [2]. - Total assets and loans reached 16.1 trillion yuan and 744.4 billion yuan, respectively, with year-on-year growth of 8.00% and 6.81% [3]. - The bank's deposit total was 10.4 trillion yuan, reflecting an 8.85% year-on-year increase, with a significant contribution from personal deposits [3]. Asset Quality - The non-performing loan (NPL) ratio stands at 1.17%, showing a slight decrease, while the provision coverage ratio is at 363.37% [4]. - The bank's credit cost is reported at 0.62%, down 19 basis points year-on-year, indicating improved asset quality management [4].

特此公告。 证券代码：601077 证券简称：渝农商行 公告编号：2025-018 重庆农村商业银行股份有限公司 关于非执行董事辞任的公告 本行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。 重庆农村商业银行股份有限公司（以下简称"本行"）近日收到本行非执行 董事胡淳女士、殷祥林先生提交的书面辞职信。因个人工作安排，胡淳女士辞去 本行第五届董事会非执行董事职务，并不再担任本行董事会战略发展委员会、审 计委员会、提名委员会、三农金融服务委员会委员职务。因个人工作安排，殷祥 林先生辞去本行第五届董事会非执行董事职务，并不再担任本行董事会关联交易 控制委员会、三农金融服务委员会及消费者权益保护委员会委员职务。根据相关 法律法规及本行《公司章程》规定，胡淳女士、殷祥林先生的辞任自本行补选产 生新任董事填补其空缺，且新任董事任职资格获监管机构核准后生效。在此期间， 胡淳女士、殷祥林先生将继续按照相关法律法规及本行《公司章程》履行非执行 董事、董事会专门委员会相关职责。 经胡淳女士、殷祥林先生确认，其与本行董事会无不同意见，无其他事项需 要通知 ...

证券代码：601077 证券简称：渝农商行 公告编号：2025-019 重庆农村商业银行股份有限公司 关于关联交易事项的公告 本行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： 1.经重庆农村商业银行股份有限公司（以下简称"本行"）第五届董事会第 五十六次会议审议，同意对重庆渝富控股集团有限公司（以下简称"渝富控股"） 给予集团综合授信额度 1,940,000.00 万元，授信期限 1 年。 2.上述关联交易需提交本行股东大会审议。 3.上述关联交易不构成对关联方重大依赖，对本行的正常经营活动及财务状 况无重大影响。 一、关联交易基本情况 （一）审议程序 （一）重庆渝富控股集团有限公司 渝富控股成立于 2016 年，法定代表人谢文辉，注册资本 168 亿元，控股股 东、实际控制人均为重庆市国有资产监督管理委员会，注册地址为重庆市两江新 区黄山大道东段 198 号，经营范围为：一般项目：利用自有资金从事投资业务、 投资咨询（不得从事吸收公众存款或变相吸收公众存款、发放贷款以及证券、期 货等金融业务），资产管理，企业重组 ...