Investment Rating - The report assigns a 2024E P/B of 0.5x and a 2024E P/E of 5.7x for Chongqing Rural Commercial Bank, with a TTM dividend yield of 5.0% [1][5]. Core Insights - In Q3 2024, Chongqing Rural Commercial Bank reported a year-on-year revenue decline of 2.7%, with pre-provision profit down 2.4% and net profit attributable to shareholders down 0.6% [1][5]. - For the first three quarters of 2024, revenue decreased by 1.8% year-on-year, while pre-provision profit and net profit attributable to shareholders both increased by 3.6% [1][5]. - The annualized ROA for the first three quarters of 2024 decreased by 0.02 percentage points to 0.95%, and the annualized ROE decreased by 0.54 percentage points to 11.16% [1][5]. - The core tier 1 capital adequacy ratio increased by 0.64 percentage points year-on-year to 13.83% [1][5]. - The bank announced a mid-term dividend of ¥0.1944 per share (before tax), corresponding to a payout ratio of 30.0% [1][5]. Revenue and Profitability - In Q3 2024, net interest income decreased by 4.8% year-on-year, but improved from a decline of 8.0% in H1 2024 [2]. - The net interest margin (NIM) for Q1-3 2024 was 1.61%, down 2 basis points from H1 2024, while the estimated NIM for Q3 2024 was stable at 1.51% [2]. - The bank's net fee and commission income for the first three quarters of 2024 decreased by 9.7%, showing slight improvement from a 9.4% decline in H1 2024 [3][5]. Asset Quality - The non-performing loan (NPL) ratio improved to 1.17%, down 2 basis points quarter-on-quarter, continuing a downward trend since the end of 2020 [3][5]. - The provision coverage ratio decreased to 358.59%, down 1.7 percentage points quarter-on-quarter [3][5]. Loan and Deposit Growth - Total loans increased by 5.7% compared to the end of 2023, with corporate loans growing by 9.1% and personal loans by 0.7% [2]. - Total deposits rose by 4.9%, driven by an 8.5% increase in personal deposits, while corporate deposits fell by 13.9% [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.20 CNY per share, reflecting a 10% valuation premium over the average adjusted PB of comparable companies [2][5]. Core Insights - Revenue growth has slightly declined, but net interest income growth shows marginal improvement. As of Q3 2024, the company's revenue, PPOP, and net profit attributable to the parent company have decreased year-on-year growth rates to 1.8%, 3.6%, and 3.5% respectively, with net profit growth declining more than revenue due to the timing of bad asset recoveries [1]. - Loan growth has marginally increased, benefiting from regional strategies and accelerated debt resolution. Total asset growth has decreased slightly to 4.8%, while loan growth has improved to 5.3%, primarily driven by corporate loans [1]. - The non-performing loan ratio has decreased, providing ample room for profit replenishment. The non-performing loan ratio fell to 1.17%, the lowest since 2018, with a slight decline in the provision coverage ratio to 358.6% [1]. Financial Summary - The company forecasts net profit growth rates of 6.3%, 5.6%, and 8.0% for 2024, 2025, and 2026 respectively, with EPS projected at 1.00, 1.06, and 1.14 CNY [2]. - Key financial metrics include a projected PB of 0.53, 0.49, and 0.46 for 2024, 2025, and 2026, respectively, indicating a stable valuation outlook [2]. - The company reported a net interest margin of 1.61% for Q3 2024, with a limited narrowing of the margin and a solidified cost advantage in liabilities [1].

Investment Rating - The investment rating for the company is "Buy" [2][15][18] Core Views - The report indicates that the company is experiencing a slight decline in revenue and net profit growth due to a slowdown in non-interest income, with a cumulative year-on-year revenue decrease of 1.9% as of Q3 2024 [5][14] - The company maintains a stable asset quality, with a non-performing loan (NPL) ratio of 1.17%, which has decreased by 2 basis points [12][13] - The report highlights the company's strong position in the Chongqing market, capitalizing on the development of three trillion-level industrial clusters and the Chengdu-Chongqing economic circle [15] Summary by Sections Q3 Report Overview - The company's net interest income remains stable, with a quarter-on-quarter growth of 1% in Q3 2024, driven by an increase in new credit issuance [5][8] - The overall cumulative net profit growth has decreased by 1.8 percentage points to 3.5% year-on-year [5][14] Net Interest Income - Q3 net interest income increased by 1% quarter-on-quarter, with a narrowing decline in net interest margin to 1.57% [8][9] - The asset yield decreased by 11 basis points to 3.26%, while the liability interest rate decreased by 7 basis points to 1.78% [8][9] Asset and Liability Growth and Structure - New credit issuance in Q3 2024 was 8.51 billion yuan, a year-on-year increase of 54.2% [8][11] - The loan-to-earning asset ratio increased to 46.9%, with corporate loans remaining the primary focus [8][11] Asset Quality - The overall asset quality remains robust, with a non-performing loan ratio of 1.17% and a cumulative annualized NPL generation rate of 0.86% [12][13] - The provision coverage ratio decreased to 358.59% [12][13] Other Financial Metrics - The report notes a year-on-year increase of 21.3% in net non-interest income, although this is a decline from the previous quarter [14] - The cost-to-income ratio has decreased year-on-year to 26.97% [14]

Financial Performance - Revenue for Q3 2024 reached RMB 6,841.9 million, a year-on-year increase of 2.73%[3] - Net profit for Q3 2024 was RMB 3,013.4 million, up 0.34% year-on-year[3] - Net profit for the first nine months of 2024 was RMB 10.57 billion, an increase of 4.24% year-on-year[20] - Net profit for the first nine months of 2024 reached 10,574,134 thousand RMB, compared to 10,144,182 thousand RMB in the same period of 2023[28] - Net profit attributable to the parent company's shareholders for the first nine months of 2024 was RMB 9,306,456 thousand, compared to RMB 9,053,344 thousand in 2023[37] - Operating income for the first nine months of 2024 was RMB 21.51 billion, a decrease of 1.76% year-on-year[20] - Total operating income for the first nine months of 2024 was 21,514,396 thousand RMB, slightly down from 21,899,501 thousand RMB in the same period of 2023[28] - Total operating income for the first nine months of 2024 was RMB 19,574,803 thousand, a slight decrease from RMB 19,852,874 thousand in the same period of 2023[36] - Net interest income for the first nine months of 2024 was RMB 14,497,209 thousand, down from RMB 15,714,953 thousand in 2023[36] - Interest income for the first nine months of 2024 was 35,408,272 thousand RMB, down from 37,812,491 thousand RMB in the same period of 2023[28] - Basic earnings per share for the first nine months of 2024 were 0.89 RMB, up from 0.86 RMB in the same period of 2023[29] - The company's total comprehensive income for the first nine months of 2024 was 12,214,527 thousand RMB, up from 10,759,015 thousand RMB in the same period of 2023[29] - Total comprehensive income for the first nine months of 2024 was RMB 10,309,346 thousand, up from RMB 9,490,829 thousand in 2023[37] Asset and Liability Management - Total assets as of September 30, 2024, increased by 5.30% to RMB 1,517,467.5 million compared to the end of 2023[4] - Total assets of the group reached RMB 1,517.47 billion, an increase of RMB 76.39 billion or 5.30% compared to the end of the previous year[19] - Total assets increased to 1,517,467,458 thousand RMB as of September 30, 2024, up from 1,441,081,943 thousand RMB at the end of 2023[26] - Total assets increased to 1,433,298,339 thousand yuan as of September 30, 2024, up from 1,360,945,521 thousand yuan at the end of 2023[33] - Total liabilities reached RMB 1,385.39 billion, an increase of RMB 67.81 billion or 5.15% compared to the end of the previous year[20] - Total liabilities increased to 1,385,390,233 thousand RMB as of September 30, 2024, up from 1,317,580,322 thousand RMB at the end of 2023[27] - Total liabilities rose to 1,309,837,807 thousand yuan as of September 30, 2024, compared to 1,244,279,840 thousand yuan at the end of 2023[34] - Total equity increased to 132,077,225 thousand RMB as of September 30, 2024, up from 123,501,621 thousand RMB at the end of 2023[27] - Total equity attributable to shareholders increased to 123,460,532 thousand yuan as of September 30, 2024, up from 116,665,681 thousand yuan at the end of 2023[34] Loan and Deposit Growth - Customer loans and advances grew by 5.71% to RMB 715,376.1 million as of September 30, 2024[4] - Customer loans and advances totaled RMB 715.38 billion, up RMB 38.67 billion or 5.71% from the end of the previous year[19] - Loans and advances grew to 619,510,873 thousand yuan as of September 30, 2024, compared to 585,073,500 thousand yuan at the end of 2023[33] - Customer deposits totaled RMB 939.89 billion, up RMB 43.69 billion or 4.87% from the end of the previous year[20] - Customer deposits increased to 937,441,636 thousand yuan as of September 30, 2024, up from 893,928,148 thousand yuan at the end of 2023[34] Risk Management - Non-performing loan ratio decreased slightly to 1.17% as of September 30, 2024, from 1.19% at the end of 2023[7] - Non-performing loan ratio decreased by 0.02 percentage points to 1.17% compared to the end of the previous year[20] - Provision coverage ratio stood at 358.59% as of September 30, 2024, down from 366.70% at the end of 2023[7] - Provision coverage ratio stood at 358.59%, and the loan-to-deposit ratio was 4.20%, indicating strong risk resilience[21] Capital Adequacy - Core tier 1 capital adequacy ratio was 13.83% as of September 30, 2024, compared to 13.30% at the end of 2023[13] - Total capital adequacy ratio increased to 15.69% as of September 30, 2024, from 15.17% at the end of 2023[13] Cash Flow - Operating cash flow for the first nine months of 2024 surged by 98.67% to RMB 19,794.7 million[9] - Net cash flow from operating activities increased to 19,794,740 thousand yuan in 2024 Q1-Q3, up from 9,963,580 thousand yuan in the same period last year[30] - Net cash flow from operating activities for the first nine months of 2024 was RMB 25,653,065 thousand, a significant increase from RMB 7,138,521 thousand in 2023[38] - Net cash flow from investing activities decreased to -52,450,902 thousand yuan in 2024 Q1-Q3, compared to 21,284,445 thousand yuan in 2023 Q1-Q3[31] - Net cash used in investing activities for the first nine months of 2024 was RMB 51,634,699 thousand, compared to a net cash inflow of RMB 20,883,733 thousand in 2023[39] - Net cash flow from financing activities improved to 46,262,938 thousand yuan in 2024 Q1-Q3, reversing from -30,874,317 thousand yuan in 2023 Q1-Q3[31] - Net cash flow from financing activities for the first nine months of 2024 was RMB 46,366,608 thousand, a turnaround from a net cash outflow of RMB 30,858,384 thousand in 2023[39] - Cash and cash equivalents at the end of the period stood at 56,808,706 thousand yuan, up from 31,908,158 thousand yuan at the end of 2023[31] - The company's cash and cash equivalents at the end of September 2024 were RMB 53,994,279 thousand, up from RMB 26,732,664 thousand at the end of September 2023[39] Shareholder Information - The top 10 shareholders collectively hold a significant portion of the company's shares, with the largest shareholder being Hong Kong Securities Clearing (Nominees) Limited, holding 22.07% of the shares[21] - Chongqing Development Property Management Co., Ltd. and its affiliates held 9.21% of the company's total shares as of the reporting period[24] - Chongqing Urban Construction Investment (Group) Co., Ltd. and its affiliates held 7.28% of the company's total shares as of the reporting period[24] Interest Margin and Financial Investments - Net interest margin for the first nine months of 2024 was 1.52%, a decrease of 0.16 percentage points year-on-year[7] - Financial investments amounted to RMB 617.48 billion, an increase of RMB 18.70 billion or 3.12% compared to the end of the previous year[19]

证券代码：601077 证券简称：渝农商行 公告编号：2024-036 重庆农村商业银行股份有限公司 2024 年度中期利润分配方案公告 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个别及连带责任。 重要内容提示： 本次利润分配方案尚需提交股东大会审议。 二、 本次利润分配方案履行的决策程序 1、董事会会议的召开、审议和表决情况 一、 利润分配方案内容 经毕马威华振会计师事务所（特殊普通合伙）审阅，截至 2024 年 6 月 30 日， 重庆农村商业银行股份有限公司（以下简称"本行"）2024 年上半年归属于上市 公司股东的净利润为人民币 73.58 亿元。经董事会决议，本行 2024 年度中期拟 以实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配方案如 下： 1.本行拟向全体股东每 10 股派发现金红利人民币 1.944 元（含税）。截至 2024 年 6 月 30 日，本行总股本为 113.57 亿股，以此计算合计拟派发现金红利 人民币 22.08 亿元（含税），占本行 2024 年上半年归属于上市公司股东的净利 润比 ...

证券代码：601077 证券简称：渝农商行 公告编号：2024-034 重庆农村商业银行股份有限公司 第五届董事会第四十八次会议决议公告 本次会议由执行董事隋军先生主持。本次会议审议通过了以下议案： 一、《关于审议重庆农村商业银行股份有限公司 2024 年第三季度报告的议 案》 表决情况：有效表决票 8 票，同意 8 票，反对 0 票，弃权 0 票。 具体详见本行同日在上海证券交易所网站披露的《重庆农村商业银行股份有 限公司 2024 年第三季度报告》。 二、《关于审议重庆农村商业银行股份有限公司 2024 年中期利润分配方案 的议案》 表决情况：有效表决票 8 票，同意 8 票，反对 0 票，弃权 0 票。 具体详见本行同日在上海证券交易所网站披露的《重庆农村商业银行股份有 限公司 2024 年度中期利润分配方案公告》。本议案需提交本行股东大会审议。 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个别及连带责任。 重庆农村商业银行股份有限公司（以下简称"本行"）第五届董事会第四十 八次会议于2024年10月29日在本行总行401会议室以 ...

证券代码：601077 证券简称：渝农商行 公告编号：2024-035 重庆农村商业银行股份有限公司 第五届监事会第二十七次会议决议公告 本行监事会及全体监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个别及连带责任。 重庆农村商业银行股份有限公司（以下简称"本行"）第五届监事会第二十 七次会议于2024年10月29日在本行总行503会议室以现场结合通讯方式召开。 本行已于 2024 年 10 月 24 日以直接送达、传真和电子邮件形式发出会议通知和 材料。本次会议应出席监事 7 名，实际出席监事 7 名。会议的召开符合法律、行 政法规、部门规章、规范性文件和《重庆农村商业银行股份有限公司章程》的有 关规定。 本次会议审议通过了以下议案： 一、《关于审议重庆农村商业银行股份有限公司 2024 年第三季度报告的议 案》 表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 监事会认为：本行 2024 年第三季度报告的编制和审议程序符合国家法律、 法规和本行章程的规定；报告真实、准确、完整地反映了报告期内本行的经营管 理和财务状况，所载资料 ...

一、渝农商行首次公开发行股票和股本情况 中国国际金融股份有限公司 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准重庆农村商业 银行股份有限公司首次公开发行股票的批复》（证监许可﹝2019﹞1657 号）核准，并 经上海证券交易所同意，渝农商行向社会发行人民币普通股（A 股）1,357,000,000 股， 并于 2019 年 10 月 29 日在上海证券交易所上市。公司首次公开发行股票前总股本为 10,000,000,000 股，首次公开发行股票后总股本为 11,357,000,000 股，其中限售股份的 数量为 7,743,394,491 股，无限售条件股份数量为 3,613,605,509 股。 关于重庆农村商业银行股份有限公司 截至本核查意见出具之日，公司未发生配股、公积金转增股本等事项。公司总股本 为 11,357,000,000 股，其中有限售条件 A 股流通股为 7,590,170 股，无限售条件 A 股流 通股为 8,836,073,789 股，无限售条件 H 股流通股为 2,513,336,041 股。 首次公开发行部分限售股解禁上市流通的核查意见 本次可以申请上市流通的限售股为 ...

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、准确性和完整性依法承担法律责任。 证券代码：601077 证券简称：渝农商行 公告编号：2024-033 重庆农村商业银行股份有限公司 首次公开发行限售股上市流通公告 重要内容提示： 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为 1,626,465 股。 本次股票上市流通总数为 1,626,465 股。 本次股票上市流通日期为 2024 年 10 月 30 日。 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准重庆农村商业银行股份有限公司首次 公开发行股票的批复》（证监许可﹝2019﹞1657 号）核准，并经上海证券交易所同 意，重庆农村商业银行股份有限公司（以下简称"本行"）向社会公众首次公开发 行人民币普通股（A 股）1,357,000,000 股，并于 2019 年 10 月 29 日在上海证券 交易所上市。 本行首次公开发行股票前总股本为 10,000,000,000 股，首次公开发行股票后 总股本为 11,357,000,000 股，其中限售股份的数量为 7,743,394,4 ...

王霄鸿 wangxiaohong@orientsec.com.cn 管理层预计平稳过渡，有望受益于化债提 速 核心观点 ⚫ 事件：2024 年 10 月 17 日，渝农商行发布公告，谢文辉先生因工作调动辞去董事长 职务，公司董事会推举行长隋军先生代为履行董事长、法定代表人职务。 ⚫ 谢文辉先生赴任渝富控股董事长，有助于强化与重庆国资的合作。根据渝富控股官 网披露，谢文辉先生已出任其党委书记、董事长。渝富控股为重庆国有产业资本投 资运营公司，实控子公司 38 家，也是渝农商行的第一大股东，截至 24H1 持股比例 为 8.70%。此次调任后，渝农商行与渝富控股及其子公司在项目端的合作有望进一 步强化，利好其资产投放。行长隋军先生自 2008 年起在渝农商行任职多年，熟悉行 内业务和发展战略，代为履行董事长职务，有利于高管团队的平稳过渡。 ⚫ 地方化债发力提速，利好资产质量改善，并有望打开扩表空间。重庆作为重点化债 省份，积极落实一揽子化债举措，近日财政部明确拟出台近年来支持化债力度最大 的措施，化债有望显著提速，截至 24H1，渝农商行广义基建贷款占比居上市农商行 首位，有望充分受益：一是相关资产质量将得到进一 ...