渝农商行25Q1财报点评：利润总额双位数增长，资产扩张能力得到验证

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]