渝农商行24Q1季报点评：营收增速小幅回升，资产质量保持稳健

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.86 CNY per share [4][2]. Core Views - Revenue growth has slightly rebounded, with non-interest income performing well. As of Q1 2024, the company's revenue, PPOP, and net profit attributable to shareholders have shown year-on-year growth rates of 0.7%, 11.9%, and -16.9% respectively. The decline in net profit is attributed to a high base from significant asset disposals in the same period last year [1][2]. - The pace of asset expansion has slowed, with credit growth primarily driven by corporate lending. Total assets and loan amounts grew at year-on-year rates of 2.5% and 2.1% respectively as of Q1 2024, with corporate loans being the main contributor [1][2]. - Asset quality remains stable, with a slight improvement in the provision coverage ratio. The non-performing loan ratio stands at 1.19%, unchanged from the end of 2023, while the provision coverage ratio has increased to 367.5%, the highest since 2018 [1][2]. Financial Summary - The company's revenue for 2024 is projected at 27,577 million CNY, with a year-on-year decline of 1.4%. The net profit attributable to shareholders is expected to be 11,451 million CNY, reflecting a growth of 5.0% [3][8]. - Earnings per share (EPS) for 2024 is forecasted at 0.99 CNY, with book value per share (BVPS) expected to be 10.94 CNY [2][3]. - The company's price-to-book (PB) ratios for 2024, 2025, and 2026 are projected to be 0.42, 0.39, and 0.36 respectively, indicating a valuation discount compared to peers [2][3].