研報掘金丨湘財證券:渝農商行業績持續改善,首予“增持”評級
湘財證券研報指出,渝農商行(601077.SH)2024年營業收入增長1.1%,營收增速實現回正,歸母淨利潤增速達5.6%。2025Q1,渝農商行營收增速繼續提升至1.4%,歸母淨利潤增速上升至6.3%,業績持續改善。成渝經濟圈建設賦能區域經濟,渝農商行客戶基礎牢固,資產擴張具有動能。渝農商行儲蓄資源豐富,爲負債成本壓降提供充足空間,將持續緩解息差壓力。隨着地方化債持續推進,對公資產風險有望收斂,零售資產質量也將隨着擴內需政策實施得以加固。預計2025~2027年歸母淨利潤增速爲6.0%/5.4%/4.7%,現價對應PB爲0.51/0.46/0.42倍。首次覆蓋,給予公司“增持”評級。
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