详解重庆银行2023年报：营收降幅收窄资产质量有所改善

请务必阅读正文之后的重要声明部分Email：dengmj@.股价与行业-市场走势对比公司盈利预测及估值13,18513,53314,16614,786增长率yoy%-7.2%2.6%4.7%4.4%4,9285,0205,1325,252增长率yoy%4.4%2.2%2.3%9.28%8.57%8.24%7.88%74.870.510.480.450.41.净利息收入：Q4净利息收入环比-10.9%，主要是受息差拖累。单季年化息差1.32%，环比大幅下行20bp，主要是资产端利率下降幅度较大，负面定期存款占比也在进一步提升。5.11X/4.97X/4.87X，公司布局以成渝双城经济圈为核心的西南片区，对公端是公公司点评请务必阅读正文之后的重要声明部分-2-.风险提示：经济下滑超预期、公司经营不及预期、研报信息更新不及时。请务必阅读正文之后的重要声明部分-3- 公司点评请务必阅读正文之后的重要声明部分-4-PPOP、归母净利润分别同比增长-7.2%/1.4%/3.0%/-3.9%/-1.9%；-12.1%/-2.2%/1.3%/-7.4%/-5.3%；4.4%/2.7%/4.3%/0.7% 1Q212Q213Q214Q211Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q23来源：公司财报，中泰证券研究所来源：公司财报，中泰证券研究所降0.5个百分点。3、22年4季度资金市场利率陡升、导致公允价公司点评请务必阅读正文之后的重要声明部分-5-税收税收税后利润税收税后利润来源：公司财报，中泰证券研究所下降了0.5个百分点，化债预计也对收益率造成了一定影响。负债端付1Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q23公司点评请务必阅读正文之后的重要声明部分-6-升，4季度发债和同业负债规模分别环比-5.4%环比增速占比4Q221Q232Q233Q234Q234Q221Q232Q233Q234Q23资产贷款2.8%4.0%3.1%2.1%51.5%51.7%52.0%52.1%51.6%--企业贷款0.4%8.3%4.1%3.6%2.7%30.7%32.1%32.6%33.1%33.1%--个人贷款-2.2%-1.0%0.6%0.4%0.5%--票据29.3%-5.0%3.4%-2.4%-1.0%7.0%6.4%6.4%6.1%5.9%债券投资2.4%6.2%2.1%2.4%3.0%36.1%37.0%36.9%37.0%37.1%存放央行20.3%-15.7%-2.1%6.0%4.8%4.8%4.6%5.2%同业资产-17.6%5.0%2.1%-1.6%6.4%6.5%6.4%6.4%6.1%生息资产合计3.7%2.5%2.0%2.6%4Q221Q232Q233Q234Q234Q221Q232Q233Q234Q23存款0.0%5.1%0.8%0.3%60.5%61.4%60.7%59.6%59.2%发债-5.0%0.6%7.5%-5.4%21.5%20.9%22.9%24.1%22.4%同业负债25.7%-4.9%计息负债合计2.6%3.6%2.1%2.1%2.0%1Q222Q223Q224Q221Q232Q233Q234Q23单季新增贷款（亿元）115.199.037.094.9139.7113.477.366.1对公贷款79.992.546.665.5个人贷款票据67.7107.1对公占比个贷占比票据占比当季新增占比全年 22 单季新增存款（亿元）186.5183.048.8191.832.154.9当季新增占比全年 存贷款细拆：对公是主力，互联网合作类消费贷压降基本结束正。1、对公信贷新增占比提升至105.1%，2023年持了较高的增长，新增基建类贷款占总新增年初占比提升31.5pct，是对公新增的主要网合作类消费贷基本结束，零售信贷占比新增贷款较年中上升2.8个百公司点评请务必阅读正文之后的重要声明部分-7-20222023农、林、牧、渔业0.5%制造业8.9%4.4%5.4%建筑业5.5%采掘业-1.8%-0.4%0.6%-0.1%房地产业-2.6%-4.0%-0.6%-1.5%交通运输、仓储和邮政业0.7%2.6%电力、燃气及水的生产和供应企业-0.8%-3.8%-1.9%-1.3%金融业0.0%0.0%0.0%-0.1%批发和零售业6.9%租赁和商务服务业34.1%32.1%42.1%51.6%旅游服务业（eg：住宿餐饮等）0.0%0.0%-0.2%0.1%信息传输、计算机服务和软件0.6%0.4%2.1%科研、技术服务和地质勘查业-1.1%-1.2%0.7%-0.3%水利、环境和公共设施管理业24.6%25.1%居民服务和其他服务业0.2%0.4%0.4%0.2%卫生、社会保障和社会服务业-0.2%-0.2%-0.2%-0.5%文化教育、体育和娱乐业2.8%3.1%0.9%投资管理0.0%0.0%0.0%0.0%综合性企业0.0%0.0%0.0%0.0%其它0.0%0.0%0.0%0.0%对公贷款80.5%65.8%个人按揭贷款-1.0%-3.7%-3.0%-3.2%信用卡4.7%5.6%消费贷-28.4%-27.8%-4.8%-1.8%经营性贷款-2.7%-0.4%0.4%其他0.0%0.0%0.0%0.0%个人贷款-20.5%-21.2%-1.7%贴现票据40.0%55.3%-3.4%-6.1%其他0.0%0.0%0.0%0.0%活期存款定期存款居民存款企业存款请务必阅读正文之后的重要声明部分-8-同比增速2022202320222023净手续费收入-0.9%-52.4%-46.0%手续费及佣金收入-38.4%-31.2%汇款及结算9.4%-18.0%31.4%代理服务(基金与资产管理代销)8.6%-65.5%-43.5%67.3%38.5%55.2%银行卡手续费9.1%托管及其他受托业务佣金-41.7%-21.7%0.0%3.1%6.0%4.4%手续费及佣金支出41.1%42.2%资产质量：不良率提升放缓，逾期率大幅下降20211Q222Q223Q224Q221Q232Q233Q234Q23同比变动环比变动不良维度不良率-0.04%0.01%不良净生成率（单季年化）2.10%0.54%0.95%3.34%-0.30%0.48%0.35%-2.99%-0.82%不良净生成率（累计年化）0.54%(0.30%)0.06%0.45%0.56%-1.26%0.11%不良核销转出率136.11%25.52%87.19%89.66%122.60%4.05%15.55%25.50%32.73%-89.87%7.23%关注类占比3.12%2.99%3.20%3.45%3.36%0.16%(关注+不良)/贷款总额4.42%4.28%4.58%4.66%4.70%0.12%逾期维度20211Q222Q223Q224Q221Q232Q233Q234Q23同比变动环比变动逾期率2.67%2.58%2.97%2.57%-1.02%逾期/不良205.82%199.79%215.49%211.75%146.26%-69.23%逾期90天以上/贷款总额0.96%0.16%逾期90天以上/不良贷款余额86.78%82.01%69.81%88.64%84.04%14.23%拨备维度20211Q222Q223Q224Q221Q232Q233Q234Q23同比变动环比变动信用成本（累积）0.80%0.83%-0.23%拨备覆盖率272.24%270.31%261.18%273.96%209.41%234.92%250.72%225.38%232.90%23.49%7.52%拨备/贷款总额3.54%3.53%3.38%3.37%2.89%2.92%3.04%3.00%3.11%0.22% 0.11%请务必阅读正文之后的重要声明部分-9-PE5.11X/4.97X/4.87X，公司布局以成渝双城经济圈为核心的西南片回暖