Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's performance in Q3 shows a marginal improvement, with a return to profit growth for the first time this year, achieving a net profit growth of 0.8% in Q3 [2][9] - The overall financial health remains strong, with a stable asset quality and a low non-performing loan (NPL) ratio of 0.94% [3][4] - The company is expected to maintain its leading position in the industry, supported by a low-cost, low-risk, and high return on equity (ROE) model [9] Financial Performance Summary - Revenue for the first three quarters was CNY 252.7 billion, a year-on-year decrease of 2.9%, while net profit was CNY 113.2 billion, down 0.6% [2] - Net interest income decreased by 3.1% year-on-year, but the decline is narrowing compared to the first half of the year [2] - The net interest margin for Q3 was 1.97%, showing only a slight decrease from the previous quarter [2] Asset Quality Summary - As of September, the NPL ratio stood at 0.94%, with a coverage ratio of 432% [3] - The company reported a decrease in the generation of non-performing loans in Q3, with corporate NPL generation at CNY 2.24 billion, down from the previous quarter [3][4] Business Segment Performance - Wealth management revenue saw a significant decline of 27.6% year-on-year, primarily due to fee rate reductions and market volatility [9] - The total assets reached CNY 11.7 trillion, with loans amounting to CNY 6.76 trillion, reflecting a growth of 3.8% year-to-date [5] Future Outlook - The company is expected to continue its recovery throughout the year, with a positive outlook for the medium to long term [9] - Financial projections indicate a gradual improvement in revenue and profit growth rates over the next few years [10][11]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's asset quality remains robust, and its fundamentals show strong resilience despite a slight decline in revenue and profit year-on-year [4][5]. - The report highlights a narrowing decline in revenue and profit compared to the first half of 2024, indicating a recovery trend [5]. - The bank's retail business continues to grow, with a significant increase in retail customer numbers and assets under management (AUM) [13]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 252.7 billion, a year-on-year decrease of 2.9%, and a net profit attributable to shareholders of 113.2 billion, down 0.6% year-on-year [4]. - The weighted average return on equity (ROE) stands at 15.38%, reflecting a decrease of 2 percentage points year-on-year [4]. - The net interest margin for the first three quarters decreased by 1 basis point to 1.99%, with a quarterly net interest margin of 1.97% [8]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio remains stable at 0.94%, with a non-performing loan balance of 63.6 billion, an increase of nearly 2 billion since the beginning of the year [11]. - The bank's provision coverage ratio slightly decreased to 432.2%, indicating strong risk mitigation capabilities [12][11]. Capital Adequacy - The bank's capital adequacy ratios have improved, with the core tier 1 capital ratio at 14.73%, tier 1 capital ratio at 16.99%, and total capital ratio at 18.67% as of the end of Q3 2024 [12]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 5.82, 6.05, and 6.33 yuan, respectively, reflecting a downward revision of 3.8%, 5.2%, and 6.7% from previous estimates [13]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.95 for 2024, 0.86 for 2025, and 0.79 for 2026 [13].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 48.52 CNY based on a current price of 38.60 CNY [1][2]. Core Views - The company's performance shows a gradual improvement in revenue decline, with a reported operating income of 252.709 billion CNY for the first three quarters of 2024, reflecting a year-on-year decrease of 2.91% [1]. - The net profit attributable to shareholders for the same period was 113.184 billion CNY, down 0.62% year-on-year, indicating a narrowing of negative growth [1]. - The net interest margin for Q3 2024 was reported at 1.97%, with a non-performing loan ratio of 0.94% and a provision coverage ratio of 432.15% [1]. Summary by Relevant Sections Financial Performance - The company experienced a continued contraction in revenue, with net interest income and non-interest income showing year-on-year declines of 3.07% and 16.90%, respectively, while other non-interest income increased by 28.23% [1]. - Q3 2024 saw a net interest income of 52.85 billion CNY, reflecting a quarter-on-quarter increase of 0.76% [1]. - The cost control measures have led to a reduction in credit impairment losses by 8.55% year-on-year, and management expenses decreased by 4.56% [1]. Asset Quality - The non-performing loan ratio remained stable at 0.94%, with a slight increase in the proportion of special mention loans to 1.30% [1]. - The company reported a non-performing loan generation rate of 1.02% for Q3, which is still considered low [1]. Credit and Deposits - The company maintained stable growth in credit, with a total new loan issuance of 10.95 billion CNY in Q3 2024, although retail demand remains weak [1]. - The proportion of loans in interest-earning assets slightly decreased to 58.7%, while the proportion of deposits in interest-bearing liabilities remained stable at 86.4% [1]. Future Outlook - The report anticipates a gradual recovery in the company's performance, with adjusted net profit growth rates for 2024E, 2025E, and 2026E projected at -0.3%, -0.2%, and 4.2%, respectively [2]. - The target price reflects a price-to-book ratio of 1.10X for 2025, indicating confidence in the company's long-term value [2].

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][9][13] Core Views - The company's revenue decline has narrowed, and cost control efforts have intensified, with a year-on-year decrease in net profit of 0.62% and revenue down by 2.91% [4][9] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.92% and a decrease in the NPL generation rate [8][9] - The company is expected to maintain its competitive advantage in the long term, particularly in retail and wealth management sectors [9] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 252.7 billion yuan, a year-on-year decrease of 2.91%, and a net profit attributable to shareholders of 113.2 billion yuan, down 0.62% year-on-year [3][4] - The total asset size reached 11.7 trillion yuan, growing 9.25% year-on-year, with loan and deposit scales increasing by 4.70% and 9.43% respectively [3][5] Revenue and Profitability - The net interest income decreased by 3.07% year-on-year, while non-interest income fell by 2.6%, with a notable decline in wealth management fees [4][5] - The cost-to-income ratio improved, decreasing by 0.5 percentage points to 29.58% due to effective cost management [4][5] Asset Quality - The NPL ratio decreased by 2 basis points to 0.92%, with the corporate sector showing improved asset quality [8][9] - The coverage ratio for provisions remains high at 432% despite a slight decrease [8][9] Future Outlook - The company is expected to face pressure on net interest margins due to ongoing interest rate adjustments, but it maintains a strong position in the retail banking sector [5][9] - Earnings per share (EPS) forecasts for 2024-2026 are 6.08, 6.39, and 6.83 yuan respectively, with corresponding profit growth rates of 4.5%, 5.2%, and 6.9% [9][11]

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company reported a revenue of 252.7 billion yuan for the first nine months of 2024, a year-on-year decline of 2.9%, and a net profit attributable to shareholders of 113.2 billion yuan, down 0.6% year-on-year [2][3]. - The non-performing loan (NPL) ratio remained stable at 0.94% quarter-on-quarter, while the provision coverage ratio decreased by 2.3 percentage points to 432% [2][4]. - The decline in revenue was primarily driven by a decrease in non-interest income, which fell by 2.6% year-on-year, with a significant drop of 17% in fee income [3][11]. Summary by Sections Financial Performance - For 9M24, net interest income decreased by 3.1% year-on-year, contributing negatively to revenue growth by 1.9 percentage points [3][11]. - The company’s total revenue for 2024 is projected to be 336.3 billion yuan, with a year-on-year growth rate of -0.83% [6][21]. - The net profit for 2024 is expected to be 145.4 billion yuan, reflecting a year-on-year decline of 0.8% [21]. Asset Quality - The NPL ratio for 3Q24 was stable at 0.94%, with the corporate NPL ratio decreasing to 1.05% and retail NPL ratio increasing to 0.94% [4][10]. - The annualized NPL generation rate for 9M24 was 1.02%, consistent with 2023 levels [10][11]. - The company maintains a high provision coverage ratio, ensuring asset quality remains stable [10][11]. Loan and Deposit Trends - Total loans increased by 4.7% year-on-year, with retail loans showing steady growth [5][12]. - The company continues to adjust its loan structure, reducing exposure to real estate and low-yielding bills [5][12]. - The total deposits reached 8.73 trillion yuan, a year-on-year increase of 9.4% [19][21]. Market Position - The company’s stock closed at 38.60 yuan, with a market capitalization of 796.3 billion yuan [7][19]. - The price-to-book (P/B) ratio for 2024 is projected at 0.96, indicating a favorable valuation compared to peers [11][21].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Views - The company's performance is showing signs of recovery, particularly in its retail banking segment, with a positive growth in net profit for the third quarter [1]. - The company is expected to benefit from a rebound in its wealth management business due to increasing market activity driven by recent policy support [1]. - The asset quality remains stable, with a non-performing loan ratio of 0.94%, indicating a solid credit profile [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 252.7 billion yuan, a year-on-year decrease of 2.9%, while net profit was 113.2 billion yuan, down 0.6% year-on-year [1]. - The annualized ROAA and ROAE were reported at 1.33% and 15.38%, respectively, reflecting a decline compared to the previous year [1]. - The net interest margin for the third quarter was 1.97%, with a slight decrease from the previous quarter [1]. Revenue and Profit Forecast - The company forecasts net profits for 2024, 2025, and 2026 to be 147.3 billion yuan, 153.5 billion yuan, and 165.1 billion yuan, respectively, with corresponding year-on-year growth rates of 0.5%, 4.2%, and 7.6% [1][3]. - The projected PE ratios for 2024, 2025, and 2026 are 6.7x, 6.5x, and 6.0x, while the PB ratios are 0.94x, 0.85x, and 0.78x [1][3]. Asset Quality Indicators - The company reported a non-performing loan generation rate of 1.02%, which is a year-on-year decrease of 1 basis point, primarily driven by retail loans [1]. - The provision coverage ratio stands at 432%, indicating a strong buffer against potential credit losses [1][4].

公司动态分析 2024 年 10 月 29 日 招商银行(600036.SH) 基本面温和改善—招商银行 2024 年三季报点评 事件：招商银行公布 2024 年三季报，前三季度营收同比增速为 -2.91%（中报为-3.09%），拨备前利润同比增速为-2.66%（中报为 -4.52%），归母净利润同比增速为-0.62%（中报为-1.33%），业绩 增速呈现逐渐回升态势，我们点评如下： 今年三季度，招商银行单季归母净利润同比增速为 0.79%，主 要驱动因素包括规模扩张、成本费用节约，而净息差同比收窄则 对利润增长形成拖累。 规模扩张稳健，与 M2 增速大致相当。今年三季度招商银行生息 资产（日均余额口径）同比增长 6.5%，较 Q2 增速微降 0.4 个百 分点，近年来其生息资产扩张速度与 M2 增速差别不大。从单季新 增生息资产结构来看，新增投资类资产明显提升，预计 Q3 随着政 府债券发行节奏加快，招行加大对债券资产配置力度，新增信贷 （日均余额口径）为-105 亿元，预计主要是大幅压降低收益的票 据贴现资产。 观察信贷结构，以季末时点数进行分析，Q3 新增信贷 261 亿元，同 比减少 844 亿元，主 ...

Financial Performance - Net profit attributable to shareholders for the first nine months of 2024 was RMB 113,184 million, a decrease of 0.62% year-on-year[4]. - Basic earnings per share attributable to ordinary shareholders for the third quarter of 2024 was RMB 0.66, down 0.68% compared to the same period last year[4]. - The bank's net profit attributable to shareholders for the third quarter of 2024 showed a slight increase of 0.79% compared to the same period last year[4]. - For the period from January to September 2024, the company achieved operating revenue of CNY 252.709 billion, a year-on-year decrease of 2.91%[14]. - The total operating income for the first nine months of 2024 was RMB 229,162 million, compared to RMB 236,184 million in the first nine months of 2023, reflecting a decrease of approximately 3%[63]. - The bank's total comprehensive income for the first nine months of 2024 was RMB 118,199 million, an increase from RMB 101,891 million in the same period of 2023[64]. - Net profit for the nine months ended September 30, 2024, was RMB 114,039 million, slightly down from RMB 114,970 million for the same period in 2023, a decrease of 0.81%[60]. Assets and Liabilities - Total assets as of September 30, 2024, reached RMB 11,654,763 million, an increase of 5.68% compared to the end of 2023[4]. - The bank's total liabilities as of September 30, 2024, were RMB 10,502,236 million, indicating a growth trend in overall financial stability[4]. - The total amount of loans and advances was CNY 6,758.751 billion, up 3.84% year-on-year, with retail loans at CNY 3,573.833 billion, increasing by 3.95%[25]. - Customer deposits totaled CNY 8,732.681 billion, marking a 7.08% increase compared to the end of the previous year[16]. - Total liabilities reached CNY 10,495.13 billion, an increase of 5.56% compared to the end of last year, primarily driven by customer deposit growth[26]. - The company's total liabilities reached RMB 10,495,128 million, compared to RMB 9,942,754 million at the end of 2023[56]. Income and Expenses - The net interest income for the first nine months of 2024 was CNY 157.298 billion, a year-on-year decrease of 3.07%, accounting for 62.24% of total operating income[17]. - Non-interest net income for the first nine months of 2024 was CNY 95.411 billion, a year-on-year decrease of 2.63%, representing 37.76% of total operating income[20]. - Business and management expenses for the first nine months of 2024 were CNY 74.747 billion, a decrease of 4.56% year-on-year, with a cost-to-income ratio of 29.58%[23]. - The bank's interest expenses for the first nine months of 2024 were RMB 108,282 million, compared to RMB 106,587 million in the same period of 2023[63]. Asset Quality and Risk Management - The non-performing loan balance was CNY 63.557 billion, an increase of CNY 1.978 billion from the end of the previous year, with a non-performing loan ratio of 0.94%[16]. - The average return on total assets (ROAA) for the period was 1.33%, down 0.13 percentage points year-on-year[16]. - The provision coverage ratio stood at 432.15%, down 5.55 percentage points from the end of the previous year[16]. - The company is focused on monitoring industry risks and maintaining overall asset quality stability[34]. - The company plans to enhance risk management capabilities and optimize asset structure in response to external economic uncertainties[41]. Capital and Equity - Shareholders' equity attributable to the bank's shareholders increased to RMB 1,152,527 million, up 7.08% from the end of 2023[4]. - The company's core Tier 1 capital adequacy ratio was 14.73%, an increase of 1.00 percentage points from the end of the previous year[43]. - The company's capital adequacy ratio was 18.67%, reflecting a rise of 0.79 percentage points compared to the previous year[44]. - The company's total equity increased to RMB 1,159,635 million, up from RMB 1,085,729 million at the end of 2023[56]. Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was RMB 287,233 million, representing a significant increase of 435.40% year-on-year[5]. - Operating cash inflow for the first nine months of 2024 totaled RMB 1,063,177 million, compared to RMB 917,713 million in 2023, indicating an increase of 15.9%[66]. - Cash flow from investment activities showed a net outflow of RMB 121,505 million in the first nine months of 2024, an improvement from a net outflow of RMB 191,954 million in 2023[67]. - The total cash and cash equivalents at the end of September 2024 reached RMB 770,465 million, up from RMB 398,640 million at the end of September 2023, marking an increase of 93.5%[67]. Customer and Market Growth - The number of retail customers reached 206 million, representing a growth of 4.57% from the end of the previous year[52]. - The total assets under management (AUM) for retail customers increased to RMB 143,449.47 billion, a rise of 7.69% compared to the previous year[52]. - The number of high-net-worth clients (with total assets of RMB 500,000 or more) grew to 5.0657 million, an increase of 9.16% year-over-year[53].

A 股简称：招商银行 A 股代码：600036 公告编号：2024-043 招商银行股份有限公司 董事会决议公告 本公司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法律责任。 招商银行股份有限公司（简称本公司或招商银行）于 2024 年 9 月 27 日以电 子邮件方式发出第十二届董事会第四十一次会议通知，于 10 月 29 日以书面传签 方式召开会议。会议应参会董事 13 名，实际参会董事 13 名。会议的召开符合 《中华人民共和国公司法》和《招商银行股份有限公司章程》等有关规定。 会议审议通过了以下议案： 一、审议通过了本公司 2024 年第三季度报告。 同意：13 票 反对：0 票 弃权：0 票 本公司董事会审计委员会已审议通过上述议案，并同意将其提交本公司董事 会审议。 附件：1.马向辉先生简历及相关信息 二、审议通过了《2024 年第三季度第三支柱报告》。 同意：13 票 反对：0 票 弃权：0 票 本公司 2024 年第三季度报告和 2024 年第三季度第三支柱报告详见上海证 券 交 易 所 网 站 （ www.sse.com. ...

招商银行股份有限公司 监事会决议公告 2．本公司 2024 年第三季度报告的内容与格式符合中国证监会和 证券交易所的相关规定，真实、准确、完整反映本公司报告期内的经 营管理情况和财务状况； 3．截至本意见出具前，未发现参与 2024 年第三季度报告编制和 审议的人员有违反保密规定的行为。 同意：9 票 反对：0 票 弃权：0 票 A 股简称:招商银行 A 股代码:600036 公告编号:2024-044 本公司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法律责任。 招商银行股份有限公司（简称本公司）于 2024 年 9 月 27 日以电 子邮件方式发出第十二届监事会第三十三次会议通知，于 10 月 29 日 以书面传签方式召开会议。会议应参会监事 9 名，实际参会监事 9 名， 总有效表决票为 9 票。会议的召开符合《中华人民共和国公司法》和 《招商银行股份有限公司章程》等有关规定。 会议审议通过了以下议案： 一、审议通过了本公司 2024 年第三季度报告，并出具如下意见： 1．本公司 2024 年第三季度报告的编制和审议程序符合有关法律 ...