Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.32 CNY based on a projected PB of 1x for 2024 [1][20]. Core Insights - The company's revenue growth rates for 2024-2026 are projected to be -0.14%, 5.37%, and 5.51%, respectively, which are lower than previous estimates [1]. - The net profit growth rates for the same period are forecasted at -0.4%, 5.5%, and 5.9%, also reflecting a downward revision from earlier projections [1]. - The report highlights a significant recovery in performance, with Q2 2024 showing a revenue decline of only -1.5%, an improvement of 3.2 percentage points from Q1 [10]. - The main driver for the marginal improvement in performance is the reduction in the drag from net interest income, which saw a decline of -2.1% in Q2 2024, narrowing the drop by 4 percentage points from Q1 [10][40]. Financial Projections - The company's operating revenue for 2024 is expected to be 338.7 billion CNY, with a slight decrease from 339.1 billion CNY in 2023 [21]. - The net profit attributable to shareholders is projected at 146 billion CNY for 2024, down from 146.6 billion CNY in 2023 [21]. - The report indicates that the net interest income is expected to stabilize, with a forecast of 2,146 billion CNY for 2024, consistent with the previous year [31]. Asset Quality and Growth - The report notes a slight increase in non-performing loan ratios, with retail loans showing particular pressure, as the overdue rate for consumer credit rose to 3.00% [19][33]. - The growth rate of interest-earning assets is projected at 7.6% as of Q2 2024, indicating a positive trend in asset expansion [10]. - The capital adequacy ratio is expected to remain strong at 18.2% for 2024, reflecting a solid capital position [33].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company is expected to achieve BVPS of 40.84, 44.99, and 49.38 for the years 2024, 2025, and 2026 respectively, indicating a narrowing decline and strong investment income performance [2][10]. - The company's non-interest income for H1 2024 was 68.496 billion yuan, a year-on-year decrease of 1.39%, accounting for 39.61% of total revenue, which is an increase of 0.69 percentage points year-on-year [3][10]. - The asset quality remains stable, with a non-performing loan ratio of 0.94%, a slight decrease of 0.01 percentage points from the beginning of the year [3][10]. Financial Performance Summary - For H1 2024, the company reported operating income and net profit attributable to shareholders of 172.945 billion yuan and 74.743 billion yuan, respectively, representing year-on-year declines of 3.09% and 1.33% [10]. - The annualized weighted average ROE was 15.44%, down 2.11 percentage points year-on-year [10]. - Interest income for H1 2024 was 104.449 billion yuan, a year-on-year decrease of 4.17%, with a net interest margin of 2%, down 23 basis points year-on-year [11]. - The company’s total loans grew by 3.67% from the beginning of the year, with corporate loans increasing by 6.61% and retail loans by 3% [11]. Strategic Outlook - The company is focused on its "Value Bank" strategic goal, emphasizing a balanced approach to quality, efficiency, and scale, with steady expansion of its balance sheet [3][10]. - The competitive edge in wealth management and asset management is continuously improving, with digital finance initiatives paving the way for long-term business development [3][10].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [9] Core Views - The company has shown balanced business development with stable performance, as evidenced by its H1 2024 revenue of 1729.45 billion yuan, a year-on-year decrease of 3.09% [14][29] - The net profit attributable to shareholders for H1 2024 was 747.43 billion yuan, reflecting a year-on-year decline of 1.33% [14][29] - The company’s interest income and commission income have shown marginal improvements, with interest income at 1044.49 billion yuan and commission income at 383.28 billion yuan for H1 2024, despite year-on-year declines of 4.17% and 18.61% respectively [29] - Retail business remains a significant strength, with a loan balance of 6.75 trillion yuan, up 6.17% year-on-year, driven primarily by retail lending [29] - The company’s wealth management business has seen strong growth, particularly in the distribution of financial products, with a notable increase in revenue from this segment [29] Financial Data and Valuation - The company’s total assets are projected to reach 11,900.21 billion yuan by 2024, with a compound annual growth rate (CAGR) of 4.30% from 2024 to 2026 [33] - The forecasted net profit for 2024 is 1498 billion yuan, with a year-on-year growth of 2.22% [29][33] - The company’s earnings per share (EPS) for 2024 is estimated at 5.71 yuan, with a price-to-earnings (PE) ratio of 6.01 [29][33]

Investment Rating - The report maintains a "Buy" rating for the company [22]. Core Views - The company's performance in the first half of the year shows marginal improvement despite revenue and profit pressures, with expectations for continued recovery throughout the year [28]. - The company has established a virtuous cycle characterized by low cost, low risk, high ROE, and endogenous capital replenishment, maintaining a leading position in the industry [28]. Financial Performance - The company reported a revenue of 172.9 billion yuan, a year-on-year decrease of 3.1%, and a net profit attributable to shareholders of 74.7 billion yuan, down 1.3% [22]. - The net interest margin for the first half of the year was 2.00%, with a slight decrease of 2 basis points [22]. - The company’s total assets reached 11.6 trillion yuan, with a slight quarter-on-quarter increase of 0.5% [6]. Asset Quality - The non-performing loan (NPL) ratio stood at 0.94%, with a quarter-on-quarter increase of 2 basis points [22]. - The company’s provisioning coverage ratio was 434%, with a slight decrease of 2.4 percentage points [6]. Business Segments - The corporate real estate sector continues to improve, with a non-performing loan ratio decreasing by 4 basis points to 4.78% [3]. - Consumer loans remained stable, with a non-performing loan ratio of 1.04% as of June, showing minimal changes [4]. Wealth Management - The company maintains a leading position in wealth management, although the fee and commission income decreased by 32.5% year-on-year due to rate reductions and market volatility [7]. Growth Outlook - The company expects to see a recovery in performance driven by improved margins and a rebound in wealth management demand [28]. - The total loan balance decreased by 68 billion yuan to 6.7 trillion yuan, primarily due to a reduction in bill discounting [6].

Customer Deposits and Liabilities - As of June 30, 2024, total customer deposits reached RMB 866.29 billion, an increase of 6.22% compared to the end of 2023, accounting for 82.84% of total liabilities[4] - The total liabilities of the group amounted to RMB 1,045.78 billion as of June 30, 2024, compared to RMB 994.27 billion at the end of 2023[3] - The total liabilities reached RMB 10,457.76 billion, an increase of 5.18% compared to the previous year, primarily due to steady growth in customer deposits[25] - Customer deposits totaled RMB 8,662.886 billion, marking a 6.22% increase compared to the end of last year[59] Loans and Advances - The total amount of loans and advances was RMB 674.78 billion, with a year-on-year increase in various loan categories[12] - The total loans and advances amounted to RMB 6,747.80 billion, reflecting a growth of 3.67% from the previous year[28] - The total loans and advances amounted to RMB 6,747.804 billion, reflecting a growth of 3.67% year-on-year[59] - Retail loans accounted for 52.48% of total loans, with non-performing retail loans at RMB 32.04 billion, resulting in an NPL ratio of 0.90%[12] Asset Quality and Non-Performing Loans - Non-performing loans (NPL) amounted to RMB 63.43 billion, with an NPL ratio of 0.94%, a slight decrease of 0.01 percentage points from the end of 2023[11] - The proportion of normal loans was 97.82% of total loans, while the proportion of attention loans increased to 1.24%[10] - The non-performing loan (NPL) ratio was 0.94%, a decrease of 0.01 percentage points from the end of the previous year[78] - Credit impairment losses decreased by 13.30% to RMB 26.928 billion, reflecting improved asset quality[93] Financial Performance - The group achieved operating net income of RMB 172.92 billion for the first half of 2024, a decrease of 3.11% year-on-year[74] - The pre-tax profit for the first half of 2024 was RMB 89.64 billion, down 1.37% from the same period in 2023[74] - The net profit attributable to shareholders was RMB 74.74 billion, a decrease of 1.33% year-on-year[74] - Net interest income accounted for 60.40% of total income, while non-interest net income increased by 0.67 percentage points year-on-year to 39.60%[61] Capital Adequacy and Risk Management - The core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and capital adequacy ratio were 11.64%, 13.51%, and 14.60% respectively at the end of the reporting period[57] - As of the reporting period, the company's core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and total capital adequacy ratio were 13.86%, 16.09%, and 17.95%, respectively, an increase of 0.13, 0.08, and 0.07 percentage points compared to the end of the previous year[172] - The leverage ratio decreased to 7.88% from 8.26%, a decline of 0.38 percentage points[175] - The company has consistently met capital and leverage regulatory requirements throughout the reporting period[194] Investment and Securities - The total amount of financial investments measured at fair value and recognized in profit or loss was RMB 579.23 billion, an increase from RMB 526.15 billion as of December 31, 2023, representing a growth of 10.06%[18] - The total bond investment amounted to RMB 2,928.55 billion as of June 30, 2024, up from RMB 2,844.69 billion at the end of 2023, marking a growth of 2.94%[22] - The company has actively expanded its bond investment scale while increasing trading operations, resulting in favorable returns amid a stable funding environment and declining bond yields[18] - The group’s investment securities and other financial assets amounted to RMB 3,350.388 billion, representing 28.95% of total assets[97] Operating Expenses and Income - Operating expenses amounted to CNY 56.34 billion, a slight decrease of 0.05% year-on-year[119] - The cost-to-income ratio was 29.75%, an increase of 0.68 percentage points year-on-year[119] - Total net fee and commission income was CNY 38.33 billion, representing an 18.61% decrease year-on-year[116] - Wealth management fees and commissions decreased by 32.51% year-on-year to CNY 11.44 billion[117] Shareholder Information and Governance - The company held a shareholders' meeting on June 25, 2024, where 14 proposals were approved, including the 2023 annual profit distribution plan[143] - The first major shareholder, China Merchants Group, holds 29.97% of the company's shares, with China Merchants Shipping Company directly owning 13.04%[162] - The company actively promotes sustainable development across various sectors, including inclusive finance and green finance, as part of its governance structure[141] - The company has no significant guarantees outside of its approved business scope during the reporting period[156]

| --- | --- | |------------------|------------| | | | | 王良 | 彭家文 | | 行长兼首席执行官 | 副行长 | | | 财务负责人 | | | 董事会秘书 | 法定代表人 招商银行股份有限公司 2024年半年度报告（A股） 第八章 财务报告 83 财务会计部负责人 招商银行股份有限公司 2024年半年度报告（A股） 86 招商银行股份有限公司 第八章 财务报告 2024年半年度报告（A股） | --- | --- | --- | --- | |------------|------------------|------------|------------------| | 缪建民 | 王良 | 彭家文 | 孙智华 | | 法定代表人 | 行长兼首席执行官 | 副行长 | 财务会计部负责人 | | | | 财务负责人 | | | | | 董事会秘书 | | 附注为财务报表的组成部分 | --- | --- | --- | --- | --- | |-------|--------------------------------------|----- ...

三、审议通过了《关于调整董事会专门委员会成员组成的议案》，调整后的 招商银行第十二届董事会各专门委员会成员组成具体如下： A 股简称：招商银行 A 股代码：600036 公告编号：2024-036 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 8 月 23 日以电 子邮件方式发出第十二届董事会第三十八次会议通知，于 8 月 27 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《关于选举第十二届董事会副董事长的议案》，同意石岱女 士担任本公司第十二届董事会副董事长，任期自国家金融监督管理总局核准其副 董事长任职资格之日起，至第十二届董事会届满之日止。 同意：13 票 反对：0 票 弃权：0 票 二、审议通过了《关于提名第十二届董事会非执行董事的议案》，同意提名 邓仁杰先生为本 ...

A 股简称:招商银行 A 股代码:600036 公告编号:2024-037 招商银行股份有限公司 监事会决议公告 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。 会议审议通过了以下议案： 一、审议通过了《招商银行信用风险内部评级体系总体政策（第 四版）》。 同意：9 票 反对：0 票 弃权：0 票 三、审议通过了《招商银行内部资本充足评估程序管理办法（第 二版）》。 二、审议通过了《招商银行杠杆率管理办法（第二版）》。 四、审议通过了《关于做好 2023 年度消保监管评价指出问题有关 整改工作的议案》。 同意：9 票 反对：0 票 弃权：0 票 1 同意：9 票 反对：0 票 弃权：0 票 招商银行股份有限公司（简称本公司或招商银行）于 2024 年 8 月 23 日以电子邮件方式发出第十二届监事会第三十一次会议通知， 于 8 月 27 日以书面传签方式召开会议。会议应表决监事 9 名，实际 表决监事 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。 同意：9 ...

招商银行股份有限公司（简称本公司）给予中国交通建设集团有限公司（简 称中交建集团）人民币920亿元的集团综合授信额度占本公司上季末法人口径资 本净额1%以上，同时中交建集团纳入中国证监会/上海证券交易所监管规则下的 关联方累计授信额度占本公司最近一期经审计净资产0.5%以上但未超过1%；给 予金地（集团）股份有限公司（简称金地集团）人民币156亿元的授信额度占本 公司最近一期经审计净资产1%以上但未超过5%。根据《银行保险机构关联交易 管理办法》《公开发行证券的公司信息披露编报规则第26号——商业银行信息 披露特别规定》《上海证券交易所股票上市规则》《上市公司独立董事管理办 法》，以及本公司制定的《招商银行股份有限公司关联交易管理办法》和《招商 银行股份有限公司关联交易管理实施细则》等相关规定，以上授信均需由董事 会关联交易管理与消费者权益保护委员会和独立董事专门会议审议通过后，提 交董事会审议，无需提交股东大会审议。 A 股简称：招商银行 A 股代码：600036 公告编号：2024-038 招商银行股份有限公司 日常关联交易公告 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 ...