Investment Rating - The investment rating for the company is "Buy" with a target price of 41.89 CNY [21]. Core Views - The company's performance is under short-term pressure, with adverse factors still needing to be digested [2]. - Credit growth is supported by corporate lending, but the net interest margin is under increasing pressure [2]. - The asset quality remains slightly volatile, primarily due to ongoing pressure from retail non-performing loans [3]. Financial Performance Summary - As of Q1 2024, the non-performing loan ratio, attention rate, and overdue rate for the company are 0.92%, 1.14%, and 1.31%, respectively, showing slight fluctuations compared to the end of 2023 [3]. - The company disposed of non-performing loans amounting to 15.288 billion CNY in Q1 2024, a year-on-year increase of 11.89% [3]. - The company’s revenue for Q1 2024 was 86.417 billion CNY, a decrease of 4.65% year-on-year, while the net profit attributable to shareholders was 38.077 billion CNY, down 1.96% year-on-year [8][19]. Earnings Forecast and Valuation - The projected operating revenues for 2024, 2025, and 2026 are 344.095 billion CNY, 366.768 billion CNY, and 391.290 billion CNY, with year-on-year growth rates of 1.47%, 6.59%, and 6.69%, respectively [20]. - The net profit attributable to shareholders is expected to be 155.167 billion CNY, 164.650 billion CNY, and 176.221 billion CNY for the same years, with growth rates of 5.84%, 6.11%, and 7.03% [20]. - The company maintains a high provision coverage ratio of 436.82% as of Q1 2024, indicating sufficient risk compensation capacity [3].

招商银行股份有限公司（简称本公司）董事会收到王云桂先生的辞 任函。王云桂先生因到龄退休原因，向本公司董事会提请辞去副行长职 务。王云桂先生的辞任自 2024 年 5 月 8 日起生效。 王云桂先生确认与本公司董事会无不同意见，也无与其辞任有关的 其他事项需要提请本公司股东及债权人注意。本公司董事会对王云桂先 生在任职期间为本公司作出的贡献给予高度评价并致以衷心的感谢。 A 股简称：招商银行 A 股代码：600036 公告编号：2024-016 招商银行股份有限公司 关于副行长辞任的公告 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。 特此公告。 招商银行股份有限公司董事会 2024 年 5 月 8 日 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% in the next six months [2][10][20]. Core Insights - The company's net interest income has decreased year-on-year by 6.15%, primarily due to a decline in net interest margin, while non-interest income has shown strong performance with a 40.06% increase in other net income [4][8]. - The loan yield decline has significantly narrowed, and deposit costs have improved quarter-on-quarter, with a net interest margin of 2.02% and a net interest spread of 1.90% for Q1 2024 [5][6]. - The non-performing loan (NPL) ratio has improved to 0.92%, down 0.03 percentage points from the end of the previous year, indicating stable asset quality [6][8]. Summary by Sections Financial Performance - In Q1 2024, the company reported operating income of 864.17 billion yuan, a year-on-year decrease of 4.65%, and a net profit attributable to shareholders of 380.77 billion yuan, down 1.96% [8][9]. - The annualized return on average total assets (ROAA) and return on average equity (ROAE) were 1.35% and 16.08%, respectively, both showing a decline compared to the previous year [9]. Revenue Structure - The revenue structure shows a decline in net interest income and fee-based income, with the latter down 19.44% year-on-year, particularly affected by a 32.59% drop in wealth management fees [4][8]. - Other non-interest income has increased significantly, driven by higher returns from bond and fund investments [4]. Asset Quality - The company’s NPL generation rate is 1.03%, down 0.06 percentage points year-on-year, with the real estate sector's NPL ratio at 4.82%, also showing improvement [6][8]. - High credit-rated clients account for over 70% of the loan balance, with more than 85% of real estate development loans concentrated in first and second-tier cities [6].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - In 2023, the company achieved operating revenue of 339.123 billion yuan, a year-on-year decrease of 1.64%, while net profit attributable to shareholders was 146.602 billion yuan, an increase of 6.22% [4] - The fourth quarter of 2023 showed a recovery in revenue and net profit growth, with revenue declining by 1.38% year-on-year, a smaller decline compared to the previous quarter, and net profit increasing by 5.22% year-on-year [4] - The non-performing loan ratio remained low at 0.95% at the end of 2023, with a provision coverage ratio of 437.70% [5] - The company is expected to have a high dividend yield of 5.65% with an increase in the dividend payout ratio from 33% to 35.01% [14] Summary by Relevant Sections Financial Performance - In 2023, the company reported a net interest income of 214.669 billion yuan, with a projected decrease to 208.302 billion yuan in 2024 [8] - Other non-interest income is expected to grow from 40.346 billion yuan in 2023 to 48.415 billion yuan in 2024, reflecting a positive trend [8] - The total loan amount is projected to increase from 6.508 trillion yuan in 2023 to 6.965 trillion yuan in 2024 [8] Asset Quality - The non-performing loan ratio is projected to remain stable at around 0.95% over the next few years [24] - The provision coverage ratio is expected to be around 438% in 2024, indicating strong risk mitigation capabilities [24] Dividend Policy - The company plans to increase its cash dividend to 2.03 yuan per share in 2024, up from 1.972 yuan in 2023 [24] - The dividend payout ratio is expected to remain high, enhancing the attractiveness of the stock for income-focused investors [14]

Investment Rating - The report maintains a "Buy" rating for the company [2][13] Core Insights - The company has shown stable asset quality with a decrease in non-performing loan ratio to 0.92%, down 3 basis points from the previous period [22] - The net interest margin for Q1 2024 is reported at 2.02%, reflecting a decrease of 2 basis points from Q4 2023 and a year-on-year decline of 27 basis points [3][5] - The company has achieved a year-on-year loan growth of 7.8%, with new loans exceeding 300 billion yuan in Q1 2024 [9][11] Financial Performance - For Q1 2024, the company reported total revenue of 864 billion yuan, a decrease of 4.7% year-on-year, and a net profit attributable to shareholders of 381 billion yuan, down 2.0% year-on-year [10][21] - The earnings per share (EPS) for 2024 and 2025 have been adjusted to 5.89 yuan and 6.15 yuan respectively, with an estimated net asset value per share of 40.66 yuan by the end of 2024 [2][13] - The company’s total assets are projected to grow from 11,028.48 billion yuan in 2023 to 12,008.37 billion yuan in 2024 [7] Capital Adequacy - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios stand at 14.07%, 16.30%, and 18.20% respectively, indicating a solid capital position [8][12]

Investment Rating - The investment rating for the company is "Buy" [4][12]. Core Views - The company's performance in Q1 2024 was under pressure, with revenue of 86.4 billion yuan (YoY, -4.65%) and net profit attributable to shareholders of 38.1 billion yuan (YoY, -1.96%). The weighted average ROE for the year is 16.08%, a decrease of 2.35 percentage points year-on-year [1]. - The decline in revenue is primarily due to a narrowing net interest margin and a decrease in intermediary business income. The net interest income decreased by 6.15% year-on-year, with a net interest margin of 2.02%, down 27 basis points year-on-year [1]. - The company has a strong retail customer base, with 199 million retail customers and managed retail AUM exceeding 13.86 trillion yuan, reflecting a growth of 1.02% and 4.02% respectively since the beginning of the year [1]. - The asset quality remains stable, with a non-performing loan ratio of 0.92%, down 3 basis points from the previous year [1]. Financial Forecasts - The company forecasts net profit attributable to shareholders for 2024, 2025, and 2026 to be 156.1 billion yuan, 169 billion yuan, and 187.3 billion yuan respectively, with corresponding year-on-year growth rates of 6.5%, 8.3%, and 10.8% [1][2]. - The diluted EPS is projected to be 6.13 yuan, 6.65 yuan, and 7.37 yuan for the years 2024, 2025, and 2026 respectively [2][7]. - The total assets are expected to reach 12.021 trillion yuan by 2024, with a year-on-year growth of 9.0% [7].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to maintain a high level of profitability throughout the year, driven by strong retail loan growth primarily from small and micro loans and consumer loans [13][29] - As of the end of Q1 2024, the company's interest-earning assets and loans grew by 10.2% and 7.6% year-on-year, respectively, with a significant increase in credit and interbank assets [15][29] - The report highlights a trend of increasing deposit growth and a shift towards more term deposits, with total deposits growing by 9% year-on-year [16][29] Summary by Sections Financial Performance - In Q1 2024, the company achieved an operating income of 86.4 billion, down 4.7% year-on-year, and a net profit attributable to shareholders of 38.1 billion, down 2% year-on-year [7] - The net interest margin for Q1 2024 was 2.02%, a decrease of 13 basis points year-on-year, primarily due to a decline in the yield on interest-earning assets [9][29] Loan and Deposit Growth - Retail loan growth was primarily driven by small and micro loans (+42.7 billion) and consumer loans (+52.9 billion), while mortgage loans decreased by 14.9 billion [8][15] - The company’s total deposits increased by 9% year-on-year, with a notable shift towards term deposits, reflecting a trend of decreasing demand for demand deposits [16][29] Asset Quality - The company reported a credit impairment loss of 14.27 billion in Q1 2024, a decrease of 13.1% year-on-year, indicating improved asset quality [25][29] - The non-performing loan ratio was 0.92% at the end of Q1 2024, showing a slight improvement compared to previous quarters [27][29] Capital Adequacy - As of the end of Q1 2024, the company's core tier 1 capital adequacy ratio was 14.07%, reflecting a positive impact from the implementation of new capital regulations [27][29] Valuation and Forecast - The report forecasts EPS for 2024-2025 to be 6.05, 6.38, and 6.78 yuan, with the current stock price corresponding to a PB ratio of 0.84, 0.76, and 0.69 times [29] - The company is noted for having the highest increase in holdings among public funds in the banking sector, indicating strong investor interest [29]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price corresponding to a 2024 price-to-book (PB) ratio of 0.86 and a dividend yield of 5.7% [8]. Core Views - The company's performance in Q1 2024 was slightly below expectations, with a year-on-year revenue decline of 4.7% and a net profit decrease of 2.0%. The main factors contributing to this were a narrowing interest margin and a decline in fee income [4][8]. - Despite the challenges, there are positive signs such as a slowdown in the decline of interest margins and stable credit growth, particularly in corporate loans. The company is expected to maintain strong asset quality while expanding its balance sheet [8]. Summary by Sections Financial Performance - Q1 2024 revenue was CNY 86.42 billion, down 4.7% year-on-year, while net profit was CNY 38.08 billion, a decrease of 2.0% [6]. - Interest income fell by 6.2% year-on-year, primarily due to a 27 basis points reduction in interest margin, which negatively impacted revenue growth by 7.4 percentage points [4]. - Non-interest income also contributed negatively, declining by 2.3% year-on-year, with wealth management services seeing a significant drop of 19.4% [4]. Loan and Deposit Growth - The company added nearly CNY 307 billion in loans in Q1 2024, a year-on-year increase of CNY 224 billion, representing 67% of the total credit issued in 2023 [5]. - Corporate loans (excluding bills) accounted for CNY 192 billion of the new loans, with infrastructure and manufacturing loans making up approximately 39% of the total [5]. Profitability and Valuation - The report projects a net profit growth rate of 3.2%, 5.0%, and 8.3% for 2024, 2025, and 2026, respectively [8]. - The company's return on equity (ROE) for Q1 2024 was 4.0%, with a projected PE ratio of 6.0 for 2024 [6].

Investment Rating - The report maintains a "Recommended" rating for China Merchants Bank (600036) with a target price of 38.44 CNY, compared to the current price of 34.88 CNY [12]. Core Views - The first quarter revenue growth is expected to stabilize, with marginal improvements in asset quality. The bank reported Q1 2024 operating revenue of 86.417 billion CNY, a year-on-year decrease of 4.65%, and a net profit attributable to shareholders of 38.077 billion CNY, down 1.96% year-on-year [12][14]. - The net interest margin for the year is 2.02%, with a non-performing loan (NPL) ratio of 0.92% and a provision coverage ratio of 436.82% [12]. Summary by Sections Financial Performance - Q1 net interest income decreased by 6.2% year-on-year, leading to a total revenue decline of 4.7%. The net interest income for Q1 was 52.0 billion CNY, with a daily average net interest margin of 2.02%, down 2 basis points from Q4 2023 and 27 basis points year-on-year [12]. - Non-interest income saw a significant drop, with net fee income at 20.204 billion CNY, down 19.44% year-on-year, primarily due to a decline in wealth management fees [12]. Asset Quality - The asset quality shows marginal improvement, with a decrease in the NPL generation rate both quarter-on-quarter and year-on-year. The NPL ratio stands at 0.92%, down 3 basis points, while the provision coverage ratio remains robust at 436.8% [12][14]. - The report indicates that the real estate sector's NPL ratio has decreased, reflecting improved conditions in this area [12]. Future Outlook - The report anticipates that the overall performance growth will remain stable despite challenges from loan repricing and a potential further reduction in the 5-year LPR. Long-term, the bank's fundamentals are solid, with a clear strategic execution and a strong retail customer base [12][14]. - The projected net profit growth rates for 2024, 2025, and 2026 are adjusted to 1.1%, 3.6%, and 5.3%, respectively, reflecting a cautious outlook amid current market conditions [12].

公司评级 [Table_Invest] 买入-A/买入-H 合理价值 55.63 元/55.74 港元 2024-03-26 (600036.SH/03968.HK):深度 不良率下降，拨备覆盖率稳健 ⚫ 招商银行发布 2024 年一季报，24Q1 营收、PPOP、归母净利润同比增 长-4.65%、-6.1%、-2.0%，分别较 23 年变动-3.01pct、-4.02pct、-8.19pct， 累计业绩驱动上，规模增长、拨备计提、其他非息、有效税率是主要正 贡献，息差、中收、成本收入比等为主要负贡献。 产端，24 年贷款收益率较 23 年下降 19bp，主要受 LPR 下调及存量房 贷利率下调，叠加有效信贷需求不足，新发生业务收益率同比下行影响； 负债端，计息负债成本率较 23 年上行 2bp，其中存款成本率上行 1bp， 同业负债成本率上行 17bp。展望全年，重定价压力主要集中在 Q1，后 续季度虽还受新发贷款利率影响，但预计资产端收益率降幅将明显收 窄，负债端仍有刚性，关注去年存款挂牌利率多轮下调成效，预计全年 息差仍承压，降幅逐季收窄。（2）中收增长承压。24Q1 中收同比下降 19.4%，主要受银 ...