Financial Data and Key Indicators Changes - The fluorochemical industry has formed a comprehensive product system with a total domestic output value exceeding 100 billion yuan [29][30] - The market for fluorinated fine chemicals is estimated to exceed 30 billion yuan, accounting for approximately 30% of the total output value of the fluorochemical industry [79] Business Line Data and Key Indicators Changes - The market for fluorinated pharmaceutical intermediates is projected to reach approximately 50 billion yuan, with a significant portion used in pharmaceuticals and pesticides [2] - The domestic supply capacity of fluorinated electronic specialty gases has significantly improved, with a domestic production rate reaching 50% [10] - The market for fluorinated liquids, particularly in immersion cooling for data centers, is expected to grow rapidly, with a projected CAGR of 22.6% from 2022 to 2030 [13] Market Data and Key Indicators Changes - The global market for electronic specialty gases was valued at 6.11 billion USD in 2022, with fluorinated specialty gases accounting for 39% of this market [7] - The domestic investment scale for liquid cooling data centers was 43.63 billion yuan in 2022, with immersion cooling accounting for 35% of the market [13] Company Strategy and Development Direction and Industry Competition - The industry is characterized by a relatively fragmented competitive landscape, with few companies dominating specific segments, such as pharmaceutical intermediates [5] - The exit of major players like 3M from the fluorinated liquid market presents opportunities for domestic manufacturers to fill the market gap [14] - The focus on developing environmentally friendly products, such as hexafluorobutadiene, is a key area for future growth [10] Management's Comments on the Operating Environment and Future Outlook - The management highlighted the importance of responding quickly to core customer needs and seeking low-cost synthesis routes as competitive strategies in the pharmaceutical intermediates sector [5] - The rapid growth of the semiconductor industry is expected to drive demand for fluorinated electronic specialty gases, with a projected supply gap by 2025 [10] Other Important Information - The domestic fluorinated fine chemicals market is expected to benefit from the rapid development of AI and high-performance computing, which will increase the demand for immersion cooling solutions [14] - The competitive landscape for fluorinated liquids is set to change significantly due to the exit of 3M, allowing domestic companies to capture market share [14] Q&A Session All Questions and Answers Question: What is the outlook for the fluorinated fine chemicals market? - The market is expected to grow significantly, driven by the increasing demand for pharmaceutical intermediates and electronic specialty gases, with a focus on customization and cost efficiency [5][10] Question: How is the domestic supply capacity for fluorinated electronic specialty gases evolving? - The domestic supply capacity has improved significantly, with a production rate reaching 50%, and major companies are now supplying to leading semiconductor manufacturers [10]

Financial Performance - The group achieved operating net income of RMB 339.078 billion, a year-on-year decrease of 1.64%[11] - Net profit attributable to shareholders was RMB 146.602 billion, an increase of 6.22% year-on-year[11] - Net interest income reached RMB 214.669 billion, down 1.63% compared to the previous year[11] - Non-interest net income was RMB 124.409 billion, a decline of 1.66% year-on-year[11] - The average return on total assets (ROAA) was 1.39%, and the average return on equity (ROAE) was 16.22%, both showing a decrease compared to the previous year[11] - The net income for the reporting period was RMB 194,315 million, with a cost-to-income ratio of 31.96%, up 0.01 percentage points year-on-year[85] Loan and Deposit Growth - Interest income from loans and advances was RMB 375.610 billion, an increase of 6.29% year-on-year, driven by the expansion of interest-earning assets[13] - Total loans and advances amounted to RMB 6,508,865 million, with a non-performing loan amount of RMB 61,579 million, resulting in a non-performing loan ratio of 0.95% as of December 31, 2023[74] - Retail loan balance stood at RMB 3,437.88 billion, growing by 8.73% year-on-year, with small and micro loans amounting to RMB 751.30 billion, up 19.06%[39] - As of December 31, 2023, total customer deposits reached RMB 8,155.44 billion, an increase of 8.22% compared to RMB 7,535.74 billion at the end of 2022[67] - Customer deposit balance reached RMB 7,871.56 billion, an increase of RMB 597.05 billion, or 8.21% year-on-year[153] - The average daily balance of core deposits increased by RMB 758.20 billion, or 12.94%, accounting for 86.63% of customer deposits[153] Asset Quality and Non-Performing Loans - The non-performing loan (NPL) balance increased to RMB 61.58 billion, a rise of RMB 3.58 billion from the previous year, with an NPL ratio of 0.95%, down 0.01 percentage points[70] - The total amount of normal loans was RMB 6,375.96 billion, accounting for 97.95% of total loans, with non-performing loans comprising 0.95% of the total[36] - The bank's retail non-performing loan balance was RMB 30.59 billion, with a non-performing loan rate of 0.89%, unchanged from the previous year[39] - The company reported a retail loan non-performing rate of 0.90%, with a focus on optimizing customer structure and quality asset allocation[136] - The company’s non-performing loan ratio for real estate was 5.01%, an increase of 1.02 percentage points from the end of the previous year[127] - New non-performing loans generated amounted to RMB 60.99 billion, a decrease of RMB 1.98 billion, with a non-performing loan generation rate of 1.03%, down 0.12 percentage points year-on-year[157] Capital Adequacy and Risk Management - The bank's core Tier 1 capital adequacy ratio was 13.32%, up 0.09 percentage points from the previous year-end[49] - The core tier 1 capital adequacy ratio increased to 11.86%, up 0.34 percentage points from the previous year, while the total capital adequacy ratio rose to 14.96%, an increase of 0.28 percentage points[81] - The loan loss provision balance was CNY 261.40 billion, an increase of CNY 7.99 billion from the end of the previous year, with a coverage ratio of 456.73%[131] - The company has enhanced risk management strategies, focusing on key areas such as personal housing loans and consumer credit, ensuring overall asset quality stability[134] Digital Transformation and Innovation - The company is committed to digital transformation, improving decision-making efficiency through data-driven management platforms[145] - The company launched 558 new fintech innovation projects and 612 new online projects during the reporting period, with a cumulative total of 3,800 fintech projects initiated[94] - The bank's online corporate banking international business section served 107,206 customers, a 98% increase year-on-year, with online transaction volume reaching 1.5 million[116] - The monthly active users (MAU) of the bank's app reached 117 million, enhancing digital service capabilities[119] Wealth Management and Investment Banking - Retail financial business pre-tax profit reached RMB 99,913 million, a year-on-year increase of 6.09%, contributing 56.57% to the group's pre-tax profit[85] - Wealth management fees and commission income was RMB 28.47 billion, a year-on-year decrease of 7.89%[150] - The total assets under management (AUM) for retail customers amounted to RMB 13.32 trillion, reflecting a growth of 9.88% year-on-year[115] - The company completed 30 Hong Kong IPO projects during the reporting period, maintaining a leading position in the Hong Kong IPO underwriting business[175] Corporate Client Services - The number of corporate clients served reached 2.8206 million, an increase of 11.66% compared to the previous year, with corporate loan balance growing by 10.70% to RMB 2,321,585 million[89] - The company served 87,100 clients with corporate collection products, a year-on-year increase of 38.92%, with a transaction amount of 6.28 trillion yuan, up 47.76% year-on-year[191] - A total of 6,285 corporate clients were provided with hedging services, with derivative trading volume amounting to 64.783 billion USD[177] Strategic Focus Areas - The company plans to enhance non-interest income through wealth management business development, focusing on product innovation and optimizing the structure of insurance, funds, and wealth management products[102] - The company aims to maintain a stable asset quality in personal housing loans, with a non-performing loan rate of 0.35% and overdue loan rate of 0.50%[138] - The company plans to focus on key areas such as technology finance, green finance, and digital finance to optimize its credit structure[156]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968) 董事會會議召開日期 招商銀行股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2024年4月29 日（星期一）舉行董事會會議，藉以審議及批准刊發本公司截至2024年3月31日止 三個月之第一季度業績公告。 招商銀行股份有限公司董事會 2024年4月17日 於本公告日期，本公司的執行董事為王良及朱江濤；本公司的非執行董事為繆建 民、孫雲飛、周松、張健及陳冬；及本公司的獨立非執行董事為王仕雄、李孟 剛、劉俏、田宏啟、李朝鮮及史永東。 ...

本报告中所指投资及服务可能不适合个别客户，不构成客户私人咨询建议。任何情况下，本报告中的信息或所表 述的意见均不构成对任何人的投资建议。在任何情况下，本公司及本公司员工或者关联机构不承诺投资者一定获 利，不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任。投资者务必注意，其据此作出的任何 投资决策与本公司及本公司员工或者关联机构无关。 网址：stock.hnchasing.com 地址：湖南省长沙市芙蓉中路二段 80 号顺天国际财富中心 28 层 邮编：410005 电话：0731-84403360 传真：0731-84403438 证券研究报告 评级 买入 银行｜股份制银行Ⅱ 资产质量迎拐点，分红比例再提升 | --- | --- | |------------------------------------|--------------| | 评级变动 交易数据 \n当前价格（元） | 维持 \n32.40 | | 52 周价格区间（元） | 27.03-35.68 | | 总市值（百万） | 799014.75 | | 流通市值（百万） | 668377.80 | | 总股本（万股） | 25 ...

图表 3：招商银行业绩增长拆分（累积同比） 图表 | --- | --- | --- | --- | --- | --- | |----------------|-------|-------|-------|--------|--------| | | 2022 | 1Q23 | 1H23 | 3Q23 | 2023 | | 规模增长 | 10.4% | 11.1% | 10.6% | 10.1% | 9.6% | | 净息差扩大 | -3.4% | -9.4% | -9.4% | -10.0% | -11.2% | | 净手续费收入 | -2.3% | -4.9% | -4.3% | -3.7% | -2.8% | | 净其他非息收入 | -1.0% | 1.4% | 2.6% | 1.7% | 2.6% | | 成本 | 0.1% | -2.2% | -1.9% | -0.9% | -0.2% | | 拨备 | 7.6% | 9.6% | 11.1% | 7.3% | 9.0% | | 税收 | 3.9% | 2.3% | 0.5% | 2.0% | -0.7% | 请务必阅读正文之后的重要声明部分 - ...

公 司 研 究 招商银行（600036.SH）：分红比例 进一步提升，资产质量较平稳 营收降幅环比收窄，拨备反哺利润增 6.2%。 成本端：精细化管控费用、拨备反哺，净利润正增长。公司持续精细化配置费 用资源，2023 年管理费用同比 -1.4%，成本收入比 33%，相对保持稳定。信 用减值损失同比 -28%，年末拨备覆盖率为 437.7%，同比下降 13pct。在拨备 反哺下、净利润同比增 6.2%，增速环比前三季度下降 0.3pct。 2023 年末，招商银行贷款余额同比+7.6%，增速较 9 月末放缓 0.1pct。从全 年信贷新增情况来看，2023 年新增贷款 4574 亿，对公、零售分别占 49%、 60.4%；年末对公、零售贷款占比分别为 39.9%、52.8%，同比提升 0.69、 0.57pct。其中，对公贷款主要投向制造业、基建相关行业，新增占比分别为 24.3%、16.5%，对公房地产贷款净减少 493 亿。零售贷款主要增量贡献来自 小微贷款、消费贷款及其他，新增占比分别为 26.3%、23.6%。 息差收窄符合预期，预计 24 年仍有所承压。 敬请参阅报告结尾处的免责声明 东方财智 兴盛 ...

招商银行(600036) 经营稳中求进 事件： 招商银行公布 23 年报，23 年实现营收 3391.23 亿元，同比-1.64%，增速较 前三季度+0.08PCT；归母净利润 1466.02 亿元，同比+6.22%，增速较前三 季度-0.29PCT。 ➢ 存量按揭利率调整影响显现，息差业务略有承压 23 年全年利息净收入同比-1.63%，增速较前三季度-1.73PCT。信贷投放方 面，截至 23 年末，招商银行贷款余额为 6.51 万亿元，同比+7.56%，增速 较前三季度-0.13PCT，信贷投放增速慢于整体金融机构信贷增速。贷款增 速下滑主要系企业扩产意愿偏弱导致对公信贷投放偏弱。23Q4 大型企业贷 款需求指数为 53.5%，较去年同期-1.10PCT。从净息差来看，招商银行 23 年全年净息差为 2.15%，较三季度末-4BP。23Q4 单季度净息差为 2.04%，环 比-7BP。其中 23Q4 资产端收益率为 3.68%，环比-4BP，预计主要系存量按 揭利率调整导致零售端收益率下行。23Q4 负债端平均成本率为 1.75%，环 比+2BP，主要系同业拆借以及债券成本有所提升。 ➢ 市场表现拖累整 ...

%% %% | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 招商银行 2023 全年营收下滑 1.6% ，归母净利润增速 6.2% 。利息净收入下滑 1.6% ，中收下滑 | | | 10.8% 。 2023 年分红比例上调至 35% ，过去四年保持 33% ，分红比例达到新高。贷款全年增 长 7.6% ， Q4 单季环比 +0.8% 。全年净息差 2.15% ，较前三季度 -4BP ，其中 Q4 单季净息差 | | | 2.04% ，环比 -7BP ，主要贷款收益率环比 -16BP 。 Q4 单季存款成本率环比持平。年末不良率环 | | | 比 -1BP 至 0.95% ，拨备 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.77 CNY based on a projected PB of 1x for 2024 [3][31]. Core Insights - The company's performance remains stable, with a revenue growth rate of -1.6% in 2023, showing a slight recovery compared to the previous quarters. The net profit attributable to shareholders increased by 6.2%, although this is a decrease from earlier quarters [1][3]. - Loan growth is stable, with a 7.67% increase in 2023, driven by strong performance in consumer loans and small micro-loans, reflecting effective marketing strategies [1]. - The net interest margin continues to decline, dropping by 4 basis points to 2.15% in Q4, primarily due to pressures in retail business [2]. Financial Performance Summary - Revenue (in million CNY) for 2023 is reported at 3,391, with a growth rate of -1.64%. Projections for 2024-2026 show expected growth rates of 1.83%, 9.81%, and 9.87% respectively [5][22]. - Net profit (in million CNY) for 2023 is 1,466, with a growth rate of 6.22%. Projections for 2024-2026 are 7.3%, 9.1%, and 9.3% respectively [5][22]. - The company’s EPS for 2023 is 5.63, with projections of 6.24, 6.81, and 7.44 for the following years [5][22]. - The P/E ratio for 2023 is 5.75, with a projected decrease to 4.36 by 2026, indicating a potential increase in valuation [5][22]. Dividend and Shareholder Returns - The company has increased its cash dividend to 1.972 CNY per share, with a payout ratio of 35.01%, marking the highest dividend ratio in its history [8]. Asset Quality and Loan Performance - The asset quality remains stable, with a slight decrease in non-performing loan (NPL) ratio by 1 basis point, while the attention rate increased by 9 basis points, indicating pressure mainly in retail loans [28]. - The company reported a significant slowdown in deposit growth, with a rate of 8.22% in Q4, down by 4.34 percentage points from previous quarters, primarily affecting retail demand deposits [29]. Future Projections - The report projects revenue growth for 2024 at 3,453 million CNY, with net profit expected to reach 1,574 million CNY [47]. - The company anticipates a stable growth trajectory in loans, with total loans expected to reach 72,879 million CNY by 2024 [47]. Conclusion - Overall, the report indicates a stable performance with potential for growth, supported by strong loan demand and effective marketing strategies, while also highlighting challenges in net interest margins and deposit growth [1][2][3][8][28][29].

[Table_InvestInfo] 投资评级 优于大市 维持 [Table_AuthorInfo] 分析师:孙婷 分红比例从 33%提升至 35%，从资本积累程度看有望保持高分红比率。招行核 心一级资本充足率较 22 年提升 5bps 至 13.73%，预计继续保持上市银行前列。 我们认为在资本新规实施后招行资本充足率有望进一步提升，有能力保持 35%的 分红比率。 [Table_MainInfo] 公司研究/金融/银行 证券研究报告 招商银行（600036）公司年报点评 2024 年 03 月 27 日 | --- | --- | --- | --- | --- | |-------|--------------------------------------------|--------|----------|-------| | | | | | | | | 招商银行 | | 海通综指 | | | | 11.60% | | | | | | 4.60% | | | | | | -2.40% | | | | | | -9.40% | | | | | | -16.40% 2023/3 2023/6 | 202 ...