⚫ 贷款同比+7.7%，零售贷款占比提升至 53%。2023 年全年新增贷款 4574 亿元，同比少增 240 亿元，其中零售/对公/票据分别贡献 60%、49%、-9% 的增量。拆分来看：①对公贷款增速降至 9.4%，房地产贷款持续压降， 主要投放制造业，以科技金融、绿色金融、普惠金融等领域为重点方向； ②零售贷款增速低位提升至 8.7%，主要靠个人经营贷和消费贷增长拉动， 按揭负增长。存款方面，存款同比+8.6%，定期存款贡献主要增量，活期 存款规模下降。 公 司 点 评 报 告 ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ ＃陈绍兴assAuthor＃ SAC：S0190517070003 chenshaox@xyzq.com.cn 曹欣童 SAC：S0190522060001 caoxintong@xyzq.com.cn ⚫ 不良率环比-1bp 至 0.95%，拨备覆盖率环比-8pct 至 438%，拨贷比环比13bp 至 4.14%。拆分来看：①对公不良率下行至 1.19%，其中房地产不良 率拐点再次验证，由 2023Q2 的 5.45%下降至 5.01%，房地产敞 ...

四大板块协同发展，分红率提升至 35% ——招商银行（600036.SH）2023 年年报点评 敬请参阅最后一页特别声明 -1- 证券研究报告 | --- | --- | |----------------------|------------| | | | | 市场数据 | | | | | | 总股本(亿股 ) | 252.20 | | 总市值(亿元)： | 7,906.42 | | 一年最低/最高(元 )： | 26.9/36.04 | | 近 3 月换手率： | 36.55% | 3 月 25 日，招商银行发布 2023 年年报，全年实现营业收入 3391 亿，同比-1.6%； 实现归母净利润 1466 亿，同比+6.2%。归属普通股股东加权平均净资产收益率 16.22%，同比-0.84pct。 招商银行（600036.SH） 非利息净收入同比下降 1.7%至 1245 亿，手续费与净其他非息收入同比"一降 一升"。2023 年非利息净收入主要构成上，1）手续费及佣金净收入同比下降 10.8%至 841 亿，其中，财富管理手续费收入同比下降 7.9%至 285 亿，主要分 项看，①代理保险（YoY +9 ...

核心观点： -22% -16% -9% -3% 4% 10% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 招商银行 沪深300 分析师： 王先爽 021-38003645 表 12：生息资产情况（单位：百万元） | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|----------|----------|----------|----------|----------|---------|----------|---------|-----------| | 余额结构 | 2022Q1 | 2022H1 | 2022Q1-3 | 2022A | 2023Q1 | 2023H1 | 2023Q1-3 | 2023A | 同比变化 | | 贷款 | 61.7% | 61.8% | 62.3% | 60.2% | 60.8% | 59.7% | 61.1% | 59.5% | -0.70pct | | 投资类资产 | 25.4% | 26.1% | 26.6 ...

银行 ——分红率高位提升超预期，静待营收新拐点 | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 36.71 | | 资产负债率 % | 90.16 | | 总股本/流通 A 股(百万 ) | 25220/20629 | | 流通 B 股/H 股（百万） | -/4591 | 买入（维持） 事件：招商银行披露 2023 年报，全年实现营收 3391 亿元，同比下滑 1.6%；实现归母净利 润 1466 亿元，同比增长 6.2%；4Q23 不良率季度环比下降 1bp 至 0.95%，拨备覆盖率季度 环比下降 8.2pct 至 437.7%。业绩与资产质量符合预期。 ⚫ 贷款增速环比基本持平，但结构延续改善，对公加大实体制造业和政策支持行业并压降房 地产及票据，零售端则实现各条线平稳恢复：4Q23 招行集团口径贷款同比增长 7.6% （3Q23 为 7.7%）。母行口径全年新增贷款 4456 亿，同比小幅少增 228 亿。 ...

近可守，远可攻 证券分析师：田维韦 证券分析师：王剑 021-60875161 021-60875165 tianweiwei@guosen.com.cnwangjian@guosen.com.cn S0980520030002 S0980518070002 证券分析师：陈俊良 021-60933163 chenjunliang@guosen.com.cn S0980519010001 | --- | --- | |----------------------------------------|-------------------------------| | 基础数据 | | | 投资评级 | 买入(维持) | | 合理估值 | | | 收盘价 总市值/流通市值 | 31.35 元 790642/790642 百万元 | | 52 周最高价/最低价 近 3 个月日均成交额 | 36.35/26.90 元 2274.92 百万元 | | 市场走势 | | 资料来源：Wind、国信证券经济研究所整理 相关研究报告 财务预测与估值 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | --- | - ...

招商银行（600036）2023 年报点评 推荐（维持） 公司研究 [ReportFinancialIndex] 主要财务指标 招商银行（600036）2023 年报点评 金融组团队介绍 研究员：刘潇伟 证 券 研 究 报 告 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 未经许可，禁止转载 （2022 年为 33.01%），静态股息率提升至 6.3%（对应最新总市值）。 投资建议：在 4 季度面临存量按揭利率调整和"报行合一"双重因素扰动下， 招行整体业绩增速保持平稳，资产质量各项指标仍维持在较优水平。当前居民 加杠杆意愿/风险偏好仍在低位，但重点风险领域不良指标已经开始改善，居 民信心恢复仍需一定时间。长期看，招商银行基本面扎实稳健，战略执行清 晰、长期递进且坚定有力；通过在零售领域的长期深耕，积累了一批优质、稳 定的零售客户群体，通过体系化经营和金融科技赋能，不断加深其在零售业务 领域的护城河。招行在银行中具备较高稀缺性，继续看好其长期价值。结合公 司披露年报和当前宏观环境，我们调整 2024E/2025E 净利润增速为 3.2%/6.0% （前值 4.99%/7.61%） ...

存款利率 1.62% 1.60% 1.58% 1.57% 资本充足率 17.88% 18.19% 18.36% 18.47% 盈利能力 2023A 2024E 2025E 2026E 资料来源：公司公告、民生证券研究院预测；注：利润表负值表示对营收、利润负向影响 其他资产增速 1.8% 10.3% 11.9% 14.3% 定期 45.1% 44.6% 44.1% 43.6% 企业贷款(不含贴现) 39.9% 39.9% 38.8% 38.3% 4 4 3 3 正常 利率指标 2023A 2024E 2025E 2026E 净利差(Spread) 2.03% 1.89% 1.81% 1.75% 资本状况 评级说明 免责声明 布本报告当日的判断，且预测方法及结果存在一定程度局限性。在不同时期，本公司可发出与本报告所刊载的意见、预测不一致的报 告，但本公司没有义务和责任及时更新本报告所涉及的内容并通知客户。 在法律允许的情况下，本公司及其附属机构可能持有报告中提及的公司所发行证券的头寸并进行交易，也可能为这些公司提供或 正在争取提供投资银行、财务顾问、咨询服务等相关服务，本公司的员工可能担任本报告所提及的公司的董事 ...

Financial Performance - Net profit for the year was RMB 148,006 million, up from RMB 139,294 million, reflecting a year-on-year increase of 6.14%[2] - Net interest income decreased to RMB 214,669 million, down 1.29% from RMB 218,235 million in the previous year[2] - Other net income rose to RMB 40,346 million, a significant increase of 25.01% year-on-year[13] - The retail financial business reported a pre-tax profit of RMB 99.913 billion, a year-on-year increase of 6.09%, accounting for 56.57% of the group's pre-tax profit[45] - The operating income for the retail financial business reached RMB 194.336 billion, up 1.52% year-on-year, representing 57.31% of the group's total operating income[45] Asset and Loan Growth - The total assets of the group reached RMB 110,284.83 billion, an increase of 8.77% compared to the end of the previous year[1] - Total loans and advances amounted to RMB 65,088.65 billion, growing by 7.56% year-on-year[1] - Total loans and advances reached RMB 6,508.87 billion, an increase of 7.56% compared to the end of the previous year[19] - Corporate loan balance was RMB 2,599.86 billion, growing by 9.44% year-on-year, with a non-performing loan amount of RMB 30.99 billion, representing a non-performing loan ratio of 1.19%[30] - Retail loan balance stood at RMB 3,437.88 billion, up 8.73% from the previous year, with non-performing loans totaling RMB 30.59 billion, maintaining a non-performing loan ratio of 0.89%[30] Customer Deposits - The total customer deposits amounted to RMB 815.5438 billion, a 8.25% increase from RMB 753.5742 billion at the end of the previous year[56] - Total customer deposit balance reached CNY 4,557.24 billion, an increase of 5.52% compared to the previous year[138] - The average daily balance of customer deposits was CNY 4,532.79 billion, up 6.42% year-on-year[138] - The average cost rate of RMB customer deposits was 1.56%, a year-on-year decrease of 4 basis points[85] Risk Management and Asset Quality - The group reported a credit impairment loss of RMB 41,278 million, a decrease from RMB 56,751 million in the previous year, indicating improved asset quality[2][16] - The provision coverage ratio for loan losses was 437.70%, down 13.09 percentage points from the previous year[38] - The non-performing loan balance increased to RMB 61.579 billion, a rise of RMB 3.575 billion year-on-year, with a non-performing loan ratio of 0.95%, down 0.01 percentage points[59] - The non-performing loan ratio for corporate loans improved to 1.15%, a decrease of 0.10 percentage points from the previous year[138] Digital Transformation and Technology - The monthly active users (MAU) of the bank's apps reached 117 million by the end of the reporting period[50] - The company invested RMB 14.126 billion in information technology, accounting for 4.59% of its operating income[81] - The company aims to enhance its digital financial capabilities and improve service quality through technology and innovation[102] - The company launched the intelligent wealth assistant "小招," which provides comprehensive financial management services[200] Market Presence and Strategy - The group plans to continue expanding its market presence and investing in new technologies to enhance service offerings[10] - The company plans to increase loans and advances by approximately 8% and customer deposits by around 10% in 2024[101] - The company is focusing on expanding its retail customer base and enhancing financial technology to innovate retail products[98] Customer Satisfaction and Service Quality - The company's customer complaints decreased by 35% year-on-year, reflecting improved service quality[84] - Customer satisfaction for remote online multi-channel services was reported at 99.10%[199] Capital Adequacy and Financial Stability - Core Tier 1 capital adequacy ratio was 13.73%, an increase of 0.05 percentage points year-on-year[39] - The bank's leverage ratio improved to 8.26%, up 0.31 percentage points from the previous year[39] - The group's core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and capital adequacy ratio were 13.73%, 16.01%, and 17.88%, respectively, increasing by 0.05, 0.26, and 0.11 percentage points compared to the end of the previous year[70] International Business and Corporate Services - The international business volume for corporate foreign exchange transactions was USD 356.89 billion, a year-on-year increase of 4.90%[162] - The company served 37.06 million corporate clients through various online channels during the reporting period[137] - The number of corporate clients for tax withholding and payment services increased by 11.36% year-on-year, totaling 1.1978 million[137] Environmental and Social Responsibility - Green loan balance was 447.77 billion yuan, reflecting a growth of 26.00% year-on-year[108] - The balance of loans to small and micro enterprises increased by 25.27% year-on-year, reaching CNY 484.63 billion, with a non-performing loan ratio of 0.74%, down 0.26 percentage points[151]

招商银行（600036.SH） 1、利息净收入：全年同比下降 1.6%，其中 Q4 单季度环比下降 4.5pc 至 6.6%。23Q4 单季度净息差环比下降 7bps，降幅较 23Q3 的 5bps 略有扩 大，此外由于 22Q4 息差环比回升 1bp，基数效应下 23Q4 息差同比降幅 扩大至 33bps（23Q3 同比降 25bps），拖累利息净收入表现。 2、手续费及佣金净收入：全年同比降 10.8%，其中 Q4 单季度下滑 7.8%， 降幅略有收窄，其中，财富管理手续费及佣金收入同比下降 7.9%，资产 管理业务、银行卡手续费也均为负增长，继续承压。 B、按揭：不良率环比略升 1bp 至 0.37%，关注率、逾期率分别提升 10bps、 4bps 至 0.95%、0.54%。公司按揭贷款中一二线城市占比 87%，平均抵 押率 33%，虽然短期有微弱扰动，但整体仍有望保持相对稳定。 分析师 马婷婷 执业证书编号：S0680519040001 邮箱：matingting@gszq.com 研究助理 倪安峰 执业证书编号：S0680122080025 邮箱：nianfeng@gszq.com 2）动态来看， ...

[Table_Chart] 个股相对沪深 300 指数表现 -25% -20% -15% -10% -5% 0% 5% 10% 15% 招商银行 沪深300 数据来源：聚源，万联证券研究所 [Table_ReportList] 相关研究 业绩增长放缓 资产质量保持稳健 零售信贷增速稳定 客户基础进一步夯实 规模稳健扩张 [Table_Authors] 分析师: 郭懿 执业证书编号： S0270518040001 电话： 01056508506 邮箱： guoyi@wlzq.com.cn [Table_Pagehead] | --- | --- | --- | --- | --- | |----------------------------------------------|-------------------------------------------------------------|-------|-------|--------------| | 利润表 至 12 月 31 日 \n净利息收入 | 2023A 2024E 2025E 2026E \n 214,669 219,780 232, ...