[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, ...

0.0% 1.0% 2.0% 3.0% 18-12 19-12 20-12 21-12 22-12 23-12 商业银行 股份制商业银行 招商银行 图 6：不良率 VS.行业 图 7：拨备覆盖率 VS.行业 资料来源: 公司公告、Ifind、信达证券研发中心 资料来源: 公司公告、Ifind、信达证券研发中心 0% 100% 200% 300% 400% 500% 600% 18-12 19-12 20-12 21-12 22-12 23-12 商业银行 股份制商业银行 招商银行 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 5 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 6 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与义 务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本报告而视其为本公司的当然客 户。客户应当认识到有关本报告的电话、短信、邮件提示仅为研究观点的简要沟通，对本报告的参考使用须以本报告的完整版本为 准。 本报告版权仅为信 ...

公 司 更 新 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|------------------------------------------|-------------------------|--------------------|------------------------------------------------------|---------------------------------------------------------------------|----------------------|--------------------|------------------------------------------|-----------------------|-----------------------| | [Table_Ma ...

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [4][14][29] Core Views - The company has demonstrated stable profit growth, with a year-on-year increase in net profit attributable to shareholders of 6.2% in 2023, reaching 146.6 billion yuan, despite a slight decline in operating income by 1.64% to 339.1 billion yuan [6][9][14] - The company has increased its dividend payout ratio to 35.01%, resulting in an attractive dividend yield of 6.29% based on the current stock price [6][14] - The company maintains a strong competitive advantage in the long term, with solid revenue capabilities and a leading position in the industry, despite short-term pressures from the macroeconomic environment [14][19] Summary by Sections Financial Performance - In 2023, the company achieved total assets of 11 trillion yuan, an increase of 8.8% year-on-year, with loans growing by 7.56% and deposits by 8.22% [6][13] - The annualized return on equity (ROE) was 16.22%, a decrease of 0.84 percentage points from the previous year [6][14] - The company reported a net interest margin of 2.15%, down from 2.19% in the previous year, reflecting ongoing pressure on interest income [10][19] Revenue and Profitability - The company's net interest income decreased by 1.63% year-on-year, while non-interest income also saw a decline of 1.66% [9][10] - The company’s earnings per share (EPS) for 2023 was 5.81 yuan, with forecasts for 2024-2026 at 6.08, 6.39, and 6.83 yuan respectively [8][14] Asset Quality - The non-performing loan (NPL) ratio at the end of 2023 was 0.95%, with a slight increase in the attention rate to 1.10% [20][19] - The company maintains a high provision coverage ratio of 438%, indicating strong risk mitigation capabilities [20][19] Market Position and Strategy - The company is focusing on maintaining a stable funding cost through a strategy centered on core deposits, which has helped keep the cost of liabilities stable [19][14] - The company is expected to continue leveraging its competitive advantages in retail banking and wealth management, particularly in the context of recovering retail demand [14][19]

Asset Quality and Loans - The non-performing loan ratio as of the end of 2023 was 0.95%, indicating stable overall asset quality, with a provision coverage ratio of 437.70%[11] - The total amount of non-performing loans across all sectors was RMB 61.58 billion, with an overall NPL ratio of 0.95%[118] - The non-performing loan balance was RMB 61.58 billion, with a non-performing loan ratio of 0.95%, a decrease of 0.01 percentage points year-on-year[41] - The NPL amount for retail loans was RMB 30.59 billion, with a stable NPL ratio of 0.89%[117] - The real estate sector's NPL ratio was notably high at 5.26%, reflecting ongoing risks in this area[118] - The total amount of loans and advances increased by 7.5% from RMB 6,051,459 million in December 2022 to RMB 6,508,865 million in December 2023[120] - The total loans and advances amounted to RMB 6,508,865 million, with a non-performing loan (NPL) amount of RMB 61,579 million, resulting in an NPL ratio of 0.95%[120] - The small and micro loans reached RMB 751.30 billion, representing a growth of 19.06% compared to the previous year[117] - The manufacturing sector loans increased by 23.90% year-on-year, totaling RMB 577.03 billion, and accounted for 8.87% of total loans[119] Financial Performance - In 2023, the operating income of China Merchants Bank was RMB 339,078 million, a decrease of 1.64% compared to RMB 344,740 million in 2022[27] - The pre-tax profit increased by 6.97% to RMB 176,618 million from RMB 165,113 million in the previous year[27] - The net profit attributable to shareholders rose by 6.22% to RMB 146,602 million, compared to RMB 138,012 million in 2022[27] - The average return on equity (ROAE) for common shareholders remained above 16%, indicating strong shareholder value creation[12] - The average return on total assets (ROAA) was 1.39%, down 0.03 percentage points from the previous year[40] - The company achieved a net operating income of RMB 339.08 billion in 2023, a decrease of 1.64% year-on-year[40] - Non-interest net income totaled 124.41 billion RMB, down 1.66% year-on-year, with net fees and commissions declining by 10.19% to 92.83 billion RMB[68][71] Customer Base and Retail Services - The number of retail customers reached 197 million, with total assets under management (AUM) exceeding 13 trillion RMB[11] - Retail customer base reached 197 million, a year-on-year increase of 7.07%, with high-net-worth clients (assets over 500,000 yuan) growing by 12.00% to 4.64 million[14] - The number of wealth management clients increased by 19.13% to 51.38 million, reflecting a successful upgrade from payment services to wealth management[16] - Retail customer deposits reached 3.31 trillion yuan, marking a 12.13% increase from the previous year, with demand deposits accounting for 58.16% of the average daily balance[14] - The total assets under management for retail customers amounted to 13.32 trillion yuan, up 9.88% year-on-year, with high-net-worth clients' assets increasing by 9.66%[14] Technology and Innovation - The company has made significant technological investments, with user numbers for the upgraded app surpassing 200 million and over 17,000 full-time positions replaced by automation[22] - The number of users on the bank's app surpassed 200 million, with online financing rates exceeding 92%[136] - The new generation open operation service platform improved processing efficiency by 27%[189] - The low-code development system has released 5,646 applications, with business personnel accounting for over 53% of all developers[197] - Nearly 400 data sources have been introduced by the data platform, covering 60% of the bank's employees with big data services[197] Capital and Liabilities - The total liabilities amounted to RMB 9,942.75 billion, an increase of 8.25% from the previous year[46] - Customer deposits totaled RMB 8,155,438 million, up 8.22% from RMB 7,535,742 million in the previous year[27] - The company's capital adequacy ratio improved to 17.88%, an increase of 0.11 percentage points from the previous year[133] - The core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and total capital adequacy ratio were 13.73%, 16.01%, and 17.88%, respectively, with increases of 0.05, 0.26, and 0.11 percentage points compared to the end of the previous year[163] Strategic Focus and Goals - The bank aims to strengthen its core competitiveness by focusing on retail finance, wealth management, and digitalization[26] - The company aims to optimize asset structure and increase loan disbursement to support the real economy[119] - The bank's strategy focuses on creating comprehensive value for customers, employees, shareholders, and society[141] - The bank aims to enhance risk management, cost management, and talent management to support high-quality development[142] - The company continues to innovate in retail and wholesale banking services, including digital financial solutions and wealth management products[128]

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 在香港代表本公司接收法律程序文件之代理人的更換 招商銀行股份有限公司（「本公司」）董事會（「董事會」）公佈，陳江河先生（「陳先 生」）因工作變動原因自2024年3月25日起，其不再擔任根據香港聯合交易所有限 公司（「聯交所」）證券上市規則第19A.13(2)條及公司條例（香港法例第622章）第16 部的規定代表本公司於香港接收法律程序文件及通知之授權代表（「法律程序代理 人」）。陳先生確認概無任何其他有關事項需予提呈聯交所、本公司股東和債權人 關注。 董事會公佈，劉鈞先生獲委任為法律程序代理人，自2024年3月25日起生效。 招商銀行股份有限公司董事會 2024年3月25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。 CHINA MERCHANTS ...

内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可 能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结果推 测未来内部控制的有效性具有一定风险。 内部控制审计报告 德师报(审)字(24)第 S00193 号 招商银行股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了招商 银行股份有限公司(以下简称"贵行")2023年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵行董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 四、财务报告内部控制审计意见 su Certif 于 2023年12月 31日按照《企业内部控制基本规范》和相关规定在所有 我们认为,贵行 重大方面保持了有效的财务报告内部控制。 德勤华永会计师 大火) ...

招商银行股份有限公司 独立董事2023年度述职报告 二○二四年三月二十五日 王仕雄独立董事2023年度述职报告 2023 2023 2017 2 Thomson Reuters 2023 1 10 6 19 6 13 99 23 7 10 12 36 23 1 1 2023 2023 2023 2023 | 会议分类 | | 实际出席次数 / 应出席次数 | | --- | --- | --- | | 股东大会 | | 1/1 | | 董事会会议 | | 19/19 | | 提名委员会 董事会专门委 审计委员会 | | 7/7 8/8 | | 员会会议 | 关联交易管理与消费者权益 保护委员会 | 4/4 | | 独立董事与董事长会议 | | 1/1 | | 独立董事年报工作会议 | | 1/1 | | 现场工作天数 | | 38 | 1. 2023 6 2. 2023 3. 4. 2023 3 1 2024 5. 2023 6. 2023 2023 2024 李孟刚独立董事2023年度述职报告 2023 2023 2018 11 (NAES) (IEEE) 2023 1 1 0 6 19 6 13 99 2 ...

招商银行股份有限公司董事会 关于独立董事独立性的专项意见 ...

招商银行股份有限公司董事会审计委员会 对 2023 年度会计师事务所履行监督职责情况报告 1 • 2 ...