Investment Rating - The investment rating for the company is "Accumulate" with a target price of 47.63 CNY, maintaining the current price of 43.26 CNY [6]. Core Views - The company has shown a recovery in revenue and profit, with a reported revenue of approximately 337.5 billion CNY for 2024, and a net profit attributable to shareholders of 148.4 billion CNY, reflecting a year-on-year increase of 1.22% [1][10]. - The net interest income has rebounded to account for 62.6% of total revenue, while non-interest income reached 126.2 billion CNY, growing by 1.41% year-on-year [2][10]. - The company’s asset quality remains stable, with a non-performing loan ratio of 0.95% at the end of 2024, unchanged from the previous year [27]. Financial Performance Summary - For 2024, the company’s revenue is approximately 337.5 billion CNY, with a slight decline of 0.48% year-on-year. The net interest income is reported at 211.3 billion CNY, down by 1.58% year-on-year [10][29]. - The company’s profit before provisions (PPOP) for various periods in 2024 shows a trend of gradual improvement, with a year-on-year growth of 0.63% for the full year [2][10]. - The average yield on interest-earning assets decreased to 3.50%, while the cost of interest-bearing liabilities fell to 1.64%, supporting the stabilization of net interest margin [3][14]. Asset and Liability Growth - As of the end of 2024, the total interest-earning assets amounted to 11.8 trillion CNY, reflecting a 5% increase from the first half of 2024 [21]. - The total interest-bearing liabilities reached 10.4 trillion CNY, marking a 4.9% increase from the first half of 2024 [22]. - The loan structure indicates that corporate loans accounted for 41.6% of the total, with retail loans at 52.9%, showing a slight increase in both segments [24]. Asset Quality Analysis - The company maintains a high loan provision coverage ratio of 412%, with a loan provision rate of 3.92% as of the end of 2024 [4][27]. - The overdue loan ratio improved to 1.39% by the end of 2024, indicating a positive trend in asset quality [27][28]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 1.01%, 3.79%, and 3.19% respectively, with corresponding book values per share of 41.38 CNY, 45.21 CNY, and 49.64 CNY [5][29]. - The target price calculated using the dividend discount model suggests a potential upside of 10% from the current price [5].

代销理财收入增速亮眼，其他非息收入高增：2024年，公司非息收入同比+1.41%，重回正增长。公司 中收同比-14.16%，主要由于受降费影响，财富管理收入-22.7%：资管及银行卡业务收人分 别-6.2%、-14.16%，也形成拖累。 全年净利与04单季度营收增速均回正：2024年，公司营收同比-0.48%，归母净利润同比+1.22%，均较 2024Q1-Q3改善；年化加权平均ROE14.49%同比-1.73pct。2024Q4，营收同比+7.53%，较2024Q3由负转 正；归母净利润同比+7.63%，较2024Q3提升6.9pct。公司净息差降幅收窄，且其他非息收入高增，拉动 营收向好。 存款成本优化成效释放，个人消费贷高增：2024年，公司利息净收入同比下降1.58%，2024Q4单季度同 比+3.05%。2024年公司净息差1.98%，较2023年未-17BP，主要受贷款收益率下降拖累较多，但存款重 定价对负债成本的优化释放。具体来看，生息资产收益率、付息负债成本率分别为3.5%、1.64%，分别 较2023年-26BP、-9BP；贷款收益率、存款付息率分别较2023年-35BP、6BP，其中，存款 ...

招商银行行长王良：招行将加快四化转型，应对低 利率挑战 第三，是特色化定位。在银行业同质化竞争日益严峻的背景下，招商银行将继续坚持零售银行业务 的优势，形成体系化、差异化的竞争优势。同时，通过特色化产品和服务，满足客户多元化的金融需 求。 最后，是数字化转型。王良强调，招商银行将继续加大科技投入，推动数字化转型。通过人工智 能、大数据等技术的应用，提升服务效率和质量，降低运营成本。同时，数字化转型也将为招商银行带 来新的业务增长点。 在谈及净息差和贷款增长目标时，王良表示，虽然净息差面临收窄压力，但招商银行将通过优化资 产负债结构、提升存款成本管控等措施，努力保持净息差水平在同业领先。同时，对于7%-8%的贷款增 长目标，王良表示，这是根据外部宏观环境和银行自身发展情况制定的合理目标，招商银行将努力实 现。 （文章来源：南方都市报） 3月27日，招商银行召开2024年度业绩发布会。招商银行行长王良在会上就银行面临的挑战、应对 策略及未来发展方向发表了具体观点。面对当前银行业低利率、低利差、低费率的经营环境，王良表 示，招商银行将加快业务国际化发展、综合化经营、特色化定位和数字化转型，以应对挑战，实现高质 量发 ...

招商银行官宣超500亿元分红，分红更高，波动率更 低的泰康香港银行指数(A类:006809;C类:006810)把 握银行板块估值修复投资机遇 消息面上，3月25日晚间，招商银行发布2024年业绩报告。财报数据显示，2024年招商银行净利润 为1483.91亿元，同比增长1.22%；营业收入3374.88亿元，同比下降0.48%；总资产达到12.15万亿元，较 上年末增长10.19%。 值得一提的是，招商银行拟向全体股东每股派发现金红利人民币2元（含税）。截至2024年12月31 日，公司普通股总股本252.2亿股，以此计算合计拟派发现金红利约504.40亿元（含税）。2024年度本公 司现金分红比例为35.32%。 国信证券分析指出，财富管理市场生态分化加速，商业银行依托高净值客群、线下渠道及合规优 势，在现金管理类产品、保险代销及公募基金首发领域占据核心地位。政策层面，《商业银行代理销售 业务管理办法》强化代销业务规范，推动私募基金代销回归券商渠道，但银行在公募基金（尤其是权益 类）、保险等传统优势品类中保有规模仍领先，且通过县域市场下沉及私人银行投顾服务持续拓展增量 空间。此外，ETF市场扩容背景下，银 ...

招商银行罕见跌超5%,什么情况?中证A500指数ETF(563880)连续4日获融资客 增仓,国际投行年内二次上调中国资产预期!全球资金再平衡需求提升? 昨日（3月26日），中证A500指数ETF（563880）冲高回落，收跌0.3%，弱势两连阴，成交额超8亿元，环比放量。融资悄悄入场，融资余额连续4日攀升！ 3月26日，A股再度缩量震荡，两市成交1.18万亿（上日为1.29万亿）。中证A500指数收跌0.31%，成分股涨跌不一，江淮汽车涨超6%，固德威、德业股份等 涨超5%，牧原股份、恒瑞医药等涨超3%，比亚迪、东方财富等收涨，招商银行绩后重挫超5%，浪潮信息跌超2%，紫金矿业、洛阳钼业等跟跌。 消息面上，3月25日，招商银行公布2024年年报，集团实现营业收入3374.88亿元，同比下降0.48%；实现归属于本行股东的净利润1483.91亿元，同比增长 1.22%；拟向全体股东每股派发现金红利人民币2元，合计拟派发现金红利约504.40亿元。2024年度本公司现金分红比例为35.32%。 市场人士认为，市场可能期待招行分红率更高，派息提升不及预期可能是股价杀跌的主因。对此，中信建投表示，当前股息率投资主线 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved an operating income of 337.5 billion, a year-on-year decrease of 0.5%, and a net profit attributable to shareholders of 148.4 billion, an increase of 1.2% year-on-year [3] - Retail business continues to play a stabilizing role in performance, contributing over 50% to revenue and pre-tax profit [4] - The company’s net interest income decreased by 1.6% year-on-year, while non-interest income grew by 1.4% [4] - The company’s loan growth was 5.8% year-on-year, with corporate and retail loans increasing by 10.1% and 6% respectively [5] - The company’s NIM (Net Interest Margin) for 2024 was 1.98%, slightly down from the previous year [7] Financial Performance Summary - The company’s total assets reached 12.15 trillion, with a capital adequacy ratio of 19.05% [11][34] - The report forecasts EPS of 6.05, 6.33, and 6.64 for 2025, 2026, and 2027 respectively, with corresponding P/B ratios of 0.94, 0.86, and 0.79 [12][34] - The company’s non-interest income showed a slight increase of 1.4%, with net other non-interest income growing by 34.1% [9] - The report indicates a slight increase in the non-performing loan ratio to 0.95% [10] Dividend Policy - The company’s dividend payout ratio increased by 0.3 percentage points to 35.3% for 2024, with plans for a mid-year dividend in 2025 [11] Asset Quality - The company maintains a high provision coverage ratio of 412% and a loan-to-deposit ratio of 3.92% [10][34]

Investment Rating - The report maintains a "Recommended" rating for China Merchants Bank (招商银行) with a target price of 52.9 CNY [2][10]. Core Views - The bank's solid deposit base and value banking advantages are reinforced, with a 2024 revenue of 337.49 billion CNY, a slight decrease of 0.48% year-on-year, and a net profit of 148.39 billion CNY, reflecting a growth of 1.22% year-on-year [2][10]. - The bank's performance shows resilience, with a significant recovery in net interest income and non-interest income in Q4 2024, indicating a positive trend in profitability [10]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95% and a provision coverage ratio of 412% [10]. Summary by Sections Financial Performance - In 2024, the bank achieved total revenue of 337.49 billion CNY, with a year-on-year growth rate of -0.48%. The net profit attributable to shareholders was 148.39 billion CNY, with a year-on-year growth of 1.22% [9]. - The bank's Q4 performance showed a revenue increase of 7.5% year-on-year and a net profit increase of 7.6% year-on-year [2][10]. Income Structure - The bank's net interest income decreased by 1.58% year-on-year, while non-interest income from other sources increased by 34.13% [10]. - The wealth management fee income showed a marginal improvement, with a decline of 22.7% year-on-year, indicating a gradual recovery from previous policy impacts [10]. Asset Quality - The NPL ratio stood at 0.95%, with a slight increase of 1 basis point quarter-on-quarter. The provision coverage ratio decreased by 20 percentage points [10]. - The bank's non-performing loan generation rate was 1.05% for the year, with a slight increase of 2 basis points year-on-year [10]. Market Position - The bank's retail wealth management assets under management (AUM) reached nearly 15 trillion CNY, growing by 12.05% year-on-year [10]. - The bank's corporate financing total reached 6.2 trillion CNY, with a significant portion coming from traditional financing [10][7]. Future Outlook - The report projects a net profit growth of 2.06% for 2025, with a target price based on a price-to-book (PB) ratio of 1.2X for 2025 [10].

昨晚招行公布了24年的年报， 今天，A股招行大跌近-5.4%，港股招行大跌近-5.5% ，由于招行在中证银行指数中占比达到16%，因此光招行一 家的下跌，就导致指数下跌-0.86%左右，而指数本身仅下跌-1.44%，也就是说，招行一己之力今天带动了银行股垫底的行情。 从交易量来看，银行股今天合计230亿多的交易量，招行一家占比30%左右，市场对招行年报的关注度，不可谓不高。 和去年一样，提前补充一下，招行作为全中国最好的商业银行之一，更多的还是以点带面，说说银行业的实际情况，以及春江水暖鸭先知，通过 银行业，了解下宏观和微观经济的实际情况。 去年此时，我们就招行23年的年报，写过《 招行年报里的十大真相 》，大家比较爱看，因为分析的角度还算全面，跳出银行看银行，讲了比较 多宏观的因素。 ...... 今天，我们继续。 从财报发布开始，市场里的解读已经不少了，赞歌不少，但干货不多。 不可忽视的是，从招行的年报中，我们可以看到， 银行业，正面临着近20年罕见的经营环境 ——2024年，招行的ROE（净资产收益率）下滑到 15%以下，是2004年以来首次。 我们知道，银行归根到底是经营杠杆的行业，1块钱的资本金，能 ...

公 司 报 告 招商银行(600036.SH) 营收韧性凸显，分红率稳中有升 强烈推荐（维持） 股价：45.09 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.cmbchina.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.06% | | 实际控制人 | | | 总股本(百万股) | 25,220 | | 流通 A 股(百万股) | 20,629 | | 流通 B/H 股(百万股) | 4,591 | | 总市值（亿元） | 11,351 | | 流通 A 股市值(亿元) | 9,302 | | 每股净资产(元) | 41.46 | | 资产负债率(%) | 89.8 | 行情走势图 银行 2025 年 3 月 26 日 相关研究报告 【平安证券】招商银行（600036.SH）*季报点评*盈利 负缺口收窄，资产质量保持稳健*强烈推荐20241030 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.c ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth for the year 2024 is -0.5%, while the net profit attributable to shareholders shows a growth of +1.2%. The net interest income decreased by 1.6%, but the decline in interest margin in Q4 was better than expected. The year-end non-performing loan ratio stands at 0.95%, with a year-end provision coverage ratio of 412%, indicating a solid risk buffer while slightly reducing provisions to support profit growth [2][6][12]. Summary by Relevant Sections Performance - The company's revenue growth for 2024 is -0.5%, with a quarterly growth of +7.5% in Q4. The net profit attributable to shareholders increased by +1.2%, with a quarterly growth of +7.6% in Q4. The net interest margin for the year is 1.98%, down 17 basis points year-on-year, while the Q4 margin decreased by 3 basis points, which was better than expected [2][6][12]. Scale - Retail loans accelerated in Q4, with total loans growing by 5.8% for the year and a quarterly increase of 1.9% in Q4. Deposits grew by 11.5% for the year, with a quarterly growth of 4.2% in Q4. The year-end proportion of demand deposits rose to 52.2%, reflecting a recovery in the capital market [12][6]. Interest Margin - The net interest margin for the year is 1.98%, down 17 basis points year-on-year. The Q4 margin was 1.94%, reflecting a 3 basis point decrease. The decline in interest margin was primarily due to lower mortgage rates, while the cost of deposits improved significantly, with the annual deposit cost rate at 1.54%, down 8 basis points year-on-year [12][6]. Non-Interest Income - Non-interest income grew by 1.4% for the year, driven mainly by investment income. However, net fee income decreased by 14%. Wealth management fees dropped by 23%, although there was a 45% increase in income from selling financial products [12][6]. Asset Quality - The year-end non-performing loan ratio is 0.95%, stable compared to the beginning of the year. The new non-performing loan generation rate for retail loans was 1.60%, with a slight increase in credit card non-performing rates. The provision coverage ratio decreased by 20 percentage points to 412%, indicating a strong risk buffer while supporting profit growth [12][6]. Investment Recommendation - The company exhibits a high return on equity (ROE) of 14.5%, with a strong long-term growth advantage. The expected price-to-book ratios for A/H shares in 2025 are 0.97x and 0.95x, respectively, with a projected dividend yield of 4.8% for both. The report maintains a positive outlook on the valuation recovery of A/H shares and continues to recommend a "Buy" rating [12][6].