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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue decline continues to narrow, with a year-on-year decrease of 0.7% for 2024, while net profit growth has turned positive at 1.2% [3][6] - Net interest income decreased by 1.6% year-on-year, but the decline is narrowing, and non-interest income has turned positive with a growth of 0.8% [3][6] - The company maintains a stable asset quality, with a non-performing loan ratio of 0.95% and improvements in corporate loans, particularly in the real estate sector [4][6] Summary by Sections Revenue and Profitability - The cumulative revenue for 2024 shows a year-on-year decline of 0.7%, with net profit increasing by 1.2% [3][6] - The net interest income has decreased by 1.6% year-on-year, while non-interest income has increased by 0.8% [3][6] Interest Income and Margin - The quarterly net interest income increased by 2.1%, while the net interest margin decreased by 3 basis points to 1.94% [11][13] - The annualized yield on interest-earning assets decreased by 16 basis points to 3.33% [15] Asset and Liability Growth - Interest-earning assets increased by 8.8% year-on-year, with total loans growing by 5.2% [17] - Total deposits increased by 8.6%, outpacing loan growth [17] Loan Structure - The structure of new loans shows a significant increase in corporate loans, which accounted for 69.5% of new loans, up 20.5 percentage points from 2023 [18] - The retail loan structure remains stable, with a notable recovery in mortgage loans [18][21] Non-Interest Income - Non-interest income has shown a year-on-year increase of 0.8%, with a significant recovery in wealth management fees [23][26] - The company has maintained a stable fee income structure, with wealth management and card services contributing the most [26] Retail Banking and AUM - The total assets under management (AUM) for retail clients are approaching 15 trillion, with a steady growth in high-net-worth clients [28][29] - The number of retail clients reached 210 million, with significant growth in wealth management clients [29]

其中，净买入招商银行15.8亿、美团-W 3.77亿、紫金矿业3.51亿、中芯国际3.17亿、泡泡玛特2.87亿、快手-W 1.89亿、腾讯控股1.47亿。 净卖出小米集团-W 4.43亿、阿里巴巴-W 3.49亿、小鹏汽车-W 1.67亿、中国海洋石油1.36亿。 | | 沖股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 小米集团-W | 1.0% | -10.96 | 42.06亿 | 小米集团-W | | 腾讯控股 | 0.9% | 5.71 | 24.13亿 | 腾讯控股 | | 阿里巴巴-W | 1.4% | -0.06 | 19.38 Z | 阿里巴巴-W | | 中芯国际 | 1.7% | 0.62 | 17.70亿 | 快手-W | | 招商银行 | -5.5% | 15.80 | 17.40亿 | 中心国际 | | 快手-W | -1.7% | 1.37 | 15.48 Z | 泡泡玛特 | | 泡泡玛特 | 10.9% | -0.32 | 13.62亿 | 小鹏汽车-W | | 美 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 26 年 月 日 招商银行（600036.SH） 全年业绩增速回正，分红比例提升 事件：招商银行披露 2024 年报，2024 年实现营收 3375 亿元，同比下降 0.48%，归母净利润 1484 亿元，同比增长 1.22%。2024Q4 末不良率、拨 备覆盖率分别为 0.95%、411.98%，较上季度末分别提升 1bp、下降 20pc。 此外，2024 年公司以每股派发现金股利 2.0 元，全年分红比例达 35.32% （2023 年为 35.01%）。 1、业绩：营收、利润增速双提升 2024 年营业收入、归母净利润增速分别为-0.48%、1.22%，分别较 24Q1- Q3 提升 2.4pc、提升 1.8pc，营收及利润增速双提升，主要由于规模增长 提速、息差降幅收窄、其他非息增长，具体来看： 1）利息净收入：同比下降 1.58%，较 24Q1-Q3 降幅收窄 1.5pc，24A 净 息差为 1.98%，较前三季度下降 1bp，全年息差降幅 17bps，息差降幅同 比收窄，主要源于负债成本改善。 A、资产端：生息资产、贷款收益 ...

北水动向|北水成交净买入83.68亿 招商银行(03968) 绩后重挫 北水全天抢筹超15亿港元 智通财经APP获悉，3月26日港股市场，北水成交净买入83.68亿港元，其中港股通(沪)成交净买入50.77 亿港元，港股通(深)成交净买入32.91亿港元。 北水净买入最多的个股是招商银行(03968)、美团-W(03690)、紫金矿业(02899)。北水净卖出最多的个股 是小米集团-W(01810)、阿里巴巴-W(09988)、小鹏汽车-W(09868)。 | 股票名称 | 买入额 | 卖出额 | 关实思额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 15.55 乙 | 26.51 乙 | 42.06亿 | | HK 01810 | | | -10.96亿 | | 腾讯控股 | 14.92 乙 | 9.21亿 | 24.13亿 | | HK 00700 | | | +5.71 乙 | | 阿里巴巴-W HK 09988 | 9.66亿 | 9.72亿 | 19.38亿 | | | | | -634.54万 | | 中芯国际 | 9.16亿 | 8. ...

再看其分红方案：拟向全体股东每10股派发现金红利20元（含税），截至2024年12月31日，招商银行普 通股总股本252.20亿股，合计派发约504.40亿元，现金分红比例仅为35.32%。不过，招商银行还计划在 2025年进行中期分红。 或受上述消息影响，26日开盘后，招商银行A股、H股持续下挫，收盘跌幅均超5%。其中，招商银行A 股创下2024年10月以来最大单日跌幅。招商银行A股最新股息率为4.64%，远低于四大行平均5%的水 平。 招商银行营收下降或与其净利息和手续费的收入下滑有关。具体来看，2024年，招商银行净利息收入为 2112.77亿元，同比减少1.58%；净利息收益率为1.98%，同比下降0.17%。招商银行还在财报中指出， 2025年净利息收益率将继续承压。 此外，招商银行核心业务的零售金融板块的手续费及佣金收入同样出现下滑。其中，零售银行卡手续费 收入166.34亿元，同比下降14.23%。2024年，该板块实现营收为1924.26亿元，同比增长1.22%，占该行 总营收的63.03%，税前利润为879.9亿元，同比下降9.56%，占税前总利润的50.74%。 业绩不及预期，招商银行A、 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to see a narrowing decline in revenue for 2024, with profit growth returning to positive territory. The decline in net interest margin is better than that of peers [1][20] - Wealth management capabilities are strong, with steady growth in retail customer base. Overall asset quality remains stable, although risks in retail loans are still emerging [1][20] - For 2025, retail demand is anticipated to marginally improve, with plans to increase loan growth to 7%-8%. While net interest margin pressure persists, the decline is expected to narrow, and fee income is projected to perform better than last year [1][20] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 337.49 billion yuan, a slight decline of 0.5% year-on-year, significantly better than the 2.9% decline in the first three quarters [2][3] - The net profit attributable to shareholders grew by 1.2% year-on-year, exceeding expectations [4] - The non-performing loan ratio stood at 0.95%, with a quarter-on-quarter increase of 1 basis point [2][13] Asset Quality - The company’s asset quality appears stable, but the non-performing loan generation rate continues to rise, particularly in retail loans [13][17] - The provision coverage ratio decreased to 411.98%, down 20.2 percentage points quarter-on-quarter, indicating a slight release of provisions to support profit growth [13][19] Wealth Management and Customer Growth - Wealth management income decreased by 21% in 2024, but the retail customer base grew steadily, reaching 210 million, a year-on-year increase of 6.6% [18][28] - The total retail AUM reached 14.93 trillion yuan, reflecting a year-on-year growth of 12.1% [18][28] Capital Adequacy and Dividend Policy - The core Tier 1 capital adequacy ratio rose to 14.86%, indicating strong internal growth capacity and low refinancing risk [19] - The dividend payout ratio for 2024 was 35.3%, slightly up from the previous year, suggesting sustainable high dividend returns [19][22] Future Outlook - The company plans for a loan growth of 7%-8% in 2025, with expectations of a challenging environment for revenue growth due to recent adjustments in the bond market affecting non-interest income [10][20] - The report emphasizes the company's robust asset quality and solid provisioning base, projecting continued profit growth and leading ROE in the industry [20][22]

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 26 年 月 日 招商银行（600036.SH） 全年业绩增速回正，分红比例提升 事件：招商银行披露 2024 年报，2024 年实现营收 3375 亿元，同比下降 0.48%，归母净利润 1484 亿元，同比增长 1.22%。2024Q4 末不良率、拨 备覆盖率分别为 0.95%、411.98%，较上季度末分别提升 1bp、下降 20pc。 此外，2024 年公司以每股派发现金股利 2.0 元，全年分红比例达 35.32% （2023 年为 35.01%）。 1、业绩：营收、利润增速双提升 2024 年营业收入、归母净利润增速分别为-0.48%、1.22%，分别较 24Q1- Q3 提升 2.4pc、提升 1.8pc，营收及利润增速双提升，主要由于规模增长 提速、息差降幅收窄、其他非息增长，具体来看： 1）利息净收入：同比下降 1.58%，较 24Q1-Q3 降幅收窄 1.5pc，24A 净 息差为 1.98%，较前三季度下降 1bp，全年息差降幅 17bps，息差降幅同 比收窄，主要源于负债成本改善。 A、资产端：生息资产、贷款收益 ...

银行业 买入（维持） 2024Q4 营收净利增速环比提升，存款成本继续优 化 招商银行（600036）2024 年年报点评 2025 年 3 月 26 日 投资要点： 分析师：吴晓彤 | SAC 执业证书编号： | | --- | | S0340524070001 | | 电话：0769-22119302 | | 邮箱： | | wuxiaotong@dgzq.com.cn | | 主要数据 2025 年 | 3 | 月 25 日 | | --- | --- | --- | | 收盘价(元) | | 45.09 | | 总市值（亿元） | | 11,351.31 | | 总股本(百万股) | | 25,219.85 | | 流通股本(百万股) | | 20,628.94 | | ROE（TTM） | | 14.19% | | 12 月最高价(元) | | 46.10 | | 12 月最低价(元) | | 29.93 | 股价走势 事件：招商银行发布2024年年报。2024年，招商银行实现营业收入3,374.88亿 元，同比下降0.48%；实现归母净利润1,483.91亿元，同比增长1.22%。 点评： 本报告 ...

招商银行(600036)：盈利稳、风险稳、分红优 看好 2025 业绩回暖 事件：招商银行披露2024 年报，2024 实现营收3375 元，同比下滑0.5%，实现归母净利润1484 亿元， 同比增长1.2%。4Q24 不良率季度环比上升1bp 至0.95%，拨备覆盖率季度环比下降20.2pct 至412%。 利息净收入改善叠加非息支撑，单季营收增速转正，全年利润实现正增长：2024 年招商银行营收同比 下滑0.5%（9M24 为下滑2.9%），其中单季营收同比增长7.5%；归母净利润同比增长1.2%（9M24 为下 滑0.6%）。从驱动因子来看，① 息差降幅收敛下以量补价，利息净收入实现逐季改善。2024 年利息净 收入下滑1.6%，其中4Q24 单季利息净收入正增长3%，对营收增速的负贡献降至1pct（9M24 为负贡献 1.9pct）。② 投资相关其他非息增速提升，同时中收拖累也持续消化。2024 年中收、其他非息分别下滑 14%、增长34%（9M24 为下滑17%、增长28%），合计贡献营收增速0.5pct（9M24 为拖累1pct）。③ 成本收入比下行叠加拨备适度反哺支撑利润增速转正，分别正贡献利润 ...