CCB(601939) 新浪财经·2025-04-03 12:28Core Viewpoint - China Construction Bank reported a slight decline in operating revenue and profit for 2024, but net profit showed a modest increase, indicating stable asset quality and improved interest margins [1][2]. Financial Performance - The bank achieved operating revenue of 750.15 billion yuan, down 2.5% year-on-year, and operating profit of 384.27 billion yuan, down 1.3% year-on-year [1]. - Net profit attributable to shareholders was 335.58 billion yuan, reflecting a year-on-year growth of 0.88% [1][2]. - The non-performing loan (NPL) ratio decreased by 1 basis point to 1.34%, while the provision coverage ratio fell by 3.4 percentage points to 233.6% [1][4]. Quarterly Analysis - In Q4 2024, revenue showed a slight year-on-year decline of 0.1%, with net interest income increasing by 7.5% due to improved interest margins [2]. - The bank's interest margin rose by 4 basis points to 1.49%, primarily due to a reduction in funding costs [4]. - The structure of interest-earning assets was adjusted, with retail loan growth showing marginal improvement, while corporate loan growth slowed [3]. Asset Quality - The overall asset quality remained stable, with a decrease in the NPL ratio and a reduction in credit impairment losses by 11.8% year-on-year [2][4]. - The NPL ratio for corporate loans decreased by 4 basis points to 1.57%, while retail loans saw an increase in NPL ratio by 14 basis points to 0.97% [4]. Investment Outlook - The bank's interest margin recovery and improved credit structure suggest a positive outlook, with revenue growth forecasts adjusted to 0.3%, 4.2%, and 5.6% for 2025-2027 [5]. - The target price for the bank's stock is set at 10.13 yuan, with a projected price-to-book (PB) ratio of 0.75x for 2025 [5].