CM BANK(HK:03968) Sou Hu Cai Jing·2025-04-16 14:50Core Points - The core viewpoint of the article is that China Merchants Bank (招商银行) reported its 2024 annual results, showing a slight decline in total revenue but an increase in net profit, alongside significant growth in cash flow from operating activities. Financial Performance - The company achieved total revenue of 334.49 billion yuan, a year-on-year decrease of 0.63% [1] - The net profit attributable to shareholders was 148.39 billion yuan, reflecting a year-on-year increase of 1.22% [1] - The net cash flow from operating activities was 447.02 billion yuan, up 24.95% year-on-year [1][19] - Basic earnings per share were 5.66 yuan, with a weighted average return on equity of 14.49% [1] Dividend Distribution - The company proposed a dividend distribution plan for 2024, with a payout of 2 yuan per share [1] Valuation Metrics - As of the market close on April 16, the price-to-earnings (P/E) ratio was approximately 6.81 times, the price-to-book (P/B) ratio was about 0.97 times, and the price-to-sales (P/S) ratio was around 3.02 times [2] Revenue Composition - For 2024, the revenue composition included retail financial services contributing 196.78 billion yuan, wholesale financial services at 135.39 billion yuan, and other businesses [11] Cash Flow Analysis - The net cash flow from financing activities was 2.15 billion yuan, an increase of 75.14 billion yuan year-on-year [19] - The net cash flow from investing activities was -292.86 billion yuan, compared to -255.11 billion yuan in the previous year [19] Asset and Liability Changes - As of the end of 2024, loans and advances increased by 6.07%, while the proportion of total assets decreased by 2.12 percentage points [22] - Deposits and interbank deposits rose by 13.1%, increasing their proportion of total assets by 2.1 percentage points [25]