研报掘金丨中金：招商银行A股股息率反超四大行，维持“跑赢行业”评级

Core Viewpoint - From November 2023, the dividend yield of China Merchants Bank's A-shares surpasses that of the four major banks, while its H-shares continue to lag behind, indicating potential pricing inefficiencies due to differing investor structures [1] Group 1: Business Growth and Dividend Capability - The bank is expected to exhibit business growth alongside a strong dividend capability in a low-interest-rate environment [1] - The A-shares are considered significantly undervalued, attributed to a diversified business structure that provides revenue stability [1] - Factors contributing to a more stable and predictable credit cost include low liability costs, a high-quality customer base, and professional risk control capabilities [1] Group 2: Market Recognition and Price Target - In the context of a sustained "low-interest-rate narrative" and a rapid decline in dividend yields of traditional high-dividend stocks, the high dividend attribute of China Merchants Bank is anticipated to gain recognition among A-share investors [1] - A static assessment suggests that if the A-share dividend yield aligns with that of the four major banks, it could correspond to a price increase of approximately 25% [1] - The profit forecast remains unchanged, with target prices for A and H shares maintained at 58.35 yuan and 60.49 Hong Kong dollars, respectively, while the rating of "outperforming the industry" is upheld [1]