汇丰控股（00005）：2024财年业绩点评：利润增长稳健，开启新一轮20亿美金回购计划

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company aims to achieve an average tangible equity return of approximately 15% over the three-year period from 2025 to 2027, excluding the impact of notable items. The forecast for net interest income from banking operations in 2025 is approximately $42 billion, with expected credit loss provisions ranging from 30 to 40 basis points of average loans [4][5] - The company plans to maintain a common equity tier 1 capital ratio between 14$2 billion is expected to be completed before the announcement of Q1 2025 results [4][5] - The company has repurchased a total of $20 billion in shares between 2023 and 2024, representing about 11$65.9 billion, with a year-on-year growth of -0.3%. The net profit attributable to ordinary shareholders is expected to be $22.9 billion, reflecting a 2.2$1.24, with dividends per share projected at $0.87 [5][6] - The company reported a net interest margin of 1.56$43.7 billion, down $4 billion year-on-year [4][5]