CM BANK(SH:600036) Guoxin Securities·2025-03-26 03:42Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company's net profit growth has turned positive, with a net profit of 148.4 billion yuan in 2024, reflecting a year-on-year increase of 1.2%. The revenue for 2024 was 337.5 billion yuan, a slight decrease of 0.5% year-on-year, but the fourth quarter showed a revenue growth of 7.5% year-on-year [1][3]. - The company's asset quality remains robust, with a non-performing loan ratio of 0.95%, unchanged from the beginning of the year. The credit cost has decreased slightly to 0.65%, down 9 basis points year-on-year [2][3]. - The company has a strong customer base, with retail customers reaching 210 million, including 5.24 million high-net-worth clients, indicating a continuous improvement in customer quality [2][3]. Financial Performance Summary - In 2024, the company achieved a total revenue of 337.5 billion yuan, with a net profit of 148.4 billion yuan. The revenue is expected to grow to 343.2 billion yuan in 2025, with a projected net profit of 150.8 billion yuan [4][9]. - The company's return on equity (ROE) for 2024 is 15.1%, and the price-to-earnings (PE) ratio for 2025-2027 is projected to be 7.8x, 7.4x, and 6.9x respectively, indicating a favorable valuation [3][4]. - The total assets of the company reached 12.15 trillion yuan by the end of 2024, with loans totaling 6.89 trillion yuan and deposits of 9.20 trillion yuan, reflecting a steady growth in scale [1][2].