CM BANK(SH:600036) Dongguan Securities·2025-03-26 08:39Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - In 2024, the company achieved operating revenue of 337.488 billion yuan, a year-on-year decrease of 0.48%, while the net profit attributable to shareholders was 148.391 billion yuan, a year-on-year increase of 1.22% [3][7] - The fourth quarter of 2024 saw a revenue growth rate of 7.53% and a net profit growth rate of 7.63%, both showing a quarter-on-quarter improvement [7] - The company’s net interest margin for 2024 was 1.98%, a decrease of 17 basis points year-on-year, but the deposit cost continued to optimize, decreasing by 14 basis points to 1.40% in Q4 2024 [7][10] - The retail loan asset quality remains under pressure, with a non-performing loan balance of 65.610 billion yuan, an increase of 4.031 billion yuan from the previous year [7][8] Summary by Sections Financial Performance - The company reported a total interest income of 374.271 billion yuan, down 0.36% year-on-year, while non-interest income reached 126.211 billion yuan, up 1.41% year-on-year [7] - The average return on total assets (ROAA) was 1.28%, and the average return on equity (ROAE) was 14.49%, both showing a decline compared to the previous year [7][11] Revenue Structure - The company’s fee and commission income was 72.094 billion yuan, down 14.28% year-on-year, while the income from wealth management sales grew by 44.84% [7] - Other net income increased by 34.13% to 54.117 billion yuan, driven by gains from bond and fund investments [7] Asset Quality - The non-performing loan ratio stood at 0.95%, unchanged from the previous year, with a coverage ratio of 411.98%, indicating a strong risk mitigation capacity [7][8] - The loan provision ratio was 3.92%, a decrease of 0.22 percentage points from the previous year [8] Future Outlook - The report forecasts a net profit of 151.943 billion yuan for 2025, with a projected growth rate of 2.29% [9] - The company plans to maintain a dividend payout ratio of over 30%, with a cash dividend of 2 yuan per share for 2024, resulting in a dividend yield of 4.44% based on the closing price [10]