CM BANK(SH:600036) GOLDEN SUN SECURITIES·2025-03-26 10:23Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's performance in 2024 shows a slight revenue decline of 0.48% year-on-year, but a net profit increase of 1.22%, indicating a recovery in profit growth [1][12] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95% and a provision coverage ratio of 411.98% as of Q4 2024 [5][11] - The bank has increased its dividend payout to 2.0 yuan per share, resulting in a dividend ratio of 35.32% for the year [1] Financial Performance - In 2024, the bank's total revenue was 337.5 billion yuan, with a net profit of 148.4 billion yuan, reflecting a revenue growth rate of -0.48% and a net profit growth rate of 1.22% [1][13] - The net interest income decreased by 1.58% year-on-year, but the decline was less severe compared to the first three quarters of 2024 [2] - Non-interest income from other sources grew by 34.13%, with investment income contributing significantly [4] Asset Quality - The NPL ratio for Q4 2024 was 0.95%, with a slight increase of 1 basis point from the previous quarter [5] - The bank's provision coverage ratio decreased by 20 percentage points to 411% [5] - The NPL ratio for corporate loans was 1.01%, while personal loans had an NPL ratio of 0.98% [10] Asset and Liability Management - As of Q4 2024, total assets and loans were 12.2 trillion yuan and 6.9 trillion yuan, respectively, showing year-on-year growth of 10.19% and 5.83% [11] - The bank's total deposits reached 9.1 trillion yuan, with a year-on-year growth of 11.54% [11] Business Development - Wealth management business showed steady growth, with assets under management (AUM) nearing 15 trillion yuan, a year-on-year increase of 12.1% [12] - Despite a decline in wealth management fees, other income sources such as agency fund sales and securities trading saw significant growth [12]