CM BANK(600036) 中泰证券·2025-03-26 12:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue decline continues to narrow, with a year-on-year decrease of 0.7% for 2024, while net profit growth has turned positive at 1.2% [3][6] - Net interest income decreased by 1.6% year-on-year, but the decline is narrowing, and non-interest income has turned positive with a growth of 0.8% [3][6] - The company maintains a stable asset quality, with a non-performing loan ratio of 0.95% and improvements in corporate loans, particularly in the real estate sector [4][6] Summary by Sections Revenue and Profitability - The cumulative revenue for 2024 shows a year-on-year decline of 0.7%, with net profit increasing by 1.2% [3][6] - The net interest income has decreased by 1.6% year-on-year, while non-interest income has increased by 0.8% [3][6] Interest Income and Margin - The quarterly net interest income increased by 2.1%, while the net interest margin decreased by 3 basis points to 1.94% [11][13] - The annualized yield on interest-earning assets decreased by 16 basis points to 3.33% [15] Asset and Liability Growth - Interest-earning assets increased by 8.8% year-on-year, with total loans growing by 5.2% [17] - Total deposits increased by 8.6%, outpacing loan growth [17] Loan Structure - The structure of new loans shows a significant increase in corporate loans, which accounted for 69.5% of new loans, up 20.5 percentage points from 2023 [18] - The retail loan structure remains stable, with a notable recovery in mortgage loans [18][21] Non-Interest Income - Non-interest income has shown a year-on-year increase of 0.8%, with a significant recovery in wealth management fees [23][26] - The company has maintained a stable fee income structure, with wealth management and card services contributing the most [26] Retail Banking and AUM - The total assets under management (AUM) for retail clients are approaching 15 trillion, with a steady growth in high-net-worth clients [28][29] - The number of retail clients reached 210 million, with significant growth in wealth management clients [29]