CM BANK(SH:600036) EBSCN·2025-03-26 14:46Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved an operating income of 337.5 billion, a year-on-year decrease of 0.5%, and a net profit attributable to shareholders of 148.4 billion, an increase of 1.2% year-on-year [3] - Retail business continues to play a stabilizing role in performance, contributing over 50% to revenue and pre-tax profit [4] - The company’s net interest income decreased by 1.6% year-on-year, while non-interest income grew by 1.4% [4] - The company’s loan growth was 5.8% year-on-year, with corporate and retail loans increasing by 10.1% and 6% respectively [5] - The company’s NIM (Net Interest Margin) for 2024 was 1.98%, slightly down from the previous year [7] Financial Performance Summary - The company’s total assets reached 12.15 trillion, with a capital adequacy ratio of 19.05% [11][34] - The report forecasts EPS of 6.05, 6.33, and 6.64 for 2025, 2026, and 2027 respectively, with corresponding P/B ratios of 0.94, 0.86, and 0.79 [12][34] - The company’s non-interest income showed a slight increase of 1.4%, with net other non-interest income growing by 34.1% [9] - The report indicates a slight increase in the non-performing loan ratio to 0.95% [10] Dividend Policy - The company’s dividend payout ratio increased by 0.3 percentage points to 35.3% for 2024, with plans for a mid-year dividend in 2025 [11] Asset Quality - The company maintains a high provision coverage ratio of 412% and a loan-to-deposit ratio of 3.92% [10][34]