招商银行（600036）：营收修复，利润转正

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 47.63 CNY, maintaining the current price of 43.26 CNY [6]. Core Views - The company has shown a recovery in revenue and profit, with a reported revenue of approximately 337.5 billion CNY for 2024, and a net profit attributable to shareholders of 148.4 billion CNY, reflecting a year-on-year increase of 1.22% [1][10]. - The net interest income has rebounded to account for 62.6% of total revenue, while non-interest income reached 126.2 billion CNY, growing by 1.41% year-on-year [2][10]. - The company’s asset quality remains stable, with a non-performing loan ratio of 0.95% at the end of 2024, unchanged from the previous year [27]. Financial Performance Summary - For 2024, the company’s revenue is approximately 337.5 billion CNY, with a slight decline of 0.48% year-on-year. The net interest income is reported at 211.3 billion CNY, down by 1.58% year-on-year [10][29]. - The company’s profit before provisions (PPOP) for various periods in 2024 shows a trend of gradual improvement, with a year-on-year growth of 0.63% for the full year [2][10]. - The average yield on interest-earning assets decreased to 3.50%, while the cost of interest-bearing liabilities fell to 1.64%, supporting the stabilization of net interest margin [3][14]. Asset and Liability Growth - As of the end of 2024, the total interest-earning assets amounted to 11.8 trillion CNY, reflecting a 5% increase from the first half of 2024 [21]. - The total interest-bearing liabilities reached 10.4 trillion CNY, marking a 4.9% increase from the first half of 2024 [22]. - The loan structure indicates that corporate loans accounted for 41.6% of the total, with retail loans at 52.9%, showing a slight increase in both segments [24]. Asset Quality Analysis - The company maintains a high loan provision coverage ratio of 412%, with a loan provision rate of 3.92% as of the end of 2024 [4][27]. - The overdue loan ratio improved to 1.39% by the end of 2024, indicating a positive trend in asset quality [27][28]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 1.01%, 3.79%, and 3.19% respectively, with corresponding book values per share of 41.38 CNY, 45.21 CNY, and 49.64 CNY [5][29]. - The target price calculated using the dividend discount model suggests a potential upside of 10% from the current price [5].