CM BANK(600036) 万联证券·2025-03-28 10:23Investment Rating - The investment rating for the company is maintained at "Accumulate" [2][3]. Core Insights - The company announced a cash dividend of 2.00 CNY per share for the 2024 fiscal year, with a dividend payout ratio of approximately 35.32%, an increase of 0.3% compared to 2023. The current dividend yield is about 4.6% [2]. - Asset quality remains stable, with a non-performing loan ratio of 0.95% as of the end of 2024, unchanged from the previous year. The attention rate and overdue rate increased to 1.29% and 1.33%, respectively, up by 19 basis points and 7 basis points year-on-year. The provision coverage ratio is 411.98%, a decrease of 25.72 percentage points year-on-year [2]. - Retail customer numbers and Assets Under Management (AUM) continue to grow rapidly, with retail customer numbers reaching 210 million, a year-on-year increase of 6.6%. The total assets managed for retail customers amount to 14.9 trillion CNY, reflecting a year-on-year growth of 12.1% [2]. - The company’s earnings forecast indicates a revenue growth rate of 0.86% for 2025, 4.47% for 2026, and 2.79% for 2027. Net profit growth rates are projected at 2.91% for 2025, 4.15% for 2026, and 3.49% for 2027 [3]. Summary by Sections Financial Performance - For the fiscal year 2024, the company reported a total revenue of 337,488 million CNY, with a slight decline of 0.48% year-on-year. The net profit attributable to shareholders is projected at 148,391 million CNY, reflecting a growth of 1.22% [3]. - The company’s net interest income is expected to be 211,277 million CNY for 2024, with interest income of 374,271 million CNY and interest expenses of 162,994 million CNY [9]. Asset Quality - The non-performing loan ratio is stable at 0.95%, with a retail loan non-performing ratio of 0.96%, which has increased by 7 basis points since the beginning of the year [2]. Customer Growth - The retail customer base has reached 210 million, with AUM growing to 14.9 trillion CNY, indicating strong growth in retail financial services [2].