CM BANK(600036) 国海证券·2025-03-30 14:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company's revenue for 2024 decreased by 0.48% year-on-year, but the decline narrowed quarter by quarter, while the net profit attributable to shareholders increased by 1.22% year-on-year. Both total assets and customer deposits grew at a rate exceeding 10% [7][10]. - The company continues its tradition of high dividends, proposing a cash dividend of 2 yuan per share (before tax), with a payout ratio of 35.32% [7][11]. - Retail business showed continued growth despite a high base, with retail customer AUM increasing by 12.05% year-on-year [7][8]. - The company reported a stable asset quality, with a non-performing loan ratio of 0.95% and a provision coverage ratio of 411.98% as of the end of 2024 [7][10]. Summary by Sections Financial Performance - In Q4 2024, the company's revenue increased by 7.53% year-on-year, and net profit attributable to shareholders rose by 7.63% year-on-year, indicating strong quarterly performance [7][10]. - Non-interest income grew by 1.41% year-on-year, offsetting a 1.58% decline in net interest income [7][10]. Asset and Deposit Growth - As of the end of 2024, total assets exceeded 12.15 trillion yuan, growing by 10.19% year-on-year, while total customer deposits reached 9.10 trillion yuan, up by 11.54% year-on-year [7][10]. - The total loan amount was 6.88 trillion yuan, with a year-on-year growth of 5.83%, particularly in technology, green, and inclusive loans [7][10]. Profitability Forecast - The company forecasts revenues of 344.3 billion yuan, 364.8 billion yuan, and 388.8 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 2.06%, 5.91%, and 6.58% [9][10]. - The net profit attributable to shareholders is projected to be 153.3 billion yuan, 165.5 billion yuan, and 177.9 billion yuan for the same years, with growth rates of 3.30%, 7.94%, and 7.54% [9][10]. Valuation Metrics - The company’s P/E ratios are projected to be 7.10, 6.57, and 6.10 for 2025, 2026, and 2027, respectively, while the P/B ratios are expected to be 0.93, 0.85, and 0.78 [9][10].