CM BANK(SH:600036) 雪球·2025-03-26 08:28Core Viewpoint - The article provides a detailed analysis of China Merchants Bank's 2024 annual report, highlighting the bank's performance in revenue, expenses, asset quality, and capital adequacy, while also noting challenges in net interest margin and fee income [3][21][23]. Revenue Analysis - The total operating income for 2024 was 337.49 billion, a year-on-year decrease of 0.48% [8]. - Net interest income was 211.28 billion, down 1.58% year-on-year, while fee income fell by 14.28% [8]. - Other non-interest income increased by 34.13% to 54.12 billion, indicating a strong performance in this segment [8]. Expense Analysis - Total expenses and other expenditures decreased by 2.76%, which was better than the analyst's expectation of a decline between 3.16% and 4.81% [4]. - Credit impairment losses for the year were 39.98 billion, slightly below the expected range of 40.3 billion to 42.3 billion [4]. Shareholder Analysis - The top ten shareholders saw a reduction in holdings by the Shanghai Stock Connect, which decreased by 54 million shares, maintaining a 5.04% stake [6]. - The number of shareholders dropped significantly from 522,100 to 459,200, indicating a 12% decline in retail investors [6]. Asset Analysis - Total assets reached 12,152.036 billion, growing by 10.19% year-on-year, with total loans amounting to 6,632.548 billion, a growth rate of 6.07% [14]. - The bank's retail loans maintained a 6% year-on-year growth despite a general slowdown in retail credit demand [14]. Non-Performing Loan Analysis - Non-performing loans increased to 65.61 billion, with a non-performing loan ratio of 0.95%, reflecting a slight increase from the previous quarter [17]. - The migration rate of normal loans rose to 1.39%, indicating ongoing pressure on asset quality [17]. Capital Adequacy Analysis - The core Tier 1 capital adequacy ratio improved to 14.86%, up from 14.73% in the previous quarter, primarily due to regulatory changes [19]. Summary of Key Issues - The bank faces challenges with the asset quality of retail loans, which has shown signs of deterioration [21]. - The net interest margin continues to be under pressure due to declining asset yields and weak credit demand [23].