Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The asset quality indicators of the company have improved sequentially, with a slight increase in the dividend payout ratio to 30.2% [1] - The company's net profit attributable to shareholders grew by 0.1% year-on-year, marking a return to profit growth, while revenue increased by 0.7% year-on-year, although the growth rate declined by 1 percentage point sequentially [2] - The significant improvement in impairment losses has supported profitability, with a 1.6% year-on-year decrease in impairment losses for 2024, contrasting with a 14.3% increase in the first three quarters [2] - The net interest margin showed resilience, decreasing by only 1 basis point to 1.56% in Q4 2024, better than expected due to improved funding costs [3] - The company's asset quality is showing a positive turning point, with a non-performing loan (NPL) ratio of 1.07% at the end of Q4 2024, down 1 basis point from Q3 2024 [4] - The dividend payout ratio has slightly increased, reinforcing the dividend logic, with a dividend yield of 4.93% as of March 27, 2025 [5] - Profit forecasts indicate a net profit growth of 0.42%/4.45%/5.46% for 2025-2027, with a target price of 25.82 CNY per share, implying a 20% upside from the current price [6] Summary by Sections Financial Overview - The company's total revenue for 2024 was 212,226 million CNY, with a year-on-year growth of 0.66% [12] - The net profit attributable to shareholders for 2024 was 77,205 million CNY, reflecting a year-on-year increase of 0.12% [12] - The company reported a non-performing loan balance of 61,477 million CNY, with a non-performing loan ratio of 1.07% [13] Asset Quality - The NPL ratio improved to 1.07% at the end of Q4 2024, with a real NPL generation rate decreasing by 19 basis points to 1.40% [4] - The company has seen a significant improvement in credit card risk, while real estate risk remains a concern [4] Profitability and Valuation - The company is expected to maintain a net interest margin under pressure but is projected to perform better in 2025 compared to 2024 due to effective cost control [3] - The forecasted earnings per share (EPS) for 2024 is 3.51 CNY, with projected growth in subsequent years [14]

Core Viewpoint - CITIC Bank reported strong performance in 2024, achieving "double growth" in revenue and net profit, while maintaining stable asset quality and optimizing its asset and liability structure [1][2]. Revenue and Profit Growth - In 2024, CITIC Bank achieved operating revenue of 213.646 billion yuan, a year-on-year increase of 3.76%. Net interest income was 146.679 billion yuan, up 2.19%, with a net interest margin of 1.77%, outperforming the market for three consecutive years [1][2]. - Non-interest income reached 66.967 billion yuan, growing 7.39% year-on-year, marking five consecutive years of positive growth, with a non-interest income ratio of 31.34%, up 1.05 percentage points year-on-year [1]. Asset Quality and Provisioning - CITIC Bank's non-performing loan (NPL) balance was 66.485 billion yuan, an increase of 1.685 billion yuan (2.60%) year-on-year, with an NPL ratio of 1.16%, down 0.02 percentage points, achieving six consecutive years of decline [3]. - The provision coverage ratio improved by 1.84 percentage points to 209.43%, continuing an upward trend for four years. The new NPL ratio decreased by 0.06 percentage points to 1.48% [3]. Asset and Liability Structure - CITIC Bank's total assets exceeded 9.5 trillion yuan, reaching 95,327.22 billion yuan, a 5.31% increase year-on-year. Total loans and advances were 57,201.28 billion yuan, up 4.03%, and customer deposits totaled 57,782.31 billion yuan, increasing by 7.04% [4]. - The bank optimized its asset and liability structure, with general loans increasing by 0.27 percentage points to 55.29%, while discount loans decreased by 1.54 percentage points to 7.87% [4]. Future Strategy - For 2025, CITIC Bank plans to maintain moderate growth in asset allocation, focusing on structural optimization. The credit growth target is set at 330 billion yuan, with a 5.9% increase, including 270 billion yuan for corporate credit and 120 billion yuan for retail business [4][5]. - The bank aims to enhance its digital risk control capabilities and adjust its business structure to capture market opportunities, reducing low-yield assets while increasing high-yield credit bond allocations [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 630.1 billion yuan in 2024, representing a year-on-year growth of 1.2%, and a net profit attributable to shareholders of 237.8 billion yuan, up 2.6% year-on-year [4][9] - The report highlights a stable performance with a gradual improvement in asset quality, as evidenced by a decrease in the non-performing loan (NPL) ratio to 1.25% and an increase in the provision coverage ratio to 201% [4][12] - The company’s non-interest income grew by 15.9% year-on-year, although investment-related non-interest income saw a slowdown to 35% [6][9] Financial Data and Earnings Forecast - The total revenue and net profit forecasts for the upcoming years are as follows: - 2025E Revenue: 641.1 billion yuan, growth of 1.75% - 2025E Net Profit: 245.8 billion yuan, growth of 3.34% [5] - The company’s cost-to-income ratio is projected to improve, contributing positively to profit growth [6][9] - The report anticipates a stable net interest margin (NIM) of 1.40% for 2024, supported by a decrease in deposit costs [6][10] Loan and Credit Quality - The company’s loan growth was 8.2% year-on-year, with significant contributions from corporate loans, particularly in manufacturing and infrastructure sectors [6][8] - The report notes a balanced contribution from various sectors, with corporate loans accounting for approximately 86% of new loans in the second half of 2024 [8][9] - Retail loan quality showed some volatility, with an increase in the NPL ratio for retail loans, particularly in mortgages and credit cards [9][12] Dividend and Shareholder Returns - The company maintained a stable dividend payout ratio of approximately 32%, supporting a high dividend yield of 6.52% [1][4] - The current share price corresponds to a price-to-book (PB) ratio of 0.63 for 2025, indicating potential value for investors [9]

2025 年 3 月 27 日 公司研究 经营业绩稳中有进，资产质量保持稳健 ——中国银行（601988.SH）2024 年年报点评 增持（维持） 当前价：5.48 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 2,943.88 | | 总市值(亿元)： | 16,132.45 | | 一年最低/最高(元)： | 4.05/5.6 | | 近 3 月换手率： | 8.72% | 股价相对走势 要点 事件： 3 月 26 日，中国银行发布 2024 年年度报告，全年实现营业收入 6301 亿，同比 增长 1.2%，归母净利润 2378 亿，同比增长 2.6%。加权平均净资产收益率 9.5%， 同比下降 0.62pct。 点评： 盈利增速较前三季度提升 2.1pct，经营业绩稳中有进。中行 2024 年营收、PPOP、 归母净利润同比增速分 ...

Investment Rating - The report maintains a "Recommendation" rating for CITIC Bank, expecting it to outperform the benchmark index by 10%-20% over the next six months [2][22]. Core Views - CITIC Bank's 2024 performance shows steady growth in revenue and profit, with total operating income reaching CNY 213.65 billion, a year-on-year increase of 3.76%, and net profit attributable to shareholders at CNY 68.58 billion, up 2.33% year-on-year [2][7]. - The bank's non-performing loan (NPL) ratio decreased to 1.16%, while the provision coverage ratio fell to 209.4%, indicating stable asset quality [2][7]. - The bank's net interest margin (NIM) remained relatively stable, decreasing only 1 basis point to 1.77% compared to the end of 2023, supported by effective cost management on the liability side [7][10]. Financial Performance Summary - **Revenue and Profit Growth**: - Total operating income for 2024 is projected at CNY 213.65 billion, with a growth rate of 3.76% [8]. - Net profit attributable to shareholders is expected to reach CNY 68.58 billion, reflecting a growth of 2.33% [8]. - **Earnings Per Share (EPS)**: - EPS for 2024 is estimated at CNY 1.23, with a projected price-to-earnings (P/E) ratio of 5.87 [8][12]. - **Dividends**: - The annual dividend is projected at CNY 0.3547 per share, with a dividend payout ratio increasing to 30.5% [7][8]. Asset Quality and Risk Management - **Non-Performing Loan Ratio**: - The NPL ratio is reported at 1.16%, with a slight decrease from previous periods, indicating improved asset quality [7][10]. - **Provision Coverage Ratio**: - The provision coverage ratio stands at 209.4%, reflecting a robust buffer against potential loan losses [7][10]. - **Loan Growth**: - Total loans are expected to grow by approximately 4% annually, with a balanced distribution between corporate and retail loans [7][9]. Future Projections - **Revenue Growth Forecast**: - Revenue growth is projected at 3.6%, 4.1%, and 5.4% for 2025, 2026, and 2027, respectively [7][8]. - **Net Profit Growth Forecast**: - Net profit growth is expected to be 3.4%, 4.6%, and 6.2% for the same years [7][8]. - **Target Price**: - The target price for CITIC Bank is set at CNY 7.98, with a corresponding price-to-book (P/B) ratio of 0.6x for 2025 [7][8].

公 司 报 告 招商银行(600036.SH) 营收韧性凸显，分红率稳中有升 强烈推荐（维持） 股价：45.09 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.cmbchina.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.06% | | 实际控制人 | | | 总股本(百万股) | 25,220 | | 流通 A 股(百万股) | 20,629 | | 流通 B/H 股(百万股) | 4,591 | | 总市值（亿元） | 11,351 | | 流通 A 股市值(亿元) | 9,302 | | 每股净资产(元) | 41.46 | | 资产负债率(%) | 89.8 | 行情走势图 银行 2025 年 3 月 26 日 相关研究报告 【平安证券】招商银行（600036.SH）*季报点评*盈利 负缺口收窄，资产质量保持稳健*强烈推荐20241030 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.c ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth for the year 2024 is -0.5%, while the net profit attributable to shareholders shows a growth of +1.2%. The net interest income decreased by 1.6%, but the decline in interest margin in Q4 was better than expected. The year-end non-performing loan ratio stands at 0.95%, with a year-end provision coverage ratio of 412%, indicating a solid risk buffer while slightly reducing provisions to support profit growth [2][6][12]. Summary by Relevant Sections Performance - The company's revenue growth for 2024 is -0.5%, with a quarterly growth of +7.5% in Q4. The net profit attributable to shareholders increased by +1.2%, with a quarterly growth of +7.6% in Q4. The net interest margin for the year is 1.98%, down 17 basis points year-on-year, while the Q4 margin decreased by 3 basis points, which was better than expected [2][6][12]. Scale - Retail loans accelerated in Q4, with total loans growing by 5.8% for the year and a quarterly increase of 1.9% in Q4. Deposits grew by 11.5% for the year, with a quarterly growth of 4.2% in Q4. The year-end proportion of demand deposits rose to 52.2%, reflecting a recovery in the capital market [12][6]. Interest Margin - The net interest margin for the year is 1.98%, down 17 basis points year-on-year. The Q4 margin was 1.94%, reflecting a 3 basis point decrease. The decline in interest margin was primarily due to lower mortgage rates, while the cost of deposits improved significantly, with the annual deposit cost rate at 1.54%, down 8 basis points year-on-year [12][6]. Non-Interest Income - Non-interest income grew by 1.4% for the year, driven mainly by investment income. However, net fee income decreased by 14%. Wealth management fees dropped by 23%, although there was a 45% increase in income from selling financial products [12][6]. Asset Quality - The year-end non-performing loan ratio is 0.95%, stable compared to the beginning of the year. The new non-performing loan generation rate for retail loans was 1.60%, with a slight increase in credit card non-performing rates. The provision coverage ratio decreased by 20 percentage points to 412%, indicating a strong risk buffer while supporting profit growth [12][6]. Investment Recommendation - The company exhibits a high return on equity (ROE) of 14.5%, with a strong long-term growth advantage. The expected price-to-book ratios for A/H shares in 2025 are 0.97x and 0.95x, respectively, with a projected dividend yield of 4.8% for both. The report maintains a positive outlook on the valuation recovery of A/H shares and continues to recommend a "Buy" rating [12][6].