Core Viewpoint - CITIC Bank reported a net operating income of 213.65 billion yuan for 2024, a year-on-year increase of 3.8%, and a net profit of 68.58 billion yuan, up 2.3% year-on-year, indicating stable growth amidst a challenging banking environment [1][2]. Financial Performance - As of the end of 2024, CITIC Bank's total assets exceeded 9.5 trillion yuan, reflecting a growth of 5.31% compared to the previous year [1]. - The bank achieved a net interest margin (NIM) of 1.77%, a year-on-year decrease of 1 basis point, but outperformed the market by 16 basis points, supporting revenue growth [3]. Revenue Drivers - The growth in profit was attributed to revenue growth driven by stable net interest margins and a dual boost from fee income and other non-interest income [2]. - CITIC Bank's proactive management of liability costs, particularly through the growth of transaction settlement business, has been a key factor in maintaining stable net interest margins [4]. Asset and Liability Management - The bank has improved its deposit structure, with the proportion of demand deposits reaching 52% in corporate deposits, which is 9 percentage points higher than the industry average [4]. - On the asset side, CITIC Bank's loan-to-asset ratio increased to 63.9%, with a significant rise in personal loans, indicating a focus on enhancing asset yield stability [5]. Asset Quality - CITIC Bank's non-performing loan (NPL) ratio decreased to 1.16%, the lowest in 11 years, with a provision coverage ratio of 209.43%, marking the best level in over a decade [7]. - The bank's asset quality improvement is attributed to a focus on corporate asset quality and a dual strategy of controlling new risks while cleaning up historical risks [8]. Retail Credit Risk Management - The bank has implemented stringent risk management measures for retail assets, including tightening credit card customer access and enhancing mortgage loan controls [9]. - Despite improvements in retail asset quality, the bank acknowledges that retail credit risks are rising, reflecting a broader industry trend [9].

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]

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].