证券研究报告 | 年报点评报告 gszqdatemark 2025 03 26 年 月 日 招商银行（600036.SH） 全年业绩增速回正，分红比例提升 事件：招商银行披露 2024 年报，2024 年实现营收 3375 亿元，同比下降 0.48%，归母净利润 1484 亿元，同比增长 1.22%。2024Q4 末不良率、拨 备覆盖率分别为 0.95%、411.98%，较上季度末分别提升 1bp、下降 20pc。 此外，2024 年公司以每股派发现金股利 2.0 元，全年分红比例达 35.32% （2023 年为 35.01%）。 1、业绩：营收、利润增速双提升 2024 年营业收入、归母净利润增速分别为-0.48%、1.22%，分别较 24Q1- Q3 提升 2.4pc、提升 1.8pc，营收及利润增速双提升，主要由于规模增长 提速、息差降幅收窄、其他非息增长，具体来看： 1）利息净收入：同比下降 1.58%，较 24Q1-Q3 降幅收窄 1.5pc，24A 净 息差为 1.98%，较前三季度下降 1bp，全年息差降幅 17bps，息差降幅同 比收窄，主要源于负债成本改善。 A、资产端：生息资产、贷款收益 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a revenue of 337.5 billion yuan in 2024, a slight decrease of 0.48% year-on-year, while the net profit attributable to shareholders increased by 1.22% to 148.4 billion yuan [1][12] - The company has improved its dividend payout ratio to 35.32% in 2024 from 35.01% in 2023, with a cash dividend of 2.0 yuan per share [1][12] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95% and a provision coverage ratio of 411.98% as of Q4 2024 [5][12] Financial Performance - Revenue and net profit growth rates for 2024 were -0.48% and 1.22%, respectively, showing improvements of 2.4 percentage points and 1.8 percentage points compared to the first three quarters of 2024 [2] - Net interest income decreased by 1.58% year-on-year, with a net interest margin of 1.98%, reflecting a year-on-year decline of 17 basis points [2][12] - Non-interest income from fees and commissions fell by 14.28% year-on-year, while other non-interest income grew by 34.13% [4][12] Asset Quality - The NPL ratio for corporate loans was 1.01%, while personal loans had an NPL ratio of 0.98%, indicating slight increases in personal loan defaults [5][10] - The company reported a total NPL balance of 65.61 billion yuan, with a slight increase in personal loan defaults primarily due to small and micro loans [10][12] Asset and Liability Management - Total assets and loans reached 12.2 trillion yuan and 6.9 trillion yuan, respectively, with year-on-year growth rates of 10.19% and 5.83% [11] - The total deposit amount was 9.1 trillion yuan, reflecting a year-on-year increase of 11.54% [11] Business Development - Wealth management business showed steady growth, with assets under management (AUM) nearing 15 trillion yuan, a year-on-year increase of 12.1% [12] - Despite a decline in wealth management fees, the company saw significant growth in sales of financial products and securities trading [12]