Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company's net profit growth has turned positive, with a net profit of 148.4 billion yuan in 2024, reflecting a year-on-year increase of 1.2%. The revenue for 2024 was 337.5 billion yuan, a slight decrease of 0.5% year-on-year, but the fourth quarter showed a revenue growth of 7.5% year-on-year [1][3]. - The company's asset quality remains robust, with a non-performing loan ratio of 0.95%, unchanged from the beginning of the year. The credit cost has decreased slightly to 0.65%, down 9 basis points year-on-year [2][3]. - The company has a strong customer base, with retail customers reaching 210 million, including 5.24 million high-net-worth clients, indicating a continuous improvement in customer quality [2][3]. Financial Performance Summary - In 2024, the company achieved a total revenue of 337.5 billion yuan, with a net profit of 148.4 billion yuan. The revenue is expected to grow to 343.2 billion yuan in 2025, with a projected net profit of 150.8 billion yuan [4][9]. - The company's return on equity (ROE) for 2024 is 15.1%, and the price-to-earnings (PE) ratio for 2025-2027 is projected to be 7.8x, 7.4x, and 6.9x respectively, indicating a favorable valuation [3][4]. - The total assets of the company reached 12.15 trillion yuan by the end of 2024, with loans totaling 6.89 trillion yuan and deposits of 9.20 trillion yuan, reflecting a steady growth in scale [1][2].

证券研究报告 | 2025年03月26日 招商银行（600036.SH）2024 年年报点评 优于大市 客群和风控护城河进一步彰显 归母净利润增速转正。2024 年实现营收 3375 亿元，同比下降 0.5%，归母净 利润 1484 亿元，同比增长 1.2%。其中四季度单季营收同比增长 7.5%，归母 净利润同比增长 7.6%。公司 ROAE 为 14.49%，仍处在高位。 四季度营收实现较好增长主要受益于净息差降幅收窄，以及其他非息收入的 高增。2024 年净利息收入同比下降 1.6%，其中四季度单季同比增长 3.0%， 主要受益于净息差降幅收窄。公司披露的 2024 年净息差 1.98%，同比收窄 17bps，较前三季度下降 1bp。其中四季度单季净息差为 1.94%，同比仅收窄 10bps。期末资产总额 12.15 万亿元，贷款总额 6.89 万亿元，存款总额 9.20 万亿元，较年初分别增长 10.2%、5.8%和 11.6%，规模扩张稳健。 2024 年手续费净收入同比下降 14.3%，大财富管理收入延续下降态势。不过 受益于债券收益率下行，2024 年度其他非息收入同比增长 34%，带来 2024 ...