Investment Rating - The report does not explicitly provide an investment rating for the financial technology sector in 2024 Core Insights - The financial technology sector in A-shares faced operational pressure in 2024, with total revenue of 1186.37 billion yuan, a year-on-year decrease of 2.73%, and a net profit of 147.62 billion yuan, down 13.85% [3][10] - Despite the overall decline, certain companies achieved double-digit revenue growth, indicating potential resilience within the sector [3][10] - The sector's R&D expenditure remained stable at 11.41% of total revenue, reflecting ongoing investment in innovation despite revenue pressures [3][12] Summary by Sections Industry Overview - The financial technology sector is experiencing a bifurcation, with significant support from policies aimed at enhancing digital finance and technological independence [4][21] - Emerging fields such as cloud computing, AI, and data utilization are expected to drive recovery in industry growth [4][30] Financial Performance - In 2024, 35 listed companies in the financial technology sector reported a total revenue of 1186.37 billion yuan, with a net profit of 147.62 billion yuan [3][10] - The banking IT segment showed a revenue decline of 3.41% year-on-year, with net profit dropping by 49.29% [3][10] R&D Investment - Total R&D investment in the financial technology sector reached 135.38 billion yuan in 2024, a decrease of 2.54% year-on-year, with a stable R&D expense ratio of 11.41% [12][13] - Companies in the securities IT and financial information services sectors exhibited significantly higher R&D expense ratios compared to the industry average [12][13] Market Dynamics - The report highlights a shift in IT investment focus towards emerging technologies, with traditional IT construction expenditures expected to decline [5][30] - The demand for IT services from small and medium-sized financial institutions is anticipated to increase, providing new growth opportunities [5][37]

Investment Rating - The report assigns an "Outperform the Market" rating to the company, marking its first coverage [5]. Core Insights - The company is expected to achieve a revenue of 760.15 billion yuan in 2024, reflecting a year-over-year decline of 2.54%, while the net profit attributable to shareholders is projected at 335.58 billion yuan, showing a slight increase of 0.88% [1][53]. - The company's total assets are anticipated to grow by 5.86% to 40.57 trillion yuan in 2024, with deposits and loans increasing by 3.73% and 8.33%, respectively [1]. - The net interest margin is projected to be 1.51% in 2024, down by 19 basis points year-over-year, but the decline is expected to slow down in the fourth quarter [2][56]. - Non-interest income is expected to grow by 5.09% in 2024, contributing significantly to overall revenue [2]. - The non-performing loan ratio is forecasted to be 1.34% at the end of 2024, indicating stable asset quality [3][58]. Financial Performance Summary - Revenue and net profit for 2024 are projected at 760.15 billion yuan and 335.58 billion yuan, respectively, with a year-over-year revenue decline of 2.54% and a net profit increase of 0.88% [1][53]. - The company’s return on equity (ROE) is expected to be 10.69%, a decrease of 0.87 percentage points from the previous year [1][54]. - The company’s total assets are expected to reach 40.57 trillion yuan, with a year-over-year growth of 5.86% [1]. - The net interest income is projected to decline by 4.43% year-over-year due to a narrowing net interest margin and insufficient effective credit demand [2][56]. - The non-performing loan ratio is expected to decrease slightly, reflecting the company's stable asset quality [3][58]. Future Earnings Forecast - The company’s net profit for 2025, 2026, and 2027 is projected to be 343.34 billion yuan, 353.37 billion yuan, and 368.82 billion yuan, respectively, with corresponding year-over-year growth rates of 2.3%, 2.9%, and 4.4% [3][62]. - The diluted earnings per share (EPS) for the same years are expected to be 1.36 yuan, 1.40 yuan, and 1.46 yuan [3][62]. Valuation and Investment Recommendation - The absolute valuation using a three-stage DDM model suggests a value range of 9.8 to 13.6 yuan per share [69]. - Relative valuation indicates a reasonable value range of 9.3 to 10.1 yuan per share, considering a premium for the company's leading position in the market [71]. - The report concludes that the company's reasonable stock price for 2025 is between 9.6 and 11.9 yuan, indicating a potential upside of approximately 7% to 33% from the current price [73].

智通财经APP讯，建设银行(00939)发布2024年度业绩，经营收入7285.7亿元(人民币，下同)，同比减少 2.29%;归属于该行普通股股东的净利润3284.69亿元，同比增加0.28%;基本每股收益1.31元;拟派发末期股 息每股0.206元。 公告称，"稳"为底色。经营底盘稳，2024年末，集团资产总额40.57万亿元，增幅5.86%，负债总额 37.23万亿元。盈利能力稳，全年实现净利润3362.82亿元，增幅1.15%。资产质量稳，不良贷款率 1.34%，拨备覆盖率233.60%。客户基础稳，公司类客户达1168万户，个人全量客户达7.71亿人，单位人 民币结算账户达1629万户。 "质"为支撑。优化主业结构，发放贷款和垫款净额25.04万亿元，增幅8.48%，占资产总额比重较上年提 升1.49个百分点;债券投资规模10.39万亿元，增幅10.71%，占资产总额比重较上年提升1.12个百分点。 核心负债稳健发展，大财富管理扎实有力，零售类存款贡献度持续提升，管理个人客户金融资产突破20 万亿元。巩固核心指标，加权平均净资产收益率10.69%，平均资产回报率0.85%，净利息收益率 1.51%，资 ...

建设银行（601939）(00939)发布2024年度业绩，经营收入7285.7亿元(人民币，下同)，同比减少2.29%; 归属于该行普通股股东的净利润3284.69亿元，同比增加0.28%;基本每股收益1.31元;拟派发末期股息每 股0.206元。 公告称，"稳"为底色。经营底盘稳，2024年末，集团资产总额40.57万亿元，增幅5.86%，负债总额37.23 万亿元。盈利能力稳，全年实现净利润3362.82亿元，增幅1.15%。资产质量稳，不良贷款率1.34%，拨 备覆盖率233.60%。客户基础稳，公司类客户达1168万户，个人全量客户达7.71亿人，单位人民币结算 账户达1629万户。 "进"为趋势。做强主责主业，"五篇大文章"、新质生产力等重点领域信贷占比稳中有升。科技贷款、战 略性新兴产业贷款新增同业领先，供应链业务规模保持市场前列。做优协同发展，深入推进本外币、境 内外、表内外、母子公司一体化经营，商业银行类境外机构全年实现净利润91.38亿元，盈利水平历史 最优;集团资产管理业务规模达5.65万亿元、该行托管规模23.95万亿元，均保持行业领先。做实技术革 新，"建行云"算力规模增长9.58% ...