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研报掘金丨东兴证券：维持招商银行“强烈推荐”评级，看好公司成熟的管理机制、领先的零售优势

Research Report | Dongxing Securities: Maintaining China Merchants Bank's “Highly Recommended” rating, optimistic about the company's mature management mechanism and leading retail advantages

Gelonghui Finance ·  Mar 28 03:25

According to the Dongxing Securities Research Report, China Merchants Bank (600036.SH)'s revenue decline in 2023 narrowed month-on-month, with provisions to feed back profits by 6.2%. The dividend ratio was raised to 35%, the asset quality was stable, and the “Highly Recommended” rating was maintained. Judging that the growth rate of China Merchants Bank loans may remain stable in 2024, interest spreads are still under pressure, but the decline is narrowing; non-interest income has recovered steadily, and revenue is expected to remain under pressure. However, considering the overall stability of asset quality and sufficient provisions, net profit is expected to be released smoothly under the demand for sustainable support to the real economy. Net profit is expected to increase by 1.4%, 3.2%, and 5.6% year-on-year in 2024-2026, corresponding to BVPS of 42.67, 48.81, and 55.31 yuan/share, respectively. The closing price on March 27, 2024 was 32.3 yuan/share, corresponding to the 2024 net market ratio of 0.76 times. At this stage, CMB insists on the dynamic and balanced development of “quality, efficiency, and scale”. The balanced and collaborative development of the four major sectors is expected to better support the competitive retail business to the next level, and is optimistic about the company's mature management mechanism and leading retail advantages.

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