一表了解大行对中行(03988.HK)季绩後最新目标价及观点
中国银行(03988.HK)今早股价靠稳，券商对其上季净息差扩阔感正面，中行昨日(30日)收市後公布季度业绩，首三季纯利按年增长4.1%至1,595.79亿元人民币，每股收益0.52元人民币。期内营业收入按年增长10.9%至4,168.57亿元人民币，净利息收入按年增长5.1%至2,778.2亿元人民币，手续费及佣金收支净额按年增长4.5%。平均总资产回报率(ROA)1.04%，按年下降0.03个百分点。净资产收益率(ROE)13%，按年下降0.7个百分点。核心一级资本充足率为11.24%，一级资本充足率为13.02%，资本充足率为15.51%。
【净息差扩阔 股本回报降】
单计第三季，中行纯利按年增长3%至455.31亿元人民币。每股收益0.14元人民币。营业收入按年增长12.7%至1,401.69亿元人民币，净利息收入按年增长4.7%至961.36亿元人民币，手续费及佣金收支净额按年增长3.6%至210.52亿元人民币。
【不良率呈下降 忧增长持续性】
花旗认为，中行第三季业绩大致延续第二季趋势，按季净息差表现胜同业，费用收入表现平淡，交易溢利及其他经营收益仍为拨备前经营溢利的主要推动力，使该行质疑中行业绩增长的可持续性。
而汇丰环球研究认为，中行第三季业绩好坏参半，负面大致抵销正面。从正面看，净息差扩阔，不良货款比率下降；从负面看，成本效益温和下降及核心一级资本充足率上升逊同业。花旗及汇丰环球研究均予中行「买入」评级，目标价分别为4.45及4.7元。
本网最新综合6间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
汇丰环球研究│买入│4.7元
瑞银│买入│4.6元
花旗│买入│4.45元
摩根士丹利│与大市同步│4.1元
摩根大通│增持│3.9元
里昂│跑赢大市│3.4元券商│观点
汇丰环球研究│业绩好坏参半
瑞银│季度纯利增长放缓，净息差表现胜同业
花旗│净息差为亮点，非核心收入支撑拨备前经营溢利
摩根士丹利│净息差扩阔及资产质量改善，但存款及费用收入增长疲弱
摩根大通│收入及拨备前经营溢利加速增长为主要正面讯息
里昂│上季净息差按季扩阔
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