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研報掘金丨東興證券:維持招商銀行“強烈推薦”評級,看好公司成熟的管理機制、領先的零售優勢

東興證券研報指出,招商銀行(600036.SH)2023年營收降幅環比收窄,撥備反哺利潤增6.2%。分紅比例提升至35%,資產質量較平穩,維持“強烈推薦”評級。判斷2024年招商銀行貸款增速或保持平穩,息差仍有收窄壓力、但降幅收窄;非息收入平穩恢復,預計營收仍將承壓。但考慮資產質量總體穩定、撥備充足,在可持續支持實體經濟訴求下,淨利潤有望平穩釋放。預計2024-2026年淨利潤同比增長1.4%、3.2%、5.6%,對應BVPS 分別為42.67、48.81、55.31 元/股。2024年3月27日收盤價32.3元/股,對應2024年市淨率0.76 倍。現階段招行堅持“質量、效益、規模”動態均衡發展,四大板塊均衡協同發展,有望更好支撐零售優勢業務再上台階,看好公司成熟的管理機制、領先的零售優勢。

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