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研報掘金丨長江證券:招商銀行淨息差降幅收窄,,維持“買入”評級
長江證券研報指出,招商銀行(600036.SH)一季度營收下滑4.7%,利息淨收入下滑6.2%,反映淨息差下降&生息資產增速下降影響;非利息收入下滑2.3%,其中中收下滑19.4%,拖累明顯。受營收拖累,歸母淨利潤下滑2.0%。一季度利潤下滑反映當前宏觀環境下經營壓力,淨息差降幅收窄是業績亮點,短期經營壓力不影響中長期投資邏輯。預計2024全年營收增速-1.2%,歸母淨利潤0.4%。目前A股估值0.86x2024PB,2023年分紅比例35%,對應A股股息率5.7%,認為招商銀行高ROE+中低擴錶速度+低資本消耗商業模式是保障分紅水平的原因,預計中期維度依然有能力保持分紅穩定,目前股息率具備吸引力,維持“買入”評級。
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