研報掘金丨長江證券:維持招商銀行“買入”評級,內生增長穿越紅利時代
長江證券研報指出,內生增長是招商銀行(600036.SH)最顯著區別於同業的核心競爭優勢,ROA長期穩居上市銀行首位。高息差優勢來源於超低成本的負債結構,2023年末活期存款佔比55%,長期領先同業。認為招商銀行是優秀的分紅型銀行股。高ROE+低資本消耗+中低速資產擴張模式,形成強勁的分紅能力和潛力。大型銀行中,資本充足率最雄厚、分紅比例最高、盈利能力最強,同時具備穩定增速,長期優勢鮮明。目前A股2023年股息率5.80%,考慮核心競爭優勢和內生增長路徑,認為股息率應收斂至4.0%~4.5%區間。基於2024年6月7日收盤價,招商銀行2024年A股PB為0.84X,H股PB為0.80X,長期重點推薦,維持“買入”評級。
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