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研報掘金丨華福證券:維持招商銀行“買入”評級,目標價40.32元
華福證券研報指出,招商銀行(600036.SH)Q2淨利息收入逐漸修復,帶動業績邊際改善。2024Q2,單季營收為-1.5%,較一季度抬升3.2pct;單季歸母淨利潤增速為-0.7%,較一季度抬升1.3pct。進一步拆分可以發現,量、價均為淨利息收入改善的因素,量的規模擴張為主要貢獻因素。在央行引導穩定長債利率的背景下,其他非息淨收入增速有所回落,但仍保持在較高水平。2024Q2 單季其他非息淨收入增速為30.5%,較一季度增速下降9.55pct,但對營收的貢獻仍較為明顯。該行認為估值有望回升,維持給予公司2024年目標PB 1倍,對應目標價40.32元,維持給予“買入”評級。
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