研報掘金丨中金:招商銀行24Q4業績超出市場預期,維持“跑贏行業”評級
中金公司研報指出,招商銀行(600036.SH)24年營收同比降低0.47%、4Q24營收同比高增7.59%,全年歸母淨利潤同比增長1.22%、4Q24歸母淨利潤同比增長7.63%,四季度業績超出市場預期。該行認為:1)降息預期下債牛行情驅動其他非息高增;2)公司業務能力被低估,客户與資產潛力逐步釋放;3)深度經營優質客羣,市場高估了零售敞口風險,不良生成與信用成本支出保持平穩。向前看,重申推薦評級:市場對於招行高股息屬性的計入並不充分,尤其是A股;另外,公司市場化屬性的客户羣體佔比更高,從敞口與節奏維度更容易體現經濟beta屬性。維持“跑贏行業”評級。
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