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研報掘金丨天風證券:維持招商銀行“增持”評級,目標價44.90元
格隆匯 02-11 15:06

天風證券研報指出,2024年招商銀行(600036.SH)歸母淨利潤同比+1.22%,較24Q3末向上修復184bp。截至2024 年末,貸款佔生息資產比重為56.7%,較24Q3末餘額佔生息資產比重環比變動-1.3pct。截至2024末,招商銀行不良貸款率為0.95%,較三季度微增1bp,與去年同期不良水平持平,整體依舊維持在較低水平。撥備覆蓋率與貸款撥備率分別為411.98%和3.92%,同比下降25.72和0.22個百分點,但依舊維持較高撥備空間。招商銀行24Q3企業盈利能力具有韌性,息差企穩,資產質量穩健。預測企業2024-2026年歸母淨利潤同比增長為0.95%、3.79%、3.19%,對應現價BPS:41.38、45.21、49.64元。使用股息貼現模型測算目標價為44.90元,對應24年1.08x PB,維持“增持”評級。

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