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研報掘金丨長江證券:交通銀行業績同比轉正,維持“買入”評級
格隆匯 03-25 14:54

長江證券研報指出,交通銀行(601328.SH)24年歸母淨利潤同比+0.9%(前三季度同比-0.7%,單季度同比+5.7%),全年利息淨收入同比+3.5%。全年營收&利潤同比轉正,利息淨收入增速加快。零售貸款增速亮眼,消費金融+小微發力。息差壓力改善,存款成本加速下行。預計2025 年存款及其他負債成本將繼續加速改善,緩解息差壓力。基本面保持穩定,高股息、低估值價值突出。全年業績增速同比轉正,息差企穩,存款成本下降明顯,資產質量持續改善。2024全年分紅比例33%保持穩定。預計2025年經營情況繼續保持穩定,淨利潤保持正增長。目前A/H股2025年PB估值0.52x/0.47x,2025年預計股息率5.4%/6.0%,近期H股折價率收斂至10%,維持“買入”評級。

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