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研報掘金丨國投證券:招商銀行全年利潤實現正增長,基本面表現穩健,目標價55元
格隆匯 03-26 14:46

國投證券研報指出,招商銀行(600036.SH)2024年營收同比增長-0.48%(2024 年前三季度增速為-2.91%),撥備前利潤同比增長0.63%(2024年前三季度增速為-2.66%),歸母淨利潤同比增長1.22%(2024年前三季度增速為-0.62%),營收降幅逐季收窄,全年利潤實現正增長,基本面表現穩健。展望未來,隨着增量財政政策逐步落地,經濟有望築底,銀行淨息差下行幅度也將收窄。在股票市場改善、經濟逐步修復階段,招商銀行基本面、估值中樞也有望回升,疊加其高股息特徵,投資性價比較高,屬於“進可攻、退可守”的標的。預計2025年招商銀行營收增速為0.61%,歸母淨利潤增速為1.24%,給予買入-A的投資評級,6個月目標價為55元,相當於2025年1.2X PB。

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