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研報掘金丨華創證券:招商銀行全年業績回正,維持“推薦”評級
格隆匯 03-27 14:58

華創證券研報指出,招商銀行(600036.SH)2024全年業績回正,Q4息差和非息表現出較高韌性,存貸兩旺;ROAA和ROAE保持較高水平。長期看,招商銀行基本面紮實穩健,戰略執行清晰、長期遞進且堅定有力;通過在零售領域的長期深耕,積累了一批優質、穩定的零售客户羣體,通過體系化經營和金融科技賦能,不斷加深其在零售業務領域的護城河。招行在銀行中具備較高稀缺性,繼續看好其長期價值。結合公司披露最新財報,調整2025E/2026E/2027E淨利潤增速為2.1%/5.2%/5.9%,當前股價對應25E PB 0.97X,結合公司基本面和歷史估值中樞,給予2025年目標PB 1.2X,對應目標價52.9元,維持“推薦”評級。

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