研報掘金丨中金:維持興業銀行“跑贏行業”評級,目標價23.22元
中金公司研報指出,興業銀行(601166.SH)24年歸母淨利潤同比+0.1%;4Q24歸母淨利潤同比+16.9%,利潤增速由負轉正。業績基本符合我們預期。2025年前向股息率爲4.9%,相較10年期國債利差達3.2pct,認爲公司高股息配置價值值得關注。戰略定位順應趨勢。認爲公司對於銀行業競爭與宏觀經濟發展有着一定的前瞻性。管理層在年報中提出,要加快向戰略實處發力、客戶向存量聚焦(競爭加劇需提升客戶綜合服務能力)、市場向全球拓展(伴隨企業出海銀行也需要加大國際化佈局)、科技向未來突破(擁抱AI科技創新),等等。公司存款仍實現穩健增長,全年總存款同比+7.7%,4Q24總存款環比+2.0%,難能可貴的是公司存款逐步呈現活期化趨勢。維持公司23.22元目標價不變,維持“跑贏行業”評級。
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