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研報掘金丨平安證券:工商銀行盈利增長穩健,維持“推薦”評級
格隆匯 03-31 15:00

平安證券研報指出,工商銀行(601398.SH)24年營收負增缺口延續收窄,盈利同步回暖。全年歸母淨利潤同比增長0.5%(24Q1-3,0.1%),盈利增速持續回升,認爲盈利回升主要得益於營收回暖,尤其是利息淨收入降幅持續收窄。從收入端來看,工行24年全年營收同比下降2.5%,較前三季度收窄1.3個百分點,其中主要受利息淨收入降幅收窄的拉動,同比降幅爲2.7%(24Q1-3,-4.9%),延續收窄趨勢。工商銀行作爲國內體量最大的商業銀行,夯實的客戶基礎、突出的成本優勢、穩健的資產質量以及持續完善的綜合化經營能力都是其穿越週期的基礎,伴隨其“GBC+”戰略的逐漸深化,資金內循環以及客戶粘性的提升都有望爲其提供穩定的業務需求。當前在無風險利率持續下行的背景下,工行作爲能夠穩定分紅的高股息品種,股息率相對無風險利率的股息溢價率位於歷史高位,紅利配置價值值得關注。維持“推薦”評級。

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