研報掘金丨銀河證券:農業銀行利息淨收入和中收邊際改善,首予“推薦”評級
銀河證券研報指出,農業銀行(601288.SH)2024年營收7105.55億元(+2.3%),歸母淨利潤2820.83億元(+4.7%),增速均優於前三季度;ROE 10.46%(同比-0.45pct)。Q4營收、歸母淨利潤同比增長5.5%、9.21%。公司業績主要受益利息淨收入和中收邊際改善影響,同時撥備計提壓力緩解反哺利潤。公司定位“服務鄉村振興的領軍銀行”和“服務實體經濟的主力銀行”,全面實施“三農”普惠、綠色金融、數字經營三大戰略,縣域金融優勢明顯。信貸保持穩步擴張,零售貸款改善趨勢延續,負債端存款獲取能力突出,成本優化支撐息差修復。資產質量保持優異,撥備計提與資本水平充足。結合公司基本面和股價彈性,首次覆蓋給予“推薦”評級。
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