研報掘金|華泰證券:下調招商銀行目標價至53.93港元 維持“增持”評級
華泰證券發表報告指,招商銀行首季淨利潤、營業收入、撥備前盈利(PPOP)分別按年下跌2.1%、3.1%、4%,增速較2024年分別跌3.3個、2.6個及4.4個百分點。公司首季業績波動,主因投資類收益下滑、息差邊際下行。由於其他非息波動,華泰證券預測招行2025至2027年每股盈利爲5.7元、5.91元及6.15元。華泰證券指,招行零售戰略具備護城河效應,認爲公司經營有望改善,加上負債成本優化,資產質量穩健,維持予其H股“增持”評級,H股目標價由56.06港元降至53.93港元。
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