研報掘金丨長江證券:招商銀行內生增長核心優勢穩固,配置價值突出,維持“買入”評級
長江證券研報指出,招商銀行(600036.SH)2025年一季度營收同比增速-3.1%,歸母淨利潤同比增速-2.1%,利息淨收入增速+1.9%。內生增長核心優勢穩固,配置價值突出。資本實力雄厚,沒有再融資攤薄壓力,Q1末核心一級資本充足率環比穩定於14.9%,保持行業最高,2024年分紅比例35%,預計未來保持穩定。Q1業績下滑主要受投資收益拖累,利息淨收入、財富管理收入核心業務收入正增長好於預期,預計全年利潤和分紅維持正增。目前A/H股2025年PB估值為0.94x/0.91x,對應2024年股息率4.9%/5.1%,持續重點推薦,維持“買入”評級。
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