Investment Rating - The report maintains an "Outperform" rating for China Merchants Bank (CMB) [1][3] Core Views - CMB's Q3 2024 net profit attributable to parent company turned positive, with a year-on-year growth of 0.8% [4] - Asset quality remained stable, with a non-performing loan (NPL) ratio of 0.94%, unchanged from the previous quarter [4] - Net interest margin (NIM) narrowed, with Q3 2024 NIM at 1.92%, up 1bp from the previous quarter [4] Financial Performance - Revenue for the first three quarters of 2024 decreased by 2.9% year-on-year, while net profit attributable to the parent company decreased by 0.6% [4] - Core tier 1 capital adequacy ratio increased by 1.36 percentage points year-on-year to 14.73% [4] - Provision coverage ratio was 432.15%, down 2.27 percentage points from the previous quarter [4] Valuation and Forecast - The report forecasts EPS for 2024-2026 to be 5.74, 5.92, and 6.16 yuan, respectively [5] - The reasonable value range for CMB is estimated to be 40.48-46.88 yuan, based on DDM and PB-ROE models [5] Industry Comparison - CMB's 2024E PB ratio is 1.00x, higher than the industry average of 0.48x [7] - The average ROE for comparable companies in 2023 was 9.92%, while CMB's ROE was 16.55% [7] Key Financial Metrics - Net interest income for 2024E is projected to be 210.521 billion yuan, with a year-on-year decrease of 1.93% [16] - Loan growth for 2024E is expected to be 3.85%, while deposit growth is projected at 7.00% [16] - The cost-to-income ratio for 2024E is forecasted to be 29.50%, down from 32.96% in 2023 [16]

A 股简称：招商银行 A 股代码：600036 公告编号：2024-047 根据法律法规及本公司章程的相关规定，王仕雄先生因任职期满， 其担任本公司独立非执行董事及董事会专门委员会相关职务的任期至 2024年11月8日止。王仕雄先生已确认与本公司董事会无不同意见，也无 与其离任有关的其他事项需要提请本公司股东及债权人注意。本公司董 事会对王仕雄先生在任职期间为本公司作出的贡献给予高度评价并致以 衷心的感谢。 特此公告。 招商银行股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 招商银行股份有限公司（简称本公司或招商银行）收到《国家金融 监督管理总局关于李健招商银行独立董事任职资格的批复》（金复〔2024〕 727号）。根据上述批复，李健女士招商银行独立董事的任职资格已获得 核准。 李健女士担任本公司独立非执行董事的任期自核准日2024年11月8 日起生效，至本公司第十二届董事会届满之日止。李健女士的简历及相 关信息请参阅刊登在上海证券交易所网站（www.sse.com.cn）和本公司 网站（www.cmbch ...

关于无固定期限资本债券发行完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 A 股简称：招商银行 A 股代码：600036 公告编号：2024-046 经国家金融监督管理总局批准，招商银行股份有限公司（简称本公 司）近日在全国银行间债券市场发行了"2024年招商银行股份有限公司 无固定期限资本债券（债券通）"（简称本期债券）。 本期债券于2024年11月1日簿记建档，并于2024年11月5日完成发行。 本期债券发行规模为人民币300亿元，前5年票面利率为2.42%，每5年调 整一次，在第5年及之后的每个付息日附发行人有条件赎回权。 招商银行股份有限公司 2024 年 11 月 6 日 本期债券募集的资金将依据适用法律和监管部门的批准，补充本公 司的其他一级资本。 特此公告。 招商银行股份有限公司董事会 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [6][25]. Core Insights - The company's performance remains stable, with a revenue decline of 2.9% and a net profit decline of 0.6% for the first three quarters of 2024, showing improvements compared to the first half of 2024 [1][6]. - The net interest margin remained stable quarter-on-quarter at 1.97% in Q3 2024, with a slight decrease of 2 basis points from Q2 2024, benefiting from a reduction in both loan and deposit rates [2][6]. - The decline in commission income has slowed, particularly in wealth management, where income from selling financial products grew by 47% year-on-year [3][6]. - Asset quality in the retail sector shows some pressure, with a slight increase in the overdue loan rate to 1.71% as of September 2024 [4][6]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company's operating income and net profit attributable to shareholders decreased by 2.9% and 0.6%, respectively, with improvements of 0.2 percentage points and 0.7 percentage points compared to the first half of 2024 [1]. - Cost control measures led to a reduction in business and management expenses, which decreased by 4.6% year-on-year, saving nearly 3.6 billion yuan [1]. Financial Metrics - The report forecasts revenue growth rates of -2.4%, 3.2%, and 7.1% for 2024-2026, with net profit growth rates of 1.1%, 2.2%, and 6.0% for the same period [6]. - The average price-to-book (PB) ratio over the past three years is 1.11, while the current PB ratio is 0.98, suggesting potential for valuation recovery [6]. Asset Quality and Risks - As of September 2024, the non-performing loan ratio remained stable, but the attention rate increased by 7 basis points compared to June 2024, indicating some pressure in asset quality [4]. - The overdue rate for retail loans increased to 1.71%, with notable rises in personal housing mortgage and consumer credit overdue rates [4]. Investment Recommendation - The report suggests maintaining a "Buy" rating based on the company's stable performance and potential for recovery in valuation, with a closing price of 39.08 yuan as of November 5, 2024 [8][6].

Investment Rating - The investment rating for the company is "Buy" [1][10]. Core Views - The report indicates that the company has a sustainable capital generation ability and stable asset quality, despite pressure on net interest margin and non-interest income. It is expected that with an improving economic environment, the company's revenue will also improve [4][7]. Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 252.71 billion yuan, a year-on-year decrease of 2.91%. The net profit attributable to shareholders was 113.18 billion yuan, down 0.62% year-on-year. The net interest income was 157.30 billion yuan, a decline of 3.07% year-on-year [4][5]. - The annualized return on average total assets (ROAA) and return on average equity (ROAE) were 1.33% and 15.38%, respectively, both showing a year-on-year decline [4][6]. Income Breakdown - The net interest income accounted for 62.24% of total revenue, with a net interest margin of 1.99%, down 20 basis points year-on-year. The average yield on interest-earning assets was 3.49%, which decreased by 7 basis points from the previous quarter [5][6]. - Non-interest income was 95.41 billion yuan, representing 37.76% of total revenue, with a year-on-year decrease of 2.63%. The net fee and commission income fell by 16.90% due to reduced insurance channel fees and declining fund distribution income [6][7]. Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 0.94%, with a strict recognition standard. The core Tier 1 capital adequacy ratio improved to 14.73%, up 0.87 percentage points from the previous report [6][7]. - The total assets reached 116,547.63 billion yuan, a year-on-year increase of 5.68%, with total loans and advances amounting to 67,587.51 billion yuan, up 3.84% year-on-year [5][6]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 5.88 yuan, 6.08 yuan, and 6.34 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are 6.56, 6.35, and 6.08 [7][8].

Summary of the Conference Call for China Merchants Bank Q3 2024 Earnings Company Overview - **Company**: China Merchants Bank (招商银行) - **Event**: Q3 2024 Earnings Conference Call - **Date**: October 29, 2024 Key Points Financial Performance - **Revenue**: The bank reported total operating income of CNY 252.6 billion, a year-on-year decrease of 2.93% [3] - **Net Profit**: Net profit attributable to shareholders was CNY 113.18 billion, down 0.62% year-on-year, but the decline was less than in the first half of the year [3] - **Return on Assets (ROAA)**: 1.33% and Return on Equity (ROE) at 15.38% [3] - **Cost Management**: Operating expenses decreased by 3.5% to CNY 82.17 billion, with a cost-to-income ratio of 29.59%, down 0.5 percentage points [3] Asset and Liability Management - **Total Assets**: CNY 11.65 trillion, up 5.68% from the previous year [4] - **Loans**: Total loans and advances reached CNY 6.76 trillion, a growth of 3.84% year-on-year [4] - **Deposits**: Customer deposits totaled CNY 8.73 trillion, increasing by 7.08% [4] - **Loan Quality**: Non-performing loan (NPL) balance was CNY 63.56 billion, with an NPL ratio of 0.94%, slightly down from the previous year [6][7] Market and Economic Environment - **Economic Outlook**: The bank noted a stable overall economic operation in China, but challenges remain, including weak effective demand and social expectations [8] - **Policy Impact**: Recent government policies aimed at stimulating the economy are expected to positively impact credit demand and investment [12][13] Wealth Management and Non-Interest Income - **Wealth Management**: The bank's wealth management business remains robust, with retail clients increasing to 206 million, a growth of 4.57% [5] - **Non-Interest Income**: Net fee and commission income was CNY 55.70 billion, down 16.9% year-on-year, but the decline was less severe than in the first half [6] - **Investment Opportunities**: The bank is optimistic about capital market recovery, which is expected to benefit its wealth management and non-interest income streams [12][50] Risk Management - **Asset Quality**: The bank maintains a strong risk management framework, with a focus on monitoring and mitigating risks in key sectors such as real estate and manufacturing [7][19] - **Provisions**: The bank's provision coverage ratio was 432.15%, indicating a strong buffer against potential loan losses [7] Strategic Focus - **Value Banking Strategy**: The bank aims to enhance its value banking strategy, focusing on quality and efficiency while maintaining a balanced growth approach [8] - **Digital Transformation**: Continued investment in digital capabilities and technology to improve customer service and operational efficiency [86] Future Outlook - **Profit Growth**: Management expressed cautious optimism about profit growth in Q4 and beyond, contingent on economic recovery and effective policy implementation [20][21] - **Loan Demand**: Anticipated improvement in loan demand due to recent policy measures aimed at stimulating consumption and investment [12][34] Additional Insights - **Cost Control**: The bank is focused on cost control measures to enhance profitability amidst a challenging revenue environment [39][40] - **Employee Engagement**: Emphasis on maintaining employee morale and engagement while implementing cost management strategies [40] This summary encapsulates the key points discussed during the conference call, highlighting the financial performance, market conditions, strategic initiatives, and future outlook for China Merchants Bank.

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 43.75 CNY [2][5]. Core Views - The company's Q3 2024 revenue and net profit growth rates are in line with expectations, with asset quality showing stability in corporate lending while retail lending faces pressure [2][3]. - The net profit growth forecast for 2024-2026 has been adjusted to 0.2%, 0.5%, and 3.8%, respectively, reflecting a cautious outlook due to economic conditions [3]. - The bank's net interest income and fee income have shown a narrowing decline, with wealth management income's year-on-year decline reducing from -32.6% in Q1 to -16% in Q3 2024 [3]. - The bank's asset quality remains robust, with corporate loan quality indicators improving, although retail non-performing loans have increased to 1.6% [3]. Financial Summary - Revenue for 2022 was 344,783 million CNY, with a projected decline to 329,687 million CNY in 2024, representing a -2.8% change [4]. - Net profit attributable to shareholders was 138,012 million CNY in 2022, expected to reach 146,877 million CNY in 2024, reflecting a growth of 0.2% [4]. - The book value per share (BVPS) is projected to increase from 36.71 CNY in 2023 to 41.25 CNY in 2024 [4]. - The net asset return rate is expected to decline from 14.5% in 2023 to 13.1% in 2024 [4].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5][44]. Core Insights - The company's revenue and profit growth are showing signs of recovery, with a cumulative revenue decline of 3.2% year-on-year for Q3 2024, an improvement from a 3.4% decline in the first half of 2024. Net profit decreased by 0.6% year-on-year, compared to a 1.3% decline in the first half of 2024 [2][9]. - The net interest income has shown a slight recovery, with a quarter-on-quarter increase of 0.8 percentage points, supported by a stable growth in interest-earning assets [3][12]. - The asset quality remains robust, with a non-performing loan (NPL) ratio stable at 0.94% and a provision coverage ratio of 432.15%, indicating a strong safety margin [30][32][34]. Revenue and Profit Growth - Cumulative revenue for Q3 2024 is down 3.2% year-on-year, while net interest income has decreased by 3.1% and non-interest income by 3.4%. The net fee income has seen a significant decline of 16.9%, but other non-interest income has increased by 30.9% [2][9][22]. - The growth in net interest income is supported by a stable interest margin, with the annualized yield on interest-earning assets decreasing by 7 basis points to 3.49% [3][12]. Asset and Liability Growth - The growth rate of interest-earning assets is stable, with a year-on-year increase of 6.5%. Total loans increased by 5.3%, and bond investments rose by 8.2% [16][17]. - Total deposits grew by 7.7% year-on-year, with a notable increase in the proportion of time deposits [16][18]. Non-Interest Income - Non-interest income has faced pressure, with a year-on-year decline of 3.4%. The net fee income has decreased by 16.9%, while other non-interest income has increased by 30.9% [22][23]. - The wealth management segment has shown strong growth, with agency wealth management income increasing by 47.4% [22][23]. Retail Customers and AUM - The number of retail customers has surpassed 206 million, with total assets under management (AUM) reaching 14.3 trillion yuan. The growth rates for different customer segments remain robust [26][29]. Asset Quality - The overall asset quality remains stable, with the NPL ratio at 0.94% and a provision coverage ratio of 432.15%. The corporate NPL ratio has improved, while the retail NPL ratio has seen a slight increase [30][34]. - The overdue rate has improved, with a current rate of 1.25%, down 17 basis points [30][34]. Other Insights - The core tier one capital adequacy ratio has increased, indicating a strong capital position [44]. - The report has adjusted profit forecasts for 2024-2026, with expected net profits of 146.6 billion, 146.6 billion, and 149.5 billion yuan respectively [44].

证券研究报告 金融公司|公司点评|招商银行（600036） 业绩稳中向好，信用卡资产质量改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 2024Q1-Q3 公司营收同比增速较 2024H1 小幅+0.18pct，主要系公司利息收入与中收表现均边 际改善。2024Q1-Q3 公司利息净收入、中收分别同比-3.07%、-16.90%，增速较 2024H1 +1.10pct、 +1.71pct。2024Q1-Q3 公司归母净利润增速较 2024H1 +0.71pct，主要系息差业务、中收以及 费用管控贡献。 |分析师及联系人 SAC：S0590522100001 刘雨辰 陈昌涛 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年11月01日 招商银行(600036) 业绩稳中向好，信用卡资产质量改善 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 银行/股份制银行Ⅱ | | 投资评级： | 买 ...

公司报告 | 季报点评 息差企稳，盈利向上修复，拨备维持高位。 事件： 招商银行发布 24 年三季度财报。截止 24 年三季度，企业实现营收约 2527 亿元，归母净利润 1132 亿元，YoY-0.62%；不良率 0.94%，不良拨备 覆盖率 432.15%。 营收持续向上修复表现。截止 2024 前三季度，招商银行实现累计营收约 2527 亿元（YoY-2.91%），其中净利息收入 1573 亿元（YoY-3.07%）。 非息净收入 954 亿元，同比下滑 2.63%。拨备前利润表现整体贴合营业收 入变动趋势，PPOP24Q1、24H1、24Q1-3 增速为-6.08%、-4.52%、 -2.66%。 息差方面：负债成本率改善支撑息差企稳。具体表现如下：1. 24Q1-3 企 业净息差受压至 1.99%，低于 2024 年中的 2.00%，但向下趋势相比 2023 至今年 Q1 大幅放缓；2. 收益端：2024 前三季度，受央行下调 LPR 及房 贷利率政策影响，招商银行生息资产收益率为 3.56%，环比-4bp。3. 成 本端：负债成本率改善。在挂牌存款利率下调后，招商银行 24 年前三季度 计息负债成 ...