证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 招商银行（600036.SH） 单季度利润增速回正，息差环比仅降 1bp 事件：公司前三季度营收 2527 亿元，同比下降 2.9%；归母净利润 1132 亿元，同比下降 0.6%，不良率 0.94%，环比持平。 业绩：单季度利润增速回正 前三季度公司营收下滑 2.9%，利润下滑 0.6%，较半年报继续改善，其 中单三季度利润增速回升至 0.8%，年内首次回正。拆分来看： 1、利息净收入：前三季度同比下降 3.1%，降幅较半年报继续收窄 1.1pc。 前三季度净息差为 1.99%，环比仅降 1bp，单季度来看，24Q3 单季度息 差 1.97%，较 Q2 也仅下降 2bps。A、资产端：前三季度生息资产、贷款 利率环比半年报各下降 4bps 至 3.56%、3.98%，降幅与半年报基本一致。 B、负债端：前三季度付息负债成本率为 1.69%，环比继续下降 3bps，存 款成本率下降 2bps 至 1.58%，支撑息差表现。 2、手续费及佣金净收入：前三季度同比降 16.9%，财富管理（-27.6%）、 资产管理（-6.2% ...

2024 年 10 月 30 日 公司研究 资产质量稳健，基本面韧性强 ——招商银行（600036.SH）2024 年三季报点评 买入（维持） 当前价：38.6 元 | --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | | % | 1M | 3M | 1Y | | 相对 | 2.37 | 2.58 | 22.93 | | | | | | | 绝对 | 8.34 | 19.06 | 32.44 | 敬请参阅最后一页特别声明 -1- 证券研究报告 分析师：王一峰 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 股价相对走势 | --- | --- | |----------------------|-------------| | | | | 市场数据 | | | 总股本(亿股 ) | 252.20 | | 总市值(亿元)： | 9,734.86 | | 一年最低/最高(元 )： | 25.37/41.37 | | 近 3 月换手率： | ...

证 券 研 究 报 告 招商银行（600036）2024 年三季报点评 推荐（维持） 业绩增速逐季向上，资产质量总体平稳 目标价：48.52 元 当前价：38.60 元 | --- | --- | --- | --- | |--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 季 报 点 评 公 司 报 告 招商银行(600036.SH) 盈利负缺口收窄，资产质量保持稳健 强烈推荐（维持） 事项： 股价：38.6 元 | --- | --- | |----------------------------------|----------------------------------| | | | | 主要数据 | | | 行业 | 银行 | | 公司网址 | www.cmbchina.com | | 大股东 / 持股 | 香港中央结算 ( 代理人 ) 有限公司 | | | /18.06% | | 实际控制人 | | | 总股本 ( 百万股 ) | 25,220 | | A ( ) | 20,629 | | 流通 股 百万股 B/H ( ) | 4,591 | | 流通 股 百万股 | | | 总市值（亿元） | 9,620 | | 流通 A 股市值 ( 亿元 ) ( ) | 7,963 39.73 | | 每股净资产 元 | | | 资产负债率 (%) | 90.1 | 行情走势图 · 招商银行 == 沪深300指数 相关研究报告 【平安证券】招商银行（600036.SH ...

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company reported a revenue of 252.7 billion yuan for the first nine months of 2024, a year-on-year decline of 2.9%, and a net profit attributable to shareholders of 113.2 billion yuan, down 0.6% year-on-year [2][3]. - The non-performing loan (NPL) ratio remained stable at 0.94% quarter-on-quarter, while the provision coverage ratio decreased by 2.3 percentage points to 432% [2][4]. - The decline in revenue was primarily driven by a decrease in non-interest income, which fell by 2.6% year-on-year, with a significant drop of 17% in fee income [3][11]. Summary by Sections Financial Performance - For 9M24, net interest income decreased by 3.1% year-on-year, contributing negatively to revenue growth by 1.9 percentage points [3][11]. - The company’s total revenue for 2024 is projected to be 336.3 billion yuan, with a year-on-year growth rate of -0.83% [6][21]. - The net profit for 2024 is expected to be 145.4 billion yuan, reflecting a year-on-year decline of 0.8% [21]. Asset Quality - The NPL ratio for 3Q24 was stable at 0.94%, with the corporate NPL ratio decreasing to 1.05% and retail NPL ratio increasing to 0.94% [4][10]. - The annualized NPL generation rate for 9M24 was 1.02%, consistent with 2023 levels [10][11]. - The company maintains a high provision coverage ratio, ensuring asset quality remains stable [10][11]. Loan and Deposit Trends - Total loans increased by 4.7% year-on-year, with retail loans showing steady growth [5][12]. - The company continues to adjust its loan structure, reducing exposure to real estate and low-yielding bills [5][12]. - The total deposits reached 8.73 trillion yuan, a year-on-year increase of 9.4% [19][21]. Market Position - The company’s stock closed at 38.60 yuan, with a market capitalization of 796.3 billion yuan [7][19]. - The price-to-book (P/B) ratio for 2024 is projected at 0.96, indicating a favorable valuation compared to peers [11][21].

证券研究报告 | 2024年10月29日 招商银行（600036.SH）2024 年三季报点评 优于大市 业绩回暖，大零售曙光初现 三季度单季归母净利润增速转正。2024 年前三季度实现营收 2527 亿元，同 比下降 2.9%，归母净利润 1132 亿元，同比下降 0.6%。其中三季度单季营收 同比下降 2.5%，归母净利润同比增长 0.8%。公司年化 ROAA 和 ROAE 分别为 1.33%和 15.38%，同比分别下降 0.13 个和 2.00 个百分点。 净息差较上半年仅下降 1bp，信贷投放依然偏弱。前三季度净利息收入同比 下降 3.1%，较上半年降幅收窄了 1.1 个百分点，主要受益于净息差降幅收窄。 公司披露的前三季度净息差 1.99%，同比下降 20bps，较上半年下降 1bp。其 中三季度单季净息差为 1.97%，较二季度下降 2bps，低于二季度单季 3bps 降幅。其中，贷款收益率下降幅度持续放缓，三季度贷款收益率 3.91%，较 二季度下降 5bps，低于二季度单季 9bps 降幅。存款成本率延续下降态势， 三季度单季存款成本率 1.58%，较二季度下降了 4bps。 期末公司资产总 ...

公司动态分析 2024 年 10 月 29 日 招商银行(600036.SH) 基本面温和改善—招商银行 2024 年三季报点评 事件：招商银行公布 2024 年三季报，前三季度营收同比增速为 -2.91%（中报为-3.09%），拨备前利润同比增速为-2.66%（中报为 -4.52%），归母净利润同比增速为-0.62%（中报为-1.33%），业绩 增速呈现逐渐回升态势，我们点评如下： 今年三季度，招商银行单季归母净利润同比增速为 0.79%，主 要驱动因素包括规模扩张、成本费用节约，而净息差同比收窄则 对利润增长形成拖累。 规模扩张稳健，与 M2 增速大致相当。今年三季度招商银行生息 资产（日均余额口径）同比增长 6.5%，较 Q2 增速微降 0.4 个百 分点，近年来其生息资产扩张速度与 M2 增速差别不大。从单季新 增生息资产结构来看，新增投资类资产明显提升，预计 Q3 随着政 府债券发行节奏加快，招行加大对债券资产配置力度，新增信贷 （日均余额口径）为-105 亿元，预计主要是大幅压降低收益的票 据贴现资产。 观察信贷结构，以季末时点数进行分析，Q3 新增信贷 261 亿元，同 比减少 844 亿元，主 ...

Financial Performance - Net profit attributable to shareholders for the first nine months of 2024 was RMB 113,184 million, a decrease of 0.62% year-on-year[4]. - Basic earnings per share attributable to ordinary shareholders for the third quarter of 2024 was RMB 0.66, down 0.68% compared to the same period last year[4]. - The bank's net profit attributable to shareholders for the third quarter of 2024 showed a slight increase of 0.79% compared to the same period last year[4]. - For the period from January to September 2024, the company achieved operating revenue of CNY 252.709 billion, a year-on-year decrease of 2.91%[14]. - The total operating income for the first nine months of 2024 was RMB 229,162 million, compared to RMB 236,184 million in the first nine months of 2023, reflecting a decrease of approximately 3%[63]. - The bank's total comprehensive income for the first nine months of 2024 was RMB 118,199 million, an increase from RMB 101,891 million in the same period of 2023[64]. - Net profit for the nine months ended September 30, 2024, was RMB 114,039 million, slightly down from RMB 114,970 million for the same period in 2023, a decrease of 0.81%[60]. Assets and Liabilities - Total assets as of September 30, 2024, reached RMB 11,654,763 million, an increase of 5.68% compared to the end of 2023[4]. - The bank's total liabilities as of September 30, 2024, were RMB 10,502,236 million, indicating a growth trend in overall financial stability[4]. - The total amount of loans and advances was CNY 6,758.751 billion, up 3.84% year-on-year, with retail loans at CNY 3,573.833 billion, increasing by 3.95%[25]. - Customer deposits totaled CNY 8,732.681 billion, marking a 7.08% increase compared to the end of the previous year[16]. - Total liabilities reached CNY 10,495.13 billion, an increase of 5.56% compared to the end of last year, primarily driven by customer deposit growth[26]. - The company's total liabilities reached RMB 10,495,128 million, compared to RMB 9,942,754 million at the end of 2023[56]. Income and Expenses - The net interest income for the first nine months of 2024 was CNY 157.298 billion, a year-on-year decrease of 3.07%, accounting for 62.24% of total operating income[17]. - Non-interest net income for the first nine months of 2024 was CNY 95.411 billion, a year-on-year decrease of 2.63%, representing 37.76% of total operating income[20]. - Business and management expenses for the first nine months of 2024 were CNY 74.747 billion, a decrease of 4.56% year-on-year, with a cost-to-income ratio of 29.58%[23]. - The bank's interest expenses for the first nine months of 2024 were RMB 108,282 million, compared to RMB 106,587 million in the same period of 2023[63]. Asset Quality and Risk Management - The non-performing loan balance was CNY 63.557 billion, an increase of CNY 1.978 billion from the end of the previous year, with a non-performing loan ratio of 0.94%[16]. - The average return on total assets (ROAA) for the period was 1.33%, down 0.13 percentage points year-on-year[16]. - The provision coverage ratio stood at 432.15%, down 5.55 percentage points from the end of the previous year[16]. - The company is focused on monitoring industry risks and maintaining overall asset quality stability[34]. - The company plans to enhance risk management capabilities and optimize asset structure in response to external economic uncertainties[41]. Capital and Equity - Shareholders' equity attributable to the bank's shareholders increased to RMB 1,152,527 million, up 7.08% from the end of 2023[4]. - The company's core Tier 1 capital adequacy ratio was 14.73%, an increase of 1.00 percentage points from the end of the previous year[43]. - The company's capital adequacy ratio was 18.67%, reflecting a rise of 0.79 percentage points compared to the previous year[44]. - The company's total equity increased to RMB 1,159,635 million, up from RMB 1,085,729 million at the end of 2023[56]. Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was RMB 287,233 million, representing a significant increase of 435.40% year-on-year[5]. - Operating cash inflow for the first nine months of 2024 totaled RMB 1,063,177 million, compared to RMB 917,713 million in 2023, indicating an increase of 15.9%[66]. - Cash flow from investment activities showed a net outflow of RMB 121,505 million in the first nine months of 2024, an improvement from a net outflow of RMB 191,954 million in 2023[67]. - The total cash and cash equivalents at the end of September 2024 reached RMB 770,465 million, up from RMB 398,640 million at the end of September 2023, marking an increase of 93.5%[67]. Customer and Market Growth - The number of retail customers reached 206 million, representing a growth of 4.57% from the end of the previous year[52]. - The total assets under management (AUM) for retail customers increased to RMB 143,449.47 billion, a rise of 7.69% compared to the previous year[52]. - The number of high-net-worth clients (with total assets of RMB 500,000 or more) grew to 5.0657 million, an increase of 9.16% year-over-year[53].

A 股简称：招商银行 A 股代码：600036 公告编号：2024-043 招商银行股份有限公司 董事会决议公告 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。 招商银行股份有限公司（简称本公司或招商银行）于 2024 年 9 月 27 日以电 子邮件方式发出第十二届董事会第四十一次会议通知，于 10 月 29 日以书面传签 方式召开会议。会议应参会董事 13 名，实际参会董事 13 名。会议的召开符合 《中华人民共和国公司法》和《招商银行股份有限公司章程》等有关规定。 会议审议通过了以下议案： 一、审议通过了本公司 2024 年第三季度报告。 同意：13 票 反对：0 票 弃权：0 票 本公司董事会审计委员会已审议通过上述议案，并同意将其提交本公司董事 会审议。 附件：1.马向辉先生简历及相关信息 二、审议通过了《2024 年第三季度第三支柱报告》。 同意：13 票 反对：0 票 弃权：0 票 本公司 2024 年第三季度报告和 2024 年第三季度第三支柱报告详见上海证 券 交 易 所 网 站 （ www.sse.com. ...

招商银行股份有限公司 监事会决议公告 2．本公司 2024 年第三季度报告的内容与格式符合中国证监会和 证券交易所的相关规定，真实、准确、完整反映本公司报告期内的经 营管理情况和财务状况； 3．截至本意见出具前，未发现参与 2024 年第三季度报告编制和 审议的人员有违反保密规定的行为。 同意：9 票 反对：0 票 弃权：0 票 A 股简称:招商银行 A 股代码:600036 公告编号:2024-044 本公司监事会及全体监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）于 2024 年 9 月 27 日以电 子邮件方式发出第十二届监事会第三十三次会议通知，于 10 月 29 日 以书面传签方式召开会议。会议应参会监事 9 名，实际参会监事 9 名， 总有效表决票为 9 票。会议的召开符合《中华人民共和国公司法》和 《招商银行股份有限公司章程》等有关规定。 会议审议通过了以下议案： 一、审议通过了本公司 2024 年第三季度报告，并出具如下意见： 1．本公司 2024 年第三季度报告的编制和审议程序符合有关法律 ...