招商银行：营收改善，盈利回正

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][19]. Core Views - The company's revenue has shown improvement, with a return to profitability. The net profit attributable to shareholders for 2024 increased by 1.22% year-on-year, while the operating revenue experienced a slight decline of 0.47% year-on-year. The growth in total assets was 10.2% year-on-year, with loans and deposits increasing by 5.83% and 11.5%, respectively [3][9]. Summary by Sections Financial Performance - For 2024, the company's operating revenue is projected at 334,977 million, with a slight year-on-year increase of 0.6% expected for 2025 and 5.2% for 2026. The net profit attributable to shareholders is expected to reach 153,216 million in 2024, with growth rates of 4.5% and 5.2% for the following years [6][17]. - The return on equity (ROE) is projected to decline from 15.8% in 2024 to 14.7% in 2026, while the price-to-earnings (P/E) ratio is expected to decrease from 6.6x in 2024 to 5.8x in 2026 [6][17]. Asset Quality - The non-performing loan (NPL) ratio is expected to stabilize around 0.94% for 2025 and 2026, with the provision coverage ratio decreasing from 408% in 2024 to 372% in 2026. The absolute level of provisions remains high, indicating solid risk mitigation capabilities [16][17]. Growth and Expansion - The company maintains a stable growth trajectory, with total assets expected to grow from 12,011,887 million in 2024 to 14,244,373 million by 2026. Customer deposits are projected to increase from 8,982,143 million in 2024 to 10,671,684 million in 2026 [16][17]. Market Position - The company is expected to maintain a competitive advantage in the retail sector, particularly in wealth management, despite short-term pressures. The long-term value remains promising, with a focus on the recovery of consumer demand [14][19].