CM BANK(600036) 申万宏源·2025-01-15 11:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [7]. Core Insights - The company reported a revenue of 337.5 billion yuan for 2024, a slight decrease of 0.5% year-on-year, while the net profit attributable to shareholders was 148.4 billion yuan, reflecting a growth of 1.2% year-on-year [4][7]. - The fourth quarter of 2024 saw a slight increase in the non-performing loan (NPL) ratio to 0.95%, with a decrease in the provision coverage ratio to 412% [4][7]. - The performance exceeded expectations, with asset quality remaining stable [7]. Financial Data and Profit Forecast - The total revenue for 2024 is projected at 337.5 billion yuan, with a year-on-year growth rate of -0.5%. The net profit for 2024 is expected to be 148.4 billion yuan, with a growth rate of 1.2% [5][10]. - The net interest income for 2024 is forecasted to be 211.3 billion yuan, down 1.6% from the previous year, while non-interest income is expected to grow by 1.5% to 126.3 billion yuan [10]. - The company anticipates a loan growth of 5.8% in 2024, with total loans reaching approximately 6.89 trillion yuan [8][10]. Key Performance Indicators - The company’s return on equity (ROE) for 2024 is projected to be 14.48%, with a net interest margin (NIM) of 1.98% [10]. - The provision coverage ratio is expected to be 411.98%, indicating a strong buffer against potential loan losses [10]. - The company’s dividend yield is projected at 4.9% for 2024, reflecting its commitment to returning value to shareholders [12].