CM BANK(600036) 长江证券·2025-01-16 02:44Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a year-on-year revenue decline of 0.47% for 2024, with a notable quarterly growth of 7.6% in Q4. The net profit attributable to shareholders increased by 1.2% year-on-year, with a similar quarterly growth of 7.6% in Q4 [3][6]. - Interest income decreased by 1.6% for the year, but showed a positive quarterly growth of 3.0%. Non-interest income grew by 1.5% year-on-year, with a significant quarterly increase of 16.6% in Q4 [3][6]. - The bank's total loans increased by 5.8% compared to the beginning of the year, with a quarterly growth of 1.9%. Deposits grew by 11.5% year-on-year, with a quarterly increase of 4.2% [3][6]. - The non-performing loan (NPL) ratio at year-end was 0.95%, a slight increase of 1 basis point from the previous quarter, while the provision coverage ratio was 412%, down 20 percentage points [3][6]. Summary by Sections Financial Performance - The company's total revenue for 2024 showed a decline of 0.47%, with a quarterly growth of 7.6% in Q4. The net profit attributable to shareholders increased by 1.2% for the year, with a quarterly growth of 7.6% in Q4 [3][6]. - Interest income decreased by 1.6% for the year but increased by 3.0% in Q4. Non-interest income grew by 1.5% year-on-year, with a quarterly increase of 16.6% in Q4 [3][6]. Asset and Liability Management - Total assets increased by 10.2% compared to the beginning of the year, with a quarterly growth of 4.3%. Total loans grew by 5.8% year-on-year, with a quarterly increase of 1.9% [3][6]. - Total deposits increased by 11.5% year-on-year, with a quarterly growth of 4.2% [3][6]. Asset Quality - The year-end NPL ratio was 0.95%, reflecting a slight increase of 1 basis point from the previous quarter. The provision coverage ratio was 412%, down 20 percentage points [3][6]. - The new NPL generation rate for the first three quarters was stable at 1.02%, with expectations of a slight increase in Q4 [3][6]. Investment Outlook - The company is expected to maintain steady growth in profits, with a strong focus on dividend investment value. The long-term growth potential remains robust, supported by a favorable retail customer base and a low-cost funding advantage [3][6].