工商银行(601398)2023年报业绩点评：业绩韧性较强，资产质量平稳

国泰君安03-28

本报告导读：工商银行 2023年营收和净利润增速符合预期，Q4营收和净利润增速环比均有回升，资产质量保持平稳，维持增持评级。投资要点：投资建议：综合考虑2023年财报及2024年信贷量价走势预期，调整工商银行2024-2026年净利润增速预测为0.43%/0.66%/1.57%，对应EPS0.98(-0.1)/0.99(-0.17)/1.01(新增)元。调整目标价为7元，对应2024年0.68倍...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2422548111?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-03-28 17:15","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2422548111","market":"sh","top_or_hot":-1,"title":"工商银行(601398)2023年报业绩点评：业绩韧性较强，资产质量平稳","media":"国泰君安","content":"<div>\n<p>本报告导读：工商银行 2023年营收和净利润增速符合预期，Q4营收和净利润增速环比均有回升，资产质量保持平稳，维持增持评级。投资要点：投资建议：综合考虑2023年财报及2024年信贷量价走势预期，调整工商银行2024-2026年净利润增速预测为0.43%/0.66%/1.57%，对应EPS0.98(-0.1)/0.99(-0.17)/1.01(新增)元。调整目标价为7元，对应2024年0.68倍...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202403281729528b6d326e&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>工商银行(601398)2023年报业绩点评：业绩韧性较强，资产质量平稳</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n工商银行(601398)2023年报业绩点评：业绩韧性较强，资产质量平稳\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-28 17:15 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202403281729528b6d326e&s=b><strong>国泰君安</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本报告导读：工商银行 2023年营收和净利润增速符合预期，Q4营收和净利润增速环比均有回升，资产质量保持平稳，维持增持评级。投资要点：投资建议：综合考虑2023年财报及2024年信贷量价走势预期，调整工商银行2024-2026年净利润增速预测为0.43%/0.66%/1.57%，对应EPS0.98(-0.1)/0.99(-0.17)/1.01(新增)元。调整目标价为7元，对应2024年0.68倍...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202403281729528b6d326e&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0405327494.USD","symbol_name":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202403281729528b6d326e&s=b","article_id":"2422548111","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202403281729528b6d326e&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2422548111","pubTimestamp":1711617316,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"本报告导读：工商银行 2023年营收和净利润增速符合预期，Q4营收和净利润增速环比均有回升，资产质量保持平稳，维持增持评级。调整目标价为7元，对应2024年0.68倍PB，维持增持评级。2023年预计派息1092亿元，分红率保持在31.3%Q4单季净息差仍承压。根据测算，工商银行Q4单季净息差环比下降12bp，2023年全年息差同比下降31bp，受存量按揭利率调整、存款定期化趋势加剧等多重因素影响，息差下行速度较快，这也是行业面临的共性问题。资产质量保持平稳。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"601398":"工商银行","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","BK0010":"央企","BK0015":"沪股通50","BK0175":"白马股","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","BK0188":"融资融券","BK0028":"国家队","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","01398":"工商银行","BK0183":"MSCI概念","BK0187":"一线龙头","BK0278":"货币金融","BK0012":"证金概念","BK0077":"质押式回购","BK0196":"行业龙头","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC"},"translate_title":"Industrial and Commercial Bank of China (601398) 2023 Annual Report Performance Review: Strong Performance Resilience and Stable Asset Quality","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601398":0.9,"01398":0.9},"content_text":"本报告导读：工商银行 2023年营收和净利润增速符合预期，Q4营收和净利润增速环比均有回升，资产质量保持平稳，维持增持评级。投资要点：投资建议：综合考虑2023年财报及2024年信贷量价走势预期，调整工商银行2024-2026年净利润增速预测为0.43%/0.66%/1.57%，对应EPS0.98(-0.1)/0.99(-0.17)/1.01(新增)元。调整目标价为7元，对应2024年0.68倍PB，维持增持评级。Q4营收和净利润增速环比均有回升。工商银行Q4单季营收增速为-4.34%，环比回升1.7pc，主要是其他非息收入中的投资收益贡献。Q4净利润增速为0.80%，环比回升0.76pc，信用成本下降支撑了净利润表现。2023年预计派息1092亿元，分红率保持在31.3%Q4单季净息差仍承压。根据测算，工商银行Q4单季净息差环比下降12bp，2023年全年息差同比下降31bp，受存量按揭利率调整、存款定期化趋势加剧等多重因素影响，息差下行速度较快，这也是行业面临的共性问题。展望后续，实体需求复苏较弱，潜在降息可能性不小，存款定期化尚未实质性改善，2024年息差仍然面临下行压力。资产质量保持平稳。不良率环比持平，拨备覆盖率环比微降2.2pc至214.0%。分行业看，房地产、批零业和租赁商服业不良双降，带动对公不良率改善，经营贷和信用卡不良率较2023年6月末分别上升8bp和18bp，拖累了零售资产质量表现。风险提示：需求恢复不及预期；零售贷款风险暴露超出预期。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422548111"}