招商银行(600036)2024年一季报点评：存款成本环比改善，房地产不良率下行

东莞证券05-07

投资要点：事件：招商银行发布2024年一季报。2024年一季度，招商银行实现营业收入864.17亿元，同比下降4.65%；实现归属于股东的净利润380.77亿元，同比下降1.96%。点评：营收与净利润增速承压。2024年1-3月，招商银行实现营业收入864.17亿元，同比下降4.65%，降幅走阔(2023Q4为-1.38%)；实现归属于股东的净利润380.77亿元，同比下降1.96%，增长率...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202405071430118ae3de48&s=b><strong>东莞证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>投资要点：事件： 招商银行 发布2024年一季报。2024年一季度，招商银行实现营业收入864.17亿元，同比下降4.65%；实现归属于股东的净利润380.77亿元，同比下降1.96%。点评：营收与净利润增速承压。2024年1-3月，招商银行实现营业收入864.17亿元，同比下降4.65%，降幅走阔(2023Q4为-1.38%)；实现归属于股东的净利润380.77亿元，同比下降1.96%，增长率...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202405071430118ae3de48&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":"LU1146622755.USD","symbol_name":"安本中国A股股票基金A 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发布2024年一季报。2024年一季度，招商银行实现营业收入864.17亿元，同比下降4.65%；实现归属于股东的净利润380.77亿元，同比下降1.96%。点评：营收与净利润增速承压。2024年1-3月，招商银行实现营业收入864.17亿元，同比下降4.65%，降幅走阔(2023Q4为-1.38%)；实现归属于股东的净利润380.77亿元，同比下降1.96%，增长率由正转负(2023Q4为+5.22%)；年化后归属于股东的平均总资产收益率(ROAA)和年化后归属于普通股股东的平均净资产收益率(ROAE)分别为1.35%和16.08%，同比分别下降0.15个百分点和2.35个百分点。净利息收入同比下滑，其他非息收入表现亮眼。拆分营收结构，受净息差的拖累，净利息收入同比下降6.15%。非息收入中，受部分产品降费叠加客户投资意愿偏弱影响，手续费及佣金收入同比下降19.44%，其中财富管理业务同比下降32.59%，银保渠道降费导致代理保险收入腰斩；而由于债券和基金投资的收益增加，其他净收入同比增长40.06%，表现亮眼。贷款收益率降幅显著收窄，存款成本环比下降。2024年1-3月，招商银行净利差1.90%，净息差2.02%，同比分别下降28个基点和27个基点，环比分别下降3个基点和2个基点。资产端，贷款收益率为4.07%，环比仅下滑1bp，降幅显著收窄(2023年四季度环比降幅为16bps)。负债端，受益于存款利率下调与公司持续优化生息资产，今年一季度存款成本环比改善1bp。净息差承压是整个行业共同面临的挑战，招商银行净息差在行业中排名第二，处于较高水平，且出现贷款收益率降幅收窄与存款成本改善的积极信号，净息差有望逐步企稳。房地产不良率有所改善。一季度末，招商银行不良贷款率0.92%，较上年末下降0.03个百分点。不良贷款生成率(年化)1.03%，同比下降0.06个百分点，资产质量稳中更优。房地产方面风险可控，房地产业不良贷款率4.82%，较上年末下降0.19个百分点。高信用评级客户贷款余额占比超过七成，85%以上的房地产开发贷款余额分布在一、二线城市城区。投资建议：维持“买入”评级。招商银行2024年一季度净息差表现好于预期，资产质量稳中更优。预计招商银行2024年每股净资产为40.91元，当前股价对应PB是0.85倍。风险提示：经济波动导致居民消费、企业投资恢复不及预期的风险；房地产恢复不及预期导致信贷需求疲软、银行资产质量承压的风险；市场利率下行导致银行资产端收益率下滑，净息差持续承压的风险。","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 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