银河证券－交通银行 深度报告：携汇丰之力，修立行之本

38页 　　　 04.25

目 录
投资要点······················································································································································································6
估值分析······················································································································································································8
A 股市场的估值水平.............................................................................................................................................................8
剩余收益折现法...................................................................................................................................................................10
比较法相对估值...................................................................................................................................................................12
盈利分析····················································································································································································15
盈利状况概览.......................................................................................................................................................................15
公司财务状况良好......................................................................................................................................................15
业务单元边际贡献率提高..........................................................................................................................................16
生息资产边际贡献提高..............................................................................................................................................16
盈利驱动要素分析...............................................................................................................................................................19
贷款业务收益率相对利率变动保持稳定...................................................................................................................19
存款组合结构稳定，存款利率存在小幅上升的可能...............................................................................................21
同业业务获利颇丰......................................................................................................................................................22
贷款质量将保持稳定..................................................................................................................................................23
资产质量稳定，维持原拨备计提比...........................................................................................................................24
价值与成长兼具········································································································································································29
兼具价值与成长的业态.......................................................................................................................................................29
利差收益稳定性较高...........................................................................................................................................................32
中间业务收入增长前景看好...............................................................................................................................................33
零售业务驱动盈利增长.......................................................................................................................................................33
良好的资产质量是盈利的保障...........................................................................................................................................34
携汇丰之力 修立行之本···························································································································································36
建立多元化的公司治理架构...............................................................................................................................................36
建立完善的风险控制机制...................................................................................................................................................36
树立与国际接轨的服务理念...............................................................................................................................................36
推出与众不同的创新产品...................................................................................................................................................37
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