一表综合大行对中行(03988.HK)於业绩後最新目标价及观点
中国银行(03988.HK)今早股价偏淡，最新报2.97元走低0.7%。中行上周五(30日)收市後公布中期业绩。纯利按年升4.6%至1,140.48亿元人民币(下同)，高於本网综合5间券商预测介乎1,127亿至1,137.79亿元的上限。每股盈利38分，不派中期息。
期内营业收入按年升10%至2,766.88亿元，净利息收入按年升5.4%至1,816.84亿元，低於本网综合4间券商预测中位数1,843.37亿元。净息差按年收窄5点子至1.83厘；手续费及佣金收支净额按年升4.9%至505.64亿元，成本收入比按年减1.15个百分点至24.63%。期内资产减值损失按年增加19.1%至336.7亿元，信贷成本按年增加2点子至0.59%，不良贷款率较去年底改善2点子至1.4%，不良贷款拨备覆盖率较去年底减少4.45个百分点至177.52%。
【收入双位数增长不良贷款率改善】
汇丰环球研究认为，中行中期业绩对股价影响中性，费用及其他收入显着上升，超出该行预期，一级资本充足率透过发行优先股显着改善及净息差按季温和改善，不良贷款涵盖率及流动性覆盖率则下跌，成本增长亦温和超出收入增长。该行维持对中行H股的「买入」评级，目标价维持4.7港元。
中金指，中行营收增速在大行中最高，息差趋势亦略好於同业。该行认为，中行与其他大行在资产回报率、存款及资本质素方面的差距已逐渐缩小，考虑其较低估值，较高外币资产比重有望带来更大汇兑收益，和较少受人民币业务息差下行影响，认为中行有较好投资价值。该行予中行H股「跑赢行业」评级，目标价4.68港元。
大和亦认为，中行目前股息率高达7.4%，高於其他国营银行的4.9%至6.7%。该行予中行H股「跑赢大市」评级，目标价3.9港元。
本网最新综合8间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
汇丰环球研究│买入│4.7元
中金│跑赢行业│4.68元
花旗│买入│4.45元
高盛│中性│4.4元
美银美林│中性│4.15元
大和│跑赢大市│3.9元
摩根大通│增持│3.9元
麦格理│跑赢大市│3.9元券商│观点
汇丰环球研究│资本状况强化
中金公司│中期业绩平稳，低估值和外币资产结构隐含投资价值
花旗│业绩稳固，净息差及资产质素趋势良好
高盛│次季净息差扩阔胜预期，拨备减少纯利增长稳定
美银美林│核心盈利增长稳固
大和│净息差按季上升，非利息收入贡献上升
摩根大通│收入双位数增长及净息差扩阔胜预期
麦格理│次季业绩略逊预期，料下半年将放缓
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