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研報掘金|中信建投:匯豐控股核心戰略一致性有保障 維持“買入”評級及銀行股首推
中信建投發表報吿指,匯豐控股新CEO由現任CFO接任,延續匯豐掌舵人內部升任的一貫傳統,核心戰略的一致性有保障。且第三季前CEO的確定有利於匯豐在即將到來的降息週期前向市場傳達更為明確的中長期業績目標和具體發展規劃,從而穩定市場信心和預期。該行指,長期來看,隨着全球產業轉移的進程逐步推進,持續提升的貿易和投資規模能保證匯豐有效對沖利率波動。從而在營收增長、ROTE、分紅回報等方面顯現出極強的穩健性,有效擺脱利率週期品種的長期約束,實現持續和穩定的估值提升。中信建投指,匯豐2024年現金分紅率67%(其中一次性特別分紅17%)、股票回購規模90億美元,合計股東現金回報率106%,合計股息率15.3%,預計集團2024至2026年ROTE保持在14.5%至14.9%區間,在業績的有力支撐下,分紅水平穩健可持續,維持“買入”評級和銀行板塊首推,目標價為83.5港元。
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