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《績後》一文綜合券商於工行(01398.HK)公布季績後最新目標價及觀點
工商銀行(01398.HK)公布今年業績後,今早(30日)低開1.2%,盤中曾低見7.01港元後一度回落2.9%,現報7.07港元下跌2.1%,成交額19.172億元。花旗發表報告表示,工行首季稅前利潤(PPOP)按年增長9.2%(相比2025年第四季度的按年增長3%),主要受益於淨息差回升、強勁的交易收益、穩健的手續費收入以及成本收入比改善。歸屬普通股股東...
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《績後》一文綜合券商於工行(01398.HK)公布季績後最新目標價及觀點
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工商銀行(01398.HK)  -0.190 (-2.632%)    Short selling $1.11B; Ratio 33.148%   公布今年業績後,今早(30日)低開1.2%,盤中曾低見7.01港元後一度回落2.9%,現報7.07港元下跌2.1%,成交額19.172億元。花旗發表報告表示,工行首季稅前利潤(PPOP)按年增長9.2%(相比2025年第四季度的按年增長3%),主要受益於淨息差回升、強勁的交易收益、穩健的手續費收入以及成本收入比改善。歸屬普通股股東的淨利潤按年僅增長3.3%,達869億人民幣(約佔市場對2026財年預期的23%),受到較高信用成本拖累。該行指工行首季度業績超出預期,其PPOP與盈利增速在中國大行中分別排名第5和第4。市場預期對工行的穩健表現將有正面反應,考慮到即將展開的第二批大行資本重組,預計工行將獲得略低於1,000億人民幣的資本注入,意味著約34%的每股盈利稀釋。該行指中行今年首季ROE為8.9%(按年跌0.24%)。

工商銀行昨收市後公布今年首季營業額2,219.8億元人民幣按年升8.45%。純利869.41億人民幣,按年升3.31%;每股盈利0.24元人民幣。期內,利息淨收入1,685.31億元人民幣,增長7.49%。年化淨利息收益率1.29%。非利息收入534.49億元人民幣,增長11.58%,其中,手續費及佣金淨收入409.16億元人民幣,增長5.24%。計提各類資產減值損失694.46億元人民幣,增長21.55%,其中,貸款減值損失665.59億元人民幣,增長16.27%。按照貸款質量五級分類,不良貸款餘額4,138.76億元人民幣,比上年末增加148.63億元人民幣,不良貸款率1.31%,與上年末持平。撥備覆蓋率214.38%,上升0.78個百分點。核心一級資本充足率13.26%,一級資本充足率14.56%,資本充足率18.21%。

【業績溫和超預期】

摩根大通發表研究報告表示,工行首季業績溫和超預期,但信用成本上升與資本侵蝕影響質量,營業收入及淨利潤增長高於預期5%和1%。業績主要受惠於淨息差顯著回升,以及非利息收入增長強勁所帶動。然而,減值損失較預期高出17%。然而,減值撥備費用較摩根大通預期高出17%,信用成本按季和按年均上升,儘管整體資產質量指標保持穩定。同時,核心一級資本充足率因風險加權資產密度上升而持續下滑。該行予工行H股目標價7.9港元,維持「增持」評級。

高盛表示,六大國大商銀今年首季整體業績普遍好於預期。稅前撥備利潤(PPOP)按年增長12%(較該行預期高6%),主要受惠於淨息差按季回升2個基點(較該行預期高4個基點),推動淨利息收入按年增長8%(較該行預期高4%)。同時,營運效率提升,成本收入比改善2個百分點。非利息收入基本符合預期。其中,手續費收入保持良好增長勢頭,按年上升7%(較該行預期高1%);投資收益則因基數較低,按年大幅增長89%。在今年首坡六大國有銀行的年化股本回報率為9%,風險加權資產密度為54.5%(按年下降18個基點)。高盛予工行「中性」評級及目標價6.22元。

---------------------------------------------------


下表列出3間券商對工商銀行(01398.HK)  -0.190 (-2.632%)    Short selling $1.11B; Ratio 33.148%   投資評級及目標價:

券商│投資評級│目標價
花旗│買入│7.95元
摩根大通│增持│7.9元
高盛│中性│6.22元

券商│觀點
花旗│第一季度因交易收益而小幅超出預期;股息收益率具吸引力
摩根大通│首季營收及盈利均勝預期,受惠淨息差擴闊及非利息收入增長強勁
高盛│首季淨利潤增長符預期,
(ta/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 16:25.)

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