Glonghui, May 13 | According to the Changjiang Securities Research Report, China Merchants Bank (600036.SH)'s revenue in the first quarter fell 4.7%, and net interest income fell 6.2%, reflecting the impact of the decline in net interest spreads and the decline in the growth rate of interest-bearing assets; non-interest income fell 2.3%, of which the middle income fell 19.4%, which was a significant drag. Driven by revenue, net profit to mother fell 2.0%. The decline in profit in the first quarter reflects operating pressure in the current macro environment. The narrowing of the decline in net interest spreads was a highlight of the performance. Short-term operating pressure did not affect medium- to long-term investment logic. The revenue growth rate for the full year of 2024 is expected to be -1.2%, and net profit to mother is 0.4%. Currently, A-shares are valued at 0.86x2024PB, with a dividend ratio of 35% in 2023, corresponding to the A-share dividend rate of 5.7%. It is believed that China Merchants Bank's high ROE+ medium to low table expansion speed+low capital consumption business model is the reason for guaranteeing the dividend level. It is expected that the medium term will still be able to maintain stable dividends. Currently, the dividend ratio is attractive and maintains a “buy” rating.