Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][4]. Core Views - The company's revenue for the first three quarters of 2024 decreased by 12.6% year-on-year, while the net profit attributable to the parent company increased by 0.2% year-on-year. In Q3 2024, revenue decreased by 11.7% year-on-year, and net profit decreased by 2.8% year-on-year. The overall asset quality has improved, with steady growth in corporate loans and a narrowing decline in net interest margin [3][4]. - The annualized return on assets (ROA) for Q3 2024 decreased by 0.07 percentage points to 0.96%, and the annualized return on equity (ROE) decreased by 1.24 percentage points to 12.67%. The core Tier 1 capital adequacy ratio increased by 0.1 percentage points to 9.33% [3][4]. - The overall non-performing loan (NPL) ratio decreased by 1 basis point to 1.06%. The corporate loan NPL ratio remained stable at 0.66%, while the personal loan NPL ratio increased by 1 basis point to 1.43%. The company is actively adjusting its customer and asset structure to enhance the management of non-performing loans [3][4]. Summary by Sections Financial Performance - Revenue for 2024 is projected to be 148.612 billion yuan, a decrease of 9.77% year-on-year. The net profit is expected to be 46.321 billion yuan, with a slight decrease of 0.29% year-on-year. The EPS for 2024 is estimated at 2.22 yuan [5][17]. - The average ROE is projected to decline from 11.37% in 2023 to 10.42% in 2024, and the average ROA is expected to decrease from 0.80% in 2023 to 0.77% in 2024 [5][17]. Asset Quality - The company has strengthened its efforts in recovering non-performing assets, particularly in the real estate sector, contributing to the stability of overall asset quality. The provision coverage ratio is 251.19%, down by 13.1 percentage points [3][4]. - The overdue loan ratio increased by 15 basis points to 1.54%, while the attention loan ratio rose by 12 basis points to 1.97% [3][4]. Valuation - The reasonable value range for the company is estimated to be between 12.85 yuan and 13.22 yuan, corresponding to a PE ratio of 5.80 to 5.96 times for 2024. The PB ratio for 2024 is estimated at 0.60 times [4][5].

Investment Rating - The report maintains a rating of "Accumulate" for Ping An Bank with a current price of 12.04 CNY [1]. Core Views - Ping An Bank's revenue for the first three quarters of 2023 was 111.6 billion CNY, a year-on-year decrease of 12.6%, while net profit attributable to shareholders was 39.7 billion CNY, showing a slight increase of 0.2% [3][4]. - The bank's net interest income decreased by 20.6% year-on-year, but the decline was less severe compared to the first half of 2024 [4]. - Non-interest income grew by 7.6% year-on-year, primarily driven by a significant increase in net other non-interest income [6]. - The bank's non-performing loan (NPL) ratio slightly decreased to 1.06% as of the end of Q3 2024, indicating effective asset management [6][7]. Summary by Sections Revenue and Profitability - For the first three quarters of 2023, Ping An Bank reported a revenue of 111.6 billion CNY, down 12.6% year-on-year, and a net profit of 39.7 billion CNY, up 0.2% year-on-year [3][4]. - The weighted average return on equity (ROE) was 12.2%, a decrease of 0.95 percentage points year-on-year [3]. Loan and Asset Quality - As of Q3 2024, the bank's interest-earning assets grew by 4.4% year-on-year, with public loans increasing by 21.1% while retail loans decreased by 12.7% [4][6]. - The NPL ratio was 1.06%, down 1 basis point from the previous quarter, with a total of 477 billion CNY in loans written off in the first three quarters [6][7]. Non-Interest Income - Non-interest income reached 39.1 billion CNY, with a year-on-year growth of 7.6%, supported by a 52.6% increase in net other non-interest income [6][8]. Capital Adequacy - As of Q3 2024, the core Tier 1 capital adequacy ratio remained stable at 9.33%, with total capital adequacy ratio at 13.39% [7][19]. Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 2.40, 2.45, and 2.56 CNY respectively, with the current stock price corresponding to a price-to-book (PB) ratio of 0.54, 0.50, and 0.46 [7][8].

证 券 研 究 报 告 平安银行（000001）2024 年三季报点评 推荐（维持） 结构调整一步一稳，不良净生成下降 目标价：13.5 元 当前价：12.04 元 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——平安银行 2024 年三季报点评 [table_Authors] 刘源(分析师) 021-38677818 liuyuan023804@gtjas.com 登记编号 S0880521060001 本报告导读： 平安银行 2024Q1-3 营收及利润增速符合预期，资产质量保持平稳。转型期业绩基本 筑底，稳经济政策推动板块估值回升，上调目标价至 13.85 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：当前平安银行仍在零售转型阵痛期，高收益贷款持续压 降，中风险中收益业务尚在成长初期，息差降幅大于同业、信用成 本改善延后反应，故阶段性业绩承压。预计 2025 年资产结构调整结 束后，业绩增速有望明显改善。调整 2024-2026 年净利润增速预测 为 0.3%、2.3%、6.3%，对应 BVPS 21.99(-0.10)、23.94(-0.25)、25.79(- 0.42)元/股。考虑到近期一揽子稳经济政策密集出台，利好银行信用 风险缓释和信贷需求恢复，进而推动估值修复。参考 ...

Investment Rating - The investment rating for Ping An Bank is "Buy (Maintain)" [5] Core Views - The report highlights that Ping An Bank's revenue for the first three quarters of 2024 was CNY 111.6 billion, a year-on-year decrease of 12.58%, while the net profit attributable to shareholders was CNY 39.7 billion, a slight increase of 0.24% [1][2] - The report indicates a continued improvement in liability costs, leading to a narrowing decline in net interest margin, which was recorded at 1.93% for the first three quarters [2] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 1.06% and a provision coverage ratio of 251% as of the end of Q3 2024 [3][4] Performance Summary - Revenue growth rate and net profit growth rate for the first three quarters of 2024 were -12.6% and +0.2%, respectively, showing a slight narrowing of decline compared to the first half of the year [2] - Net interest income decreased by 20.6% year-on-year, but the decline was less severe than in the first half, attributed to improved liability costs [2] - The bank's fee and commission income saw a year-on-year decline of 18.5%, with wealth management fees dropping by 39.2% [2] Asset Quality - As of Q3 2024, the NPL ratio was 1.06%, with a slight decrease of 1 basis point from the previous quarter, while the provision coverage ratio decreased by 13 percentage points [3][4] - The NPL ratio for corporate loans was 0.74%, and for personal loans, it was 1.43%, with the latter showing a slight increase [4] Asset and Liability Management - Total assets and loan amounts as of Q3 2024 were CNY 5.75 trillion and CNY 3.38 trillion, respectively, with year-on-year growth rates of 4.2% and a decrease of 1.2% [9] - Total liabilities and deposits were CNY 5.26 trillion and CNY 3.59 trillion, respectively, with year-on-year growth rates of 4.1% and 2.5% [9] Business Overview - Retail customer base reached 127 million, with assets under management (AUM) growing to CNY 4.15 trillion [10] - The bank's proactive risk management and focus on asset quality have laid a solid foundation for medium to long-term development [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Insights - Revenue decline has slightly narrowed, while profit growth has slowed. For the first three quarters of 2024, the company's revenue and net profit attributable to shareholders decreased by 12.6% and increased by 0.2% year-on-year, respectively [4][6]. - Retail AUM and high-quality customer base continue to grow steadily. As of the end of Q3 2024, retail AUM reached 4.15 trillion yuan, up 2.9% from the end of the previous year [4][6]. - Credit growth has slowed, and retail structure continues to be optimized. Total assets increased by 4.2% year-on-year, while loans decreased by 1.1% [2][4]. - The net interest margin decreased by 4 basis points quarter-on-quarter to 1.87% in Q3 2024 [5][6]. - The retail non-performing loan ratio is expected to stabilize gradually, with a slight decline in the provision coverage ratio [5][6]. Summary by Sections Revenue and Profit - For the first three quarters of 2024, the company achieved revenue of 111.6 billion yuan, a year-on-year decrease of 12.6%, and a net profit of 39.7 billion yuan, a year-on-year increase of 0.2% [4][6]. - Breakdown of revenue sources shows net interest income down 20.6%, fee income down 18.5%, and investment-related income up 57.9% [4][6]. Asset and Loan Structure - As of Q3 2024, total assets increased by 4.2% year-on-year, with loans down 1.1% [2][4]. - Public loans contributed to the main incremental growth, with a 17.0% increase year-on-year, while retail loans decreased by 9.6% [2][4]. Interest Margin and Costs - The net interest margin for Q3 2024 was 1.87%, down 4 basis points from the previous quarter [5][6]. - The cost-to-income ratio for the first three quarters was 27.4%, an increase of 0.85 percentage points year-on-year [4][6]. Asset Quality - The non-performing loan ratio as of Q3 2024 was 1.06%, stable compared to the end of the previous year, while the retail non-performing loan ratio was 1.43% [5][6]. - The provision coverage ratio decreased to 251% [6]. Earnings Forecast - The EPS forecast for 2024 and 2025 has been slightly adjusted to 2.36 yuan and 2.40 yuan, respectively [3][6]. - The estimated book value per share at the end of 2024 is 22.86 yuan, with a corresponding price-to-book ratio of 0.53 times [3][6].

[Table_Page] 季报点评|股份制银行Ⅱ | --- | --- | --- | |--------------------------------|----------------------------|--------------| | | | | | | | 证券研究报告 | | [Table_Title] 平安银行（ ） | [ 公司评级 Table_Invest] | 买入 | | 000001.SZ | 当前价格 | 12.04 元 | | 业务调整持续，负债经营成效显著 | 合理价值 | 17.91 元 | | | 前次评级 | 买入 | | [Table_Summary] 核心观点： | 报告日期 | 2024-10-19 | 平安银行发布 2024 年三季度报告，我们点评如下：2024 年前三季度 营收、PPOP、归母净利润同比分别增长-12.6%、-13.7%、0.2%，增速 较 24H1 分别变动+0.38pct、+0.56pct、-1.70pct。从业绩驱动来看，规 模增长、拨备计提、其他收支、有效税率降低形成正贡献，净息差收窄 为主要拖累。 亮点：（1）负债端经营成效显著。 ...

平安银行（000001.SZ）2024 年三季报点评 中性 持续优化贷款业务结构 营业收入同比下降，净利润保持增长。公司 2024 年前三季度实现营业收入 1116 亿元，同比下降 12.6%，降幅较上半年略微收窄 0.4 个百分点；前三季 度实现归母净利润 397 亿元，同比增长 0.2%，保持正增长。前三季度年化加 权平均 ROE12.7%，同比下降 1.2 个百分点。 主动调整贷款业务结构。2024 年三季度末总资产同比增长 4.2%至 5.75 万亿 元，增速持续回落。其中存款同比增长 2.5%至 3.59 万亿元，贷款总额同比 下降 1.2%至 3.38 万亿元。三季度末对公贷款较年初增长 11.6%，零售贷款 规模则有所压降，较年初下降 9.6%，系公司主动调整零售贷款业务结构，促 进"量、价、险"平衡发展所致。三季度末核心一级资本充足率 9.33%，环 比二季度末持平。表外方面，公司零售 AUM 仍然维持稳定增长，三季末零售 AUM 达到 4.15 万亿元，较年初增长 2.9%，同比增长 3.7%。 净息差环比降幅收窄，其他非息收入增长较多。公司前三季度日均净息差 1.93%，同比降低 54bp ...

证券研究报告 平安银行 (000001 CH) 负债成本优化，投资收益较优 华泰研究 季报点评 投资评级(维持): 买入 目标价(人民币): 14.81 2024年10月19日│中国内地 全国性股份制银行 平安银行 1-9 月归母净利润、营收、PPOP 分别同比+0.2%、-12.6%、-13.6%， 增速较 1-6 月-1.7pct、+0.4pct、+0.5pct。公司三季度业绩基本符合我们预 期（24Q1-3E 净利润/营收分别为 0%~1%/-15%~-14%）。1-9 月公司利润增 速波动，息差降幅收窄，负债成本优化，投资类收益保持优异增长，资产质 量稳健。政策组合拳共振，缓释银行资产质量压力，助力估值修复。鉴于公 司转型战略纵深推进，我们认为公司经营有望改善，维持买入评级。 息差降幅收窄，负债成本优化 9 月末总资产、贷款、存款增速分别为+3.6%、-1.2%、+2.5%，较 6 月末 -1.1pct、-0.5pct、-3.3pct。公司主动调整优化贷款业务结构，为中长期业 务健康发展筑牢基本盘。1-9 月净息差为 1.93%，较 1-6 月-3bp。Q3 单季 度净息差较 Q2 环比-4bp，息差 ...

平安银行（000001.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 息差降幅收窄，利润维持正增 2024 年 10 月 19 日 事件：10 月 18 日，平安银行发布 24Q3 财报。24Q1-3 实现营收 1115.8 亿元， YoY-12.6%；归母净利润 397.3 亿元，YoY+0.2%；不良率 1.06%，拨备覆盖率 251%。 ➢ 营收降幅边际收敛，归母净利润小幅正增。24Q1-3 平安银行营收、归母净 利润同比增速较 24H1 分别+0.4pct、-1.7pct。具体来看，其他非息收入仍为营 收的主要支撑项，24Q1-3 其他非息收入同比+52.6%；同时，营收和中收的拖 累有所减缓，24Q1-3 净利息收入同比-20.6%、中收同比-18.5%，降幅较 24H1 分别收窄 1.0pct、收窄 2.2pct。另外，在业务转型背景下，信用成本也有明显节 约，24Q1-3 信用减值损失同比-26.1%，支撑归母净利润维持正增长。 ➢ 零售调整结构，对公信贷发力。平安银行 24Q3 末贷款总额同比-1.2%，降 幅较 24H1 扩大 0.5pct。零售转型仍在进 ...