本次会议为中国国际金融股份有限公司中金公司闭门会议仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利 这次会议是中国国际资本合作组织限制的闭门会议CICC 只有邀请客人可以参加不需要CICC和评论员签署的允许任何组织或人员不得删除 复制 複制 複制 複制或改编会议内容和相关资讯 各位投资者晚上好我是中金公司银行业分析师王子瑜跟我一起在线的还有我的同事严家辉老师那么今天我们电话会第一个主题是聚焦这周五平安银行发布的一级报第二个主题将由我们严家辉老师分享关于其他商业银行一级报的预览 那么首先我们看到平安的季报整个一季度营收是同比下降14%单季金利润是上涨2.3%可以说这是一份营收符合市场预期利润增长可能略高于市场预期的一份答卷因为毕竟整个一季度也是商业银行压力比较大的一个时刻加上平安银行自金行长上任以来整个组织架构资产结构都在发生比较大的调整 那么叠加市场的定价下行以及内部的结构调整自然单级来看平安的营收的降幅其实市场已经有一定预期了那么利润这次来看其实相对而言增长是有一定的略超市场预 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank with a target price of 13.50 CNY per share [3][5]. Core Views - The revenue growth for Q1 2024 met expectations, while profit growth slightly exceeded expectations. Asset quality remained stable. The bank is undergoing a retail transformation, with a slowdown in overall growth but steady progress in corporate banking [3][4]. Financial Summary - Revenue for 2024 is projected to decline by 10.30% to 147.73 billion CNY, with net profit expected to grow by 2.5% to 47.62 billion CNY. The EPS for 2024 is estimated at 2.31 CNY [4][8]. - The net interest margin decreased to 2.01%, down 10 basis points from the previous quarter, contributing to a 21.7% decline in net interest income year-on-year [4][8]. - The bank's total assets grew by 2.5% year-to-date, with corporate loans increasing by 12.8% and retail loans decreasing by 5% [4][8]. Asset Quality - The non-performing loan (NPL) ratio for corporate loans rose to 0.66%, while retail loans increased to 1.41%. The NPL generation rate decreased by 52 basis points to 2.44% [4][8]. - The bank's provision coverage ratio remains robust at 288% [8]. Profitability Metrics - The return on equity (ROE) is projected to decline to 10.71% in 2024, while the return on assets (ROA) is expected to be 0.83% [4][8]. - The bank's cost-to-income ratio is anticipated to improve to 26.90% by 2025 [8]. Market Position - Ping An Bank's market capitalization is approximately 207.45 billion CNY, with a current share price of 10.69 CNY [5][8]. - The bank's stock has a 52-week price range of 9.03 to 13.32 CNY [5]. Future Outlook - The bank is expected to continue facing challenges in revenue growth due to ongoing retail transformation efforts, but corporate banking is showing resilience [4][8]. - The projected EPS growth for 2025 and 2026 is 2.44 CNY and 2.65 CNY, respectively, indicating a gradual recovery [4][8].

证券研究报告 | 季报点评 2024年04月20日 平安银行（000001.SZ） 资产质量整体稳定，利润保持正增长 事件：平安银行公布2024年一季报，营收388亿元，同比下降14.0%， 买入（维持） 归母净利润149亿元，同比增长2.3%；不良率1.07%，环比下降1bp。 股票信息 业绩：投资收益表现亮眼，拨备少提反哺利润。 行业 股份制银行 Q1营收增速-14.0%，归母净利润增速+2.3%，利润增速与营收增速的轧 前次评级 买入 差主要是计提的财务担保合同及贷款减值损失减少，Q1 贷款减值损失同 4月19日收盘价(元) 10.69 总市值(百万元) 207,449.27 比少增19亿元，非信贷类资产信用减值损失同比多减31亿元。 总股本(百万股) 19,405.92 具体来看： 其中自由流通股(%) 100.00 1）利息净收入：Q1增速-21.7%，主要由于Q1信贷增长乏力（同比增速 30日日均成交量(百万股) 143.84 +1.2%），净息差继续承压。Q1净息差为2.01%，同比下降62bps，环 股价走势 比Q4下降10bps，主要是资产端收益率下降拖累。 A、资产端：Q1 生息资产收益率 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司动态分析 2024 年 04 月 20 日 平 安银行(000001.SZ) 证券研究报告 结构调整进行时——平安银行 2024 年一季报点评 全国性股份制银行Ⅲ 投资评级 买入-A 事件：平安银行公布2024 年一季报，营收增速为-14.03%（2023 维持评级 年为-8.45%），拨备前利润增速为-14.96%（2023 年为-9.14%），归 6 个月目标价 13 元 母净利润增速为2.26%（2023 年为 2.06%），资产结构的调整仍在 股价 (2024-04-19) 10.69元 进行过程中，这也对营收增长带来一定压力，市场对此已有一定 预期，我们点评如下： 交易数据 平安银行 2024 年一季度归母净利润增速为2.26%，其中净息差 总市值(百万元) 207,449.27 同比明显收窄是主要拖累因素；拨备计提压力减轻、非息收入增 流通市值(百万元) 207,445.30 长、规模扩张则对业绩形成支撑。 总股本(百万股) 19,405.92 2024Q1 规模扩张速度进一步放缓。今年一季度，平安银行生息 流通股本(百万股) 19,405 ...

[Table_Page] 季报点评|股份制银行Ⅱ 证券研究报告 [平Table_安Title] 银行（000001.SZ） [公Tab司le_评Inve级st] 买入 当前价格 10.69元 放缓步伐，等待再出发 合理价值 17.91元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-20 ⚫ 平安银行发布2024年一季度报告，我们点评如下：24Q1营收、PPOP、 [相Tab对le_P市icQ场uote表] 现 归母净利润同比分别增长-14.0%、-15.0%、2.3%，增速较 23 年分别 变动-5.58pct、-5.77pct、+0.20pct。从业绩驱动来看，规模增长、拨备 2% -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 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。 -11% ⚫ 亮点：（1）资产质量稳健。24Q1末不良贷款率1.07%，较23年末回 -17% 升1bp，对公贷款不良率稳健，零售不良率较23年回升4bp，主要是 -24% 消费贷不良率提升16bp。24Q1末关注率1.77%， ...

Investment Rating - The investment rating for Ping An Bank is upgraded to "Accumulate" from "Buy" [1] Core Views - The report highlights that Ping An Bank is undergoing a transformation in its retail business, focusing on a stable business model while actively reducing high-risk retail loans. This transition is expected to lead to a period of adjustment, which is necessary for solidifying future business development [9] Financial Performance - In Q1 2024, Ping An Bank achieved operating revenue of 38.8 billion, a year-on-year decrease of 14%, while net profit attributable to shareholders was 14.9 billion, a year-on-year increase of 2.3% [4][5] - The weighted average return on equity (ROE) was 13.36%, down 1.02 percentage points year-on-year [4] Revenue Composition - The main components of revenue showed a significant decline in net interest income, which fell by 21.7% year-on-year, primarily due to slowed expansion and narrowed interest margins. Non-interest income, however, grew by 4.9% year-on-year, supported by net other non-interest income [5][8] Deposit and Loan Growth - Deposit growth was weaker than the same period last year, with new interest-bearing liabilities added in Q1 2024 amounting to 85.8 billion, a decrease of 27.5 billion year-on-year. The balance of deposits showed a year-on-year growth rate decline of 0.5% [6] - The loan growth rate was also subdued, with total loans increasing by only 1.2% year-on-year, reflecting a strategic shift towards more stable business practices [7] Asset Quality - The non-performing loan (NPL) ratio slightly increased to 1.07%, with the bank actively managing problem assets and writing off 17.7 billion in loans during the quarter [8][14] - The provision coverage ratio decreased to 261.7%, indicating a reduction in the bank's buffer against potential loan losses [8][15] Capital Adequacy - As of Q1 2024, the capital adequacy ratios showed improvement, with the core tier one capital ratio at 9.59%, up 37 basis points from the end of the previous year [8][15] Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is maintained at 2.45, 2.54, and 2.67 yuan respectively, with the current stock price corresponding to a price-to-book (PB) ratio of 0.48, 0.44, and 0.41 times [9][10]

证券研究报告 | 2024年04月20日 平安银行（000001.SZ）2024 年一季报点评 增持 息差拖累营收，加大不良处置 核心观点 公司研究·财报点评 净息差下降拖累营收增速。公司2024年一季度实现营业收入388亿元，同 银行·股份制银行Ⅱ 比下降14.0%，降幅较前上年年报扩大5.6个百分点；一季度实现归母净利 证券分析师：陈俊良 证券分析师：王剑 润149亿元，同比增长2.3%，增速较上年年报基本持平。从业绩归因来看， 021-60933163 021-60875165 chenjunliang@guosen.com.cn wangjian@guosen.com.cn 主要是净息差下降拖累营收增速，资产减值损失同比少提支撑净利润。 S0980519010001 S0980518070002 资产规模稳健增长。2024年一季度末总资产同比增长5.0%至5.73万亿元， 证券分析师：田维韦 021-60875161 较上年末增长2.5%，资产增速保持稳定。其中贷款总额3.48万亿元，较上 tianweiwei@guosen.com.cn 年末增长2.2%，存款余额3.45万亿元，较上年末增长1.3% ...

平安银行（000001.SZ）2024年一季报点评 主动调整结构，扩张节奏放缓 2024年04月20日 事件：4月19日，平安银行发布24Q1财报。24Q1实现营收387.7亿元，YoY- 推荐 维持评级 14.0%；归母净利润149.3亿元，YoY+2.3%；不良率1.07%，拨备覆盖率262%。 当前价格： 10.69元 ➢ 息差收窄和中收承压拖累营收表现。24Q1平安银行营收同比-14.0%，降幅 较23年末扩大5.6pct；归母净利润同比+2.3%，增速较23年年末回升0.2pct。 拨备少提支撑归母净利润增速小幅提升，24Q1信用减值损失同比-35.0%。营收 [Table_Author] 分解来看，24Q1 其他非息收入同比+56.7%，为营收主要正向贡献；而息差下 降、总资产增速放缓共同影响下，24Q1净利息收入同比-21.7%；中收持续承压， 24Q1中收同比-19.1%。 ➢ 结构调整力度加大，信贷扩张速度放缓。资产业务结构的调整，短期内会体 现在信贷增速下行上，平安银行 24Q1 末贷款总额同比+1.2%。零售客群向中 低风险迁移，在当下有效信贷需求仍在恢复过程中，信贷投放提量或有一定压力 ...

Financial Performance - Net profit attributable to shareholders for Q1 2024 was RMB 14,932 million, reflecting a year-on-year increase of 2.3%[4] - Operating income for Q1 2024 was RMB 38,770 million, a decrease of 14.0% compared to Q1 2023[4] - The bank's basic earnings per share for Q1 2024 was RMB 0.66, a 1.5% increase from RMB 0.65 in Q1 2023[4] - In Q1 2024, the company achieved operating income of RMB 38.77 billion, a decrease of 14.0% year-on-year, while net profit grew by 2.3% to RMB 14.93 billion[12] - The net profit for Q1 2024 was RMB 14,932 million, representing a slight increase of 2.3% from RMB 14,602 million in Q1 2023[76] - The bank's total profit amounted to RMB 18,525 million, an increase from RMB 18,367 million in the previous year[76] - The bank reported a credit impairment loss of RMB 9,395 million, a decrease of 34.5% from RMB 14,449 million in the same quarter last year[76] Asset and Liability Management - Total assets as of March 31, 2024, reached RMB 5,729,398 million, an increase of 2.5% compared to the end of 2023[4] - The total amount of loans and advances as of March 31, 2024, was RMB 3,482,088 million, up 2.2% from the previous quarter[5] - The bank's total liabilities rose to RMB 5,231,051 million, an increase of 2.63% from RMB 5,097,286 million at the end of 2023[75] - Shareholders' equity totaled RMB 479,105 million, up from RMB 466,781 million, indicating a growth of 2.86%[75] - The total risk-weighted assets were RMB 4,183,716 million as of March 31, 2024[64] Loan and Deposit Trends - The personal loan amount decreased by 5.0% to RMB 1,878,130 million compared to the end of 2023[5] - Personal deposit balance reached RMB 1,255.08 billion, a growth of 3.9% from the end of the previous year, with average daily personal deposits increasing by 14.2% year-on-year[14] - Corporate deposits stood at CNY 2,197.22 billion, remaining stable compared to the previous year, while corporate loans increased by 12.2% to CNY 1,603.96 billion[20] - The average balance of customer deposits was RMB 3,397,121 million, with total interest expenses of RMB 28,212 million[54] Risk Management and Asset Quality - The non-performing loan ratio stood at 1.07% as of March 31, 2024, slightly up from 1.06% at the end of 2023[8] - The company's non-performing loan ratio stood at 1.07%, a slight increase of 0.01 percentage points from the end of the previous year, with a provision coverage ratio of 261.66%[12] - The corporate loan NPL ratio was 0.66%, an increase of 0.03 percentage points from the end of the previous year[61] - The personal loan NPL ratio was 1.41%, up 0.04 percentage points from the end of the previous year[62] - The bank wrote off loans amounting to CNY 17.687 billion in Q1 2024, a year-on-year increase of 12.1%[57] Investment and Income Generation - The company reported a significant increase in investment income of RMB 4.70 billion, up 42.4% year-on-year, primarily due to increased bond investment returns[10] - The fair value changes in financial instruments resulted in a profit of RMB 1.57 billion, a dramatic increase of 2,811.1% compared to the previous period[10] - The total interest income for loans and advances was RMB 41,911 million in Q1 2024, compared to RMB 47,773 million in the same period last year[52] - Net interest income decreased to RMB 25,157 million, down 21.7% from RMB 32,115 million year-over-year[76] Digital Transformation and Customer Engagement - The company is focusing on digital transformation and enhancing risk management to support the real economy and improve operational efficiency[11] - The company plans to strengthen its retail banking strategy, emphasizing customer service and digital platform development to enhance customer experience[13] - The number of registered users on the Ping An Pocket Bank APP reached 167.89 million, a 1.1% increase from the end of the previous year, with monthly active users at 42.37 million[17] - The bank's automated application release per month increased by approximately 40% in Q1 2024, with demand delivery time shortened by about 4.5%[41] Shareholder Structure and Financing Activities - The total number of ordinary shareholders reached 567,902, with the largest shareholder holding 49.56% of the shares[67] - The company successfully issued a total of RMB 20 billion in financial bonds on February 5, 2024, including RMB 15 billion for small and micro enterprise loans and RMB 5 billion for agricultural loans, both with a fixed interest rate of 2.46%[72] - The company maintains a diversified shareholder base, with significant participation from institutional investors and asset management plans[71] Cash Flow and Liquidity - The net cash inflow from operating activities for Q1 2024 was RMB 221,752 million, a decrease of 38.0% compared to RMB 357,721 million in Q1 2023[78] - The total cash and cash equivalents at the end of Q1 2024 amounted to RMB 308,872 million, up from RMB 289,635 million at the end of Q1 2023[78] - The cash inflow from recovering investments was RMB 115,917 million, an increase of 26.3% compared to RMB 91,756 million in Q1 2023[79] Future Outlook and Strategic Initiatives - The bank plans to expand its digital banking services and enhance customer experience through new technology initiatives[74] - Ongoing investments in new product development are expected to drive future revenue growth and market expansion[74]

证券代码：000001 证券简称：平安银行 公告编号：2024-023 优先股代码：140002 优先股简称：平银优 01 会议由本行监事长叶望春主持。会议审议通过了如下议案： 平安银行股份有限公司监事会决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 平安银行股份有限公司（以下简称"公司"或"本行"）第十一届监事会第 九次会议于 2024 年 4 月 19 日在本公司召开。本次会议的召开符合有关法律、法 规、规章和公司章程的规定。会议应到监事 7 人（包括外部监事 3 人），监事长 叶望春，监事车国宝、王春汉、王松奇、韩小京、孙永桢、邓红现场或通过电话 参加了会议。 一、审议通过了《平安银行股份有限公司 2024 年第一季度报告》。 经审核，监事会认为董事会编制和审议本行 2024 年第一季度报告的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了本 行的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 以上议案同意票 7 票，反对票 0 票，弃权票 0 票。 二、审议通过了《平安银行股份有限公司 2023 年度董事履 ...