证券研究报告 | 2024年08月16日 平安银行（000001.SZ）2024 年中报点评 中性 非息收入增长亮眼 营收增速略有回升，净利润维持正增长。2024 上半年实现营业收入 771 亿元， 同比下降 13.0%，增速较一季报略微回升 1.0 个百分点；上半年实现归母净 利润 259 亿元，同比增长 1.9%，保持正增长。上半年年化加权平均 ROE11.9%， 同比下降 0.8 个百分点。 资产规模及零售 AUM 保持稳定增长。2024 年二季末总资产同比增长 4.6%至 5.75 万亿元，略低于 7.3%的行业整体增速，略高于股份行 3.7%的总体增速。 其中存款同比增长 5.8%至 3.62 万亿元，贷款同比下降 0.7%至 3.41 万亿元， 今年上半年对公贷款投放较好，较年初增长 16.2%，零售贷款规模则有所压 降。二季度末核心一级资本充足率 9.33%。表外方面，公司零售 AUM 仍然维 持稳定增长，二季末零售 AUM 达到 4.12 万亿元，较年初增长 2.2%，同比增 长 6.7%。 净息差下降，债券投资等业务的非息收入增长亮眼。公司上半年日均净息差 1.96%，同比降低 59bps， ...

公司动态分析 2024 年 08 月 16 日 平安银行(000001.SZ) 重塑资产负债表——平安银行 2024 年中报点评 事件：平安银行公布 2024 年中报，营收增速为-12.95%（一季 度为-14.03%），拨备前利润增速为-14.25%（一季度为-14.96%）， 归母净利润增速为 1.94%（一季度为 2.26%），当前平安银行仍在 重塑资产负债表，这对营收增速的压力继续体现，市场对此已有 一定预期，我们点评如下： 今年二季度，平安银行归母净利润增速为 1.5%，主要依靠计提 拨备同比减少、非息收入增长所驱动，而净息差同比大幅收窄则 对业绩增长形成拖累。 规模扩张速度持续放缓。今年二季度，平安银行生息资产（日 均余额口径）同比增长 1.37%，较 24Q1 增速下降 0.64 个百分点， 其中信贷增速延续此前下行的趋势，并且今年以来非信贷类资产 （日均余额口径）并未有显著增加，众多中小银行今年在信贷投 放不及预期的阶段，适当增加金融投资配置力度，进而扩充资产 规模，但平安银行并未选择依靠债券类资产扩张的路径，而是重 塑资产负债表，具体来看： ①平安银行二季度单季新增贷款（季末时点数）-686 ...

持续调整结构，宣布中期分红 2024 年 08 月 16 日 事件：8 月 15 日，平安银行发布 24H1 财报。24H1 实现营收 771.3 亿元，YoY -13.0%；归母净利润 258.8 亿元，YoY+1.9%；不良率 1.07%，拨备覆盖率 264%。 ➢ 营收降幅边际收敛，归母净利润小幅正增。24H1 平安银行营收、归母净利 润同比增速较 24Q1 分别+1.1pct、-0.3pct。拆分来看，1）资产结构调整背景 下，贷款量价仍同时承压，24H1 净利息收入同比-21.6%；2）24H1 中收同比20.6%，银保渠道报行合一、权益类基金销量下滑等影响下，财富管理业务收入 仍存压力；3）债市行情推动之下，投资收益和公允价值变动收益增速较高，推 动其他非息收入同比+56.7%，为营收带来较大的正向贡献；4）转型背景下，信 用成本明显节约，24H1 信用减值损失同比-28.4%，支撑归母净利润保持正增长。 ➢ 调整结构进行时，零售信贷扩张速度放缓。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 24H1 末贷款总额同比-0.7%。结构上来看， 上半年贷款增量全部由对公端贡献，24H1 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司动态分析 2024 年 08 月 16 日 平安银行(000001.SZ) 重塑资产负债表——平安银行 2024 年中报点评 事件：平安银行公布 2024 年中报，营收增速为-12.95%（一季 度为-14.03%），拨备前利润增速为-14.25%（一季度为-14.96%）， 归母净利润增速为 1.94%（一季度为 2.26%），当前平安银行仍在 重塑资产负债表，这对营收增速的压力继续体现，市场对此已有 一定预期，我们点评如下： 今年二季度，平安银行归母净利润增速为 1.5%，主要依靠计提 拨备同比减少、非息收入增长所驱动，而净息差同比大幅收窄则 对业绩增长形成拖累。 规模扩张速度持续放缓。今年二季度，平安银行生息资产（日 均余额口径）同比增长 1.37%，较 24Q1 增速下降 0.64 个百分点， 其中信贷增速延续此前下行的趋势，并且今年以来非信贷类资产 （日均余额口径）并未有显著增加，众多中小银行今年在信贷投 放不及预期的阶段，适当增加金融投资配置力度，进而扩充资产 规模，但平安银行并未选择依靠债券类资产扩张的路径，而是重 塑资产负债表，具体来看 ...

Financial Performance - Revenue for the first half of 2024 decreased by 13.0% to RMB 77,132 million compared to RMB 88,610 million in the same period of 2023[24] - Net profit attributable to shareholders increased by 1.9% to RMB 25,879 million in the first half of 2024, up from RMB 25,387 million in the same period of 2023[24] - The cost-to-income ratio rose by 0.92 percentage points to 27.37% in the first half of 2024[24] - Net interest margin (annualized) decreased by 0.59 percentage points to 1.96% in the first half of 2024[24] - Non-interest income as a percentage of total income increased by 7.05 percentage points to 36.36% in the first half of 2024[24] - Total deposits increased by 4.8% to RMB 3,570,812 million as of June 30, 2024, compared to RMB 3,407,295 million at the end of 2023[24] - The non-performing loan ratio slightly increased by 0.01 percentage points to 1.07% as of June 30, 2024[24] - Provision coverage ratio decreased by 13.37 percentage points to 264.26% as of June 30, 2024[24] - Core tier 1 capital adequacy ratio improved by 0.11 percentage points to 9.33% as of June 30, 2024[24] - Total assets grew by 3.0% to RMB 5,754,033 million as of June 30, 2024, compared to RMB 5,587,116 million at the end of 2023[25] - Revenue decreased by 13.0% year-on-year to RMB 77.132 billion, with net interest income down 21.6% to RMB 49.086 billion, while non-interest income increased by 8.0% to RMB 28.046 billion[47][48] - Net profit grew by 1.9% year-on-year to RMB 25.879 billion, driven by digital transformation and cost efficiency improvements[45] - Total assets increased by 3.0% to RMB 5,754.033 billion, with loans and advances growing by 0.2% to RMB 3,413.474 billion, while corporate loans rose by 11.4% and personal loans declined by 7.9%[45] - Deposits grew by 4.8% to RMB 3,570.812 billion, with total liabilities increasing by 3.1% to RMB 5,272.164 billion[45] - Non-performing loan (NPL) ratio slightly increased to 1.07%, while provision coverage remained strong at 264.26%[45] - Core tier 1 capital adequacy ratio improved to 9.33%, meeting regulatory requirements[46] - Net interest margin (NIM) declined to 1.96%, compared to 2.55% in the same period last year, due to lower market interest rates and loan repricing[50] - Daily average balance of loans and advances increased by 1.2% to RMB 3,420.025 billion, with an average yield of 4.79%, down from 5.65% in the previous year[50] - Other non-interest income surged by 56.7% to RMB 15.049 billion, contributing significantly to overall revenue growth[48] - The average yield of loans and advances issued in the first half of 2024 was 4.79%, a decrease of 86 basis points compared to the same period last year, with corporate loans at 3.70% (down 35 basis points) and personal loans at 5.90% (down 101 basis points)[53][54] - The average interest-bearing rate of deposits in the first half of 2024 was 2.18%, a decrease of 2 basis points year-on-year, with RMB deposit rates down by 4 basis points[55] - Net interest income for Q2 2024 was RMB 23.929 billion, compared to RMB 25.157 billion in Q1 2024[52] - Non-interest net income for the first half of 2024 was RMB 28.046 billion, an increase of 8.0% year-on-year[56] - Net fee and commission income for the first half of 2024 was RMB 12.997 billion, a decrease of 20.6% year-on-year, with declines in settlement fees (1.0%), agency and entrusted fees (40.6%), and bank card fees (23.3%)[57][58] - Other non-interest net income for the first half of 2024 was RMB 15.049 billion, an increase of 56.7% year-on-year, driven by bond investment and other business opportunities[59] - The net interest margin (NIM) for Q2 2024 was 1.91%, compared to 2.01% in Q1 2024[52] - The average daily balance of loans and advances issued in Q2 2024 was RMB 3,427.113 billion, with interest income of RMB 39.615 billion and an average yield of 4.65%[52] - The average daily balance of deposits in Q2 2024 was RMB 3,430.443 billion, with interest expenses of RMB 18.305 billion and an average interest-bearing rate of 2.15%[52][55] - Corporate loans accounted for RMB 1,340.626 billion of the average daily balance in the first half of 2024, with interest income of RMB 24.660 billion and an average yield of 3.70%[53] - Investment income increased by 68.0% to RMB 12,239 million in the first half of 2024 compared to the same period in 2023[60] - Fair value change gains surged by 138.8% to RMB 2,424 million in the first half of 2024[60] - Business and management expenses decreased by 9.9% to RMB 21.109 billion in the first half of 2024[61] - Credit and other asset impairment losses dropped by 28.5% to RMB 23.153 billion in the first half of 2024[62][63] - Income tax expenses fell by 6.8% to RMB 6.098 billion in the first half of 2024, with the effective tax rate decreasing by 1.43 percentage points to 19.07%[64][65] - Investment financial assets increased by 8.8% to RMB 1,558.007 billion as of June 2024, with trading financial assets rising by 27.5% to RMB 574.021 billion[67][70] - Cash and deposits with central banks grew by 11.4% to RMB 305.998 billion as of June 2024[67] - Other assets surged by 68.5% to RMB 84.642 billion as of June 2024[67] - The company held financial bonds worth RMB 247.465 billion as of June 2024, with the top two bonds being policy bank bonds[71][72] - Total liabilities of the group reached RMB 5,272.164 billion as of June 30, 2024, an increase of 3.1% compared to the end of the previous year[80] - The group's total deposits amounted to RMB 3,570.812 billion, a 4.8% increase from the end of 2023, with personal deposits growing by 6.9% and corporate deposits by 3.7%[82] - The fair value change of derivative financial instruments during the reporting period was RMB 6,034 million, with foreign exchange derivatives accounting for RMB 4,950 million of the total[75] - The group's goodwill balance as of June 30, 2024, was RMB 7.568 billion, unchanged from the previous reporting period[77][78] - The net value of foreclosed assets increased by 1,575.7% to RMB 3.452 billion, primarily due to a significant increase in land, buildings, and structures[79] - The group's shareholder equity reached RMB 481.869 billion, a 2.0% increase from the end of 2023, with retained earnings growing by 4.4% to RMB 230.986 billion[84] - The group's deposit distribution showed the highest growth in the headquarters region, increasing by 93.1% to RMB 161.240 billion[83] - The group's trading financial liabilities increased by 280.5% to RMB 120.297 billion, reflecting significant changes in financial market activities[81] - The group's other liabilities surged by 168.4% to RMB 65.154 billion, mainly due to increased clearing payables and accrued expenses[81] - The group's borrowing from the central bank decreased by 39.5% to RMB 126.298 billion, indicating reduced reliance on central bank funding[81] - Shareholder equity increased to RMB 481.869 billion, up from RMB 472.328 billion at the beginning of the period, with a net increase of RMB 26.061 billion[85] - Buyback financial assets decreased by 55.4% to RMB 49.461 billion, primarily due to a reduction in bond buyback scale[86] - Operating cash flow increased by RMB 694.81 billion to RMB 1,137.22 billion, driven by increased cash inflows from deposit absorption and bond lending[87] - Non-performing loan (NPL) ratio rose slightly to 1.07%, up by 0.01 percentage points from the end of the previous year[91] - Provision coverage ratio stood at 264.26%, a decrease of 13.37 percentage points from the previous year[93] - Total loans and advances increased by 0.2% to RMB 3,413.474 billion, with normal loans accounting for 97.08% of the total[92] - The bank wrote off RMB 30.456 billion in loans, a decrease of 6.3% year-on-year, and recovered RMB 16.303 billion in non-performing assets[91] - Trading financial liabilities surged by 280.5% to RMB 120.297 billion, mainly due to an increase in bond lending business scale[86] - Investment income increased by 68.0% to RMB 12.239 billion, primarily driven by higher bond investment returns[86] - Fair value change gains surged by 138.8% to RMB 2.424 billion, mainly due to increased gains from trading financial instruments[86] - Corporate loan balance increased to RMB 1,592,139 million, accounting for 46.6% of total loans, with a non-performing loan (NPL) ratio of 0.66%, up by 0.03 percentage points year-on-year[94][95] - Personal loan balance decreased to RMB 1,821,335 million, accounting for 53.4% of total loans, with an NPL ratio of 1.42%, up by 0.05 percentage points year-on-year[94][96] - Manufacturing sector NPL ratio increased by 0.35 percentage points to 0.67%, while real estate sector NPL ratio rose by 0.40 percentage points to 1.26%[97][98] - Total loan and advances balance reached RMB 3,413,474 million, with an overall NPL ratio of 1.07%, up by 0.01 percentage points year-on-year[94][97][99] - Restructured loans decreased by 33.0% to RMB 21,445 million, accounting for 0.63% of total loans[100] - Overdue loans ratio decreased by 0.03 percentage points to 1.39%[101] - Loans in the Southern region had an NPL ratio of 1.38%, up by 0.36 percentage points year-on-year[99] - Loans in the Western region had an NPL ratio of 0.66%, down by 0.10 percentage points year-on-year[99] - Loans in the Northern region had an NPL ratio of 0.52%, up by 0.07 percentage points year-on-year[99] - Loans in the headquarters region had an NPL ratio of 1.69%, down by 0.23 percentage points year-on-year[99] - The company's provision for credit impairment losses on loans and advances was RMB 23.775 billion in the first half of 2024[102] - The top ten loan customers accounted for RMB 68.899 billion, representing 2.02% of the total loans and advances[105][106] - Personal loan balance decreased by 7.9% to RMB 1,821.335 billion as of June 30, 2024, compared to the end of the previous year[109][110] - Credit card outstanding accounts decreased by 4.1% to 51.6558 million as of June 30, 2024[109] - Auto finance loan balance reached RMB 282.216 billion, with new personal new energy vehicle loans increasing by 38.4% to RMB 22.889 billion in the first half of 2024[113] - Retail customer assets under management (AUM) increased by 2.2% to RMB 4,120.630 billion as of June 30, 2024[114] - Personal deposit balance grew by 6.9% to RMB 1,290.345 billion as of June 30, 2024[114][116] - The number of private banking clients increased by 3.7% to 93,500, with AUM growing by 1.5% to RMB 1,944.879 billion[114] - Wealth management fee income decreased to RMB 2.186 billion in H1 2024, with personal insurance, personal wealth management, and personal fund agency incomes at RMB 456 million, RMB 565 million, and RMB 1.004 billion respectively[118] - Private banking clients reached 93,500, a 3.7% increase from the end of the previous year, with AUM of RMB 1.944879 trillion, up 1.5%[118] - Ping An Pocket Bank APP registered users grew to 169.6846 million, a 2.2% increase, with MAU reaching 43.3825 million[121] - Corporate loan balance increased by 11.4% to RMB 1.592139 trillion, while corporate deposit balance rose 3.7% to RMB 2.280467 trillion[123] - New loans issued to four foundational industries (infrastructure, automotive ecosystem, utilities, and real estate) reached RMB 200.54 billion, a 42.1% year-on-year increase[124] - New loans issued to three emerging industries (new manufacturing, new energy, and new lifestyle) totaled RMB 106.142 billion, up 47.1% year-on-year[124] - Corporate clients increased by 48,700 to 802,700, a 6.5% growth from the end of the previous year[125] - Technology enterprise clients reached 24,400, with loan balance growing 10.3% to RMB 131.688 billion[125] - Comprehensive financial contributions accounted for 38.8% of new wealth clients, 61.7% of AUM net increase, 16.8% of auto finance loan issuance, and 10.8% of new credit card accounts[122] - High-end medical services exceeded 63,000 cases, and the "Ping An Leshan" charity service served 107,000 donors by the end of June 2024[118] - Digital treasury platform signed 1,222 group customers, a 27.0% increase compared to the end of the previous year[127] - Supply chain financing volume reached 725.318 billion yuan, a 30.6% year-on-year increase[128] - Bill financing services provided to 24,030 corporate clients, with bill discount financing clients increasing by 12.2% to 16,047[128] - Direct bill discount business volume reached 574.086 billion yuan, a 64.9% year-on-year increase[128] - Cross-border trade financing volume reached 116.937 billion yuan, a 51.1% year-on-year increase[129] - M&A business volume reached 25.326 billion yuan, a 2.7% year-on-year increase[130] - Syndicated loan business volume reached 1,276.69 billion yuan, an 85.3% year-on-year increase[130] - Non-financial bond underwriting business volume reached 107.311 billion yuan[131] - Bond trading market share reached 3.5%, a 0.6 percentage point increase year-on-year[133] - Green bonds, small and micro bonds, rural revitalization bonds, and other sustainable development bonds trading volume reached 36.84 billion yuan[134] - Bond underwriting sales through interbank channels reached 94.6 billion yuan in the first half of 2024[136] - The "Xingetong" platform's asset management product sales reached 287.816 billion yuan, a 43.8% increase from the end of the previous year[136] - The bank's custody scale reached 9.01 trillion yuan, a 3.6% increase from the end of the previous year[137] - Public fund custody and third-party fund sales supervision scale reached 1.97 trillion yuan, a 12.6% increase from the end of the previous year[137] - The number of customers using foreign exchange spot and derivative hedging services reached 11,058, a 12.8% year-on-year increase[138] - The "Digital Pocket" platform registered 21.9852 million business users, a 16.2% increase from the end of the previous year[141] - The "iDeal Structured Inquiry and Quotation" transaction volume exceeded 150 billion yuan in the first half of 2024[141] - The "Xingetong" platform offered 12,403 public fund products, a 1.2% increase from the end of the previous year[141] - The automation rate of standard expense processes reached 86%, with carbon emission reductions exceeding 340 tons[141] - The intelligent rate of anti-money laundering customer due diligence reached 90% by the end of June 2024[147] - The company obtained nearly 300 patent authorizations in the first half of 2024, a year-on-year increase of over 100%, and participated in the development of 4 national standards and 35 industry standards by the end of June 2024[148] - AI outbound calls were applied to approximately 430 scenarios, with a scale of about 300 million calls, and AI quality inspection models exceeded 500, with over 450 million calls in the first half of 2024[148] - The company's key business system

详解平安银行2024年一季报：净利润同比增2.3%；调结构继续、拨备释放利润增速企稳 平安银行(000001)/银行 证券研究报告/公司点评 2024年04月24日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：10.54 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 179,895 164,699 145,606 148,007 150,470 分析师 戴志锋 增长率yoy% 6.2% -8.4% -11.6% 1.6% 1.7% 执业证书编号：S0740517030004 净利润（百万元） 45,516 46,455 47,497 48,666 49,890 Email：daizf@zts.com.cn 增长率yoy% 25.3% 2.1% 2.2% 2.5% 2.5% 每股收益（元） 2.30 2.35 2.40 2.46 2.53 分析师 邓美君 净资产收益率 13.19% 12.11% 11.35% 10.77% 10.24% 执业证书编号：S0740519050 ...

公司研 究 证 券研究 报 告 全国性股份制银行Ⅲ 2024年04月23日 平 安银行（000001）2024年一季报点评 推 荐 （维持） 目标价：13.5元 资产调优结构，对公做精 当前价：10.50元 事项： 华创证券研究所  4月19日晚，平安银行披露2024年一季报，一季度实现营业收入387.7亿元， 证券分析师：贾靖 同比下降 14.0%；归母净利润 149.32 亿元，同比增长 2.3%。不良率 1.07%， 环比略升1bp，拨备覆盖率262%，环比下降16pct。 邮箱：jiajing@hcyjs.com 评论： 执业编号：S0360523040004 证券分析师：徐康  24Q1营收/归母净利润分别-14%/+2.3%，Q1营收仍有承压，利润整体符合预 期，业务调结构、拨备放利润的逻辑延续。营收承压来自高收益资产的规模压 电话：021-20572556 降、息差收窄、中收承压。1）净利息收入同比-21.7%，环比继续-5.6%，一方 邮箱：xukang@hcyjs.com 面高收益资产持续压降，Q1 资产同比+4.1%，信贷+1.24%，其中个人贷款规 执业编号：S03605180600 ...

公 司 研 究 平安银行（000001.SZ）：其他非息 2024年4月22日 强烈推荐/维持 表现亮眼，拨备反哺利润正增 东 平安银行 公司报告 兴 ——2024 年一季报点评 证 券 事件：4月19日，平安银行公布2024年一季报，1Q24实现营收、拨备前利 公司简介： 股 润、净利润387.7亿、279.5亿、149.3亿，分别同比-14%、-14.9%、+2.3%。 平安银行自 2016 年开始全面向零售银行转 份 年化加权平均ROE为13.36%，同比下降1.02pct。点评如下： 型，全力打造智能化零售银行，大力推进精 有 品公司银行双轻化。综合金融是公司的特色 限  营收预期内承压，拨备反哺利润正增。 优势，公司依托庞大的个人客户基础、强大 的品牌影响力、广泛的分销网络和完备的综 公 收入端：净利息收入、中收持续承压，自营投资其他非息收入表现亮眼。2024 合金融产品体系，为全面推进零售转型、打 司 年一季度平安银行营收同比 -14%，降幅较 2023 年扩大 5.6pct；主要拖累是 造领先的智能化零售银行提供了强大的核 证 心竞争力支持。 息差持续收窄、净利息收入降幅扩大。具体来看：① 净 ...

上 市 公 司 银行 2024年04月21日 平安银行 (000001) 公 司 研 究 ——重塑结构，更加注重风险与收益的新平衡 公 司 点 报告原因：有业绩公布需要点评 评 事件：平安银行披露2024年一季报，一季度实现营收388亿元，同比下滑14%；实现归母 买入 （维持） 净利润149亿元，同比增长2.3%；1Q24不良率季度环比上升1bp至1.07%，拨备覆盖率季 度环比下降16pct至262%。 ⚫ 利润延续平稳小增，但总体来看，息差同比大幅收窄、中收高位下降，共同拖累营收深度 证 券 市场数据： 2024年04月19日 负增长。1Q24平安银行营收同比下滑14%（2023年：-8.4%），尽管符合我们前瞻中的 研 收盘价（元） 10.69 预期，但较行业整体则明显偏弱（前瞻中预计为-15%；预计股份行整体为-4.4%）；归母 究 一年内最高/最低（元） 13.6/8.96 净利润同比增长 2.3%，略好于前瞻中的判断（2023 年：2.1%；前瞻中预计 0.4%）。从 报 市净率 0.4 驱动因子来看，① 息差降幅超预期，叠加资产端持续优化结构，量、价双双承压。1Q24 告 息率（分红/股价） ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II ＃ dyCompany＃ ＃＃ ddy 平安银行（000001.SZ） Cyo ＃ dyStockcode＃ ＃title 零售结构持续优化，利润维持mSp 正增长 ＃inve增stSu持ggest ion＃ ( i维 nv＃ e持 stS ） ——平安银行at 2n 024年一季报点评 yo 公 ou ng Cg e hs at ni ＃createTime1＃ ＃c 2024年 4月 21日 司 ge＃ k 投资要点 c 点 ＃relatedReport＃ ＃summary＃ 相关报告 ⚫ 营收下滑，利润维持正增长。公司 2024 年一季度营o 收/归母净利润同比增速分别 评 为-14.0%/+2.3%，营收下滑幅度较大，除行业因素d外，主要与公司持续优化零售 报 业务、规模增速放缓以及息差同比下行幅度较大有关e 。拆分2024年一季度收入结 构来看：（1）净利息收入同比-21.7%，其中生息资产＃规 模增长同比+4.6%，净息差 告 同比-62bp，主要受息差同比下行幅度较大拖累。（2）手续费净收入同比-19.1%， ＃分em析a师il ...