Core Viewpoint - Ping An Bank Shanghai Branch is committed to protecting the legitimate rights and interests of financial consumers through various measures, integrating the mission of "consumer protection for the people" into daily operations [1][2][3] Group 1: Financial Consumer Protection Initiatives - The bank's core goal is to "comprehensively enhance financial service levels and protect consumer rights," solidifying its responsibility and deepening technological empowerment to create a digital financial consumer protection management system [3][4] - Ping An Bank utilizes cutting-edge technologies such as artificial intelligence to develop a comprehensive financial service process that includes "pre-education, efficient feedback during service, and timely response afterward" [3][4] - The bank has developed an intelligent consumer protection system and a digital platform, leveraging AI and big data analysis to promote systematic, intelligent, and digital internal management of consumer protection efforts [3][4] Group 2: Community Engagement and Education - The bank actively innovates its consumer protection education model, encouraging employees to engage with various communities and organizations in Shanghai to conduct innovative financial consumer protection education activities [3][4] - In 2024, the bank plans to organize 1,356 online and offline consumer protection education events, reaching approximately 3.86 million people [3][4] - To expand the coverage of consumer protection education, the bank emphasizes the use of both online and offline platforms, creating a comprehensive library of financial education resources to guide the public in understanding and utilizing financial services [4] Group 3: Future Commitment - The bank will continue to adhere to a "people-centered" approach, integrating consumer protection work into corporate governance and enhancing control over the entire business process to strengthen source governance and protect consumer rights [4]

Investment Rating - The investment rating for Ping An Bank is adjusted to "Accumulate" with a target price of 13.12 CNY, representing a potential upside of 14% from the current price of 11.49 CNY [5]. Core Views - The bank's non-interest income continues to show strong performance, with total revenue for 2024 estimated at approximately 146.7 billion CNY, reflecting a year-over-year decline of 10.93% but an upward revision of 1.65 percentage points compared to the previous quarter [2][9]. - The net interest income for the year is projected to be 93.4 billion CNY, down 20.82% year-over-year, while non-interest income is expected to reach 53.3 billion CNY, up 14% year-over-year, indicating a significant recovery in growth [2][9]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.06%, consistent with the previous quarter [3][19]. Financial Performance Summary - For 2024, the bank's total revenue is approximately 146.7 billion CNY, with a year-over-year decrease of 10.93% [2][9]. - The net profit attributable to shareholders is projected at 44.5 billion CNY, down 4.19% year-over-year [2][9]. - The bank's net interest margin (NIM) is recorded at 1.87%, a decline of 6 basis points compared to the previous quarters [3][19]. - The bank's return on average assets (ROAA) is 0.78%, while the return on average equity (ROAE) is 9.20% [26]. Asset and Liability Structure - As of the end of 2024, the total interest-earning assets amount to 6.09 trillion CNY, reflecting a slight increase of 0.2% from the previous quarter [3][19]. - The total interest-bearing liabilities are reported at 5.07 trillion CNY, showing a growth of 2.9% quarter-over-quarter [3][19]. - The composition of interest-earning assets includes loans (54.1%), financial investments (26.2%), interbank and reverse repos (15.3%), and deposits with the central bank (4.4%) [3][19]. Profitability Forecast - The bank's net profit is expected to grow at a compound annual growth rate (CAGR) of 1.40%, 3.94%, and 3.15% for the years 2025, 2026, and 2027, respectively [4][26]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.43 CNY, 2.52 CNY, and 2.60 CNY, respectively [4][26].

Investment Rating - The report maintains a "Recommended" rating for Ping An Bank, with a target price corresponding to 0.5 times the 2025 PB based on the closing price on March 17, 2025 [4][6]. Core Insights - The bank's revenue for 2024 was CNY 146.7 billion, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was CNY 44.51 billion, down 4.2% year-on-year. The non-performing loan ratio stood at 1.06% with a provision coverage ratio of 251% [1][3]. - The decline in revenue is narrowing, supported by a significant increase in non-interest income, which rose by 68.7% year-on-year. However, net interest income and commission income saw declines of 20.8% and 18.1% respectively [1][2]. - The bank continues to optimize its retail structure while significantly increasing corporate loan sizes, with corporate loans growing by 12.4% year-on-year, while retail loans decreased by 10.6% [2][3]. Summary by Sections Financial Performance - In 2024, Ping An Bank's total revenue was CNY 146.7 billion, with a year-on-year growth rate of -10.9%. The net profit attributable to shareholders was CNY 44.51 billion, reflecting a -4.2% change year-on-year. The bank's non-performing loan ratio was 1.06%, and the provision coverage ratio was 251% [1][5]. - The bank's non-interest income was a key support, increasing by 68.7% year-on-year, while net interest income and commission income decreased by 20.8% and 18.1% respectively [1][2]. Loan Structure - The total loan amount decreased by 1.0% year-on-year, with corporate loans increasing by 12.4% and retail loans decreasing by 10.6%. The bank is focusing on optimizing its retail loan structure while supporting the real economy through increased corporate lending [2][3]. Risk Management - The non-performing loan ratio remained low at 1.06%, with a provision coverage ratio of 251%, indicating strong risk management capabilities. The bank has improved its asset quality through effective risk control measures [3][4]. Earnings Forecast - The forecast for earnings per share (EPS) for 2025, 2026, and 2027 is CNY 2.27, CNY 2.32, and CNY 2.41 respectively. The expected growth rates for net profit are -1.0% for 2025, 2.0% for 2026, and 4.0% for 2027 [5][31].

Investment Rating - The report maintains a "Recommended" rating for Ping An Bank, with a closing price of 11.49 yuan as of March 17, 2025, corresponding to 0.5 times the projected price-to-book ratio for 2025 [6][4]. Core Views - The report highlights that structural optimization is yielding results, and risk management is effective, with a focus on supporting the real economy and improving asset quality [4][2]. - The bank's revenue for 2024 is reported at 146.7 billion yuan, a year-on-year decrease of 10.9%, while net profit attributable to shareholders is 44.51 billion yuan, down 4.2% year-on-year [1][5]. - Non-interest income has significantly increased, with other non-interest income rising by 68.7% year-on-year, which has become a major support for revenue [1][2]. Summary by Sections Revenue and Profitability - In 2024, Ping An Bank's revenue decreased by 10.9% year-on-year to 146.7 billion yuan, while net profit fell by 4.2% to 44.51 billion yuan [1][5]. - The bank's net interest income decreased by 20.8% year-on-year, and commission income fell by 18.1%, although the decline in revenue is showing signs of stabilization [1][2]. Loan Structure and Quality - Total loans decreased by 1.0% year-on-year, with corporate loans increasing by 12.4% and retail loans decreasing by 10.6% [2][3]. - The non-performing loan (NPL) ratio remained low at 1.06%, with a provision coverage ratio of 251%, indicating strong risk management capabilities [3][4]. Capital and Earnings Forecast - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 2.27 yuan, 2.32 yuan, and 2.41 yuan respectively [4][5]. - The bank's capital adequacy ratio is expected to decline from 13.11% in 2024 to 10.87% by 2027, reflecting a tightening capital environment [31][32].

Investment Rating - The investment rating for the company is maintained at "Buy" with an expectation of a relative increase of 15% or more compared to the market index over the next six months [13]. Core Insights - The company has announced a cash dividend of 6.08 CNY per 10 shares for the year 2024, resulting in a dividend payout ratio of approximately 28.3%, with an annualized dividend yield of 5.1% based on the closing price on March 14 [2]. - Total assets grew by 3.3% year-on-year, while financial investments increased by 14.8%. However, loans decreased by 0.8% year-on-year, with corporate loans making up 47.6% of the loan structure, an increase of 5.7 percentage points from the beginning of the year [2]. - The company is actively transforming its corporate and retail business, addressing retail business risks, and restructuring its asset-liability balance to achieve a balance between volume and price [3]. Summary by Sections Financial Performance - For the year 2024, the company reported a net profit of 44.51 billion CNY, with a projected net profit of 45.75 billion CNY for 2025 and 46.18 billion CNY for 2026, reflecting a decline in profit expectations for 2025-2026 due to business restructuring and weak overall demand [5][3]. - The net interest margin is reported at 1.87%, a decrease of 51 basis points year-on-year [2]. Asset Quality - The non-performing loan ratio remained stable at 1.06%, with the attention ratio and overdue ratio increasing to 1.93% and 1.52%, respectively [3]. - The retail business's non-performing loan ratio is at 1.39%, with variations in credit card, consumer loan, and business loan delinquency rates [3]. Valuation Metrics - The price-to-book (PB) ratios for 2025-2027 are projected at 0.44, 0.41, and 0.39, respectively, based on the closing price of 11.97 CNY on March 14 [3].

Investment Rating - The investment rating for Ping An Bank is maintained as "Buy" [3]. Core Views - The bank continues to maintain a high dividend payout, distributing cash dividends of 6.08 yuan per 10 shares for the full year 2024, resulting in a dividend rate of approximately 28.3% [2]. - Total assets grew by 3.3% year-on-year, with financial investments increasing by 14.8%. However, loans decreased by 0.8% year-on-year [2]. - The bank's asset quality indicators remained stable, with a non-performing loan ratio of 1.06%, unchanged from the previous year [3]. - The bank is actively transforming its corporate and retail businesses while managing retail risks and restructuring its asset-liability balance [3]. - Profit forecasts for 2025-2026 have been revised downwards due to business restructuring and weak overall demand, with projected net profits of 458 billion yuan, 462 billion yuan, and 491 billion yuan for 2025-2027 [3]. Summary by Sections Financial Performance - For 2024, the bank's operating income is projected at 146,695 million yuan, with a year-on-year decrease of 10.9%. The net profit attributable to shareholders is expected to be 44,508 million yuan, reflecting a decline of 4.2% [5]. - The bank's net interest margin is reported at 1.87%, down 51 basis points year-on-year [2]. Asset Quality - As of the end of 2024, the non-performing loan generation rate is 1.8%, a decrease of 9 basis points year-on-year. The provision coverage ratio stands at 250.71% [3]. - Retail business risks are gradually being resolved, with a retail loan non-performing ratio of 1.39%, which has increased by 2 basis points since the beginning of the year [3]. Future Outlook - The bank's business structure is undergoing adjustments, with a focus on balancing volume and price. The projected price-to-book ratios for 2025-2027 are 0.44, 0.41, and 0.39, respectively [3].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 14.34 [12][5]. Core Views - The company is undergoing a retail transformation, which is expected to solidify its operational foundation despite a forecasted decline in net profit and revenue for 2024 [1][2]. - The company is focusing on improving asset quality by actively adjusting its asset structure, which is anticipated to lead to operational improvements in the future [1][5]. Summary by Sections Financial Performance - For 2024, the company's net profit, operating income, and pre-provision operating profit (PPOP) are expected to decline by 4.2%, 10.9%, and 10.6% year-on-year, respectively [1]. - The proposed dividend for 2024 is RMB 0.608 per share, with a cash dividend payout ratio of 26.51% and a dividend yield of 5.08% [1]. Asset and Loan Growth - As of the end of 2024, total assets, loans, and deposits are projected to grow by 3.3%, decrease by 1.0%, and increase by 3.9%, respectively [2]. - The company has adjusted its asset structure, resulting in a 10.6% year-on-year decrease in personal loans and a 12.4% increase in corporate loans [2]. Interest Margin and Income - The net interest margin for 2024 is forecasted to be 1.87%, down by 6 basis points from the previous period [2]. - Non-interest income is expected to increase by 14.0% year-on-year, with other non-interest income rising by 68.7% [3]. Asset Quality - The non-performing loan (NPL) ratio is expected to remain stable at 1.06%, with a provision coverage ratio of 251% [4]. - The credit cost for 2024 is projected to be 1.56%, a decrease of 0.29 percentage points year-on-year [4]. Valuation and Forecast - The forecasted net profit for 2025 is RMB 44.68 billion, with a projected book value per share (BVPS) of RMB 23.51, corresponding to a price-to-book (PB) ratio of 0.61 [5][31]. - The company is expected to maintain a competitive edge in retail banking, justifying a valuation premium compared to peers [5].

同时，零售贷款不良率保持平稳达1.39%，不良生成率同比下降至1.80%；拨备计提仍保持较大力度， 但同比下降了16.4%，这也意味着平安银行正强化资产质量管理、降低风险成本。 零售业务触底了吗？ 21解读丨平安银行零售"止血""造血"进行时 21世纪经济报道记者曹媛深圳报道 "血已经止住了，造血还需要过程。"3月17日，平安银行党委书记、行长冀光恒在2024年业绩发布会 上，谈及零售业务调整，"总结过去一年多的经历，我认为我们已经在战略上取得了共识并开始行动， 但零售业务改革的难度超出了我们的想象。" 在媒体、分析师出席的这场发布会上，对平安银行管理层的超半数提问皆聚焦零售改革。几乎每个问 题，冀光恒都会亲自回应或补充回答。 受市场利率下行、银行业降息让利、主动调整资产结构等内外因素影响，曾被誉为"零售黑马"的平安银 行正遭受转型阵痛。2024年营业收入为1466.95亿元，同比下降10.9%；净利润445.08亿元，同比下降 4.2%。 但从年报中也能看到一些积极信号。在资产结构调整背景下，该行高风险贷款有所下降，信用卡、消费 贷、经营贷规模均有所收缩，抵押类贷款占比较上年末提升4.0个百分点至62.8% ...

Investment Rating - The investment rating for Ping An Bank is "Accumulate" with a target price of 13.85 CNY, maintaining the previous rating of "Accumulate" [2][3]. Core Views - The report indicates that Ping An Bank's revenue growth for 2024 is in line with expectations, while the growth rate of net profit attributable to shareholders is slightly lower. The asset quality remains stable, and the peak risk pressure in retail has passed. The target price is maintained at 13.85 CNY, with an "Accumulate" rating [3][4]. Financial Summary - **Revenue**: - 2023A: 164,699 million CNY - 2024A: 146,695 million CNY (down 8.4%) - 2025E: 140,552 million CNY (down 10.9%) - 2026E: 143,905 million CNY (down 4.2%) - 2027E: 150,694 million CNY (up 2.4%) [5] - **Net Profit (attributable to shareholders)**: - 2023A: 46,455 million CNY - 2024A: 44,508 million CNY (down 4.2%) - 2025E: 44,645 million CNY (up 0.3%) - 2026E: 46,557 million CNY (up 4.3%) - 2027E: 49,408 million CNY (up 6.1%) [5] - **Net Asset Value per Share**: - 2023A: 20.74 CNY - 2024A: 21.89 CNY - 2025E: 23.46 CNY - 2026E: 25.15 CNY - 2027E: 26.97 CNY [5] - **Return on Equity**: - 2023A: 11.4% - 2024A: 10.1% - 2025E: 9.6% - 2026E: 9.3% - 2027E: 9.3% [5] Market Data - **Current Price**: 11.97 CNY - **Market Capitalization**: 232,289 million CNY - **52-week Price Range**: 9.65 - 12.88 CNY [6] Asset Quality - The non-performing loan (NPL) ratio at the end of Q4 is 1.06%, consistent with the three-stage ratio. The attention rate and overdue rate have decreased slightly, indicating a stabilization in asset quality [18][19].

Core Viewpoint - In 2024, Ping An Bank aims to strengthen retail, refine corporate, and specialize in interbank operations despite a slight decline in profits and narrowing net interest margin, while total assets continue to grow steadily [1] Financial Performance - In 2024, Ping An Bank reported a net profit of 44.508 billion yuan, a year-on-year decrease of 4.2%, and operating income of 146.695 billion yuan, down 10.9% year-on-year [1] - The bank's net profit decline was primarily due to a significant drop in the fourth quarter, where net profit fell to 4.779 billion yuan, a decrease of over 90 million yuan compared to the previous quarter [2] - The increase in provision for bad debts, amounting to 17 billion yuan in the fourth quarter, significantly impacted net profit [2] Asset Quality and Risk Management - Ping An Bank plans to enhance efforts in recovering non-performing assets and improve the quality of new loans while managing existing bad debts [3] - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points from 2023, influenced by market interest rate declines and the reduction of high-risk retail assets [3] - The bank aims to reduce the proportion of high-risk products and increase investments in corporate and low-risk mortgage loans [4][5] Retail and Corporate Strategy - The bank's corporate loans increased by 12.4% year-on-year, while personal loans decreased by 10.6% due to the reduction of high-risk business [5] - Ping An Bank's corporate business became a major profit source, with corporate income and net profit both growing by approximately 20% year-on-year, accounting for nearly 80% of total net profit [7] - The bank plans to balance retail and corporate business development to ensure long-term competitiveness [7] Dividend Policy - For 2024, Ping An Bank announced a cash dividend of 6.08 yuan per 10 shares, totaling 11.799 billion yuan, slightly below 30% of the annual net profit [10] - The dividend policy is influenced by various factors, including previous year dividends and mid-term dividends, which have created some capital pressure [11] - The bank maintains a long-term dividend payout ratio target of 20%-30%, balancing shareholder returns with capital needs [12]