Investment Rating - The report maintains a "Buy" rating for Ping An Bank, indicating an expected relative price increase of over 20% within the next six months [12][56]. Core Insights - The report highlights that the pressure on asset quality and provisioning has been released in Q4 2024, suggesting that market concerns regarding the bank's annual performance and dividends have been alleviated [12]. - It is anticipated that the bank's performance will marginally recover in 2025, with loan growth expected to return to normal levels due to the recovery of consumer demand and the increase in mid-risk product offerings [6][11]. Summary by Sections Q4 2024 Performance Review - In Q4 2024, revenue growth rate was -5.3%, a narrowing decline compared to Q3, primarily due to a rapid decline in interest rates and a 123% year-on-year increase in non-interest income from bond investments [2][3]. - The net profit attributable to shareholders decreased by 29.9% in Q4 2024, with a significant increase in provisioning of approximately 17.4 billion yuan compared to Q4 2023 [3][4]. - Asset quality remained stable, with a non-performing loan (NPL) ratio of 1.06% at the end of 2024, unchanged from Q3 [4]. Full Year 2024 Performance Review - Throughout 2024, Ping An Bank focused on optimizing its asset structure and reducing high-risk retail assets, leading to a contraction in loan scale and a significant decline in net interest margin [5][11]. - The dividend payout ratio for 2024 was set at 27%, reflecting the bank's consideration of capital adequacy and reasonable dividend levels [5]. 2025 Operational Outlook - The bank's loan scale at the end of 2024 was 3,374.1 billion yuan, a decrease of 33.4 billion yuan from the end of 2023, but a recovery in loan growth is expected in 2025 [6][11]. - The net interest margin decline is projected to narrow significantly, with the bank's credit cost improving by 29 basis points year-on-year to 1.56% in 2024 [11][12]. - Revenue growth rates for 2025-2027 are forecasted at -5.5%, 3.7%, and 7.0%, respectively, with net profit growth rates of 2.1%, 4.6%, and 7.8% [11][49].

上 市 公 司 2025 年 03 月 16 日 平安银行 (000001) ——信贷结构优化提速，风险处置扰动业绩 报告原因：有业绩公布需要点评 一年内股价与大盘对比走势： 03-14 04-14 05-14 06-14 07-14 08-14 09-14 10-14 11-14 12-14 01-14 02-14 03-14 -20% 0% 20% 40% 平安银行 沪深300指数 (收益率) 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 研究支持 李禹昊 A0230123070008 liyh2@swsresearch.com 联系人 冯思远 (8621)23297818× fengsy@swsresearch.com 事件：平安银行披露 2024 年报，2024 实现营收 1467 元，同比下滑 10.9%，实现归母净利润 445 亿元，同比下滑 4.2%。4Q24 不良率季度环比持平 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [5] Core Views - In 2024, Ping An Bank reported revenue of 146.7 billion yuan, a year-on-year decrease of 10.93%, and a net profit attributable to shareholders of 44.5 billion yuan, down 4.19% year-on-year. As of December 31, 2024, the non-performing loan (NPL) ratio and provision coverage ratio were 1.06% and 250.71%, respectively, remaining stable and decreasing by 0.5 percentage points compared to the previous quarter [1][2][4] - The bank's dividend payout for 2024 was 6.08 yuan per 10 shares, with an annual dividend ratio of 27% [1] - The report highlights improvements in asset quality, with a decrease in personal loan NPL ratio and a reduction in NPL generation pressure year-on-year [4][11] Performance Summary - Revenue and net profit growth rates for 2024 were -10.93% and -4.19%, respectively, with a narrowing decline compared to the previous three quarters [2] - Net interest income for 2024 decreased by 20.8% year-on-year, with a net interest margin of 1.87%, down 6 basis points from the previous quarter [2][3] - Non-interest income showed a significant increase of 68.8% year-on-year, primarily driven by investment income of 24.6 billion yuan, which grew by 53.3% [3] Asset Quality - The NPL ratio and attention ratio for Q4 2024 were 1.06% and 1.93%, respectively, with the provision coverage ratio at 250.7% [4] - The NPL generation rate for 2024 was 1.86%, a decrease of 6 basis points compared to 2023 [4] Asset and Liability Management - As of Q4 2024, total assets and loans were 5.8 trillion yuan and 3.4 trillion yuan, respectively, with year-on-year growth of 3.26% and a slight decline of 0.98% [9] - The bank has significantly reduced high-risk loans and increased the proportion of mortgage loans, with high-risk loans decreasing and mortgage loans accounting for 62.8% of total loans [9][10] Business Development - Retail customer numbers reached 126 million, with assets under management (AUM) growing by 4.0% to 4.19 trillion yuan [11] - The bank's private banking client base increased by 7.3% to 96,800 clients, with private banking AUM growing by 3.1% to 1.98 trillion yuan [11]

证券研究报告 | 2025年03月15日 营收降幅收窄，拨备计提拖累净利润增长。2024 实现营业收入 1467 亿元， 同比下降 10.9%，降幅较三季报收窄 1.7 个百分点；全年实现归母净利润 445 亿元，同比下降 4.2%，主要是资产减值损失对净利润增长的不利影响增加。 全年加权平均 ROE10.1%，同比下降 1.3 个百分点。 贷款结构优化，零售 AUM 稳定增长。2024 年总资产同比增长 3.3%至 5.77 万 亿元，略低于股份行 4.5%的总体增速。其中存款同比增长 3.9%至 3.59 万亿 元，贷款总额同比下降 1.0%至 3.37 万亿元，主要是信用卡、消费贷以及经 营贷等零售高风险贷款规模压降。年末核心一级资本充足率 9.12%。表外方 面，零售 AUM 仍然维持稳定增长，年末末零售 AUM 达到 4.19 万亿元，较年 初增长 4.0%。 净息差持续下降，非息收入大幅增长。披露的 2024 年日均净息差 1.87%，同 比降低 51bps，主要受市场利率下行、主动压降零售高风险资产等因素影响。 其中生息资产收益率同比下降 61bps，负债成本同比下降 13bps。环比来看， 四 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [5] Core Views - In 2024, Ping An Bank reported revenue of 146.7 billion yuan, a year-on-year decline of 10.93%, and a net profit attributable to shareholders of 44.5 billion yuan, down 4.19% year-on-year [1][2] - The bank's non-performing loan (NPL) ratio and provision coverage ratio stood at 1.06% and 250.71% respectively, remaining stable compared to the previous quarter [1][4] - The bank declared a cash dividend of 6.08 yuan per 10 shares, with an annual payout ratio of 27% [1] Performance Summary - Revenue and net profit growth rates for 2024 were -10.93% and -4.19%, respectively, with a narrowing decline compared to the first three quarters [2] - Net interest income for 2024 decreased by 20.8% year-on-year, with a net interest margin of 1.87%, down 6 basis points from the previous quarter [2][3] - Non-interest income showed a significant increase of 68.8% year-on-year, primarily driven by investment income of 24.6 billion yuan, which grew by 53.3% [3] Asset Quality - The NPL ratio for personal loans decreased by 4 basis points to 1.39%, marking the first quarter-on-quarter decline in 2024 [4] - The NPL generation rate for 2024 was 1.86%, down 6 basis points from 2023 [4] Asset and Liability Management - As of Q4 2024, total assets and loans were 5.8 trillion yuan and 3.4 trillion yuan, respectively, with a year-on-year growth of 3.26% and a slight decline of 0.98% [9] - The bank has significantly reduced high-risk loans, with mortgage loans increasing, leading to a 13.6 percentage point rise in the proportion of secured loans since the end of 2021 [9] Business Development - Retail customer numbers reached 126 million, with assets under management (AUM) growing by 4.0% to 4.19 trillion yuan [11] - The bank's private banking client base increased by 7.3% to 96,800 clients, with private banking AUM rising by 3.1% to 198 billion yuan [11]

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [5] Core Views - In 2024, Ping An Bank reported revenue of 146.7 billion yuan, a year-on-year decrease of 10.93%, and a net profit attributable to shareholders of 44.5 billion yuan, down 4.19% year-on-year. The non-performing loan (NPL) ratio and provision coverage ratio stood at 1.06% and 250.71%, respectively, remaining stable compared to the previous quarter [1][2][4] - The bank's dividend payout for the year was 6.08 yuan per 10 shares, with an annual dividend ratio of 27% [1] Performance Summary - Revenue and net profit growth rates for 2024 were -10.9% and -4.2%, respectively, with a narrowing decline compared to the first three quarters. The decrease in revenue was primarily supported by non-interest income [2] - Net interest income for 2024 decreased by 20.8% year-on-year, with a net interest margin of 1.87%, down 6 basis points from the previous quarter. The decline in interest margin is showing signs of convergence due to improved funding costs [2][3] - Non-interest income from fees and commissions fell by 18.1% year-on-year, mainly due to reduced credit card spending and a decline in bank card fees [3] Asset Quality - The NPL ratio and attention ratio for Q4 2024 were 1.06% and 1.93%, respectively, with the provision coverage ratio at 250.7%, indicating a stable asset quality [4] - The NPL ratio for personal loans decreased by 4 basis points, marking the first decline in 2024, while the NPL balance for personal loans fell by 1 billion yuan [4] Asset and Liability Management - As of Q4 2024, total assets and loan amounts were 5.8 trillion yuan and 3.4 trillion yuan, respectively, with a year-on-year growth of 3.26% and a slight decline of 0.98% [9] - The bank has significantly reduced high-risk loans and increased the proportion of secured loans, with secured loans accounting for 62.8% of the total, up 13.6 percentage points from the end of 2021 [9] Business Development - Retail customer numbers reached 126 million, with assets under management (AUM) growing by 4.0% year-on-year to 4.19 trillion yuan. The number of private banking clients increased by 7.3% to 96,800 [11] - The bank's total deposits reached 3.5 trillion yuan, a year-on-year increase of 3.88%, with a net increase of 31 billion yuan in deposits for the quarter [10]

证券研究报告 | 公司点评 | 股份制银行Ⅱ 不良压力见顶回落 ——平安银行 2024 年报点评 投资要点 ❑ 平安银行 2024A 营收降幅收窄，不良生成拐点向下。 ❑ 数据概览 平安银行 2024 年归母净利润同比下降 4.2%，利润规模由增转减；营收同比下降 10.9%，降幅较 2024Q1-3 收窄 1.6pc。2024 年末不良率 1.06%，环比 24Q3 末持 平，拨备覆盖率 251%，环比 24Q3 末持平。 ❑ 营收降幅收敛 平安银行 2024 年归母净利润同比下降 4.2%，利润规模由增转减；营收同比下降 10.9%，降幅较 2024Q1-3 收窄 1.6pc。主要驱动因素来看，其他非息高增，带动 营收降幅收敛；减值降幅收窄，拖累利润表现。具体来看：①其他非息方面， 24A其他非息同比高增 68.7%，增速环比回升 16.2pc，归因 Q4债市表现强劲，带 动投资收益高增。②减值损失方面，24A 减值损失同比下降 16.4%，降幅环比收 窄 10pc，显著拖累盈利。 展望未来，平安银行 2025 年营收仍有负增压力，主要考虑：①平安银行的投资 收益浮盈储备较少，2025 年债券投资收益压力 ...

证券研究报告 | 2025年03月15日 平安银行（000001.SZ） 中性 贷款结构优化，营收降幅收窄 营收降幅收窄，拨备计提拖累净利润增长。2024 实现营业收入 1467 亿元， 同比下降 10.9%，降幅较三季报收窄 1.7 个百分点；全年实现归母净利润 445 亿元，同比下降 4.2%，主要是资产减值损失对净利润增长的不利影响增加。 全年加权平均 ROE10.1%，同比下降 1.3 个百分点。 风险提示：宏观经济形势走弱可能对银行资产质量产生不利影响。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 164,699 | 146,695 | 135,493 | 139,253 | 143,150 | | (+/-%) | -8.4% | -10.9% | -7.6% | 2.8% | 2.8% | | 归母净利润(百万元) | 46,455 | 44,508 | 42,056 | 42,512 | 43,017 | | (+/-%) | 2. ...

Investment Rating - The report maintains a rating of "Buy" for Ping An Bank, with a target price of RMB 11.97 per share, reflecting a dynamic dividend yield of 5.4% [4][5]. Core Insights - Ping An Bank is currently undergoing a transformation phase, with a focus on optimizing its retail loan structure while continuing to support corporate lending to the real economy. The bank's total loan growth for 2024 is projected at -0.98%, primarily due to a 10.65% decrease in retail loans, although the quality of assets is improving [2][4]. - The bank's non-interest income has seen significant growth, with a 69% year-on-year increase in 2024, and a remarkable 123% increase in Q4 2024 alone, driven by trading gains and other financial activities [2][4]. Summary by Sections Financial Performance - For 2024, Ping An Bank reported a total revenue of RMB 146.7 billion, a decrease of 10.9% year-on-year. The profit before provisions (PPOP) and net profit attributable to shareholders also saw declines of 2.9% and 4.2%, respectively [1][9]. - The bank's net interest margin for 2024 was reported at 1.87%, reflecting a contraction of 6 basis points compared to the previous quarters, with a more significant decline of 22 basis points in Q4 2024 [3][12]. Asset Quality - As of Q4 2024, the non-performing loan (NPL) ratio stood at 1.06%, stable compared to the previous quarter, while the attention loan ratio decreased to 1.93% [3][12]. - The bank has increased its provision coverage ratio to 250.71%, indicating a robust buffer against potential loan losses [3][12]. Dividend and Shareholder Returns - The bank plans to distribute a cash dividend of RMB 6.08 per 10 shares for 2024, resulting in a dividend payout ratio of 27%, ensuring sustainable returns for shareholders [4][5]. Market Position - Ping An Bank's market capitalization is approximately RMB 232.3 billion, with a total share capital of 19.406 billion shares [5][9]. The bank's return on equity (ROE) for the trailing twelve months (TTM) is reported at 10.1% [5].

Investment Rating - The investment rating for Ping An Bank is "Buy" and is maintained [7] Core Views - Ping An Bank's revenue decline has narrowed, and the bad debt generation has shown a downward turning point [1] - The bank's net profit attributable to shareholders for 2024 is expected to decrease by 4.2% year-on-year, with revenue declining by 10.9%, but the decline is less severe compared to the first three quarters of 2024 [2] - The bank's non-performing loan ratio at the end of 2024 is 1.06%, remaining stable compared to the end of Q3 2024, with a provision coverage ratio of 251% [1][3] Summary by Sections Revenue and Profitability - In 2024, Ping An Bank's net profit attributable to shareholders is projected to decline by 4.2%, while revenue is expected to decrease by 10.9%, a reduction of 1.6 percentage points compared to the first three quarters of 2024 [2] - Other non-interest income has increased significantly by 68.7% year-on-year, driven by strong performance in the bond market in Q4 [2] - The bank's net interest margin for Q4 2024 is 1.70%, a decrease of 17 basis points from Q3 2024, primarily due to a decline in asset yields [3] Asset Quality - The non-performing loan ratio, attention loan ratio, and overdue loan ratio at the end of Q4 2024 are stable at 1.06%, 1.93%, and 1.52%, respectively, indicating an improvement in asset quality [4] - The real non-performing loan generation rate has improved by 12 basis points to 2.53%, suggesting that the pressure on bad debt generation has peaked and is now declining [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders from 2025 to 2027 is -1.11%, 5.07%, and 5.36%, respectively, with corresponding book values per share of 23.37, 24.97, and 26.69 yuan [5] - The target price is maintained at 14.00 yuan per share, corresponding to a price-to-book ratio of 0.60x for 2025, indicating a potential upside of 17% from the current price [5]