Core Viewpoint - Ping An Bank is undergoing a significant transformation in its retail banking strategy, shifting from high-risk, high-reward operations to a more balanced approach focused on medium risk and medium returns, which has resulted in substantial financial pain and challenges [1][2] Financial Performance - In the previous year, Ping An Bank's retail business generated an operating profit of 49.219 billion yuan, but faced credit and asset impairment losses of 48.729 billion yuan, leading to a net profit of only 289 million yuan, a 94.8% decrease year-on-year, representing just 0.6% of total profits [1] - As of the end of Q4 2024, the retail non-performing loan (NPL) ratio was 1.39%, a decrease of 4 basis points quarter-on-quarter, indicating improved asset quality [5] Retail Strategy and Adjustments - The bank's management has confirmed that it will continue to focus on retail banking, with a new strategy emphasizing risk control and a unified management approach, moving away from high-risk products [3][4] - The core of the retail reform is to develop medium-risk, medium-return products, particularly in the consumer and small business sectors, with ongoing internal testing and pilot programs [4][5] Management Changes - Key personnel changes have occurred, including the reassignment of the assistant president in charge of retail, reflecting a strategic shift in leadership to better align with the bank's new direction [4] Corporate Banking Performance - As of the end of 2024, personal loan balances decreased by 10.6% to 1.767168 trillion yuan, while corporate loan balances increased by 12.4% to 1.606935 trillion yuan, indicating a shift towards corporate banking [7] - The bank aims to maintain strong corporate lending growth in 2025, focusing on high-quality enterprises and specific industries, with a significant portion of new loans directed towards infrastructure and technology sectors [8] Interest Margin Management - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points from the previous year, with a focus on reducing funding costs and improving asset quality to stabilize margins [9][10] - The bank aims to maintain a net interest margin above 1.7%, which is higher than the industry average by 30-40 basis points, despite overall pressure on margins in the banking sector [10]

[Table_Page] 年报点评|银行 证券研究报告 展望 2025 年，预计随着资产端结构调整到位和负债成本管控持续，净 息差下行幅度有望收窄。（2）零售不良率环比下行，对公不良率环比上 行。24 年末不良贷款率 1.06%，同比环比均持平。零售不良率 1.39%， 较 24Q3 末/23 年末分别变动-4bp、+2bp，按揭、经营贷不良率环比上 升 3bp、19bp，消费贷、信用卡不良率环比下降 11bp、14bp。对公不 良率 0.70%，较 24Q3 末/23 年末分别变动+4bp、+7bp，预计主要是 制造业和房地产业风险暴露，不良率分别较年初上行 47bp、36bp。24 年末关注贷款率 1.93%，较 24Q3 末/23 年末分别变动-4bp、+18bp； 逾期率 1.52%，较 24Q3 末/23 年末分别变动-3bp、+9bp；测算 24A 不 良净生成率 2.37%，同比上升 10bp。24 年末拨备覆盖率 250.71%。 [Table_PicQuote] 相对市场表现 -12% -3% 6% 14% 23% 32% 03/24 05/24 07/24 09/24 11/24 01/2 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 11.97 CNY and a reasonable value of 17.91 CNY [2]. Core Views - The company is undergoing a transformation period, with retail growth slowing and declining yields. However, long-term risk preference adjustments are favorable for sustainable operations. The expected growth rates for the company's net profit attributable to shareholders are 0.67% and 3.00% for 2025 and 2026, respectively, with corresponding EPS of 2.16 CNY and 2.23 CNY per share [9]. Financial Performance Summary - In 2024, the company's revenue, PPOP, and net profit attributable to shareholders decreased by 10.9%, 10.8%, and 4.2% year-on-year, respectively. The growth rates for these metrics improved compared to the first three quarters of 2024 [8][11]. - The loan scale decreased by 1.0% year-on-year by the end of 2024, with retail high-risk loans being reduced significantly. Retail loans fell by 10.6%, primarily due to reductions in consumer loans (70.6 billion CNY), credit cards (83.4 billion CNY), and operational loans (79.1 billion CNY). Conversely, corporate loans increased by 17.0% year-on-year [8][9]. - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points year-on-year, influenced by market changes and proactive asset structure adjustments [8][11]. Asset Quality and Risk Indicators - By the end of 2024, the non-performing loan ratio was 1.06%, remaining stable year-on-year and quarter-on-quarter. The retail non-performing loan ratio was 1.39%, showing slight fluctuations, while the corporate non-performing loan ratio was 0.70%, reflecting increased risk exposure in manufacturing and real estate sectors [4][11]. - The provision coverage ratio at the end of 2024 was 250.71%, indicating a strong buffer against potential loan losses [4][11]. Market Performance - The company's stock performance relative to the market showed a decline of 12% from March 2024 to March 2025, compared to the CSI 300 index [6].

2025 年 03 月 16 日 平安银行(000001.SZ) 零售规模仍在降，但风险已现改善 ——平安银行 2024 年报点评 事件：平安银行公布 2024 年报，2024 年营收同比增速为-10.93% （2024 年前三季度为-12.58%），拨备前利润同比增速为-10.83% （2024 年前三季度为-13.69%），归母净利润同比增速为-4.19% （2024 年前三季度为 0.24%）。 当前平安银行改革转型之路尚未走完，导致其业绩增长呈现一定 压力，与市场认知基本一致，对于去年四季度基本面表现，平安 银行营收增长跟随银行同业趋势缓慢回升，但利润增速却明显下 降，营收与利润增速有所分化，我们点评如下： 平安银行去年四季度归母净利润同比增速为-29.93%，其中非息 收入增长、成本压降是主要支撑因素，而生息资产同比下降、净 息差持续收窄、拨备计提力度加大、税收增加则对业绩增长形成 拖累。 生息资产扩张继续放缓。去年四季度，平安银行生息资产（日 均余额）同比下降 2.03%，余额连续两个季度均有所下行，其中信 贷、债券资产增速均有不同程度的下降，仅低风险的同业资产增 速表现尚可。从信贷内部结构观察， ...

证 券 研 究 报 告 平安银行（000001）2024 年报点评 推荐（维持） 结构调整仍在进行，高端客户基本盘稳 目标价：13.28 元 事项： ❖ 3 月 14 日晚，平安银行披露 2024 年年报，全年实现营业收入 1466.95 亿元， 同比下降 10.9%；归母净利润 445.08 亿元，同比-4.2%。不良率 1.06%，环比 持平，拨备覆盖率 251%，环比持平。 评论： 公司研究 全国性股份制银行Ⅲ 2025 年 03 月 16 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 1,940,591.82 | | --- | --- | | 已上市流通股(万股) | 1,940,561.75 | | 总市值(亿元) | 2,322.89 | | ...

2025 年 3 月 16 日 公司研究 结构调整进行中，不良率保持稳定 ——平安银行（000001.SZ）2024 年年报点评 | 市场数据 | | | --- | --- | | 总股本(亿股) | 194.06 | | 总市值(亿元)： | 2,322.89 | | 一年最低/最高(元)： | 9.17/13.14 | | 近 3 月换手率： | 55.64% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 3.31 | -4.27 | -6.66 | | 绝对 | 4.82 | 3.55 | 28.11 | 资料来源：Wind 要点 增持（维持） 当前价：11.97 元 作者 分析师：王一峰 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 事件： 3 月 14 日，平安银行发布 2024 年年报，全年实现营业收入 1467 亿，同比下降 10.9%；实现归母净利润 445 亿，同比下降 4.2%。加权平均净资产收益率 10. ...

Investment Rating - The report maintains an "Accumulate" rating for Ping An Bank (000001.SZ) with a current price of 11.97 CNY [1]. Core Insights - Ping An Bank's 2024 annual report shows a decline in operating income by 10.9% year-on-year to 146.7 billion CNY and a net profit attributable to shareholders of 44.5 billion CNY, down 4.2% year-on-year [3][4]. - The bank's net interest income decreased by 20.8% year-on-year, while non-interest income grew by 14% [4][10]. - The bank is undergoing a retail business transformation, with corporate banking becoming a key support for stabilizing net profit [5][6]. - The non-performing loan (NPL) ratio remained stable at 1.06%, with a provision coverage ratio above 250% [11][12]. Financial Performance Summary - For 2024, Ping An Bank's operating income and net profit decreased by 10.9% and 4.2% respectively, with a weighted average return on equity (ROE) of 10.08%, down 1.3 percentage points year-on-year [3][4]. - The bank's net interest margin (NIM) for 2024 was 1.87%, with a decrease of 6 basis points from the previous quarters [9]. - Non-interest income saw a significant increase, primarily driven by a 68.7% rise in net other non-interest income [10]. Asset Quality and Risk Management - The bank's NPL ratio held steady at 1.06%, with a slight increase in corporate NPLs and a decrease in retail NPLs [11][12]. - The bank has actively reduced high-risk retail loans, focusing on stable mortgage and secured lending [6][7]. - The provision for credit losses was 49.4 billion CNY for the year, a decrease of 16.4% year-on-year [11]. Capital Adequacy and Dividends - As of the end of 2024, the core tier 1 capital adequacy ratio was 9.12%, with a cash dividend payout ratio of 27%, slightly down from the previous year [12][15]. - The bank's total assets increased to 5.77 trillion CNY, with risk-weighted assets growing by 6.5% year-on-year [27][28]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 and 2026 has been revised down to 2.24 CNY and 2.26 CNY respectively, with a new forecast for 2027 at 2.30 CNY [12][15]. - The current price-to-book (PB) ratio is projected at 0.51 for 2025, 0.48 for 2026, and 0.45 for 2027 [12][15].

执业证书编号：S0740523110002 Email：mazh@zts.com.cn 股份制银行Ⅱ 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：马志豪 | 总股本(百万股) | 19,405.92 | | --- | --- | | 流通股本(百万股) | 19,405.57 | | 市价(元) | 11.97 | | 市值(百万元) | 232,288.84 | | 流通市值(百万元) | 232,284.70 | 1、《详解平安银行 2024 中报：净利 润同比增+1.9%；调结构继续、中期 分红方案落地》2024-08-19 2、《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》2024-04-24 详解平安银行 2024 年报： 调结构显效，营收降幅收窄，资产质量夯实 平安银行（000001.SZ） 证券研究报告/公司点评报告 2025 年 03 月 16 日 | 评级： | 增持（维持） | 公司盈利预测及 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [1] Core Views - The capital market has anticipated the pressure on Ping An Bank's profit for 2024, primarily due to a continuous decline in revenue and proactive provisioning, which has turned profit growth negative. The bank's revenue for 2024 decreased by 10.9% year-on-year, while net profit attributable to shareholders fell by 4.2% [6][8] - The report highlights the ongoing optimization of the retail structure and a reduction in high-risk loans, indicating that credit growth will depend on the recovery of demand from low-risk retail customers [6][11] Financial Data and Profit Forecast - Revenue and profit forecasts for Ping An Bank from 2023 to 2027 are as follows: - Total revenue (million): 2023: 164,699, 2024: 146,695, 2025E: 134,677, 2026E: 133,440, 2027E: 138,182 [5] - Net profit (million): 2023: 46,455, 2024: 44,508, 2025E: 44,109, 2026E: 44,407, 2027E: 45,677 [5] - The report projects a decline in net profit growth rates for 2025-2026, with estimates of -0.9% and 0.7% respectively [6][9] Key Financial Metrics - As of the end of 2024, the bank's non-performing loan (NPL) ratio remained stable at 1.06%, while the provision coverage ratio decreased to 251% [4][6] - The bank's net interest margin for Q4 2024 was reported at 1.7%, reflecting a quarter-on-quarter decline of 17 basis points [9][12] - The report notes a significant reduction in retail loans, with a total decrease of 334 billion yuan in 2024, including a reduction of over 210 billion yuan in retail loans [6][11] Asset Quality and Risk Management - The report emphasizes the importance of actively managing problem assets and maintaining a stable asset quality, with a focus on potential risks in real estate loans and retail loan risk mitigation [9][14] - The bank's proactive approach to asset write-offs and provisioning is highlighted as a strategic move to strengthen its financial position [9][14] Dividend Policy - The dividend payout ratio for 2024 has been reduced to 28.3%, aligning with the industry average, which corresponds to an estimated dividend yield of approximately 5.08% for 2025 [6][9]

公 华福证券 司 研 究 公 司 财 报 平安银行（000001.SZ） 压力释放，靴子落地——2024 年报点评 投资要点： （一）2024Q4 业绩点评 Q4 单季，营收增速降幅相较 Q3 明显收窄，利润增速降幅扩大， 资产质量保持稳定。 营收端：2024Q4，营收增速为-5.3%，降幅较 Q3 收窄 6.5pct，主 要是由于 2024 年四季度利率快速下行，债券投资等其他非息收入同比 增长 123%。 点 评 利润端：2024Q4，归母净利润增速为-29.9%，降幅较 Q3 扩大 27.1pct，主要是由于 2024Q4 计提拨备约 174 亿元，同比 2023Q4 多计 提 16.6 亿元。但从 2024 年全年来看，拨备计提规模为 494 亿元，同比 2023 年全年少计提约 97.4 亿元。我们认为，前三季度为了维持利润正 增长而减少了拨备计提，四季度则加大对不良的认定、拨备的补充计 提以及核销。 资产质量：截至 2024 年末，不良率为 1.06%，持平于 Q3。关注 率为 1.93%，较 Q3 末下降 4bp。具体来看： 零售贷款不良率为 1.39%，较 Q3 下降 4bp。分产品看，按揭贷 ...