Group 1: Financial Performance and Projections - The net interest margin is expected to face downward pressure due to market interest rate declines and insufficient effective credit demand, with a proactive adjustment of the asset-liability structure to mitigate this impact [1] - As of September 2023, the personal loan non-performing rate was 1.43%, an increase of 0.06 percentage points from the end of the previous year, reflecting a gradual recovery in repayment capacity among some personal clients [1] - The bank plans to distribute 10% to 35% of the distributable profits as cash dividends annually from 2024 to 2026 [1] Group 2: Loan Structure and New Business Areas - As of September 2023, the total personal loan balance was 1,787.35 billion CNY, a decrease of 9.6% from the end of the previous year, with credit card receivables down 12.5% [1] - New loans in three emerging industries amounted to 157.76 billion CNY from January to September 2023, representing a year-on-year growth of 47.3% [3] - Supply chain financing reached 1,132.11 billion CNY in the same period, a year-on-year increase of 22.8%, with 30,652 enterprises receiving bill financing services [3]

特此公告。 平安银行股份有限公司董事会 2024 年 11 月 8 日 关于 2024 年无固定期限资本债券发行完毕的公告 本公司及董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。 经相关监管机构批准，平安银行股份有限公司（以下简称"本行"）于近日 在全国银行间债券市场发行了总额为 200 亿元人民币的无固定期限资本债券（以 下简称"本期债券"）。 本期债券于 2024 年 11 月 5 日簿记建档，于 2024 年 11 月 7 日发行完毕。本 期债券发行规模为人民币 200 亿元，前 5 年票面利率为 2.45%，每 5 年调整一 次，在第 5 年及之后的每个付息日附发行人有条件赎回权。 本期债券募集资金将依据适用法律和监管部门的批准，用于补充本行其他一 级资本。 证券代码：000001 证券简称：平安银行 公告编号：2024-052 优先股代码：140002 优先股简称：平银优 01 平安银行股份有限公司 ...

证券代码：000001 证券简称：平安银行 公告编号：2024-051 优先股代码：140002 优先股简称：平银优 01 一、关联交易概述 （一）本次关联交易基本情况 平安银行股份有限公司（以下简称"平安银行"或"本行"）第十二届董事会第 三十二次会议审议通过了《关于与部分关联方关联交易的议案》，同意与平安养老保 险股份有限公司（以下简称"平安养老"）、平安不动产有限公司（以下简称"平安 不动产"）、中国平安财产保险股份有限公司（以下简称"平安产险"）、中国平安 人寿保险股份有限公司（以下简称"平安人寿"）、平安普惠融资担保有限公司（以 下简称"平安普惠"）进行协定存款业务合作；同意向壹账通金融科技有限公司（以 下简称"壹账通"）提供金融和物业租赁服务，并向壹账通购买产品及服务，签订《产 品及服务提供协议》《金融服务采购协议》《物业租赁协议》和《执行协议》；同意 委托深圳平安综合金融服务有限公司（以下简称"平安金服"）提供信用卡逾期账户 催收服务，以提升信用卡催收回收回退金额。 （三）审议表决情况 根据相关监管规定及本行关联交易管理办法，上述业务需经董事会独立董事专门 会议、董事会关联交易控制委员会审议通过 ...

证券代码：000001 证券简称：平安银行 公告编号：2024-050 优先股代码：140002 优先股简称：平银优 01 平安银行股份有限公司董事会决议公告 本公司及董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"本行"）第十二届董事会第三十二次会 议以书面传签方式召开。会议通知以书面方式于 2024 年 10 月 28 日向各董事发 出，表决截止时间为 2024 年 10 月 31 日。本次会议的召开符合有关法律、法规、 规章和本行章程的规定。会议应到董事 13 人（包括独立董事 5 人），董事长谢 永林，董事冀光恒、郭晓涛、蔡方方、付欣、郭建、项有志、杨志群、杨军、艾 春荣、吴志攀、刘峰和潘敏共 13 人参加了会议。 本议案同意票 9 票，反对票 0 票，弃权票 0 票。 董事长谢永林、董事郭晓涛、蔡方方和付欣回避表决。 具体内容请见本行于同日在巨潮资讯网（www.cninfo.com.cn）披露的《平安 银行股份有限公司关联交易公告》。 特此公告。 平安银行股份有限公司董事会 2024 年 11 月 2 日 本次会议审议通过了《 ...

Group 1 - The company has reached an agreement with Ping An Bank to add the Ping An Bank E-Tong platform as a sales channel for its fund starting from October 28, 2024 [1] - The new sales fund range includes the ability for investors to enjoy fee discounts when subscribing and investing through the Ping An Bank E-Tong platform [1][2] - The fund conversion service allows investors to directly convert their holdings in one fund to another managed by the same fund manager without redeeming first [1][2] Group 2 - Fund conversion can only occur within the same sales institution, and both funds must be managed by the same fund manager and registered with the same registrar [1][2] - The conversion process includes specific rules regarding the status of the funds, timing of transactions, and calculation of fees [2][3] - In cases of significant redemptions, the fund manager may prioritize fund conversions and can suspend conversion services under certain conditions [3][4] Group 3 - Investors are encouraged to read the fund contracts and prospectuses for detailed information about the funds [4] - The company provides customer service contact information for inquiries regarding fund products [4]

Investment Rating - The investment rating for Ping An Bank is "Buy" with a target price of 14.50 CNY, indicating a potential upside of 23% from the current price of 11.81 CNY [1][3]. Core Insights - Ping An Bank demonstrated resilient profitability with a year-on-year net profit growth of 0.24% in Q3 2024, supported by a release of provisions amounting to approximately 11.4 billion CNY [2][7]. - The bank's asset quality improved, with a non-performing loan (NPL) ratio of 1.06%, a slight decrease from the previous half [2][16]. - The bank's net interest income decreased by 20.60% year-on-year due to the impact of central bank policies, while non-interest income increased by 7.63% [2][10]. Financial Performance Summary - As of Q3 2024, Ping An Bank reported total revenue of approximately 1115.82 billion CNY, with net interest income of 725.36 billion CNY and non-interest income of 390.46 billion CNY [2][7]. - The bank's net interest margin (NIM) was 1.93%, reflecting a narrowing trend but with a slower decline compared to previous periods [9][19]. - The bank's total interest-bearing assets reached 60,787 billion CNY, showing a 0.8% increase from the previous half [13][19]. Asset Quality - The NPL ratio improved to 1.06%, down 0.01 percentage points from the previous half, with a provision coverage ratio of 251.2% [2][16]. - The bank's NPL generation rate was 1.24% on a quarterly annualized basis, indicating a slight increase compared to the previous year [16][19]. Profitability Forecast - The forecasted net profit growth for Ping An Bank from 2024 to 2026 is projected at 2.72%, 2.18%, and 3.46% respectively, with corresponding book value per share (BPS) estimates of 23.32 CNY, 25.05 CNY, and 26.65 CNY [3][19].

Investment Rating - The report maintains a "Strong Buy" rating for Ping An Bank [1][6][7] Core Views - Ping An Bank's revenue continues to face pressure, but net profit shows slight growth due to effective cost management and provisioning [2][7] - The bank is undergoing a structural adjustment in its retail business, focusing on reducing high-risk assets and improving risk management [5][6] - The bank's net interest margin (NIM) is under pressure but shows signs of stabilization due to improving funding costs [6][7] Summary by Sections Revenue Performance - In Q3 2024, Ping An Bank reported revenue of CNY 111.58 billion, a year-on-year decrease of 12.6%, but the decline rate has narrowed compared to the first half of 2024 [2][5] - Net interest income fell by 20.6% year-on-year, while other non-interest income increased by 52.6%, contributing significantly to revenue [2][6] Cost Management - The bank has effectively controlled expenses, with management costs down by 9.8% year-on-year, helping to maintain net profit growth [2][6] - Credit impairment losses decreased by 26.3% year-on-year, supporting the positive net profit growth of 0.2% [2][7] Asset Quality - As of September, the non-performing loan (NPL) ratio was 1.06%, showing a slight improvement, while the coverage ratio remains robust at 251.2% [7][8] - The bank is focusing on improving the quality of its loan portfolio, particularly in the retail sector, where certain segments have shown increased NPL rates [7][8] Future Outlook - The bank's net profit is expected to grow at a compound annual growth rate (CAGR) of 1.0%, 2.5%, and 5.0% from 2024 to 2026, with corresponding book value per share (BVPS) estimates of CNY 23.16, 25.64, and 28.25 [7][8] - The current market price of CNY 11.81 per share reflects a price-to-book ratio of 0.51, indicating potential upside [7][8]

Investment Rating - The report maintains a "Buy" rating for Ping An Bank, with a target PB of 0.54x for 2024 [6][12] Core Views - Ping An Bank's revenue continued to decline in 9M24, with a year-on-year drop of 12.6%, while net profit attributable to shareholders grew slightly by 0.2% [6][7] - The bank's asset quality remained stable, with a non-performing loan (NPL) ratio of 1.06% in 3Q24, down 1bp quarter-on-quarter [6][8] - The bank is actively optimizing its asset structure, reducing high-risk retail loans and increasing exposure to infrastructure, new energy, and other emerging industries [9][12] Financial Performance - Net interest income in 9M24 decreased by 21% year-on-year, contributing to a 14.9 percentage point drag on revenue growth [7] - Non-interest income grew by 8.1% year-on-year in 9M24, contributing 2.3 percentage points to revenue growth [7] - The net interest margin (NIM) in 3Q24 was 1.87%, down 4bps quarter-on-quarter, but the decline has narrowed compared to previous quarters [10] Asset Quality - The NPL ratio for corporate loans remained stable at 0.66% in 3Q24, while the retail NPL ratio increased slightly by 1bp to 1.43% [11] - The provision coverage ratio stood at 251% in 3Q24, down 13.1 percentage points quarter-on-quarter [6][11] - The bank wrote off 47.7 billion yuan in loans in the first three quarters of 2024, a 7% increase year-on-year [11] Loan Structure - Total loans decreased by 1.2% year-on-year in 3Q24, with a net reduction of 30.2 billion yuan in the quarter [8][9] - The bank reduced high-risk retail loans, including credit cards and consumer loans, by approximately 400 billion yuan in 3Q24 [9] - Corporate loans increased by 41% year-on-year in key sectors such as infrastructure, new energy, and manufacturing [9] Profitability and Valuation - The bank's ROE is expected to decline from 10.57% in 2024E to 9.69% in 2026E [12][20] - EPS is projected to grow from 2.27 yuan in 2024E to 2.39 yuan in 2026E [20] - The cost-to-income ratio is expected to remain stable at around 27.7% from 2024E to 2026E [20] Industry Comparison - Ping An Bank's 2024E P/B ratio of 0.54x is lower than the A-share banking sector average of 0.64x [22] - The bank's 2024E ROE of 10.6% is slightly above the A-share banking sector average of 10.4% [22] - Ping An Bank's dividend yield of 6.0% for 2024E is higher than the sector average of 4.8% [22]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][4]. Core Views - The company's revenue for the first three quarters of 2024 decreased by 12.6% year-on-year, while the net profit attributable to the parent company increased by 0.2% year-on-year. In Q3 2024, revenue decreased by 11.7% year-on-year, and net profit decreased by 2.8% year-on-year. The overall asset quality has improved, with steady growth in corporate loans and a narrowing decline in net interest margin [3][4]. - The annualized return on assets (ROA) for Q3 2024 decreased by 0.07 percentage points to 0.96%, and the annualized return on equity (ROE) decreased by 1.24 percentage points to 12.67%. The core Tier 1 capital adequacy ratio increased by 0.1 percentage points to 9.33% [3][4]. - The overall non-performing loan (NPL) ratio decreased by 1 basis point to 1.06%. The corporate loan NPL ratio remained stable at 0.66%, while the personal loan NPL ratio increased by 1 basis point to 1.43%. The company is actively adjusting its customer and asset structure to enhance the management of non-performing loans [3][4]. Summary by Sections Financial Performance - Revenue for 2024 is projected to be 148.612 billion yuan, a decrease of 9.77% year-on-year. The net profit is expected to be 46.321 billion yuan, with a slight decrease of 0.29% year-on-year. The EPS for 2024 is estimated at 2.22 yuan [5][17]. - The average ROE is projected to decline from 11.37% in 2023 to 10.42% in 2024, and the average ROA is expected to decrease from 0.80% in 2023 to 0.77% in 2024 [5][17]. Asset Quality - The company has strengthened its efforts in recovering non-performing assets, particularly in the real estate sector, contributing to the stability of overall asset quality. The provision coverage ratio is 251.19%, down by 13.1 percentage points [3][4]. - The overdue loan ratio increased by 15 basis points to 1.54%, while the attention loan ratio rose by 12 basis points to 1.97% [3][4]. Valuation - The reasonable value range for the company is estimated to be between 12.85 yuan and 13.22 yuan, corresponding to a PE ratio of 5.80 to 5.96 times for 2024. The PB ratio for 2024 is estimated at 0.60 times [4][5].

Investment Rating - The report maintains a rating of "Accumulate" for Ping An Bank with a current price of 12.04 CNY [1]. Core Views - Ping An Bank's revenue for the first three quarters of 2023 was 111.6 billion CNY, a year-on-year decrease of 12.6%, while net profit attributable to shareholders was 39.7 billion CNY, showing a slight increase of 0.2% [3][4]. - The bank's net interest income decreased by 20.6% year-on-year, but the decline was less severe compared to the first half of 2024 [4]. - Non-interest income grew by 7.6% year-on-year, primarily driven by a significant increase in net other non-interest income [6]. - The bank's non-performing loan (NPL) ratio slightly decreased to 1.06% as of the end of Q3 2024, indicating effective asset management [6][7]. Summary by Sections Revenue and Profitability - For the first three quarters of 2023, Ping An Bank reported a revenue of 111.6 billion CNY, down 12.6% year-on-year, and a net profit of 39.7 billion CNY, up 0.2% year-on-year [3][4]. - The weighted average return on equity (ROE) was 12.2%, a decrease of 0.95 percentage points year-on-year [3]. Loan and Asset Quality - As of Q3 2024, the bank's interest-earning assets grew by 4.4% year-on-year, with public loans increasing by 21.1% while retail loans decreased by 12.7% [4][6]. - The NPL ratio was 1.06%, down 1 basis point from the previous quarter, with a total of 477 billion CNY in loans written off in the first three quarters [6][7]. Non-Interest Income - Non-interest income reached 39.1 billion CNY, with a year-on-year growth of 7.6%, supported by a 52.6% increase in net other non-interest income [6][8]. Capital Adequacy - As of Q3 2024, the core Tier 1 capital adequacy ratio remained stable at 9.33%, with total capital adequacy ratio at 13.39% [7][19]. Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 2.40, 2.45, and 2.56 CNY respectively, with the current stock price corresponding to a price-to-book (PB) ratio of 0.54, 0.50, and 0.46 [7][8].