编号：2024-006 1 证券代码：000001 证券简称：平安银行 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 平安银行（000001）公司半年报点评 2024 年 08 月 22 日 平安银行 海通综指 -21.95% -15.95% -9.95% -3.95% 2.05% 8.05% 2023/8 2023/11 2024/2 2024/5 股票数据 | --- | --- | |-------------------------------------------|----------------------| | [08Table_StockInfo 月 21 日收盘价（元）] | 10.35 | | 52 周股价波动（元） | 8.96-11.93 | | 股本结构 | | | [总股本（ Table_CapitalInfo 百万股） ] | 19406 | | 流通 A 股（百万股） | 19406 | | B 股/H 股（百万股） | 0/0 | | 相关研究 | | | [Table_ReportInfo] 《平安银行 2024 | 年一季报点评：利润同 | | 比 正 增 长 ， 资 产 质 量 管 控 加 强 》 | | | 20 ...

上市股份行首份半年报，平安银行：战略改革期盈利持续增 长，中期分红落地，瞄准高质量发展 导语：改革蓄力中的平安银行。 作者：市值风云 App：beyond 最近，风云君在整理银行业的半年报，正好 8 月 16 日平安银行（000001.SZ， 公司）率先发布了 2024 年半年报，而且一听是国家队持有公司股份，顿时来了 兴趣。 众所周知，"国家队"资金体量达万亿级别，其动向一直是市场关注的焦点。平 安银行 2024 年半年报显示，中国证金（中国证券金融股份有限公司）持有公司 2.21%的股份，事实上，中国证金已连续持有公司股份长达 9 年。 近两年，国内宏观经济不断探底，对银行业经营形成较大考验。平安银行自身也 经历了业务与管理团队的调整。至今年半年报发布，平安银行党委书记、行长冀 光恒履任满一年。我们正好来一起探究平安银行这份财报，所展现出的成果。 一、主动压降规模，盈利保持增长 2024H1，平安银行营收 771 亿元，同比下滑 13%；归母净利润 259 亿元，同 比增长 2%。 （来源：公司 2024 年中报） 2024 年二季度末，公司总资产同比增速 4.6%，这应该更多与公司的架构和业 务调整有关 ...

Investment Rating - The investment rating for Ping An Bank is maintained at "Accumulate" [2][8]. Core Views - The bank announced a mid-term dividend with a payout ratio of 18.4%, distributing cash of 2.46 yuan per 10 shares, resulting in a non-annualized dividend yield of 2.45% based on the closing price on August 15 [2]. - Total assets grew by 4.61% year-on-year, while financial investments increased by 14.08%. As of June 30, 2024, corporate loans accounted for 46.6% of the loan structure, up by 4.6 percentage points from the beginning of the year [2]. - Asset quality indicators remained stable, with a non-performing loan ratio of 1.07% and a provision coverage ratio of 264.26%, reflecting a slight increase [2]. - The bank's cost of liabilities showed slight improvement in Q2 2024, with net interest margin and interest-earning asset yield decreasing by 10 and 19 basis points, respectively [2]. - Profit forecasts have been adjusted downwards due to business restructuring and weak overall demand, with projected net profits for 2024-2026 at 464 billion, 475 billion, and 494 billion yuan, respectively [2][3]. Summary by Sections Financial Performance - Revenue for 2024E is projected at 148,761 million yuan, with a growth rate of -9.7% [3]. - Net profit for 2024E is estimated at 46,443 million yuan, showing no growth compared to the previous year [3]. - Earnings per share for 2024E is expected to be 2.39 yuan, with a price-to-earnings ratio of 4.19 [3]. Asset and Liability Management - Total loans are projected to reach 3,441,584 million yuan by the end of 2024, with a slight increase in total assets to 5,882,903 million yuan [3]. - The bank's total liabilities are expected to be 5,380,330 million yuan in 2024, with total equity projected at 502,573 million yuan [3].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a year-on-year revenue decline of 13.0% in the first half of 2024, while net profit increased by 1.9% [5][9] - The company is expected to benefit from structural adjustments and improved asset quality, with a long-term outlook of transforming into a high-quality bank [6] Summary by Sections Revenue and Profitability - The company's total revenue for the first half of 2024 was 145,606 million yuan, reflecting a year-on-year decrease of 13.0% [4][9] - Net profit for the same period was 47,497 million yuan, showing a year-on-year increase of 1.9% [4][9] - Net interest income decreased by 21.6% year-on-year, while non-interest income increased by 8.0% [5][9] Interest Income and Costs - The annualized net interest margin decreased by 10 basis points to 1.91% in the first half of 2024 [14] - The yield on interest-earning assets fell by 19 basis points to 4.06%, while the cost of liabilities decreased by 10 basis points to 2.20% [14][18] Asset and Liability Structure - The company continued to adjust its asset structure, with new loans primarily supported by corporate lending [20] - In the second quarter of 2024, new loans totaled 141.76 billion yuan, with corporate loans increasing by 115.17 billion yuan and retail loans decreasing by 89.22 billion yuan [20] Non-Interest Income - Non-interest income showed a significant increase of 56.7% year-on-year, primarily driven by other non-interest income [5][9] Asset Quality - The company reported an improvement in asset quality, with a non-performing loan generation rate of 2.18% in the second quarter, a slight decrease from the previous quarter [5][9]

平安银行(000001)/银行 证券研究报告/公司点评 2024 年 08 月 18 日 [Table_Industry] [Table_Title] 评级：增持(维持) 市场价格：10.13 分析师 戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师 邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师 马志豪 执业证书编号：S0740523110002 Email： mazh@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|---------| | 总股本(百万股) | 19,406 | | 流通股本(百万股) | 19,406 | | 市价(元) | 10.13 | | 市值(百万元) | 196,582 | | 流通市值(百万元) | 196,579 | [Table_QuotePic] 股价与行业-市场走势对比 -30% -20% -10% 0% 10% 20% 平安银行 沪深300 银行(申万) 公司持有该股票 ...

平安银行（000001.SZ）：净利润保 持正增长，中期分红方案落地 2024 年 8 月 19 日 强烈推荐/维持 平安银行 公司报告 ——2024 年半年报点评 事件：8 月 15 日，平安银行公布 2024 年半年报，24H1 实现营收、拨备前利 润、净利润 771.3 亿、552.4 亿、258.8 亿，分别同比-13%、-14.1%、+1.9%。 年化加权平均 ROE 为 11.88%，同比下降 0.77pct。点评如下： 营收预期内承压、拨备反哺利润正增，中期分红比例 18.4%。 收入端：净利息收入、中收承压，其他非息收入贡献进一步提升。24H1 平安 银行营收同比 -13%，降幅环比 Q1 收窄 1pct；主要贡献来自其他非息收入。 具体来看：① 净利息收入同比 -21.6%，降幅与 Q1 基本持平。主要是净息差 持续收窄、信贷规模增速进一步放缓。24H1 净息差为 1.96%，环比 Q1 下降 5bp。6 月末贷款余额同比增速为-0.7%，环比下降 2pct。② 手续费及佣金净 收入同比 -20.6%，降幅环比 Q1 扩大 1.5pct。其中，代理及委托中收同比下 降 40.6%，主要是受银 ...

也是在这里与大家第一次正式的见面到现在正好是一年的时间所以今天的业绩发布会既是我们平原银行在当前形势下对上半年经过程和业绩的一次汇报同时也想借这次机会就平原银行接下来转型发展的一些思路来与各位朋友更深度的进行沟通 好 接下来请与我介绍出席本次发布会的我行嘉宾他们是天津行党委书记行长季光恒先生副行长兼首席财务官向友志先生副行长杨志群先生 行长助理张召辉先生行长助理兼首席风险官吴立明先生以及我行独立董事及总行各主要部门的这个业务负责人下面我们首先有请便宜航党委书记行长西瓜衡先生为大家致辞有请西航 各位投资者分析师媒体界的朋友们大家上午好欢迎大家参加平安银行2024年中期业绩发布会很开心又次和大家在这里见面上半年宏观经济 延续复苏态势银行业总体保持平稳但银行经营的不确定性仍然较大7月30日中央政治局会议指出当前外部环境变化带来的不利影响增多国内有效需求不足经济运行出现分化重点领域风险隐患仍然较多新旧动能转换存在阵痛 前不久召开的二十届山东全会也对进一步全面深化改革推动中国式现代化指明了方向上半年国内经济运行保持在合理区间延续回升向好态势但宏观数据和行业主体之间存在一定的温差银行业的营收利润增长整体沉压利息快速收窄 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 18 年 月 日 平安银行（000001.SZ） 息差降幅收窄，不良生成率环比改善 事件：平安银行公布 2024 年中期业绩，2024 年上半年实现营业收入 771.32 亿元，同比下降 13.0%，较 1-3 月同比降幅收窄 1.1pc；实现归母 净利润 258.79 亿元，同比增长 1.9%，较 1-3 月同比增速下降 0.3pc。公 司公布 2024 年中期利润分配方案，每 10 股派发现金股利 2.46 元，测算 分红比例为 18.4%。 业绩：息差降幅收窄、投资收益亮眼 上半年营收、归母净利润同比增速分别为-13.0%、+1.9%，分别较 1-3 月 同比增速+1.1pc、-0.3pc，营收同比增速降幅收窄，主要得益于净息差降 幅收敛、投资收益增加，此外上半年信用成本较一季度提升 0.3pc 至 1.39%，使得归母净利润增速较一季度有所下降。 1）利息净收入：上半年利息净收入同比增速为-21.6%，较一季度增速基 本持平，上半年净息差为 1.96%，较一季度环比仅下降 5bps，主要源于 负债端成本改善。 A、资产端：24H1 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [2] Core Views - The bank's performance and asset quality are in line with expectations, despite a decline in revenue [2] - The bank's net profit for the first half of 2024 increased by 1.9% year-on-year, while total revenue decreased by 13% [2][6] - The bank is focusing on optimizing its credit structure and reducing high-risk assets to ensure long-term healthy development [7] Financial Data and Earnings Forecast - Total revenue for 2024E is projected at 141,080.03 million, with a year-on-year growth rate of -14.34% [2] - The net profit attributable to shareholders is expected to be 46,986.28 million in 2024, with a growth rate of 1.14% [2] - The bank's return on equity (ROE) is projected to decline from 12.36% in 2024 to 9.69% by 2026 [2] - The bank's non-performing loan (NPL) ratio is expected to remain stable at 1.07% [2][7] Asset Quality and Risk Management - The bank's NPL ratio remained stable at 1.07% in Q2 2024, with a slight decrease in the NPL generation rate to 1.63% for the first half of 2024 [7][11] - The bank has increased its provision coverage ratio to 264% in Q2 2024, reflecting improved risk management [7] - The bank's strategy includes reducing high-risk retail loans and optimizing its credit structure to mitigate risks [6][7] Market Performance - As of August 15, 2024, the bank's closing price was 10.03 yuan, with a price-to-book (PB) ratio of 0.45 [1] - The bank's stock has shown a year-to-date performance that reflects the challenges in revenue generation but maintains a focus on long-term growth [2][6]