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]

2024 年 8 月 16 日 公司研究 盈利维持正增，中期分红安排出炉 ——平安银行（000001.SZ）2024 年半年报点评 买入（维持） 当前价：10.03 元 作者 分析师：王一峰 分析师：董文欣 010-57378035 执业证书编号：S0930521090001 dongwx@ebscn.com 市场数据 | --- | --- | |---------------------|------------| | 总股本(亿股) | 194.06 | | 总市值(亿元)： | 1,946.41 | | 一年最低/最高(元)： | 8.36/11.13 | | 近 3 月换手率： | 54.02% | 股价相对走势 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | % | 1M | 1Y | | | 相对 | 1.85 | 4.41 | 4.09 | | 绝对 | -2.62 | -3.79 | -8.39 | 资料来源：Wind 要点 事件： 8 月 15 日，平安银行发布 2024 年半年度报告，上半年实现营业收入 ...

Investment Rating - The investment rating for Ping An Bank is "Accumulate" with a target price of 12.60, unchanged from the previous rating [4]. Core Views - Ping An Bank has undergone strategic upgrades and business transformations over the past year, nearing the end of its transitional pain period. The bank's performance is expected to improve in the second half of the year due to solid foundations and refined operations [9]. - The bank has shown positive signals in Q2 2024, including significant growth in retail demand deposits and marginal improvement in non-performing loan generation rates. The low base from H2 2023 is expected to contribute to better performance [9]. - A cash dividend plan has been announced, proposing a 20% distribution of the net profit attributable to ordinary shareholders for H1 2024, reflecting confidence in future development [9]. Financial Summary - For 2022A, the operating income was 179,895 million, with a projected decline to 149,896 million in 2024E, followed by a gradual recovery [8]. - Net profit attributable to the parent company is expected to grow from 46,455 million in 2023A to 54,837 million by 2026E, with growth rates of 2.1%, 3.9%, 5.3%, and 7.9% for the respective years [8]. - The bank's total assets are projected to increase from 5,587,116 million in 2023A to 6,598,866 million by 2026E, indicating a steady growth trajectory [10]. Asset Quality and Performance - The non-performing loan ratio is expected to remain stable at 1.07% in 2024E, with a slight improvement to 1.05% by 2026E [10]. - The bank's capital adequacy ratio is projected to improve from 13.4% in 2023A to 14.4% in 2026E, indicating a strengthening capital position [10]. - The net interest margin is expected to decline slightly to 1.83% in 2024E, reflecting challenges in credit demand [10].

Investment Rating - The report maintains a "Recommended" investment rating for Ping An Bank, with a target price of 13.5 yuan [2][8]. Core Views - The bank's operating income for the first half of 2024 was 77.132 billion yuan, a year-on-year decrease of 13.0%, while net profit attributable to shareholders was 25.879 billion yuan, a year-on-year increase of 1.9% [2]. - The bank's non-performing loan ratio remained stable at 1.07%, with a provision coverage ratio of 264%, which increased by 3 percentage points from the previous quarter [2]. - The bank is focusing on optimizing its asset structure, reducing high-risk retail loans, and increasing support for corporate loans, particularly in key sectors such as manufacturing and green finance [2][8]. Summary by Sections Financial Performance - In Q2 2024, the bank's revenue decreased by 11.8% year-on-year, but the decline was narrowing. The net interest income fell by 21.6% year-on-year, while non-interest income saw a significant increase of 56.8% [2]. - The bank's management expenses decreased by 10% year-on-year, contributing to the positive net profit growth [2]. Asset Quality - The bank's asset quality indicators remained stable, with a non-performing loan ratio of 1.07% and a slight increase in the provision coverage ratio [2][8]. - The overdue loan balance and ratio decreased compared to the end of the previous year, indicating improved asset quality management [2]. Business Strategy - The bank is actively adjusting its asset structure, focusing on reducing high-yield risk assets and enhancing the balance of "volume, price, and risk" in its retail loan portfolio [2]. - The bank plans to increase lending in lower-risk areas such as housing mortgages and new energy vehicle loans while enhancing local operational capabilities [2]. Dividends and Shareholder Returns - The bank announced a mid-term dividend payout of 2.46 yuan per 10 shares, representing a dividend rate of nearly 20%, reflecting its commitment to returning value to shareholders [8].

Investment Rating - The report maintains a "Buy" rating for Ping An Bank (000001.SZ) with a current price of 10.03 yuan [1]. Core Insights - Ping An Bank reported a revenue of 77.1 billion yuan for the first half of 2024, a year-over-year decrease of 13%, while the net profit attributable to shareholders was 25.9 billion yuan, reflecting a year-over-year increase of 1.9% [4][5]. - The bank's return on equity (ROE) was 11.88%, down 0.77 percentage points year-over-year [4]. - The bank's mid-term dividend payout ratio is set at 18.4% based on net profit attributable to shareholders, with an overall dividend rate of 20% for ordinary shareholders [5]. Summary by Sections Financial Performance - Revenue and net profit growth rates for the first half of 2024 were -13% and 1.9%, respectively, with a slight improvement in the decline rate compared to the first quarter [5]. - Net interest income decreased by 21.6% year-over-year, primarily due to a slowdown in asset expansion and narrowing interest margins, while non-interest income grew by 8% [5][6]. Loan and Deposit Structure - As of the end of Q2 2024, the bank's interest-earning assets and loans grew by 4.4% and -0.7% year-over-year, respectively [5]. - Retail loans accounted for over 60% of total loans, with a notable increase in mortgage loans [5][6]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remained stable at 1.07%, with a slight increase of 1 basis point since the beginning of the year [7][11]. - The bank's capital adequacy ratios showed a decline due to dividend payments and increased capital consumption, with the core Tier 1 capital ratio at 9.33% [7][12]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 is set at 2.45, 2.54, and 2.67 yuan, respectively, with the current stock price corresponding to a price-to-book (PB) ratio of 0.45, 0.41, and 0.38 for the respective years [8][13].

Ping An Bank (000001) H1 2024 Earnings Call August 15, 2024 10:00 PM ET Speaker0 Dear investors, analysts, and media friends, good morning. Welcome to Ping An Bank's 2024 interim results announcement. I'm the board secretary, Zhou Xiang. Shenzhen has been raining for the past couple of days causing many flight delays. Today, we have so many guests here. We greatly appreciate that we have been focusing on their flights last night, though with all a lot of delays, but they have made the efforts to join us her ...

Investment Rating - The investment rating for Ping An Bank is maintained at "Neutral" [1][3]. Core Views - The bank's revenue growth has slightly rebounded, with a reported operating income of 77.1 billion yuan in the first half of 2024, a year-on-year decrease of 13.0%, but an increase of 1.0 percentage point compared to the first quarter [1]. - The net profit attributable to shareholders reached 25.9 billion yuan, reflecting a year-on-year growth of 1.9%, indicating sustained positive growth [1]. - The annualized weighted average ROE stands at 11.9%, down 0.8 percentage points year-on-year [1]. - Total assets grew by 4.6% year-on-year to 5.75 trillion yuan, slightly below the industry average growth of 7.3% [1]. - Retail AUM (Assets Under Management) maintained stable growth, reaching 4.12 trillion yuan, a year-to-date increase of 2.2% and a year-on-year increase of 6.7% [1]. Summary by Sections Revenue and Profitability - Operating income for the first half of 2024 was 771 billion yuan, down 13.0% year-on-year, but with a slight recovery in growth rate [1]. - Net profit attributable to shareholders was 25.9 billion yuan, up 1.9% year-on-year, maintaining positive growth [1]. - The average net interest margin decreased to 1.96%, down 59 basis points year-on-year, influenced by market interest rate declines and insufficient effective credit demand [1]. Asset Quality - The estimated non-performing loan generation rate for the first half of 2024 was 2.22%, up 24 basis points year-on-year [1]. - The non-performing loan ratio remained stable at 1.07% as of the end of the second quarter [1]. - The provision coverage ratio increased to 264%, up 2 percentage points from the previous quarter [1]. Financial Forecasts - The bank's net profit forecasts for 2024-2026 are 47 billion, 48.4 billion, and 51.8 billion yuan, with year-on-year growth rates of 1.1%, 3.0%, and 7.0% respectively [1][4]. - The diluted EPS for the same period is projected to be 2.23, 2.30, and 2.47 yuan [1][4]. - The current stock price corresponds to a PE ratio of 4.5, 4.4, and 4.1 times, and a PB ratio of 0.45, 0.42, and 0.39 times for the years 2024-2026 [1][4].

Investment Rating - The investment rating for Ping An Bank is maintained at "Buy - A" with a 6-month target price of 13 CNY [3]. Core Views - Ping An Bank's revenue growth is under pressure due to ongoing restructuring of its balance sheet, with a reported revenue decline of 12.95% in the first half of 2024 [1]. - The bank's net profit growth is modest, driven by reduced provisioning and growth in non-interest income, despite a significant contraction in net interest margin [1][2]. - The bank is focusing on "structural adjustment, quality improvement, and efficiency enhancement" as it continues to reshape its asset and liability structure [2]. Financial Performance Summary - For Q2 2024, the net profit growth was 1.5%, primarily supported by a decrease in provisioning and an increase in non-interest income, while net interest margin contracted significantly [1]. - The average daily balance of interest-earning assets grew by 1.37% year-on-year, with a notable decline in credit growth [1][9]. - Non-interest income increased by 11.1% year-on-year, benefiting from lower market interest rates and strong performance in bond investments [6]. - The bank's net interest margin for Q2 2024 was reported at 1.91%, down 10 basis points quarter-on-quarter and 56 basis points year-on-year [2][6]. Asset Quality and Risk Management - The non-performing loan (NPL) generation rate for the first half of 2024 was 1.81%, showing a decrease compared to the previous quarter [7]. - The bank's provisioning for credit impairment losses was 13.8 billion CNY in Q2 2024, a reduction of 23.1% year-on-year [7]. - The overall asset quality remains stable, with the NPL ratio holding steady at 1.07% as of Q2 2024 [17]. Future Outlook - The bank anticipates continued pressure on asset yields and net interest margin due to weak effective demand and ongoing structural adjustments [8]. - Revenue growth is projected to decline by 11.27% in 2024, with profit growth expected to be minimal at 0.06% [8].

持续调整结构，宣布中期分红 2024 年 08 月 16 日 事件：8 月 15 日，平安银行发布 24H1 财报。24H1 实现营收 771.3 亿元，YoY -13.0%；归母净利润 258.8 亿元，YoY+1.9%；不良率 1.07%，拨备覆盖率 264%。 ➢ 营收降幅边际收敛，归母净利润小幅正增。24H1 平安银行营收、归母净利 润同比增速较 24Q1 分别+1.1pct、-0.3pct。拆分来看，1）资产结构调整背景 下，贷款量价仍同时承压，24H1 净利息收入同比-21.6%；2）24H1 中收同比20.6%，银保渠道报行合一、权益类基金销量下滑等影响下，财富管理业务收入 仍存压力；3）债市行情推动之下，投资收益和公允价值变动收益增速较高，推 动其他非息收入同比+56.7%，为营收带来较大的正向贡献；4）转型背景下，信 用成本明显节约，24H1 信用减值损失同比-28.4%，支撑归母净利润保持正增长。 ➢ 调整结构进行时，零售信贷扩张速度放缓。资产业务结构的调整，短期内会 体现在信贷增速下行上，平安银行 24H1 末贷款总额同比-0.7%。结构上来看， 上半年贷款增量全部由对公端贡献，24H1 ...

Investment Rating - The investment rating for Ping An Bank is maintained at "Buy - A" with a target price of 13 CNY, reflecting a pessimistic expectation in the current valuation [3][8]. Core Insights - Ping An Bank's revenue growth rate for 2024 is projected at -11.27%, with profit growth expected to be minimal at 0.06%. The bank is currently undergoing a restructuring of its balance sheet, which is impacting revenue growth [8][9]. - The bank's net interest margin (NIM) is under pressure, with a second-quarter NIM of 1.91%, down 10 basis points quarter-on-quarter and 56 basis points year-on-year, significantly affecting net interest income growth [2][6]. - Non-interest income showed strong performance, growing by 11.1% year-on-year in Q2, driven by bond investment income, although fee and commission income declined by 22.4% [6][8]. Financial Performance Summary - For the first half of 2024, Ping An Bank's revenue is expected to be 146.137 billion CNY, down from 164.699 billion CNY in 2023, with a revenue growth rate of -11.27% [9]. - The bank's net profit attributable to shareholders is projected to be 46.485 billion CNY for 2024, showing a slight increase from 46.455 billion CNY in 2023, with a net profit growth rate of 0.06% [9]. - The bank's asset quality remains stable, with a non-performing loan (NPL) generation rate of 1.81% for the first half of 2024, a decrease from previous quarters [7][18]. Loan and Asset Management - In Q2 2024, Ping An Bank's average daily interest-earning assets grew by 1.37% year-on-year, with a notable decline in credit growth, particularly in retail loans, which have been actively adjusted for risk [1][12]. - The bank's strategy focuses on increasing low-risk loans such as housing mortgages and new energy vehicle financing while reducing exposure to higher-risk credit products [1][2]. - The bank's total loans decreased by 686 million CNY in Q2 2024, indicating a cautious approach to lending amid economic uncertainties [12][14]. Market Position and Outlook - Ping An Bank is focusing on restructuring its asset and liability management to enhance quality and efficiency, with an emphasis on adjusting its loan structure [2][8]. - The bank's cost of interest-bearing liabilities improved by 10 basis points to 2.2% in Q2 2024, benefiting from lower costs in interbank liabilities and deposits [6][15]. - The outlook for the bank remains cautious, with expectations of continued pressure on asset yields and net interest margins due to weak credit demand and ongoing structural adjustments [6][8].