Financial Performance - Ping An Bank achieved a net profit of RMB 46.455 billion in 2023, representing a year-on-year growth of 2.1%[7] - The company's operating income for 2023 was RMB 164,699 million, a decrease of 8.4% compared to RMB 179,895 million in 2022[27] - The net profit attributable to shareholders for 2023 was RMB 46,455 million, reflecting a 2.1% increase from RMB 45,516 million in 2022[27] - The total assets as of December 31, 2023, reached RMB 5,587,116 million, representing a 5.0% increase from RMB 5,321,514 million in 2022[28] - The total liabilities increased to RMB 5,114.788 billion, a growth of 4.7% compared to the previous year[54] Asset Quality and Risk Management - The non-performing loan ratio remained stable at 1.06%[7] - The bank is committed to enhancing risk management by increasing the recovery and disposal of non-performing assets and ensuring the stability of new asset quality[9] - The provision coverage ratio was reported at 277.63%, significantly exceeding the minimum requirement of 130%[43] - The bank's focus on managing credit risk is evident with a credit risk migration rate of 2.76%, slightly up from 2.70% in the previous year[43] - The overdue loan ratio is 1.42%, a decrease of 0.14 percentage points from the previous year, with loans overdue for more than 60 days totaling RMB 267,430 million, accounting for 0.78% of total loans[109] Capital Adequacy and Liquidity - Capital adequacy ratio improved to 13.43%, up by 0.42 percentage points from the end of the previous year[7] - The liquidity coverage ratio increased to 112.34% as of December 31, 2023, compared to 101.25% in the previous quarter, reflecting enhanced liquidity management[47] - The capital adequacy ratios for the group at the end of 2023 were 9.22% for core Tier 1 capital, 10.90% for Tier 1 capital, and 13.43% for total capital, representing increases of 0.58, 0.50, and 0.42 percentage points respectively compared to the end of the previous year[157] Business Strategy and Focus Areas - The bank focused on retail banking, emphasizing a strategy of "strengthening retail, refining corporate, and specializing in interbank" operations[7] - The bank aims to deepen its integration into national strategies and improve its financial services to the real economy in 2024[10] - The bank emphasizes financing support for key areas such as manufacturing, small and medium-sized enterprises, and green finance, aligning with national development strategies[20] - The bank's strategy includes deepening digital transformation and improving operational efficiency through advanced technology applications[17] - The bank aims to strengthen its investment and trading capabilities to become a leading investment institution and market maker in fixed income, foreign exchange, and commodities (FICC)[21] Customer and Retail Banking - In retail banking, the bank improved asset structure and enhanced wealth management services[8] - The number of retail customers increased to 125.43 million, a growth of 1.9% year-on-year[115] - The balance of personal loans was CNY 1,977.72 billion, a decrease of 3.4% year-on-year, with mortgage loans increasing by 6.7%[118] - The bank's wealth management service fee income was CNY 6.584 billion, a year-on-year growth of 2.1%[122] - The number of wealth management clients reached 1.3775 million, an increase of 8.9% year-on-year, with private banking AUM growing by 18.2%[121] Digital Transformation and Innovation - The bank's digital transformation initiatives have enhanced service efficiency and customer experience, focusing on providing convenient financial services[24] - IT capital expenditures and expenses amounted to CNY 6.343 billion in 2023, supporting the bank's digital transformation efforts[141] - The number of registered users of the Ping An Pocket Bank APP reached 166.04 million, growing by 8.6% year-on-year, with monthly active users at 51.94 million[123] - The bank's automated release of applications increased by approximately 11% in 2023, enhancing the efficiency of IT demand delivery[148] - The bank's innovation strategy includes collaboration with universities and enterprises to explore advanced technologies like AIGC (Generative AI) for cost reduction and efficiency improvement[158] Governance and Leadership Changes - Hu Yuefei resigned as Executive Director and President due to age reasons, effective November 10, 2023[189] - Guo Shibang resigned as Executive Director and Vice President due to job changes, effective December 21, 2023[190] - Ji Guangheng was appointed as President on November 10, 2023, after regulatory approval[191] - The company emphasizes the importance of regulatory compliance in its executive appointments[193] - The bank's governance practices align with legal and regulatory requirements, ensuring no significant discrepancies[183] Future Outlook and Strategic Goals - The bank's future outlook for Q1 2024 indicates no significant changes in net profit compared to the previous year[180] - The bank aims to enhance its financial services to the real economy, focusing on consumer finance and private banking to support domestic demand expansion[182] - The bank plans to strengthen financial risk prevention, emphasizing asset quality as the "first lifeline" of development, particularly in the real estate sector[182] - The bank's strategic focus for 2024 includes deepening party leadership and enhancing risk management capabilities[182] - Ping An Bank is expected to continue its growth trajectory, supported by a robust financial strategy and experienced management team[197]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司动态分析 2024 年 03 月 14 日 平 安银行(000001.SZ) 证券研究报告 基本面寻底—平安银行 2023 年报点评 全国性股份制银行Ⅲ 投资评级 买入-A 事件：平安银行公布2023 年年报，全年营收增速为-8.45%（2023 维持评级 年前三季度为-7.69%），拨备前利润增速为-9.14%（2023 年前三 6 个月目标价 13.48元 季度为-7.84%），归母净利润增速为 2.06%（2023 年前三季度为 股价 (2024-03-14) 10.23元 8.12%），基本面仍在寻底过程中，全年分红率达到 30%则明显超 出预期。 交易数据 平安银行 2023Q4 单季归母净利润增速为-23%，主要受净息差同 总市值(百万元) 198,522.54 比明显下行、拨备计提力度略有加大的拖累；而非息收入增速改 流通市值(百万元) 198,518.75 善、规模扩张则对业绩增长形成正贡献。 总股本(百万股) 19,405.92 2023Q4 规模扩张速度进一步放缓。2023 年四季度，平安银行单 流通股本(百万股) 19,405.5 ...

上 市 公 司 银行 2024年03月15日 平安银行 (000001) 公 司 研 究 ——分红显著超预期，重归风险与收益的再平衡 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：平安银行披露2023年报，全年实现营收1647亿元，同比下滑8.4%；实现归母净利 买入 （维持） 润465亿元，同比增长2.1%；4Q23不良率季度环比上升2bps至1.06%，拨备覆盖率季度 环比下降5pct至277.6%。业绩表现低于预期，资产质量符合预期。 证 ⚫ 受息差降幅扩大拖累，营收增速预期内放缓；拨备反哺力度减弱，利润表现低于预期：2023 券 市场数据： 2024年03月14日 年平安银行营收同比下滑8.4%（前瞻中预测为下滑8.1%；9M23为下滑7.7%），归母净 研 收盘价（元） 10.23 利润同比增长2.1%（前瞻中预期为增长8%；9M23为增长8.1%）。从驱动因子来看，① 究 一年内最高/最低（元） 13.6/8.96 息差降幅扩大下量难补价是营收承压主因。2023年利息净收入同比下滑9.3%，拖累营收 报 市净率 0.4 增速6.7pct，其中息差同比收窄37bps（9M23为同比收窄30 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5] Core Views - The company's revenue and net profit growth remain stable, with 2023 revenue at 164.7 billion yuan (YoY, -8.4%) and net profit at 46.5 billion yuan (YoY, +2.1%) [3] - The net interest margin has narrowed, with a 2023 net interest margin of 2.38%, down 37 basis points YoY, and a quarterly net interest margin of 2.11% in Q4 [3] - The company has actively reduced the pace of expansion, with total assets reaching 5.6 trillion yuan, a 5.0% YoY increase, and a cautious approach to credit card and consumer loan issuance [3] - The company has increased its dividend payout ratio to 30% in 2023, making the dividend yield attractive [3] Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 are adjusted to 156.5 billion yuan, 163.1 billion yuan, and 175.7 billion yuan, respectively, with corresponding net profit forecasts of 47.2 billion yuan, 50.3 billion yuan, and 55.5 billion yuan [3][6] - The diluted EPS is projected to be 2.24 yuan, 2.40 yuan, and 2.67 yuan for 2024-2026 [3][6] - The company’s return on equity (ROE) is expected to decline from 12.1% in 2023 to 11.3% in 2024, before recovering slightly to 11.5% in 2026 [3][6]

证券研究报告 | 季报点评 2024年03月15日 平安银行（000001.SZ） 分红比例大幅提高至 30%，股息率升至 7.03% 事件：平安银行公布2023年报，2023年实现营收1646.99亿元，同比下 买入（维持） 降8.4%，归母净利润464.55亿元，同比增长2.1%。公司拟向股东每10 股票信息 股派发现金股利7.19元（含税），分红率为30%（2022年为12%）。 行业 股份制银行 业绩：息差仍在下行，手续费收入增速转负，投资收益托举其他非息表现。 前次评级 买入 全年营收同比-8.4%，降幅较三季报扩大0.8pc（Q4单季度-11.0%），息 3月14日收盘价(元) 10.23 总市值(百万元) 198,522.54 差和手续费是主要拖累项；利润增速也下降至2.1%，具体来看： 总股本(百万股) 19,405.92 1）利息净收入：全年下降 9.3%，降幅较三季报扩大 3.2pc，Q4 单季度 其中自由流通股(%) 100.00 净息差2.11%，环比Q3下降19bps，主要是资产端利率承压。 30日日均成交量(百万股) 206.03 A、资产端：Q4生息资产收益率环比下降 19bps ...

Investment Rating - The investment rating for Ping An Bank is maintained at "Buy - A" with a target price of 13.48 CNY [3]. Core Views - The bank's fundamentals are still in the process of bottoming out, with a reported revenue growth rate of -8.45% for 2023, and a net profit growth rate of 2.06% [1][9]. - The bank has increased its dividend payout ratio to 30%, significantly exceeding expectations, as it aims to reward investors amid a slowdown in growth [2][9]. - The net interest margin has continued to decline, with a reported figure of 2.11% in Q4 2023, down 19 basis points quarter-on-quarter and 57 basis points year-on-year [2][7]. Summary by Sections Financial Performance - For 2023, Ping An Bank reported a total revenue of 164.699 billion CNY, down from 179.895 billion CNY in 2022, reflecting a revenue growth rate of -8.45% [9]. - The bank's net profit for 2023 was 46.455 billion CNY, with a growth rate of 2.06% compared to the previous year [9]. - The bank's non-interest income grew by 17.9% year-on-year in Q4 2023, supported by a significant increase in bond trading-related income [7][9]. Asset Quality - As of Q4 2023, the non-performing loan (NPL) ratio stood at 1.06%, with slight increases in both corporate and retail loan NPL ratios [8][19]. - The bank's credit cost for Q4 2023 was reported at 1.13%, showing a year-on-year decrease of 17 basis points [9][19]. Loan and Deposit Trends - The average balance of interest-earning assets grew by 3.2% year-on-year in Q4 2023, marking a slowdown in growth compared to previous quarters [1][11]. - Retail loans decreased by 705 million CNY in Q4 2023, continuing a trend of declining credit card loans and other consumer loans [1][12]. - The bank's strategy has shifted from merely expanding retail assets to optimizing asset and customer structures to reduce overall risk [1][9]. Future Outlook - The bank is expected to face continued pressure on its asset yield and net interest margin due to ongoing economic challenges and a focus on optimizing its asset structure [7][9]. - Revenue growth for 2024 is projected at -8.82%, with a net profit growth rate of 0.24% [9].

[Table_Page] 年报点评|股份制银行Ⅱ 证券研究报告 [平Table_安Title] 银行（000001.SZ） [公Tab司le_评Inve级st] 买入 当前价格 10.23元 规模增速放缓，大幅提高分红 合理价值 21.18元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-03-15 ⚫ 平安银行发布2023年度报告，我们点评如下：23年营收、PPOP、归 相[Ta对ble市_P场icQ表uot现e] 母净利润同比分别增长-8.4%、-9.2%、2.1%，增速较23Q1~3分别下 降0.76pct、1.34pct、6.06pct。从累计业绩驱动来看，规模增长、净手 4% 续费收入、拨备计提、其他收支、有效税率降低形成正贡献，净息差收 -2%03/23 05/23 07/23 09/23 11/23 01/24 03/24 窄、成本收入比提升等因素形成一定拖累。 -9% ⚫ 亮点：（1）资产质量稳健，关注、逾期指标有所改善。23年末不良贷 -15% 款率 1.06%，较 23Q1~3 小幅回升 1bp，主要是分母变小，对公贷款 -22% 不良率保持低位稳 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's 2023 revenue decreased by 8.5% year-on-year, while net profit increased by 2.1%. The decline in revenue was primarily due to both interest and non-interest income pressures [4][8] - The company is expected to see a gradual improvement in asset quality and profitability in the coming years, supported by its strong backing from the group and its focus on optimizing customer segments and risk preferences [5] Summary by Sections Financial Performance - Total revenue for 2023 was 164,699 million, down from 179,895 million in 2022, reflecting a year-on-year decline of 8.5% [4] - Net profit for 2023 was 46,455 million, a slight increase of 2.1% compared to 45,516 million in 2022 [4] - The net interest income decreased by 9.3% year-on-year, influenced by a decline in interest margins and slower credit growth [8] - Non-interest income also fell by 6.1%, impacted by market volatility affecting fees and investment income [8] Asset and Liability Management - Total assets grew by 5% year-on-year, while total loans increased by 2.4%, indicating a slower growth rate for loans compared to total assets [17] - The structure of assets showed that loans accounted for 67.9% of interest-earning assets, with bond investments at 20.3% [17] - On the liability side, total liabilities increased by 4.7%, with total deposits growing by 3.2%, indicating a slower growth in deposits compared to liabilities [17] Profitability and Valuation - The company’s projected price-to-book (P/B) ratios for 2024, 2025, and 2026 are 0.46, 0.42, and 0.38 respectively, suggesting a potential undervaluation [5] - The net asset return rate for 2023 was 12.11%, with expectations of a gradual decline to 9.99% by 2026 [4] Dividend Policy - The dividend payout ratio has significantly increased from approximately 12% to 30%, indicating a commitment to returning value to shareholders [4]

Investment Rating - The report maintains a "Recommendation" rating for Ping An Bank, with a target price of 13.5 CNY, compared to the current price of 10.23 CNY [2][8]. Core Views - In 2023, Ping An Bank reported a total operating income of 164.699 billion CNY, a year-on-year decrease of 8.4%, while the net profit attributable to shareholders increased by 2.1% to 46.455 billion CNY [2][9]. - The bank has proactively increased its dividend payout ratio from 12% to 30% to enhance shareholder returns [8][9]. - The bank's strategy focuses on adjusting its retail loan structure to reduce risk, leading to a decline in high-risk assets such as new loans and credit cards [2][8]. - The non-performing loan (NPL) ratio slightly increased to 1.06%, with a provision coverage ratio of 278%, indicating a stable asset quality outlook despite some pressures [2][8]. Summary by Sections Financial Performance - Total operating income for 2023 was 164.699 billion CNY, down 8.4% year-on-year, while net profit rose by 2.1% to 46.455 billion CNY [2][9]. - The bank's net interest margin decreased to 2.11% in Q4 2023, down 19 basis points from Q3 [2][8]. - The bank's total loans increased by 2.4% year-on-year, but retail loans saw a decline of 3.4% [2][8]. Asset Quality - The NPL ratio increased by 2 basis points to 1.06%, with the NPL generation rate rising to 2.47% [2][8]. - The bank's provision coverage ratio decreased by 5 percentage points to 278% [2][8]. Strategic Initiatives - The bank is focusing on increasing the proportion of "safe assets" in its retail portfolio to ensure sustainable growth [8][9]. - The bank's wealth management business showed a stable growth trajectory, with a 2.1% increase in revenue despite challenges in the insurance agency business [2][8]. Future Outlook - The report projects net profit growth rates of 3.4%, 8.8%, and 7.7% for 2024, 2025, and 2026, respectively [8][9]. - The target price of 13.5 CNY corresponds to a price-to-book (PB) ratio of 0.6x for 2024, reflecting the bank's ongoing structural adjustments and the broader economic environment [8][9].

2024年3月15日 公司研究 零售聚焦稳健发展，股息率大幅提升 ——平安银行（000001.SZ）2023 年年报点评 买入（维持） 要点 当前价：10.23元 事件： 作者 3月14日，平安银行发布2023年年报，全年实现营业收入1647亿，同比-8.4%； 分析师：王一峰 实现归母净利润 465 亿，同比+2.1%。加权平均净资产收益率 11.38%，同比 -0.98pct。 分析师：董文欣 点评： 执业证书编号：S0930521090001 息差收窄拖累营收增速环比下行，盈利增速录得2.1%。2023年平安银行营收、 010-57378035 dongwx@ebscn.com 归母净利润同比增速分别为-8.4%、2.1%，增速较1-3Q分别下降0.8、6.1pct。 其中，净利息收入、非息收入分别同比下降 9.3%、6.1%，降幅比前三季度分别 分析师：蔡霆夆 走阔3.2pct、收窄5.2pct。拆分盈利同比增速结构，规模扩张、拨备为主要正贡 执业证书编号：S0930523110001 献项；从边际变化看，规模扩张正贡献大体持平，息差负向拖累走阔至44.4pct， 021-52523871 非息负债拖 ...