PAB(000001) 格隆汇· Ge Long Hui·2025-05-21 07:53Core Viewpoint - The China Securities Regulatory Commission has issued a plan to promote the high-quality development of public funds, which aims to increase the weight of fund performance assessments and guide public funds to align with benchmark index holdings, potentially reversing the long-term underweighting of bank stocks in public funds [1] Group 1: Valuation and Market Position - Ping An Bank's stock price has retraced 52% from its peak of 23.68 yuan in 2021, indicating a significant valuation bottoming process [2] - The bank's price-to-book ratio is currently at 0.51, marking a historical low at the 7.72% percentile over the past decade [3] - The bank's dividend yield has increased to 5.34%, positioning it among the leaders in its peer group [4] Group 2: Dividend Policy and Shareholder Returns - In 2024, Ping An Bank increased its total dividend by 13.2 billion yuan compared to 2023, with cash dividends accounting for 28.32% of net profit attributable to ordinary shareholders [10] - The bank's management has expressed a commitment to maintaining a high and stable dividend payout ratio to reward shareholders [10] Group 3: Risk Management and Strategic Adjustments - Ping An Bank has shifted from a scale-driven to a quality-driven approach, proactively reducing high-risk assets and improving asset quality [12][13] - As of March 2025, the bank's personal loan non-performing ratio was 1.32%, down 7 basis points from the end of 2024, with credit card non-performing ratios also declining [13] - The bank has actively written off 17.065 billion yuan in loans and recovered 9.425 billion yuan in non-performing assets in Q1 2025 [13] Group 4: Business Development and Growth Strategies - The bank is focusing on high-quality customer acquisition through refined management of deposits and wealth management, achieving a 12.5% year-on-year increase in wealth management fee income [14] - Ping An Bank has increased its corporate loan balance by 4.7% year-on-year, with significant new loan issuance in key industries [15] - The bank is also expanding its support for emerging industries, with a 32.7% year-on-year increase in new loans to these sectors [15] Group 5: Long-term Strategic Vision - The bank's dual focus on retail and corporate banking is seen as a strategic necessity for sustainable development, reflecting a balance between short-term challenges and long-term goals [16] - The ongoing reforms at Ping An Bank are viewed as a proactive response to industry cycles, aiming to establish a solid foundation for future growth [17]