PAB(SZ:000001) Wanlian Securities·2024-08-19 05:07Investment 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].