平安银行：对公补位，其他非息高增-20250317

Investment Rating - The investment rating for the company is "Buy" with a current price of 11.97 CNY and a reasonable value of 17.91 CNY [2]. Core Views - The company is undergoing a transformation period, with retail growth slowing and declining yields. However, long-term risk preference adjustments are favorable for sustainable operations. The expected growth rates for the company's net profit attributable to shareholders are 0.67% and 3.00% for 2025 and 2026, respectively, with corresponding EPS of 2.16 CNY and 2.23 CNY per share [9]. Financial Performance Summary - In 2024, the company's revenue, PPOP, and net profit attributable to shareholders decreased by 10.9%, 10.8%, and 4.2% year-on-year, respectively. The growth rates for these metrics improved compared to the first three quarters of 2024 [8][11]. - The loan scale decreased by 1.0% year-on-year by the end of 2024, with retail high-risk loans being reduced significantly. Retail loans fell by 10.6%, primarily due to reductions in consumer loans (70.6 billion CNY), credit cards (83.4 billion CNY), and operational loans (79.1 billion CNY). Conversely, corporate loans increased by 17.0% year-on-year [8][9]. - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points year-on-year, influenced by market changes and proactive asset structure adjustments [8][11]. Asset Quality and Risk Indicators - By the end of 2024, the non-performing loan ratio was 1.06%, remaining stable year-on-year and quarter-on-quarter. The retail non-performing loan ratio was 1.39%, showing slight fluctuations, while the corporate non-performing loan ratio was 0.70%, reflecting increased risk exposure in manufacturing and real estate sectors [4][11]. - The provision coverage ratio at the end of 2024 was 250.71%, indicating a strong buffer against potential loan losses [4][11]. Market Performance - The company's stock performance relative to the market showed a decline of 12% from March 2024 to March 2025, compared to the CSI 300 index [6].