PAB(000001) 万联证券·2025-03-18 10:00Investment Rating - The investment rating for the company is maintained at "Buy" with an expectation of a relative increase of 15% or more compared to the market index over the next six months [13]. Core Insights - The company has announced a cash dividend of 6.08 CNY per 10 shares for the year 2024, resulting in a dividend payout ratio of approximately 28.3%, with an annualized dividend yield of 5.1% based on the closing price on March 14 [2]. - Total assets grew by 3.3% year-on-year, while financial investments increased by 14.8%. However, loans decreased by 0.8% year-on-year, with corporate loans making up 47.6% of the loan structure, an increase of 5.7 percentage points from the beginning of the year [2]. - The company is actively transforming its corporate and retail business, addressing retail business risks, and restructuring its asset-liability balance to achieve a balance between volume and price [3]. Summary by Sections Financial Performance - For the year 2024, the company reported a net profit of 44.51 billion CNY, with a projected net profit of 45.75 billion CNY for 2025 and 46.18 billion CNY for 2026, reflecting a decline in profit expectations for 2025-2026 due to business restructuring and weak overall demand [5][3]. - The net interest margin is reported at 1.87%, a decrease of 51 basis points year-on-year [2]. Asset Quality - The non-performing loan ratio remained stable at 1.06%, with the attention ratio and overdue ratio increasing to 1.93% and 1.52%, respectively [3]. - The retail business's non-performing loan ratio is at 1.39%, with variations in credit card, consumer loan, and business loan delinquency rates [3]. Valuation Metrics - The price-to-book (PB) ratios for 2025-2027 are projected at 0.44, 0.41, and 0.39, respectively, based on the closing price of 11.97 CNY on March 14 [3].