PAB(000001) 民生证券·2025-03-18 15:00Investment Rating - The report maintains a "Recommended" rating for Ping An Bank, with a target price corresponding to 0.5 times the 2025 PB based on the closing price on March 17, 2025 [4][6]. Core Insights - The bank's revenue for 2024 was CNY 146.7 billion, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was CNY 44.51 billion, down 4.2% year-on-year. The non-performing loan ratio stood at 1.06% with a provision coverage ratio of 251% [1][3]. - The decline in revenue is narrowing, supported by a significant increase in non-interest income, which rose by 68.7% year-on-year. However, net interest income and commission income saw declines of 20.8% and 18.1% respectively [1][2]. - The bank continues to optimize its retail structure while significantly increasing corporate loan sizes, with corporate loans growing by 12.4% year-on-year, while retail loans decreased by 10.6% [2][3]. Summary by Sections Financial Performance - In 2024, Ping An Bank's total revenue was CNY 146.7 billion, with a year-on-year growth rate of -10.9%. The net profit attributable to shareholders was CNY 44.51 billion, reflecting a -4.2% change year-on-year. The bank's non-performing loan ratio was 1.06%, and the provision coverage ratio was 251% [1][5]. - The bank's non-interest income was a key support, increasing by 68.7% year-on-year, while net interest income and commission income decreased by 20.8% and 18.1% respectively [1][2]. Loan Structure - The total loan amount decreased by 1.0% year-on-year, with corporate loans increasing by 12.4% and retail loans decreasing by 10.6%. The bank is focusing on optimizing its retail loan structure while supporting the real economy through increased corporate lending [2][3]. Risk Management - The non-performing loan ratio remained low at 1.06%, with a provision coverage ratio of 251%, indicating strong risk management capabilities. The bank has improved its asset quality through effective risk control measures [3][4]. Earnings Forecast - The forecast for earnings per share (EPS) for 2025, 2026, and 2027 is CNY 2.27, CNY 2.32, and CNY 2.41 respectively. The expected growth rates for net profit are -1.0% for 2025, 2.0% for 2026, and 4.0% for 2027 [5][31].