平安银行（000001）：非息亮眼，质量稳健

Investment Rating - The investment rating for Ping An Bank is adjusted to "Accumulate" with a target price of 13.12 CNY, representing a potential upside of 14% from the current price of 11.49 CNY [5]. Core Views - The bank's non-interest income continues to show strong performance, with total revenue for 2024 estimated at approximately 146.7 billion CNY, reflecting a year-over-year decline of 10.93% but an upward revision of 1.65 percentage points compared to the previous quarter [2][9]. - The net interest income for the year is projected to be 93.4 billion CNY, down 20.82% year-over-year, while non-interest income is expected to reach 53.3 billion CNY, up 14% year-over-year, indicating a significant recovery in growth [2][9]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.06%, consistent with the previous quarter [3][19]. Financial Performance Summary - For 2024, the bank's total revenue is approximately 146.7 billion CNY, with a year-over-year decrease of 10.93% [2][9]. - The net profit attributable to shareholders is projected at 44.5 billion CNY, down 4.19% year-over-year [2][9]. - The bank's net interest margin (NIM) is recorded at 1.87%, a decline of 6 basis points compared to the previous quarters [3][19]. - The bank's return on average assets (ROAA) is 0.78%, while the return on average equity (ROAE) is 9.20% [26]. Asset and Liability Structure - As of the end of 2024, the total interest-earning assets amount to 6.09 trillion CNY, reflecting a slight increase of 0.2% from the previous quarter [3][19]. - The total interest-bearing liabilities are reported at 5.07 trillion CNY, showing a growth of 2.9% quarter-over-quarter [3][19]. - The composition of interest-earning assets includes loans (54.1%), financial investments (26.2%), interbank and reverse repos (15.3%), and deposits with the central bank (4.4%) [3][19]. Profitability Forecast - The bank's net profit is expected to grow at a compound annual growth rate (CAGR) of 1.40%, 3.94%, and 3.15% for the years 2025, 2026, and 2027, respectively [4][26]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.43 CNY, 2.52 CNY, and 2.60 CNY, respectively [4][26].