PAB(000001) 天风证券·2025-03-19 06:23Investment 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 in growth rate by 1.65 percentage points compared to the previous quarter [2][9]. - The net interest income for the year is projected at 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 1467 billion CNY, with a net profit attributable to shareholders of 44.5 billion CNY, showing a year-over-year decrease of 4.19% [1][9]. - The bank's net interest margin (NIM) is recorded at 1.87%, a decline of 6 basis points compared to the previous quarter [3][19]. - The bank's total interest-earning assets amount to 6.09 trillion CNY, reflecting a slight increase of 0.2% from the previous quarter [3][19]. Profitability and Valuation - The bank's profitability is expected to show resilience, with projected net profit growth rates for 2025, 2026, and 2027 at 1.40%, 3.94%, and 3.15% respectively [4][26]. - The price-to-book ratio (P/B) is estimated to be 0.41x for 2025, indicating a valuation that suggests potential for price appreciation [4][26]. Asset and Liability Structure - As of the end of 2024, the bank's interest-bearing liabilities total 5.07 trillion CNY, marking a 2.9% increase from the previous 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].