平安银行（000001）：对公补位，其他非息高增

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, but 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 [9]. - The report highlights a continuous adjustment in business operations, with a significant increase in corporate loans by 17.0% year-on-year, while retail loans decreased by 10.6% [8][9]. - The net interest margin (NIM) is under pressure, with a reported NIM of 1.87% for 2024, down 51 basis points year-on-year [4][9]. Summary by Sections Financial Performance - In 2024, the company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders decreased by 10.9%, 10.8%, and 4.2% year-on-year, respectively [8][11]. - The company experienced a decline in net interest income, with a year-on-year decrease of 20.8% [16]. - The non-interest income saw a significant increase of 14.0% year-on-year, driven by a strong performance in other non-interest income, which grew by 68.7% [16]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.06% at the end of 2024, with retail NPLs at 1.39% and corporate NPLs at 0.70% [4][11]. - The provision coverage ratio was reported at 250.71% at the end of 2024, indicating a strong buffer against potential loan losses [4][11]. Market Performance - The company's stock performance relative to the market shows a decline of 12% from March 2024 to March 2025, compared to the CSI 300 index [6]. Future Outlook - The report anticipates that as the asset structure adjustment is completed and liability cost control continues, the decline in net interest margin is expected to narrow [4]. - The economic recovery is projected to improve investment returns in the bond market, although there are concerns about interest rate risks and the impact of non-interest income on performance [9].