PAB(000001) 民生证券·2025-03-18 14:55Investment Rating - The report maintains a "Recommended" rating for Ping An Bank, with a closing price of 11.49 yuan as of March 17, 2025, corresponding to 0.5 times the projected price-to-book ratio for 2025 [6][4]. Core Views - The report highlights that structural optimization is yielding results, and risk management is effective, with a focus on supporting the real economy and improving asset quality [4][2]. - The bank's revenue for 2024 is reported at 146.7 billion yuan, a year-on-year decrease of 10.9%, while net profit attributable to shareholders is 44.51 billion yuan, down 4.2% year-on-year [1][5]. - Non-interest income has significantly increased, with other non-interest income rising by 68.7% year-on-year, which has become a major support for revenue [1][2]. Summary by Sections Revenue and Profitability - In 2024, Ping An Bank's revenue decreased by 10.9% year-on-year to 146.7 billion yuan, while net profit fell by 4.2% to 44.51 billion yuan [1][5]. - The bank's net interest income decreased by 20.8% year-on-year, and commission income fell by 18.1%, although the decline in revenue is showing signs of stabilization [1][2]. Loan Structure and Quality - Total loans decreased by 1.0% year-on-year, with corporate loans increasing by 12.4% and retail loans decreasing by 10.6% [2][3]. - The non-performing loan (NPL) ratio remained low at 1.06%, with a provision coverage ratio of 251%, indicating strong risk management capabilities [3][4]. Capital and Earnings Forecast - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 2.27 yuan, 2.32 yuan, and 2.41 yuan respectively [4][5]. - The bank's capital adequacy ratio is expected to decline from 13.11% in 2024 to 10.87% by 2027, reflecting a tightening capital environment [31][32].