PAB(000001) 万联证券·2025-03-18 09:56Investment Rating - The investment rating for Ping An Bank is maintained as "Buy" [3]. Core Views - The bank continues to maintain a high dividend payout, distributing cash dividends of 6.08 yuan per 10 shares for the full year 2024, resulting in a dividend rate of approximately 28.3% [2]. - Total assets grew by 3.3% year-on-year, with financial investments increasing by 14.8%. However, loans decreased by 0.8% year-on-year [2]. - The bank's asset quality indicators remained stable, with a non-performing loan ratio of 1.06%, unchanged from the previous year [3]. - The bank is actively transforming its corporate and retail businesses while managing retail risks and restructuring its asset-liability balance [3]. - Profit forecasts for 2025-2026 have been revised downwards due to business restructuring and weak overall demand, with projected net profits of 458 billion yuan, 462 billion yuan, and 491 billion yuan for 2025-2027 [3]. Summary by Sections Financial Performance - For 2024, the bank's operating income is projected at 146,695 million yuan, with a year-on-year decrease of 10.9%. The net profit attributable to shareholders is expected to be 44,508 million yuan, reflecting a decline of 4.2% [5]. - The bank's net interest margin is reported at 1.87%, down 51 basis points year-on-year [2]. Asset Quality - As of the end of 2024, the non-performing loan generation rate is 1.8%, a decrease of 9 basis points year-on-year. The provision coverage ratio stands at 250.71% [3]. - Retail business risks are gradually being resolved, with a retail loan non-performing ratio of 1.39%, which has increased by 2 basis points since the beginning of the year [3]. Future Outlook - The bank's business structure is undergoing adjustments, with a focus on balancing volume and price. The projected price-to-book ratios for 2025-2027 are 0.44, 0.41, and 0.39, respectively [3].