2023年报点评：基本面寻底

Investment Rating - The investment rating for Ping An Bank is maintained at "Buy - A" with a target price of 13.48 CNY [3]. Core Views - The bank's fundamentals are still in the process of bottoming out, with a reported revenue growth rate of -8.45% for 2023, and a net profit growth rate of 2.06% [1][9]. - The bank has increased its dividend payout ratio to 30%, significantly exceeding expectations, as it aims to reward investors amid a slowdown in growth [2][9]. - The net interest margin has continued to decline, with a reported figure of 2.11% in Q4 2023, down 19 basis points quarter-on-quarter and 57 basis points year-on-year [2][7]. Summary by Sections Financial Performance - For 2023, Ping An Bank reported a total revenue of 164.699 billion CNY, down from 179.895 billion CNY in 2022, reflecting a revenue growth rate of -8.45% [9]. - The bank's net profit for 2023 was 46.455 billion CNY, with a growth rate of 2.06% compared to the previous year [9]. - The bank's non-interest income grew by 17.9% year-on-year in Q4 2023, supported by a significant increase in bond trading-related income [7][9]. Asset Quality - As of Q4 2023, the non-performing loan (NPL) ratio stood at 1.06%, with slight increases in both corporate and retail loan NPL ratios [8][19]. - The bank's credit cost for Q4 2023 was reported at 1.13%, showing a year-on-year decrease of 17 basis points [9][19]. Loan and Deposit Trends - The average balance of interest-earning assets grew by 3.2% year-on-year in Q4 2023, marking a slowdown in growth compared to previous quarters [1][11]. - Retail loans decreased by 705 million CNY in Q4 2023, continuing a trend of declining credit card loans and other consumer loans [1][12]. - The bank's strategy has shifted from merely expanding retail assets to optimizing asset and customer structures to reduce overall risk [1][9]. Future Outlook - The bank is expected to face continued pressure on its asset yield and net interest margin due to ongoing economic challenges and a focus on optimizing its asset structure [7][9]. - Revenue growth for 2024 is projected at -8.82%, with a net profit growth rate of 0.24% [9].