2023年报点评：主动提高分红率，慎行防危行稳致远

Investment Rating - The report maintains a "Recommendation" rating for Ping An Bank, with a target price of 13.5 CNY, compared to the current price of 10.23 CNY [2][8]. Core Views - In 2023, Ping An Bank reported a total operating income of 164.699 billion CNY, a year-on-year decrease of 8.4%, while the net profit attributable to shareholders increased by 2.1% to 46.455 billion CNY [2][9]. - The bank has proactively increased its dividend payout ratio from 12% to 30% to enhance shareholder returns [8][9]. - The bank's strategy focuses on adjusting its retail loan structure to reduce risk, leading to a decline in high-risk assets such as new loans and credit cards [2][8]. - The non-performing loan (NPL) ratio slightly increased to 1.06%, with a provision coverage ratio of 278%, indicating a stable asset quality outlook despite some pressures [2][8]. Summary by Sections Financial Performance - Total operating income for 2023 was 164.699 billion CNY, down 8.4% year-on-year, while net profit rose by 2.1% to 46.455 billion CNY [2][9]. - The bank's net interest margin decreased to 2.11% in Q4 2023, down 19 basis points from Q3 [2][8]. - The bank's total loans increased by 2.4% year-on-year, but retail loans saw a decline of 3.4% [2][8]. Asset Quality - The NPL ratio increased by 2 basis points to 1.06%, with the NPL generation rate rising to 2.47% [2][8]. - The bank's provision coverage ratio decreased by 5 percentage points to 278% [2][8]. Strategic Initiatives - The bank is focusing on increasing the proportion of "safe assets" in its retail portfolio to ensure sustainable growth [8][9]. - The bank's wealth management business showed a stable growth trajectory, with a 2.1% increase in revenue despite challenges in the insurance agency business [2][8]. Future Outlook - The report projects net profit growth rates of 3.4%, 8.8%, and 7.7% for 2024, 2025, and 2026, respectively [8][9]. - The target price of 13.5 CNY corresponds to a price-to-book (PB) ratio of 0.6x for 2024, reflecting the bank's ongoing structural adjustments and the broader economic environment [8][9].