2023年报点评：分红率提升至30%，零售结构持续调优

Investment Rating - The report maintains an "Accumulate" rating for Ping An Bank [4][5][9] Core Insights - The dividend payout ratio has significantly increased to 30% for 2023, up from 12% in both 2021 and 2022. This increase is attributed to improved capital levels, a focus on risk management, and consideration of investor demands for dividends [4][7][9] - The company's revenue and net profit growth has slowed, with 2023 revenue declining by 8.4% and net profit increasing by only 2.1%. In Q4 2023, revenue and net profit fell by 11.0% and 23.0% year-on-year, respectively, primarily due to declining interest margins and reduced scale growth [4][6][9] - The retail structure is being continuously optimized, with a slowdown in the pace of expansion. Total assets grew by 5.0% year-on-year, while loans increased by only 2.4%. The company has focused on risk management, reducing consumer loans and credit card sizes while increasing collateral-backed loans [4][8][9] Financial Performance - For 2023, the company reported total revenue of 164.7 billion yuan and a net profit attributable to shareholders of 46.5 billion yuan [6][9] - The net interest margin for Q4 2023 decreased by 19 basis points to 2.11%, with an annual decline of 37 basis points to 2.38%. The decline is attributed to lower asset yields and loan rates [5][9] - The non-performing loan ratio slightly increased to 1.06% by the end of 2023, with retail non-performing loans at 1.37%. The company has managed to reduce its exposure to real estate risks [5][9] Earnings Forecast - The earnings per share (EPS) estimates for 2024 and 2025 have been adjusted to 2.35 yuan and 2.39 yuan, respectively. The estimated net asset value per share by the end of 2024 is projected to be 23.04 yuan, corresponding to a price-to-book (PB) ratio of 0.44 times [5][9][10]