PAB(SZ:000001) Guoxin Securities·2024-04-21 02:00Investment Rating - The investment rating for Ping An Bank is "Accumulate" [4] Core Views - The report highlights that the net interest margin decline has negatively impacted revenue growth, with Q1 2024 revenue at 38.8 billion yuan, a year-on-year decrease of 14.0% [1] - The bank's total assets grew steadily, reaching 5.73 trillion yuan by the end of Q1 2024, a 5.0% increase year-on-year [1] - The report notes a continued decrease in net interest margin, with an average daily net interest margin of 2.01% in Q1 2024, down 62 basis points year-on-year [1] - The bank has increased its efforts in handling non-performing assets, with a non-performing loan ratio of 1.07% at the end of Q1 2024, up 1 basis point from the beginning of the year [1] Financial Performance Summary - For Q1 2024, the bank reported a net profit attributable to shareholders of 14.9 billion yuan, a year-on-year increase of 2.3% [1] - The bank's total loans amounted to 3.48 trillion yuan, a 2.2% increase from the end of the previous year [1] - The report projects the bank's net profit for 2024-2026 to be 47.0 billion, 48.4 billion, and 51.8 billion yuan respectively, with year-on-year growth rates of 1.1%, 3.0%, and 7.0% [1][5]