Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company's revenue for Q1 2025 was 557 billion yuan, a year-on-year decrease of 3.6%, while net profit attributable to shareholders was 238 billion yuan, down 2.2% year-on-year [4][6]. - The non-performing loan (NPL) ratio slightly increased by 1 basis point to 1.08%, and the provision coverage ratio decreased by 4.4 percentage points to 233% [4][10]. - The report highlights that net interest income continues to show stable growth, with a year-on-year increase of 1.3% in Q1 2025, contributing 0.8 percentage points to revenue growth [6][10]. Financial Data and Profit Forecast - Total revenue is projected to be 212,493.02 million yuan in 2025, with a year-on-year growth rate of 0.13% [5]. - The net profit attributable to shareholders is expected to reach 78,532.42 million yuan in 2025, reflecting a year-on-year growth of 1.72% [5]. - The report forecasts a steady increase in net profit growth rates for 2025-2027, with expected growth rates of 1.7%, 4.8%, and 5.9% respectively [10]. Loan and Deposit Performance - The company's total loans increased by 4.8% year-on-year in Q1 2025, with new corporate loans exceeding 150 billion yuan, particularly in technology and green sectors [6][9]. - Total deposits reached 5,627.965 billion yuan, marking a year-on-year increase of 10.3% [11]. Key Ratios - The report indicates a net interest margin (NIM) of 1.59% for Q1 2025, a decrease of 2 basis points year-on-year but an increase of 6 basis points quarter-on-quarter [10]. - The cost-to-income ratio improved to 24.22%, a decrease of 15.3 percentage points year-on-year [11].

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [1] Core Views - The capital market has anticipated the pressure on Ping An Bank's profit for 2024, primarily due to a continuous decline in revenue and proactive provisioning, which has turned profit growth negative. The bank's revenue for 2024 decreased by 10.9% year-on-year, while net profit attributable to shareholders fell by 4.2% [6][8] - The report highlights the ongoing optimization of the retail structure and a reduction in high-risk loans, indicating that credit growth will depend on the recovery of demand from low-risk retail customers [6][11] Financial Data and Profit Forecast - Revenue and profit forecasts for Ping An Bank from 2023 to 2027 are as follows: - Total revenue (million): 2023: 164,699, 2024: 146,695, 2025E: 134,677, 2026E: 133,440, 2027E: 138,182 [5] - Net profit (million): 2023: 46,455, 2024: 44,508, 2025E: 44,109, 2026E: 44,407, 2027E: 45,677 [5] - The report projects a decline in net profit growth rates for 2025-2026, with estimates of -0.9% and 0.7% respectively [6][9] Key Financial Metrics - As of the end of 2024, the bank's non-performing loan (NPL) ratio remained stable at 1.06%, while the provision coverage ratio decreased to 251% [4][6] - The bank's net interest margin for Q4 2024 was reported at 1.7%, reflecting a quarter-on-quarter decline of 17 basis points [9][12] - The report notes a significant reduction in retail loans, with a total decrease of 334 billion yuan in 2024, including a reduction of over 210 billion yuan in retail loans [6][11] Asset Quality and Risk Management - The report emphasizes the importance of actively managing problem assets and maintaining a stable asset quality, with a focus on potential risks in real estate loans and retail loan risk mitigation [9][14] - The bank's proactive approach to asset write-offs and provisioning is highlighted as a strategic move to strengthen its financial position [9][14] Dividend Policy - The dividend payout ratio for 2024 has been reduced to 28.3%, aligning with the industry average, which corresponds to an estimated dividend yield of approximately 5.08% for 2025 [6][9]

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [1] Core Views - The bank's 2024 revenue decreased by 10.9% year-on-year, with a net profit attributable to shareholders of 44.5 billion yuan, down 4.2% year-on-year. The fourth quarter of 2024 saw a significant decline in profit due to increased provisioning [4][6] - The bank's strategy focuses on optimizing its credit structure, with a notable reduction in high-risk retail loans and a cautious approach to corporate lending [6][9] - The bank's net interest margin has been under pressure due to interest rate cuts and a decrease in high-yield retail loans, leading to a 21% decline in net interest income for 2024 [6][9] Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to decline from 164,699 in 2023 to 134,677 in 2025E, with a year-on-year growth rate of -8.19% [5] - Net profit attributable to shareholders is expected to decrease slightly from 46,455 in 2023 to 44,109 in 2025E, reflecting a year-on-year growth rate of -0.90% [5] - The bank's non-performing loan (NPL) ratio is expected to remain stable at around 1.06% through 2025, with a provisioning coverage ratio projected to decline to 239.90% [5][6] Key Financial Metrics - The bank's earnings per share (EPS) is forecasted to be 2.13 yuan in 2025, with a return on equity (ROE) of 9.39% [5] - The price-to-earnings (P/E) ratio is projected to be 5.63 in 2025, while the price-to-book (P/B) ratio is expected to be 0.51 [5][9] Loan and Asset Quality - The bank's total loans decreased by 33.4 billion yuan in 2024, with a significant reduction in retail loans exceeding 210 billion yuan [6][11] - The NPL ratio for corporate loans increased to 1.79% in the fourth quarter of 2024, indicating rising risks in the real estate sector [9][14] - Retail loan NPL generation is estimated to remain high at around 2.51% for 2024, despite a slight decrease in the overall retail loan NPL ratio [9][14] Dividend Policy - The bank has reduced its cash dividend payout ratio to 28.3% for 2024, which corresponds to a projected dividend yield of approximately 5.08% for 2025 [6][9]