公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 平安银行（000001.SZ）：零售业务 调优结构，存款成本持续改善 2024 年 10 月 21 日 强烈推荐/维持 平安银行 公司报告 ——2024 年三季报点评 事件：10 月 18 日，平安银行公布 2024 年三季报，3Q24 实现营收、拨备前 利润、净利润 1,115.8 亿、798.8 亿、397.3 亿，分别同比-12.6%、-13.6%、 +0.2%。年化加权平均 ROE 为 12.20%，同比下降 0.95pct。 点评： 营收继续承压、拨备反哺利润正增长。 收入端：3Q24 平安银行营收同比 -12.6%，降幅环比 1H24 收窄 0.4pct。净 利息收入、中收承压，其他非息收入是主要支撑。具体来看，① 受扩表放缓 和净息差收窄拖累，净利息收入同比 -20.6%，降幅环比收窄 1pct。② 手续费 及佣金净收入同比 -18.5%，降幅环比收窄 1.1pct。其中，受银保渠道降费、 权益基金销量下滑持续影响，财富管理手续费收入同比-39.2%。③ 其他非息 净收入同比+52.6%；占营收比重为 18.2%，较 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank, with a target PB of 0.54x for 2024 [6][12] Core Views - Ping An Bank's revenue continued to decline in 9M24, with a year-on-year drop of 12.6%, while net profit attributable to shareholders grew slightly by 0.2% [6][7] - The bank's asset quality remained stable, with a non-performing loan (NPL) ratio of 1.06% in 3Q24, down 1bp quarter-on-quarter [6][8] - The bank is actively optimizing its asset structure, reducing high-risk retail loans and increasing exposure to infrastructure, new energy, and other emerging industries [9][12] Financial Performance - Net interest income in 9M24 decreased by 21% year-on-year, contributing to a 14.9 percentage point drag on revenue growth [7] - Non-interest income grew by 8.1% year-on-year in 9M24, contributing 2.3 percentage points to revenue growth [7] - The net interest margin (NIM) in 3Q24 was 1.87%, down 4bps quarter-on-quarter, but the decline has narrowed compared to previous quarters [10] Asset Quality - The NPL ratio for corporate loans remained stable at 0.66% in 3Q24, while the retail NPL ratio increased slightly by 1bp to 1.43% [11] - The provision coverage ratio stood at 251% in 3Q24, down 13.1 percentage points quarter-on-quarter [6][11] - The bank wrote off 47.7 billion yuan in loans in the first three quarters of 2024, a 7% increase year-on-year [11] Loan Structure - Total loans decreased by 1.2% year-on-year in 3Q24, with a net reduction of 30.2 billion yuan in the quarter [8][9] - The bank reduced high-risk retail loans, including credit cards and consumer loans, by approximately 400 billion yuan in 3Q24 [9] - Corporate loans increased by 41% year-on-year in key sectors such as infrastructure, new energy, and manufacturing [9] Profitability and Valuation - The bank's ROE is expected to decline from 10.57% in 2024E to 9.69% in 2026E [12][20] - EPS is projected to grow from 2.27 yuan in 2024E to 2.39 yuan in 2026E [20] - The cost-to-income ratio is expected to remain stable at around 27.7% from 2024E to 2026E [20] Industry Comparison - Ping An Bank's 2024E P/B ratio of 0.54x is lower than the A-share banking sector average of 0.64x [22] - The bank's 2024E ROE of 10.6% is slightly above the A-share banking sector average of 10.4% [22] - Ping An Bank's dividend yield of 6.0% for 2024E is higher than the sector average of 4.8% [22]

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 平安银行（000001）公司季报点评 2024 年 10 月 20 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------------------------------------------|-------------------------------------------| | 股票数据 | | | [ 10 Table_StockInfo 月 18 日收盘价（元） ] | 12.04 | | 52 周股价波动（元） | 8.96-13.43 | | 股本结构 [ 总股本（ Table_CapitalInfo 百万股） ] | 19406 | | 流通 A 股（百万股） | 19406 | | B 股 /H 股（百万股） | 0/0 | | 相关研究 [Table_ReportInfo] 《平安银行 2024 | 年半年报点评：首次中 | | 期分红，资产质量保持平稳》 《平安银行 ...

2024 年 10 月 20 日 市场数据 收益表现 % 1M 3M 1Y 相对 2.14 7.73 13.28 绝对 25.93 18.64 24.36 资料来源：Wind 公司研究 负债成本持续改善，不良率稳中略降 ——平安银行（000001.SZ）2024 年三季报点评 增持（维持） 当前价：12.04 元 作者 分析师：王一峰 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 总股本(亿股) 194.06 总市值(亿元)： 2,336.47 一年最低/最高(元)： 8.18/13.14 近 3 月换手率： 71.86% 股价相对走势 要点 事件： 10 月 18 日，平安银行发布 2023 年三季度报告，1-3Q 实现营业收入 1116 亿， YoY -12.6%，归母净利润397亿，YoY +0.2%。加权平均净资产收益率12.2%（YoY -0.95pct）。 点评： 营收增速降幅略有收窄，盈利同比增长 0.2%。平安银行 1-3Q 营收、拨备前利润、 归母净利润同比增速分别为-12.6%、-13.7%、0.2%，较 24H1 ...

证 券 研 究 报 告 平安银行（000001）2024 年三季报点评 推荐（维持） 结构调整一步一稳，不良净生成下降 目标价：13.5 元 当前价：12.04 元 | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——平安银行 2024 年三季报点评 [table_Authors] 刘源(分析师) 021-38677818 liuyuan023804@gtjas.com 登记编号 S0880521060001 本报告导读： 平安银行 2024Q1-3 营收及利润增速符合预期，资产质量保持平稳。转型期业绩基本 筑底，稳经济政策推动板块估值回升，上调目标价至 13.85 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：当前平安银行仍在零售转型阵痛期，高收益贷款持续压 降，中风险中收益业务尚在成长初期，息差降幅大于同业、信用成 本改善延后反应，故阶段性业绩承压。预计 2025 年资产结构调整结 束后，业绩增速有望明显改善。调整 2024-2026 年净利润增速预测 为 0.3%、2.3%、6.3%，对应 BVPS 21.99(-0.10)、23.94(-0.25)、25.79(- 0.42)元/股。考虑到近期一揽子稳经济政策密集出台，利好银行信用 风险缓释和信贷需求恢复，进而推动估值修复。参考 ...

Investment Rating - The investment rating for Ping An Bank is "Buy (Maintain)" [5] Core Views - The report highlights that Ping An Bank's revenue for the first three quarters of 2024 was CNY 111.6 billion, a year-on-year decrease of 12.58%, while the net profit attributable to shareholders was CNY 39.7 billion, a slight increase of 0.24% [1][2] - The report indicates a continued improvement in liability costs, leading to a narrowing decline in net interest margin, which was recorded at 1.93% for the first three quarters [2] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 1.06% and a provision coverage ratio of 251% as of the end of Q3 2024 [3][4] Performance Summary - Revenue growth rate and net profit growth rate for the first three quarters of 2024 were -12.6% and +0.2%, respectively, showing a slight narrowing of decline compared to the first half of the year [2] - Net interest income decreased by 20.6% year-on-year, but the decline was less severe than in the first half, attributed to improved liability costs [2] - The bank's fee and commission income saw a year-on-year decline of 18.5%, with wealth management fees dropping by 39.2% [2] Asset Quality - As of Q3 2024, the NPL ratio was 1.06%, with a slight decrease of 1 basis point from the previous quarter, while the provision coverage ratio decreased by 13 percentage points [3][4] - The NPL ratio for corporate loans was 0.74%, and for personal loans, it was 1.43%, with the latter showing a slight increase [4] Asset and Liability Management - Total assets and loan amounts as of Q3 2024 were CNY 5.75 trillion and CNY 3.38 trillion, respectively, with year-on-year growth rates of 4.2% and a decrease of 1.2% [9] - Total liabilities and deposits were CNY 5.26 trillion and CNY 3.59 trillion, respectively, with year-on-year growth rates of 4.1% and 2.5% [9] Business Overview - Retail customer base reached 127 million, with assets under management (AUM) growing to CNY 4.15 trillion [10] - The bank's proactive risk management and focus on asset quality have laid a solid foundation for medium to long-term development [10]

＃dyCompany＃ 证券研究报告 ＃industryId＃ 银行 II ＃ dy Co mp an y ＃ ＃ d y S t o c k c o d e ＃ 平安银行（000001.SZ） ＃dyStockcode＃ ＃title 利润维持正增长，零售不良有望企稳 ——平安银行 2024 年三季报点评 投资要点 ＃summary＃ ⚫ 营收下滑幅度略微收窄，利润增速略有下滑。公司 2024 年前三季度营收/归母净利润 同比增速分别为-12.6%/+0.2%（Q3 单季度增速分别为-11.7%/-2.8%）。拆分 2024 年前 三季度收入结构来看：（1）净利息收入同比-20.6%，主要受息差同比下行幅度较大拖 累。（2）手续费净收入同比-18.5%，主要受银保渠道降费、权益类基金销量下滑等影 响。（3）投资相关收入同比+57.9%，低基数下投资收益继续对营收形成支撑。成本方 面，2024 年前三季度成本收入比 27.4%，同比+0.85pcts；资产减值损失同比-26.3%， 减值节约带动利润实现正增长。 ＃createTime1＃ 2024 年 10 月 19 日 ＃investSuggestion ...

[Table_Page] 季报点评|股份制银行Ⅱ | --- | --- | --- | |--------------------------------|----------------------------|--------------| | | | | | | | 证券研究报告 | | [Table_Title] 平安银行（ ） | [ 公司评级 Table_Invest] | 买入 | | 000001.SZ | 当前价格 | 12.04 元 | | 业务调整持续，负债经营成效显著 | 合理价值 | 17.91 元 | | | 前次评级 | 买入 | | [Table_Summary] 核心观点： | 报告日期 | 2024-10-19 | 平安银行发布 2024 年三季度报告，我们点评如下：2024 年前三季度 营收、PPOP、归母净利润同比分别增长-12.6%、-13.7%、0.2%，增速 较 24H1 分别变动+0.38pct、+0.56pct、-1.70pct。从业绩驱动来看，规 模增长、拨备计提、其他收支、有效税率降低形成正贡献，净息差收窄 为主要拖累。 亮点：（1）负债端经营成效显著。 ...

平安银行（000001.SZ）2024 年三季报点评 中性 持续优化贷款业务结构 营业收入同比下降，净利润保持增长。公司 2024 年前三季度实现营业收入 1116 亿元，同比下降 12.6%，降幅较上半年略微收窄 0.4 个百分点；前三季 度实现归母净利润 397 亿元，同比增长 0.2%，保持正增长。前三季度年化加 权平均 ROE12.7%，同比下降 1.2 个百分点。 主动调整贷款业务结构。2024 年三季度末总资产同比增长 4.2%至 5.75 万亿 元，增速持续回落。其中存款同比增长 2.5%至 3.59 万亿元，贷款总额同比 下降 1.2%至 3.38 万亿元。三季度末对公贷款较年初增长 11.6%，零售贷款 规模则有所压降，较年初下降 9.6%，系公司主动调整零售贷款业务结构，促 进"量、价、险"平衡发展所致。三季度末核心一级资本充足率 9.33%，环 比二季度末持平。表外方面，公司零售 AUM 仍然维持稳定增长，三季末零售 AUM 达到 4.15 万亿元，较年初增长 2.9%，同比增长 3.7%。 净息差环比降幅收窄，其他非息收入增长较多。公司前三季度日均净息差 1.93%，同比降低 54bp ...