平安银行（000001.SZ）：净利润保 持正增长，中期分红方案落地 2024 年 8 月 19 日 强烈推荐/维持 平安银行 公司报告 ——2024 年半年报点评 事件：8 月 15 日，平安银行公布 2024 年半年报，24H1 实现营收、拨备前利 润、净利润 771.3 亿、552.4 亿、258.8 亿，分别同比-13%、-14.1%、+1.9%。 年化加权平均 ROE 为 11.88%，同比下降 0.77pct。点评如下： 营收预期内承压、拨备反哺利润正增，中期分红比例 18.4%。 收入端：净利息收入、中收承压，其他非息收入贡献进一步提升。24H1 平安 银行营收同比 -13%，降幅环比 Q1 收窄 1pct；主要贡献来自其他非息收入。 具体来看：① 净利息收入同比 -21.6%，降幅与 Q1 基本持平。主要是净息差 持续收窄、信贷规模增速进一步放缓。24H1 净息差为 1.96%，环比 Q1 下降 5bp。6 月末贷款余额同比增速为-0.7%，环比下降 2pct。② 手续费及佣金净 收入同比 -20.6%，降幅环比 Q1 扩大 1.5pct。其中，代理及委托中收同比下 降 40.6%，主要是受银 ...

也是在这里与大家第一次正式的见面到现在正好是一年的时间所以今天的业绩发布会既是我们平原银行在当前形势下对上半年经过程和业绩的一次汇报同时也想借这次机会就平原银行接下来转型发展的一些思路来与各位朋友更深度的进行沟通 好 接下来请与我介绍出席本次发布会的我行嘉宾他们是天津行党委书记行长季光恒先生副行长兼首席财务官向友志先生副行长杨志群先生 行长助理张召辉先生行长助理兼首席风险官吴立明先生以及我行独立董事及总行各主要部门的这个业务负责人下面我们首先有请便宜航党委书记行长西瓜衡先生为大家致辞有请西航 各位投资者分析师媒体界的朋友们大家上午好欢迎大家参加平安银行2024年中期业绩发布会很开心又次和大家在这里见面上半年宏观经济 延续复苏态势银行业总体保持平稳但银行经营的不确定性仍然较大7月30日中央政治局会议指出当前外部环境变化带来的不利影响增多国内有效需求不足经济运行出现分化重点领域风险隐患仍然较多新旧动能转换存在阵痛 前不久召开的二十届山东全会也对进一步全面深化改革推动中国式现代化指明了方向上半年国内经济运行保持在合理区间延续回升向好态势但宏观数据和行业主体之间存在一定的温差银行业的营收利润增长整体沉压利息快速收窄 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 18 年 月 日 平安银行（000001.SZ） 息差降幅收窄，不良生成率环比改善 事件：平安银行公布 2024 年中期业绩，2024 年上半年实现营业收入 771.32 亿元，同比下降 13.0%，较 1-3 月同比降幅收窄 1.1pc；实现归母 净利润 258.79 亿元，同比增长 1.9%，较 1-3 月同比增速下降 0.3pc。公 司公布 2024 年中期利润分配方案，每 10 股派发现金股利 2.46 元，测算 分红比例为 18.4%。 业绩：息差降幅收窄、投资收益亮眼 上半年营收、归母净利润同比增速分别为-13.0%、+1.9%，分别较 1-3 月 同比增速+1.1pc、-0.3pc，营收同比增速降幅收窄，主要得益于净息差降 幅收敛、投资收益增加，此外上半年信用成本较一季度提升 0.3pc 至 1.39%，使得归母净利润增速较一季度有所下降。 1）利息净收入：上半年利息净收入同比增速为-21.6%，较一季度增速基 本持平，上半年净息差为 1.96%，较一季度环比仅下降 5bps，主要源于 负债端成本改善。 A、资产端：24H1 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [2] Core Views - The bank's performance and asset quality are in line with expectations, despite a decline in revenue [2] - The bank's net profit for the first half of 2024 increased by 1.9% year-on-year, while total revenue decreased by 13% [2][6] - The bank is focusing on optimizing its credit structure and reducing high-risk assets to ensure long-term healthy development [7] Financial Data and Earnings Forecast - Total revenue for 2024E is projected at 141,080.03 million, with a year-on-year growth rate of -14.34% [2] - The net profit attributable to shareholders is expected to be 46,986.28 million in 2024, with a growth rate of 1.14% [2] - The bank's return on equity (ROE) is projected to decline from 12.36% in 2024 to 9.69% by 2026 [2] - The bank's non-performing loan (NPL) ratio is expected to remain stable at 1.07% [2][7] Asset Quality and Risk Management - The bank's NPL ratio remained stable at 1.07% in Q2 2024, with a slight decrease in the NPL generation rate to 1.63% for the first half of 2024 [7][11] - The bank has increased its provision coverage ratio to 264% in Q2 2024, reflecting improved risk management [7] - The bank's strategy includes reducing high-risk retail loans and optimizing its credit structure to mitigate risks [6][7] Market Performance - As of August 15, 2024, the bank's closing price was 10.03 yuan, with a price-to-book (PB) ratio of 0.45 [1] - The bank's stock has shown a year-to-date performance that reflects the challenges in revenue generation but maintains a focus on long-term growth [2][6]

2024 年 8 月 16 日 公司研究 盈利维持正增，中期分红安排出炉 ——平安银行（000001.SZ）2024 年半年报点评 买入（维持） 当前价：10.03 元 作者 分析师：王一峰 分析师：董文欣 010-57378035 执业证书编号：S0930521090001 dongwx@ebscn.com 市场数据 | --- | --- | |---------------------|------------| | 总股本(亿股) | 194.06 | | 总市值(亿元)： | 1,946.41 | | 一年最低/最高(元)： | 8.36/11.13 | | 近 3 月换手率： | 54.02% | 股价相对走势 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | % | 1M | 1Y | | | 相对 | 1.85 | 4.41 | 4.09 | | 绝对 | -2.62 | -3.79 | -8.39 | 资料来源：Wind 要点 事件： 8 月 15 日，平安银行发布 2024 年半年度报告，上半年实现营业收入 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 -25% -20% -15% -10% -5% 0% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 投资要点： [Table_Balance] 资产负债表摘要(LF) [Table_PicQuote] 52周股价走势图 平安银行 深证成指 [Table_Report] 相关报告 发展稳中有进，转型阵痛期接近尾声 平安银行(000001) [Table_Industry] 商业银行/金融 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 12.60 | | | 上次预测: | 12.60 | | [当前价格： Ta ...

证 券 研 究 报 告 平安银行（000001）2024 年半年报点评 推荐（维持） 结构调优，资产质量趋稳，中期分红率 20% 目标价：13.5 元 事项： 8 月 15 日晚，平安银行披露 2024 年半年报，上半年实现营业收入 771.32 亿 元，同比下降 13.0%；归母净利润 258.79 亿元，同比增长 1.9%。不良率 1.07%， 环比 Q1 持平，拨备覆盖率 264%，环比 Q1 上升 3pct。 评论： 2Q24 营收同比-11.8%，降幅收窄；降本增效维持利润保持正增。营收承压仍 然来自于高收益资产规模压降、息差收窄、中收承压，积极因素主要是 2Q24 债市投资收益较好，其他非息收入高增（同比+56.8%）。1）2Q24 净利息收入 同比-21.6%，增速与 Q1 基本持平，一方面高收益资产持续压降，Q2 末信贷同 比-0.75%（零售贷款同比-11.8%）；同时息差承压，Q2 净息差环比-10bp 至 1.91%。2）中收同比-20.6%，仍受银保渠道降费影响。1H24 净利润维持正增 长，主要得益于公司缩减开支，业务管理费用同比下降 10%，同时拨备少提反 哺利润。 资产结构继续调 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank (000001.SZ) with a current price of 10.03 yuan [1]. Core Insights - Ping An Bank reported a revenue of 77.1 billion yuan for the first half of 2024, a year-over-year decrease of 13%, while the net profit attributable to shareholders was 25.9 billion yuan, reflecting a year-over-year increase of 1.9% [4][5]. - The bank's return on equity (ROE) was 11.88%, down 0.77 percentage points year-over-year [4]. - The bank's mid-term dividend payout ratio is set at 18.4% based on net profit attributable to shareholders, with an overall dividend rate of 20% for ordinary shareholders [5]. Summary by Sections Financial Performance - Revenue and net profit growth rates for the first half of 2024 were -13% and 1.9%, respectively, with a slight improvement in the decline rate compared to the first quarter [5]. - Net interest income decreased by 21.6% year-over-year, primarily due to a slowdown in asset expansion and narrowing interest margins, while non-interest income grew by 8% [5][6]. Loan and Deposit Structure - As of the end of Q2 2024, the bank's interest-earning assets and loans grew by 4.4% and -0.7% year-over-year, respectively [5]. - Retail loans accounted for over 60% of total loans, with a notable increase in mortgage loans [5][6]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remained stable at 1.07%, with a slight increase of 1 basis point since the beginning of the year [7][11]. - The bank's capital adequacy ratios showed a decline due to dividend payments and increased capital consumption, with the core Tier 1 capital ratio at 9.33% [7][12]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 is set at 2.45, 2.54, and 2.67 yuan, respectively, with the current stock price corresponding to a price-to-book (PB) ratio of 0.45, 0.41, and 0.38 for the respective years [8][13].

Investment Rating - The investment rating for Ping An Bank is maintained at "Neutral" [1][3]. Core Views - The bank's revenue growth has slightly rebounded, with a reported operating income of 77.1 billion yuan in the first half of 2024, a year-on-year decrease of 13.0%, but an increase of 1.0 percentage point compared to the first quarter [1]. - The net profit attributable to shareholders reached 25.9 billion yuan, reflecting a year-on-year growth of 1.9%, indicating sustained positive growth [1]. - The annualized weighted average ROE stands at 11.9%, down 0.8 percentage points year-on-year [1]. - Total assets grew by 4.6% year-on-year to 5.75 trillion yuan, slightly below the industry average growth of 7.3% [1]. - Retail AUM (Assets Under Management) maintained stable growth, reaching 4.12 trillion yuan, a year-to-date increase of 2.2% and a year-on-year increase of 6.7% [1]. Summary by Sections Revenue and Profitability - Operating income for the first half of 2024 was 771 billion yuan, down 13.0% year-on-year, but with a slight recovery in growth rate [1]. - Net profit attributable to shareholders was 25.9 billion yuan, up 1.9% year-on-year, maintaining positive growth [1]. - The average net interest margin decreased to 1.96%, down 59 basis points year-on-year, influenced by market interest rate declines and insufficient effective credit demand [1]. Asset Quality - The estimated non-performing loan generation rate for the first half of 2024 was 2.22%, up 24 basis points year-on-year [1]. - The non-performing loan ratio remained stable at 1.07% as of the end of the second quarter [1]. - The provision coverage ratio increased to 264%, up 2 percentage points from the previous quarter [1]. Financial Forecasts - The bank's net profit forecasts for 2024-2026 are 47 billion, 48.4 billion, and 51.8 billion yuan, with year-on-year growth rates of 1.1%, 3.0%, and 7.0% respectively [1][4]. - The diluted EPS for the same period is projected to be 2.23, 2.30, and 2.47 yuan [1][4]. - The current stock price corresponds to a PE ratio of 4.5, 4.4, and 4.1 times, and a PB ratio of 0.45, 0.42, and 0.39 times for the years 2024-2026 [1][4].

Investment Rating - The investment rating for Ping An Bank is maintained at "Buy - A" with a 6-month target price of 13 CNY [3]. Core Views - Ping An Bank's revenue growth is under pressure due to ongoing restructuring of its balance sheet, with a reported revenue decline of 12.95% in the first half of 2024 [1]. - The bank's net profit growth is modest, driven by reduced provisioning and growth in non-interest income, despite a significant contraction in net interest margin [1][2]. - The bank is focusing on "structural adjustment, quality improvement, and efficiency enhancement" as it continues to reshape its asset and liability structure [2]. Financial Performance Summary - For Q2 2024, the net profit growth was 1.5%, primarily supported by a decrease in provisioning and an increase in non-interest income, while net interest margin contracted significantly [1]. - The average daily balance of interest-earning assets grew by 1.37% year-on-year, with a notable decline in credit growth [1][9]. - Non-interest income increased by 11.1% year-on-year, benefiting from lower market interest rates and strong performance in bond investments [6]. - The bank's net interest margin for Q2 2024 was reported at 1.91%, down 10 basis points quarter-on-quarter and 56 basis points year-on-year [2][6]. Asset Quality and Risk Management - The non-performing loan (NPL) generation rate for the first half of 2024 was 1.81%, showing a decrease compared to the previous quarter [7]. - The bank's provisioning for credit impairment losses was 13.8 billion CNY in Q2 2024, a reduction of 23.1% year-on-year [7]. - The overall asset quality remains stable, with the NPL ratio holding steady at 1.07% as of Q2 2024 [17]. Future Outlook - The bank anticipates continued pressure on asset yields and net interest margin due to weak effective demand and ongoing structural adjustments [8]. - Revenue growth is projected to decline by 11.27% in 2024, with profit growth expected to be minimal at 0.06% [8].