同时，零售贷款不良率保持平稳达1.39%，不良生成率同比下降至1.80%；拨备计提仍保持较大力度， 但同比下降了16.4%，这也意味着平安银行正强化资产质量管理、降低风险成本。 零售业务触底了吗？ 21解读丨平安银行零售"止血""造血"进行时 21世纪经济报道记者曹媛深圳报道 "血已经止住了，造血还需要过程。"3月17日，平安银行党委书记、行长冀光恒在2024年业绩发布会 上，谈及零售业务调整，"总结过去一年多的经历，我认为我们已经在战略上取得了共识并开始行动， 但零售业务改革的难度超出了我们的想象。" 在媒体、分析师出席的这场发布会上，对平安银行管理层的超半数提问皆聚焦零售改革。几乎每个问 题，冀光恒都会亲自回应或补充回答。 受市场利率下行、银行业降息让利、主动调整资产结构等内外因素影响，曾被誉为"零售黑马"的平安银 行正遭受转型阵痛。2024年营业收入为1466.95亿元，同比下降10.9%；净利润445.08亿元，同比下降 4.2%。 但从年报中也能看到一些积极信号。在资产结构调整背景下，该行高风险贷款有所下降，信用卡、消费 贷、经营贷规模均有所收缩，抵押类贷款占比较上年末提升4.0个百分点至62.8% ...

Investment Rating - The investment rating for Ping An Bank is "Accumulate" with a target price of 13.85 CNY, maintaining the previous rating of "Accumulate" [2][3]. Core Views - The report indicates that Ping An Bank's revenue growth for 2024 is in line with expectations, while the growth rate of net profit attributable to shareholders is slightly lower. The asset quality remains stable, and the peak risk pressure in retail has passed. The target price is maintained at 13.85 CNY, with an "Accumulate" rating [3][4]. Financial Summary - **Revenue**: - 2023A: 164,699 million CNY - 2024A: 146,695 million CNY (down 8.4%) - 2025E: 140,552 million CNY (down 10.9%) - 2026E: 143,905 million CNY (down 4.2%) - 2027E: 150,694 million CNY (up 2.4%) [5] - **Net Profit (attributable to shareholders)**: - 2023A: 46,455 million CNY - 2024A: 44,508 million CNY (down 4.2%) - 2025E: 44,645 million CNY (up 0.3%) - 2026E: 46,557 million CNY (up 4.3%) - 2027E: 49,408 million CNY (up 6.1%) [5] - **Net Asset Value per Share**: - 2023A: 20.74 CNY - 2024A: 21.89 CNY - 2025E: 23.46 CNY - 2026E: 25.15 CNY - 2027E: 26.97 CNY [5] - **Return on Equity**: - 2023A: 11.4% - 2024A: 10.1% - 2025E: 9.6% - 2026E: 9.3% - 2027E: 9.3% [5] Market Data - **Current Price**: 11.97 CNY - **Market Capitalization**: 232,289 million CNY - **52-week Price Range**: 9.65 - 12.88 CNY [6] Asset Quality - The non-performing loan (NPL) ratio at the end of Q4 is 1.06%, consistent with the three-stage ratio. The attention rate and overdue rate have decreased slightly, indicating a stabilization in asset quality [18][19].

Core Viewpoint - In 2024, Ping An Bank aims to strengthen retail, refine corporate, and specialize in interbank operations despite a slight decline in profits and narrowing net interest margin, while total assets continue to grow steadily [1] Financial Performance - In 2024, Ping An Bank reported a net profit of 44.508 billion yuan, a year-on-year decrease of 4.2%, and operating income of 146.695 billion yuan, down 10.9% year-on-year [1] - The bank's net profit decline was primarily due to a significant drop in the fourth quarter, where net profit fell to 4.779 billion yuan, a decrease of over 90 million yuan compared to the previous quarter [2] - The increase in provision for bad debts, amounting to 17 billion yuan in the fourth quarter, significantly impacted net profit [2] Asset Quality and Risk Management - Ping An Bank plans to enhance efforts in recovering non-performing assets and improve the quality of new loans while managing existing bad debts [3] - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points from 2023, influenced by market interest rate declines and the reduction of high-risk retail assets [3] - The bank aims to reduce the proportion of high-risk products and increase investments in corporate and low-risk mortgage loans [4][5] Retail and Corporate Strategy - The bank's corporate loans increased by 12.4% year-on-year, while personal loans decreased by 10.6% due to the reduction of high-risk business [5] - Ping An Bank's corporate business became a major profit source, with corporate income and net profit both growing by approximately 20% year-on-year, accounting for nearly 80% of total net profit [7] - The bank plans to balance retail and corporate business development to ensure long-term competitiveness [7] Dividend Policy - For 2024, Ping An Bank announced a cash dividend of 6.08 yuan per 10 shares, totaling 11.799 billion yuan, slightly below 30% of the annual net profit [10] - The dividend policy is influenced by various factors, including previous year dividends and mid-term dividends, which have created some capital pressure [11] - The bank maintains a long-term dividend payout ratio target of 20%-30%, balancing shareholder returns with capital needs [12]

Core Viewpoint - Ping An Bank is undergoing a significant transformation in its retail banking strategy, shifting from high-risk, high-reward operations to a more balanced approach focused on medium risk and medium returns, which has resulted in substantial financial pain and challenges [1][2] Financial Performance - In the previous year, Ping An Bank's retail business generated an operating profit of 49.219 billion yuan, but faced credit and asset impairment losses of 48.729 billion yuan, leading to a net profit of only 289 million yuan, a 94.8% decrease year-on-year, representing just 0.6% of total profits [1] - As of the end of Q4 2024, the retail non-performing loan (NPL) ratio was 1.39%, a decrease of 4 basis points quarter-on-quarter, indicating improved asset quality [5] Retail Strategy and Adjustments - The bank's management has confirmed that it will continue to focus on retail banking, with a new strategy emphasizing risk control and a unified management approach, moving away from high-risk products [3][4] - The core of the retail reform is to develop medium-risk, medium-return products, particularly in the consumer and small business sectors, with ongoing internal testing and pilot programs [4][5] Management Changes - Key personnel changes have occurred, including the reassignment of the assistant president in charge of retail, reflecting a strategic shift in leadership to better align with the bank's new direction [4] Corporate Banking Performance - As of the end of 2024, personal loan balances decreased by 10.6% to 1.767168 trillion yuan, while corporate loan balances increased by 12.4% to 1.606935 trillion yuan, indicating a shift towards corporate banking [7] - The bank aims to maintain strong corporate lending growth in 2025, focusing on high-quality enterprises and specific industries, with a significant portion of new loans directed towards infrastructure and technology sectors [8] Interest Margin Management - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points from the previous year, with a focus on reducing funding costs and improving asset quality to stabilize margins [9][10] - The bank aims to maintain a net interest margin above 1.7%, which is higher than the industry average by 30-40 basis points, despite overall pressure on margins in the banking sector [10]

[Table_Page] 年报点评|银行 证券研究报告 展望 2025 年，预计随着资产端结构调整到位和负债成本管控持续，净 息差下行幅度有望收窄。（2）零售不良率环比下行，对公不良率环比上 行。24 年末不良贷款率 1.06%，同比环比均持平。零售不良率 1.39%， 较 24Q3 末/23 年末分别变动-4bp、+2bp，按揭、经营贷不良率环比上 升 3bp、19bp，消费贷、信用卡不良率环比下降 11bp、14bp。对公不 良率 0.70%，较 24Q3 末/23 年末分别变动+4bp、+7bp，预计主要是 制造业和房地产业风险暴露，不良率分别较年初上行 47bp、36bp。24 年末关注贷款率 1.93%，较 24Q3 末/23 年末分别变动-4bp、+18bp； 逾期率 1.52%，较 24Q3 末/23 年末分别变动-3bp、+9bp；测算 24A 不 良净生成率 2.37%，同比上升 10bp。24 年末拨备覆盖率 250.71%。 [Table_PicQuote] 相对市场表现 -12% -3% 6% 14% 23% 32% 03/24 05/24 07/24 09/24 11/24 01/2 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 11.97 CNY and a reasonable value of 17.91 CNY [2]. Core Views - The company is undergoing a transformation period, with retail growth slowing and declining yields. However, long-term risk preference adjustments are favorable for sustainable operations. The expected growth rates for the company's net profit attributable to shareholders are 0.67% and 3.00% for 2025 and 2026, respectively, with corresponding EPS of 2.16 CNY and 2.23 CNY per share [9]. Financial Performance Summary - In 2024, the company's revenue, PPOP, and net profit attributable to shareholders decreased by 10.9%, 10.8%, and 4.2% year-on-year, respectively. The growth rates for these metrics improved compared to the first three quarters of 2024 [8][11]. - The loan scale decreased by 1.0% year-on-year by the end of 2024, with retail high-risk loans being reduced significantly. Retail loans fell by 10.6%, primarily due to reductions in consumer loans (70.6 billion CNY), credit cards (83.4 billion CNY), and operational loans (79.1 billion CNY). Conversely, corporate loans increased by 17.0% year-on-year [8][9]. - The net interest margin for 2024 was 1.87%, a decrease of 51 basis points year-on-year, influenced by market changes and proactive asset structure adjustments [8][11]. Asset Quality and Risk Indicators - By the end of 2024, the non-performing loan ratio was 1.06%, remaining stable year-on-year and quarter-on-quarter. The retail non-performing loan ratio was 1.39%, showing slight fluctuations, while the corporate non-performing loan ratio was 0.70%, reflecting increased risk exposure in manufacturing and real estate sectors [4][11]. - The provision coverage ratio at the end of 2024 was 250.71%, indicating a strong buffer against potential loan losses [4][11]. Market Performance - The company's stock performance relative to the market showed a decline of 12% from March 2024 to March 2025, compared to the CSI 300 index [6].

2025 年 03 月 16 日 平安银行(000001.SZ) 零售规模仍在降，但风险已现改善 ——平安银行 2024 年报点评 事件：平安银行公布 2024 年报，2024 年营收同比增速为-10.93% （2024 年前三季度为-12.58%），拨备前利润同比增速为-10.83% （2024 年前三季度为-13.69%），归母净利润同比增速为-4.19% （2024 年前三季度为 0.24%）。 当前平安银行改革转型之路尚未走完，导致其业绩增长呈现一定 压力，与市场认知基本一致，对于去年四季度基本面表现，平安 银行营收增长跟随银行同业趋势缓慢回升，但利润增速却明显下 降，营收与利润增速有所分化，我们点评如下： 平安银行去年四季度归母净利润同比增速为-29.93%，其中非息 收入增长、成本压降是主要支撑因素，而生息资产同比下降、净 息差持续收窄、拨备计提力度加大、税收增加则对业绩增长形成 拖累。 生息资产扩张继续放缓。去年四季度，平安银行生息资产（日 均余额）同比下降 2.03%，余额连续两个季度均有所下行，其中信 贷、债券资产增速均有不同程度的下降，仅低风险的同业资产增 速表现尚可。从信贷内部结构观察， ...

证 券 研 究 报 告 平安银行（000001）2024 年报点评 推荐（维持） 结构调整仍在进行，高端客户基本盘稳 目标价：13.28 元 事项： ❖ 3 月 14 日晚，平安银行披露 2024 年年报，全年实现营业收入 1466.95 亿元， 同比下降 10.9%；归母净利润 445.08 亿元，同比-4.2%。不良率 1.06%，环比 持平，拨备覆盖率 251%，环比持平。 评论： 公司研究 全国性股份制银行Ⅲ 2025 年 03 月 16 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 1,940,591.82 | | --- | --- | | 已上市流通股(万股) | 1,940,561.75 | | 总市值(亿元) | 2,322.89 | | ...

2025 年 3 月 16 日 公司研究 结构调整进行中，不良率保持稳定 ——平安银行（000001.SZ）2024 年年报点评 | 市场数据 | | | --- | --- | | 总股本(亿股) | 194.06 | | 总市值(亿元)： | 2,322.89 | | 一年最低/最高(元)： | 9.17/13.14 | | 近 3 月换手率： | 55.64% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 3.31 | -4.27 | -6.66 | | 绝对 | 4.82 | 3.55 | 28.11 | 资料来源：Wind 要点 增持（维持） 当前价：11.97 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 事件： 3 月 14 日，平安银行发布 2024 年年报，全年实现营业收入 1467 亿，同比下降 10.9%；实现归母净利润 445 亿，同比下降 4.2%。加权平均净资产收益率 10. ...

Investment Rating - The report maintains an "Accumulate" rating for Ping An Bank (000001.SZ) with a current price of 11.97 CNY [1]. Core Insights - Ping An Bank's 2024 annual report shows a decline in operating income by 10.9% year-on-year to 146.7 billion CNY and a net profit attributable to shareholders of 44.5 billion CNY, down 4.2% year-on-year [3][4]. - The bank's net interest income decreased by 20.8% year-on-year, while non-interest income grew by 14% [4][10]. - The bank is undergoing a retail business transformation, with corporate banking becoming a key support for stabilizing net profit [5][6]. - The non-performing loan (NPL) ratio remained stable at 1.06%, with a provision coverage ratio above 250% [11][12]. Financial Performance Summary - For 2024, Ping An Bank's operating income and net profit decreased by 10.9% and 4.2% respectively, with a weighted average return on equity (ROE) of 10.08%, down 1.3 percentage points year-on-year [3][4]. - The bank's net interest margin (NIM) for 2024 was 1.87%, with a decrease of 6 basis points from the previous quarters [9]. - Non-interest income saw a significant increase, primarily driven by a 68.7% rise in net other non-interest income [10]. Asset Quality and Risk Management - The bank's NPL ratio held steady at 1.06%, with a slight increase in corporate NPLs and a decrease in retail NPLs [11][12]. - The bank has actively reduced high-risk retail loans, focusing on stable mortgage and secured lending [6][7]. - The provision for credit losses was 49.4 billion CNY for the year, a decrease of 16.4% year-on-year [11]. Capital Adequacy and Dividends - As of the end of 2024, the core tier 1 capital adequacy ratio was 9.12%, with a cash dividend payout ratio of 27%, slightly down from the previous year [12][15]. - The bank's total assets increased to 5.77 trillion CNY, with risk-weighted assets growing by 6.5% year-on-year [27][28]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 and 2026 has been revised down to 2.24 CNY and 2.26 CNY respectively, with a new forecast for 2027 at 2.30 CNY [12][15]. - The current price-to-book (PB) ratio is projected at 0.51 for 2025, 0.48 for 2026, and 0.45 for 2027 [12][15].