执业证书编号：S0740523110002 Email：mazh@zts.com.cn 股份制银行Ⅱ 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：马志豪 | 总股本(百万股) | 19,405.92 | | --- | --- | | 流通股本(百万股) | 19,405.57 | | 市价(元) | 11.97 | | 市值(百万元) | 232,288.84 | | 流通市值(百万元) | 232,284.70 | 1、《详解平安银行 2024 中报：净利 润同比增+1.9%；调结构继续、中期 分红方案落地》2024-08-19 2、《详解平安银行 2024 年一季报： 净利润同比增 2.3%；调结构继续、 拨备释放利润增速企稳》2024-04-24 详解平安银行 2024 年报： 调结构显效，营收降幅收窄，资产质量夯实 平安银行（000001.SZ） 证券研究报告/公司点评报告 2025 年 03 月 16 日 | 评级： | 增持（维持） | 公司盈利预测及 ...

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]

公 华福证券 司 研 究 公 司 财 报 平安银行（000001.SZ） 压力释放，靴子落地——2024 年报点评 投资要点： （一）2024Q4 业绩点评 Q4 单季，营收增速降幅相较 Q3 明显收窄，利润增速降幅扩大， 资产质量保持稳定。 营收端：2024Q4，营收增速为-5.3%，降幅较 Q3 收窄 6.5pct，主 要是由于 2024 年四季度利率快速下行，债券投资等其他非息收入同比 增长 123%。 点 评 利润端：2024Q4，归母净利润增速为-29.9%，降幅较 Q3 扩大 27.1pct，主要是由于 2024Q4 计提拨备约 174 亿元，同比 2023Q4 多计 提 16.6 亿元。但从 2024 年全年来看，拨备计提规模为 494 亿元，同比 2023 年全年少计提约 97.4 亿元。我们认为，前三季度为了维持利润正 增长而减少了拨备计提，四季度则加大对不良的认定、拨备的补充计 提以及核销。 资产质量：截至 2024 年末，不良率为 1.06%，持平于 Q3。关注 率为 1.93%，较 Q3 末下降 4bp。具体来看： 零售贷款不良率为 1.39%，较 Q3 下降 4bp。分产品看，按揭贷 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank, indicating an expected relative price increase of over 20% within the next six months [12][56]. Core Insights - The report highlights that the pressure on asset quality and provisioning has been released in Q4 2024, suggesting that market concerns regarding the bank's annual performance and dividends have been alleviated [12]. - It is anticipated that the bank's performance will marginally recover in 2025, with loan growth expected to return to normal levels due to the recovery of consumer demand and the increase in mid-risk product offerings [6][11]. Summary by Sections Q4 2024 Performance Review - In Q4 2024, revenue growth rate was -5.3%, a narrowing decline compared to Q3, primarily due to a rapid decline in interest rates and a 123% year-on-year increase in non-interest income from bond investments [2][3]. - The net profit attributable to shareholders decreased by 29.9% in Q4 2024, with a significant increase in provisioning of approximately 17.4 billion yuan compared to Q4 2023 [3][4]. - Asset quality remained stable, with a non-performing loan (NPL) ratio of 1.06% at the end of 2024, unchanged from Q3 [4]. Full Year 2024 Performance Review - Throughout 2024, Ping An Bank focused on optimizing its asset structure and reducing high-risk retail assets, leading to a contraction in loan scale and a significant decline in net interest margin [5][11]. - The dividend payout ratio for 2024 was set at 27%, reflecting the bank's consideration of capital adequacy and reasonable dividend levels [5]. 2025 Operational Outlook - The bank's loan scale at the end of 2024 was 3,374.1 billion yuan, a decrease of 33.4 billion yuan from the end of 2023, but a recovery in loan growth is expected in 2025 [6][11]. - The net interest margin decline is projected to narrow significantly, with the bank's credit cost improving by 29 basis points year-on-year to 1.56% in 2024 [11][12]. - Revenue growth rates for 2025-2027 are forecasted at -5.5%, 3.7%, and 7.0%, respectively, with net profit growth rates of 2.1%, 4.6%, and 7.8% [11][49].

上 市 公 司 2025 年 03 月 16 日 平安银行 (000001) ——信贷结构优化提速，风险处置扰动业绩 报告原因：有业绩公布需要点评 一年内股价与大盘对比走势： 03-14 04-14 05-14 06-14 07-14 08-14 09-14 10-14 11-14 12-14 01-14 02-14 03-14 -20% 0% 20% 40% 平安银行 沪深300指数 (收益率) 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 研究支持 李禹昊 A0230123070008 liyh2@swsresearch.com 联系人 冯思远 (8621)23297818× fengsy@swsresearch.com 事件：平安银行披露 2024 年报，2024 实现营收 1467 元，同比下滑 10.9%，实现归母净利润 445 亿元，同比下滑 4.2%。4Q24 不良率季度环比持平 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [5] Core Views - In 2024, Ping An Bank reported revenue of 146.7 billion yuan, a year-on-year decrease of 10.93%, and a net profit attributable to shareholders of 44.5 billion yuan, down 4.19% year-on-year. As of December 31, 2024, the non-performing loan (NPL) ratio and provision coverage ratio were 1.06% and 250.71%, respectively, remaining stable and decreasing by 0.5 percentage points compared to the previous quarter [1][2][4] - The bank's dividend payout for 2024 was 6.08 yuan per 10 shares, with an annual dividend ratio of 27% [1] - The report highlights improvements in asset quality, with a decrease in personal loan NPL ratio and a reduction in NPL generation pressure year-on-year [4][11] Performance Summary - Revenue and net profit growth rates for 2024 were -10.93% and -4.19%, respectively, with a narrowing decline compared to the previous three quarters [2] - Net interest income for 2024 decreased by 20.8% year-on-year, with a net interest margin of 1.87%, down 6 basis points from the previous quarter [2][3] - Non-interest income showed a significant increase of 68.8% year-on-year, primarily driven by investment income of 24.6 billion yuan, which grew by 53.3% [3] Asset Quality - The NPL ratio and attention ratio for Q4 2024 were 1.06% and 1.93%, respectively, with the provision coverage ratio at 250.7% [4] - The NPL generation rate for 2024 was 1.86%, a decrease of 6 basis points compared to 2023 [4] Asset and Liability Management - As of Q4 2024, total assets and loans were 5.8 trillion yuan and 3.4 trillion yuan, respectively, with year-on-year growth of 3.26% and a slight decline of 0.98% [9] - The bank has significantly reduced high-risk loans and increased the proportion of mortgage loans, with high-risk loans decreasing and mortgage loans accounting for 62.8% of total loans [9][10] Business Development - Retail customer numbers reached 126 million, with assets under management (AUM) growing by 4.0% to 4.19 trillion yuan [11] - The bank's private banking client base increased by 7.3% to 96,800 clients, with private banking AUM growing by 3.1% to 1.98 trillion yuan [11]

证券研究报告 | 2025年03月15日 营收降幅收窄，拨备计提拖累净利润增长。2024 实现营业收入 1467 亿元， 同比下降 10.9%，降幅较三季报收窄 1.7 个百分点；全年实现归母净利润 445 亿元，同比下降 4.2%，主要是资产减值损失对净利润增长的不利影响增加。 全年加权平均 ROE10.1%，同比下降 1.3 个百分点。 贷款结构优化，零售 AUM 稳定增长。2024 年总资产同比增长 3.3%至 5.77 万 亿元，略低于股份行 4.5%的总体增速。其中存款同比增长 3.9%至 3.59 万亿 元，贷款总额同比下降 1.0%至 3.37 万亿元，主要是信用卡、消费贷以及经 营贷等零售高风险贷款规模压降。年末核心一级资本充足率 9.12%。表外方 面，零售 AUM 仍然维持稳定增长，年末末零售 AUM 达到 4.19 万亿元，较年 初增长 4.0%。 净息差持续下降，非息收入大幅增长。披露的 2024 年日均净息差 1.87%，同 比降低 51bps，主要受市场利率下行、主动压降零售高风险资产等因素影响。 其中生息资产收益率同比下降 61bps，负债成本同比下降 13bps。环比来看， 四 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 16 年 月 日 平安银行（000001.SZ） 零售不良额率双降，不良生成率同比下降 事件：平安银行公布 2024 年报，2024 年实现营收 1467 亿元，同比下降 10.93%，归母净利润 445 亿元，同比下降 4.19%。截至 2024 年 12 月 末，不良率、拨备覆盖率分别为 1.06%、250.71%，较上季度分别持平、 下降 0.5pc。此外，2024 年公司以每 10 股派发现金股利 6.08 元，全年分 红比例达 27%。 1、业绩：存款成本改善力度持续加大，债市收益支撑明显 2024 年营收、归母净利润增速分别为-10.9%、-4.2%，分别较前三季度降 幅收窄 1.6pc、下降 4.4pc，营收降幅收窄主要源于非息收入支撑，具体来 看： 1）利息净收入：24A 同比增速为-20.8%，与前三季度增速基本持平，24A 净息差为 1.87%，较前三季度下降 6bps，息差同比降幅呈现收敛趋势， 主要得益于负债端成本延续改善。 A、资产端：24A 生息资产、贷款收益率分别为 3.97%、4.54%，分别下 降 10 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Bank [5] Core Views - In 2024, Ping An Bank reported revenue of 146.7 billion yuan, a year-on-year decrease of 10.93%, and a net profit attributable to shareholders of 44.5 billion yuan, down 4.19% year-on-year. The non-performing loan (NPL) ratio and provision coverage ratio stood at 1.06% and 250.71%, respectively, remaining stable compared to the previous quarter [1][2][4] - The bank's dividend payout for the year was 6.08 yuan per 10 shares, with an annual dividend ratio of 27% [1] Performance Summary - Revenue and net profit growth rates for 2024 were -10.9% and -4.2%, respectively, with a narrowing decline compared to the first three quarters. The decrease in revenue was primarily supported by non-interest income [2] - Net interest income for 2024 decreased by 20.8% year-on-year, with a net interest margin of 1.87%, down 6 basis points from the previous quarter. The decline in interest margin is showing signs of convergence due to improved funding costs [2][3] - Non-interest income from fees and commissions fell by 18.1% year-on-year, mainly due to reduced credit card spending and a decline in bank card fees [3] Asset Quality - The NPL ratio and attention ratio for Q4 2024 were 1.06% and 1.93%, respectively, with the provision coverage ratio at 250.7%, indicating a stable asset quality [4] - The NPL ratio for personal loans decreased by 4 basis points, marking the first decline in 2024, while the NPL balance for personal loans fell by 1 billion yuan [4] Asset and Liability Management - As of Q4 2024, total assets and loan amounts were 5.8 trillion yuan and 3.4 trillion yuan, respectively, with a year-on-year growth of 3.26% and a slight decline of 0.98% [9] - The bank has significantly reduced high-risk loans and increased the proportion of secured loans, with secured loans accounting for 62.8% of the total, up 13.6 percentage points from the end of 2021 [9] Business Development - Retail customer numbers reached 126 million, with assets under management (AUM) growing by 4.0% year-on-year to 4.19 trillion yuan. The number of private banking clients increased by 7.3% to 96,800 [11] - The bank's total deposits reached 3.5 trillion yuan, a year-on-year increase of 3.88%, with a net increase of 31 billion yuan in deposits for the quarter [10]

证券研究报告 | 公司点评 | 股份制银行Ⅱ 不良压力见顶回落 ——平安银行 2024 年报点评 投资要点 ❑ 平安银行 2024A 营收降幅收窄，不良生成拐点向下。 ❑ 数据概览 平安银行 2024 年归母净利润同比下降 4.2%，利润规模由增转减；营收同比下降 10.9%，降幅较 2024Q1-3 收窄 1.6pc。2024 年末不良率 1.06%，环比 24Q3 末持 平，拨备覆盖率 251%，环比 24Q3 末持平。 ❑ 营收降幅收敛 平安银行 2024 年归母净利润同比下降 4.2%，利润规模由增转减；营收同比下降 10.9%，降幅较 2024Q1-3 收窄 1.6pc。主要驱动因素来看，其他非息高增，带动 营收降幅收敛；减值降幅收窄，拖累利润表现。具体来看：①其他非息方面， 24A其他非息同比高增 68.7%，增速环比回升 16.2pc，归因 Q4债市表现强劲，带 动投资收益高增。②减值损失方面，24A 减值损失同比下降 16.4%，降幅环比收 窄 10pc，显著拖累盈利。 展望未来，平安银行 2025 年营收仍有负增压力，主要考虑：①平安银行的投资 收益浮盈储备较少，2025 年债券投资收益压力 ...