PAB(000001) 国信证券·2024-08-16 02:39Investment 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].