PAB(000001) 光大证券·2024-08-16 04:38Investment 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].