PAB(000001) 天风证券·2024-10-22 02:03Investment Rating - The investment rating for Ping An Bank is "Buy" with a target price of 14.50 CNY, indicating a potential upside of 23% from the current price of 11.81 CNY [1][3]. Core Insights - Ping An Bank demonstrated resilient profitability with a year-on-year net profit growth of 0.24% in Q3 2024, supported by a release of provisions amounting to approximately 11.4 billion CNY [2][7]. - The bank's asset quality improved, with a non-performing loan (NPL) ratio of 1.06%, a slight decrease from the previous half [2][16]. - The bank's net interest income decreased by 20.60% year-on-year due to the impact of central bank policies, while non-interest income increased by 7.63% [2][10]. Financial Performance Summary - As of Q3 2024, Ping An Bank reported total revenue of approximately 1115.82 billion CNY, with net interest income of 725.36 billion CNY and non-interest income of 390.46 billion CNY [2][7]. - The bank's net interest margin (NIM) was 1.93%, reflecting a narrowing trend but with a slower decline compared to previous periods [9][19]. - The bank's total interest-bearing assets reached 60,787 billion CNY, showing a 0.8% increase from the previous half [13][19]. Asset Quality - The NPL ratio improved to 1.06%, down 0.01 percentage points from the previous half, with a provision coverage ratio of 251.2% [2][16]. - The bank's NPL generation rate was 1.24% on a quarterly annualized basis, indicating a slight increase compared to the previous year [16][19]. Profitability Forecast - The forecasted net profit growth for Ping An Bank from 2024 to 2026 is projected at 2.72%, 2.18%, and 3.46% respectively, with corresponding book value per share (BPS) estimates of 23.32 CNY, 25.05 CNY, and 26.65 CNY [3][19].