点评报告：分红率提升

Investment Rating - The investment rating for Ping An Bank is maintained at "Accumulate" [3]. Core Views - The report highlights a 2.1% year-on-year growth in net profit attributable to shareholders for 2023, despite an 8.4% decline in revenue, primarily due to a narrowing net interest margin and fluctuations in foreign exchange gains [1][2]. - Retail customer assets and numbers have shown rapid growth, with total retail customer assets reaching 4,031.177 billion yuan, a 12.4% increase year-on-year, and the number of wealth clients growing by 8.9% to 1.3775 million [1]. - The dividend payout ratio has been significantly increased by 18 percentage points to 30%, resulting in a dividend yield of 7% based on the closing price on March 14, 2024 [1]. - The core Tier 1 capital adequacy ratio improved to 9.22% by the end of 2023 [1]. - Asset quality indicators showed slight fluctuations, with a non-performing loan ratio of 1.06% and a provision coverage ratio of 277.63% [1]. - Future earnings forecasts have been adjusted downward for 2024 and 2025, with projected revenues of 157.805 billion yuan and 161.490 billion yuan, respectively [2]. Summary by Sections Financial Performance - In 2023, the operating revenue was 164.699 billion yuan, with a year-on-year growth rate of -8.4% [2]. - The net profit attributable to shareholders for 2023 was 46.455 billion yuan, reflecting a growth rate of 2.1% [2]. - Earnings per share for 2024 is projected at 2.25 yuan, with a price-to-earnings ratio of 4.55 times [2]. Asset and Liability Management - Total loans are projected to reach 3,407.509 billion yuan in 2024, with total assets expected to be 5,587.116 billion yuan [2]. - Total deposits are forecasted to be 3,458.287 billion yuan in 2024 [2]. Capital Management - The report indicates a focus on transforming corporate and retail businesses, aiming for a balanced approach to asset-liability management [1].