PAB(000001) 中泰证券·2024-04-24 09:00Investment Rating - The report maintains an "Accumulate" rating for Ping An Bank [1] Core Views - Ping An Bank's Q1 2024 revenue decreased by 14.0% year-on-year, primarily due to a decline in interest income, while net profit increased by 2.3% year-on-year, supported by provision releases [4][6] - The bank's net interest income fell by 21.7% year-on-year, influenced by narrowing interest margins and slowing credit growth, while net non-interest income rose by 4.9% [4][6] - The bank's asset quality showed a slight increase in non-performing loans (NPL) ratio to 1.07%, with a provision coverage ratio of 261.66% [16][17] Financial Performance Summary - Total revenue (in million) for 2022 was 179,895, 2023 was 164,699, and the forecast for 2024 is 145,606, indicating a decline [3] - Net profit (in million) for 2022 was 45,516, 2023 was 46,455, and the forecast for 2024 is 47,497, showing a stable growth trend [3] - Earnings per share (in yuan) for 2022 was 2.30, 2023 was 2.35, and the forecast for 2024 is 2.40 [3] Revenue and Profitability - Q1 2024 net interest income decreased by 5.6% quarter-on-quarter, with an annualized net interest margin of 2.01% [9][10] - The bank's non-interest income showed a positive growth of 4.9% year-on-year, driven by other non-interest income growth of 56.7% [15] Asset and Liability Structure - Total assets increased by 5.0% year-on-year, while total loans grew by only 1.2%, indicating a shift in asset structure [13] - Total liabilities increased by 4.7% year-on-year, with total deposits growing by 1.7%, reflecting a slower deposit growth compared to liabilities [13] Asset Quality - The NPL generation rate for Q1 was 2.20%, with a slight decrease in the NPL ratio to 1.07% [16][17] - The bank's provision coverage ratio decreased by 15.97 percentage points, indicating a release of provisions [16][17] Investment Recommendations - The report suggests that Ping An Bank is expected to have a price-to-book (PB) ratio of 0.47X in 2024, 0.44X in 2025, and 0.41X in 2026, indicating potential for long-term investment [5][19] - The bank is seen as having advantages in corporate and retail business expansion, supported by its technology and comprehensive financial services [19]