Core Viewpoint - The performance of 14 out of 17 listed city commercial banks in China for 2024 shows resilience and growth despite challenges in the banking sector, with many banks leveraging regional advantages and differentiated business strategies to achieve notable results [1][2]. Revenue and Profit Growth - The average revenue growth rate for the 14 listed city commercial banks reached 5.31% year-on-year, with Nanjing Bank leading at 11.32% growth [2][3]. - Jiangsu Bank and Ningbo Bank achieved over 8% revenue growth despite a high base, supported by quality credit resources in the Jiangsu and Zhejiang regions [2][3]. Performance Summary of Listed City Commercial Banks - Jiangsu Bank: Revenue of 808.15 billion, up 8.78%; Net profit of 318.43 billion, up 10.76% [3]. - Beijing Bank: Revenue of 699.17 billion, up 4.81%; Net profit of 258.31 billion, up 0.81% [3]. - Ningbo Bank: Revenue of 666.31 billion, up 8.19%; Net profit of 271.27 billion, up 6.23% [3]. - Nanjing Bank: Revenue of 502.71 billion, up 11.32%; Net profit of 201.77 billion, up 9.05% [3]. - Zhengzhou Bank: Revenue decreased by 5.78% to 128.77 billion, attributed to weak corporate loan growth [3][4]. Asset Quality and Risk Management - Zhengzhou Bank reported a non-performing loan (NPL) ratio of 1.79%, higher than the average for city commercial banks, indicating a need for improvement in asset quality management [7]. - All 14 listed city commercial banks maintained a provision coverage ratio above the regulatory minimum of 150%, with Hangzhou Bank and Ningbo Bank showing exceptional performance [8][9]. Differentiated Business Strategies - City commercial banks are encouraged to adopt differentiated development strategies based on regional characteristics to enhance their business models [10]. - Ningbo Bank focuses on risk management in exchange rate and interest rate, achieving a 20.15% increase in institutional deposits [11]. - Beijing Bank plans to leverage digital products and services to enhance its business model in a low-interest environment [11].

Financial Performance - Net interest income for 2024 reached RMB 9,873,824 thousand, an increase of 6.38% compared to RMB 9,281,969 thousand in 2023[7] - Non-interest income rose to RMB 3,540,867 thousand, reflecting a growth of 10.67% from RMB 3,199,382 thousand in the previous year[7] - Total operating income for 2024 was RMB 13,414,691 thousand, up 7.48% from RMB 12,481,351 thousand in 2023[7] - The pre-tax profit increased by 26.99% to RMB 4,995,129 thousand, compared to RMB 3,933,397 thousand in 2023[7] - Net profit attributable to shareholders reached RMB 4,264,120 thousand, marking a 20.16% increase from RMB 3,548,599 thousand in the previous year[7] - Basic earnings per share for 2024 were RMB 0.69, a 21.05% increase compared to RMB 0.57 in 2023[7] - In 2024, the company's net profit reached RMB 4.405 billion, an increase of RMB 733 million, representing a growth of 19.97% compared to the previous year[24] - The company's operating income for 2024 was RMB 13.415 billion, an increase of RMB 933 million, reflecting a growth of 7.48% year-on-year[27] Asset and Liability Management - Total assets as of December 31, 2024, amounted to RMB 689,963,033 thousand, a growth of 13.48% from RMB 607,985,372 thousand at the end of 2023[8] - Total liabilities reached RMB 645,063,204 thousand, up 13.56% from RMB 568,046,129 thousand in the previous year[8] - Total customer deposits increased to RMB 432,024,006 thousand, representing an 11.91% growth from RMB 386,062,259 thousand in 2023[8] - The company's total deposits reached RMB 443.43 billion, an increase of RMB 47.96 billion or 12.13% compared to the end of 2023[78] - Customer deposits (excluding accrued interest) totaled RMB 432.02 billion, up RMB 45.96 billion or 11.91% year-over-year[79] - The company's borrowings from the central bank increased to RMB 28.24 billion, a rise of RMB 10.01 billion or 54.87% from the previous year, reflecting a strategy to diversify funding sources[81] - The total issued bonds amounted to RMB 98.75 billion, an increase of RMB 9.48 billion or 10.62% compared to the end of 2023, driven by the need for low-cost funding[82] Loan and Credit Quality - Customer loans totaled RMB 340,689,725 thousand, reflecting a 13.53% increase from RMB 300,089,541 thousand in 2023[8] - The non-performing loan ratio improved to 1.14% in 2024, down from 1.18% in 2023, a decrease of 3.4%[9] - The provision coverage ratio increased to 241.32% in 2024, compared to 225.96% in 2023, an increase of 6.0%[9] - The total loan amount (excluding accrued interest and impairment provisions) as of the reporting period was RMB 340,689,725 thousand, with a non-performing loan (NPL) total of RMB 38,733 thousand, resulting in an NPL ratio of 1.14%[96] - The proportion of normal loans increased slightly to 98.30% in 2024 from 98.28% in 2023, while the NPL ratio decreased by 0.04 percentage points[98] - The company reported a total of RMB 9.35 billion in loan impairment provisions, an increase of RMB 1.35 billion or 16.88% compared to the previous year[111] - The loan provision coverage ratio improved to 241.32%, up by 15.36 percentage points from the previous year[111] Capital and Risk Management - The company's capital adequacy ratio reached 13.80% as of December 31, 2024, an increase of 1.01 percentage points from the previous year[119] - The core tier 1 capital ratio improved to 9.11%, up by 0.69 percentage points compared to the end of the previous year[119] - The company's net stable funding ratio was 120.31% and the liquidity coverage ratio was 203.02%, both meeting regulatory requirements[117] - The leverage ratio stood at 5.79%, above the regulatory requirement of 4%, but decreased by 0.04 percentage points from the previous year[124] - The company has established a comprehensive risk management system for group clients, focusing on unified credit management and real-time monitoring[113] - The company continues to enhance asset quality through proactive monitoring and management of key industry risks[112] Operational Efficiency and Strategy - The bank aims for high-quality, intensive development while adhering to regulatory requirements and enhancing risk management capabilities[12] - The company aims to enhance comprehensive operational capabilities and accelerate digital transformation as part of its 2023-2025 strategic plan[16] - The company plans to strengthen corporate business and deepen retail operations, focusing on small and medium-sized enterprises[16] - The company is focusing on digital innovation in retail business, enhancing customer experience through new tools and applications[200] - The company has implemented data governance actions to build a data quality control process and monitoring mechanism[200] Customer Engagement and Service - The bank's strategic focus includes enhancing customer service through retail banking, corporate banking, and financial markets[14] - The company's retail banking business generated revenue of RMB 3.63 billion, accounting for 27.07% of total revenue, showing growth from the previous year[89] - The number of retail customers reached 8.6993 million, with a year-on-year increase in new customer efficiency of 3.74%[176] - The bank achieved a net promoter score (NPS) of 80.57%, an increase of 0.08 percentage points year-over-year, reflecting high customer satisfaction[180] - The online customer base reached 1.4566 million monthly active users, enhancing customer engagement through digital channels[177] Awards and Recognition - The company was recognized as a "Top 500 Most Valuable Brands in China" with a brand value of CNY 30.296 billion, ranking 326th, an improvement of 9 positions from last year[20] - The company has been included in the "Asia's Top 500 Brands" list for the 8th consecutive year, ranking 415th[21] - The company received multiple awards in 2024, including the "Outstanding City Commercial Bank" and "Best Practice Case for Listed Company Board of Directors"[23] - The company’s subsidiary Qingyin Wealth Management won the "Bank Wealth Management Company Innovation Award" in 2024[23]

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 402685.71万股，累计占流通股比： 74.54%，较上期变化： 31.84万 股。 青岛银行:2024年报净利润42.64亿 同比增长20.15% 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | | 0.5700 | -100 | 0.4500 | | 每股净资产（元） | 0 | 5.61 | -100 | 5.05 | | 每股公积金(元) | 1.84 | 1.84 | 0 | 1.84 | | 每股未分配利润(元) | 1.15 | 0.86 | 33.72 | 0.66 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 134.98 | 124.72 | 8.23 | 116.44 | | 净利润(亿元) | 42.64 | 35.49 | 20.15 | 30.83 | | 净资产收益率(%) | | 10.71 ...

证券研究报告 | 公司深度 | 城商行Ⅱ 经济大省的成长性城商行 ——青岛银行首次覆盖 投资要点 青岛银行是深耕山东的成长性城商行，化债推动风险评价改善，网点加密和低 不良生成有望支撑较强的盈利增长，有利于青岛银行估值抬升。 公司画像：经济大省成长性城商行 （1）发展：青岛银行由原青岛地区 21 家城市信用社合并组建而成。发展至今， 青岛银行资产规模达到城商行中位水平，具有金租和理财牌照，综合能力强。 （2）区位：青岛银行深耕青岛，覆盖全省。山东经济体量大，青岛经济领航山 东，是青岛银行发展的良好基础。截至 24H1 末，青岛银行有 51%贷款投向青 岛，其余分布在山东其他城市。 （3）管理：①青岛银行股权结构均衡，具有地方国资+优质民企+外资银行的多 元化股权结构。24H1 财报披露，青岛银行前三大股东分别是海尔集团、意大利 联合圣保罗银行、青岛国信，分别持有青岛银行 18.14%、17.50%、14.99%的股 份（合并子公司口径）。②管理团队金融经验丰富，以董事长景在伦先生、行长 吴显明先生为代表的核心管理团队，银行管理经验丰富，专业能力突出。 财务分析：ROE 呈逐步改善态势 青岛银行 2022 年以 ...

Investment Rating - The investment rating for Qingdao Bank is "Accumulate" [4][3]. Core Views - Qingdao Bank's net profit growth in Q3 2024 exceeded expectations, while revenue growth slightly declined due to other non-interest income. The bank maintains a double-digit expansion rate and stable asset quality, justifying the "Accumulate" rating [3][4]. Summary by Sections Financial Performance - In Q3 2024, Qingdao Bank's revenue growth was 0.8%, a slight decline compared to Q2. The net interest income, commission income, and other non-interest income grew by 4.8%, -13.1%, and -6.4% year-on-year, respectively. Other non-interest income was the main drag on revenue, likely affected by bond market fluctuations in August. Despite the revenue decline, Q3 net profit growth reached 24.7%, outperforming comparable peers [4]. Asset Quality - As of Q3 2024, the bank's total assets grew by 15.1% year-on-year, with loans increasing by 11.3%. The growth in inclusive small and micro loans was particularly notable, with a year-end balance increase of 8.51 billion yuan, or 25.13%. Deposits grew by 12.9%, improving the deposit-to-liability ratio to 68.5%. The non-performing loan ratio stood at 1.17%, with a coverage ratio of 245.7%, indicating enhanced risk mitigation capabilities [4]. Market Data - The current stock price of Qingdao Bank is HKD 2.74, with a market capitalization of HKD 15,948 million. The stock has traded within a range of HKD 1.84 to HKD 2.97 over the past 52 weeks [5][6].

Financial Reporting and Compliance - The Board of Directors confirmed the accuracy and completeness of the interim report for the first half of 2024, which was approved on August 28, 2024[7]. - The financial report for the first half of 2024 was reviewed by KPMG according to both Chinese and international review standards[7]. - The report period covers January 1, 2024, to June 30, 2024[10]. - The company operates under both Chinese Accounting Standards and International Financial Reporting Standards[7]. - The company is listed on both the Shenzhen Stock Exchange (A shares) and the Hong Kong Stock Exchange (H shares)[12]. Dividend and Profit Distribution - The company plans to propose a cash dividend for the first half of 2024, with no stock dividends or capital reserve transfers[7]. - Net profit attributable to shareholders reached RMB 2,640,917 thousand, reflecting a growth of 13.07% from RMB 2,335,704 thousand year-on-year[16]. - Net profit for the period was CNY 2.71 billion, representing a year-on-year growth of 12.62%[28]. Income and Revenue Growth - Total operating income rose by 10.31% to RMB 7,027,347 thousand, up from RMB 6,370,811 thousand in the previous year[16]. - Non-interest income increased by 20.79% to RMB 2,248,354 thousand from RMB 1,861,400 thousand year-on-year[16]. - Operating income for the reporting period was RMB 7.027 billion, an increase of RMB 657 million, with a growth rate of 10.31%[36]. - Non-interest income accounted for 31.99% of total operating income, an increase of 2.77 percentage points year-on-year[36]. Asset and Loan Management - Total assets as of June 30, 2024, amounted to RMB 654,024,373 thousand, a 7.57% increase from RMB 607,985,372 thousand at the end of 2023[17]. - Customer loans totaled RMB 324,394,232 thousand, marking an 8.10% increase from RMB 300,089,541 thousand at the end of 2023[17]. - The non-performing loan ratio improved slightly to 1.17% from 1.18% at the end of 2023[18]. - Total customer loans amounted to RMB 324,394,232 thousand as of June 30, 2024, with a non-performing loan (NPL) amount of RMB 3,789,352 thousand, resulting in an NPL ratio of 1.17%[98]. Capital Adequacy and Risk Management - The core tier 1 capital adequacy ratio increased to 9.07% from 8.42% at the end of 2023[18]. - The capital adequacy ratio was 13.44%, with a core Tier 1 capital ratio of 9.07%, both up by 0.65 percentage points from the previous year[28]. - The company has enhanced its risk management for group clients by establishing a unified credit management system and a risk monitoring framework[108]. - The company has implemented strict controls on restructured loans, which accounted for 0.03% of total loans as of June 30, 2024, unchanged from the end of the previous year[110]. Customer and Retail Banking - The bank's retail banking business generated a pre-tax profit of RMB 611.95 million, a decrease from the previous year's RMB 746.23 million[92]. - Retail deposit balance reached RMB 202.684 billion, an increase of RMB 14.240 billion, with a growth rate of 7.56%[30]. - The number of retail customers reached 8.4633 million, with a new customer effectiveness rate increasing by 3.86%[145]. - The retail banking strategy emphasizes customer-centric development and digital transformation to enhance operational efficiency[143]. Technology and Digital Transformation - The company has successfully built an external data marketplace, improving data quality and security risk management systems to support digital transformation[181]. - The company has developed 12 projects in areas such as mobile channels and marketing empowerment, advancing its digital core capabilities[181]. - The bank launched its first online agricultural loan product "Ludang Cloud Loan" and a scenario-based online consumer loan product "Online Parking Space Loan" during the reporting period[146]. Market Position and Growth Strategy - The company has established a strong market presence, being recognized as a leading institution in the interbank market and for market innovation[167]. - The company has expanded its cross-border financing capabilities, enhancing its international trade financing services[162]. - The bank's overall strategy focuses on stable growth, structural adjustment, and quality improvement in response to external environmental changes[143]. Financial Investments and Asset Management - The company's financial investments measured at fair value and recognized in profit or loss amounted to RMB 626.39 billion, an increase of RMB 43.69 billion or 7.50% compared to the end of the previous year[71]. - The company's financial investments had a book value of CNY 228.53 billion, an increase of CNY 2.52 billion or 1.11% from the end of the previous year[69]. - The total balance of wealth management products reached 208.520 billion yuan, reflecting a growth of 0.19% year-on-year[171]. Liquidity and Funding Management - The liquidity coverage ratio significantly improved to 203.40%, up from 158.11% in the previous period[18]. - The amount of high-quality liquid assets increased to RMB 108,843,097 thousand from RMB 75,270,402 thousand, reflecting a significant enhancement in liquidity reserves[190]. - The net stable funding ratio stands at 119.13% as of June 30, 2024, compared to 125.47% on March 31, 2024, demonstrating stable funding management[191].

Financial Performance - The Bank of Qingdao reported its unaudited interim results for the six months ending June 30, 2024[1]. - Net interest income for the first half of 2024 reached RMB 4,778,993 thousand, an increase of 5.98% compared to RMB 4,509,411 thousand in the same period of 2023[11]. - Non-interest income increased by 20.79% to RMB 2,248,354 thousand from RMB 1,861,400 thousand year-on-year[11]. - Total operating income rose by 10.31% to RMB 7,027,347 thousand, up from RMB 6,370,811 thousand in the previous year[11]. - Pre-tax profit increased by 16.04% to RMB 3,233,244 thousand, compared to RMB 2,786,303 thousand in the first half of 2023[11]. - Net profit attributable to shareholders reached RMB 2,640,917 thousand, reflecting a growth of 13.07% from RMB 2,335,704 thousand year-on-year[11]. - Basic earnings per share for the first half of 2024 were RMB 0.45, up from RMB 0.40, representing a 12.50% increase[11]. - The net profit for the first half of 2024 was CNY 2.711 billion, representing a year-on-year increase of 12.62%[19]. - Total operating income was RMB 7.027 billion, an increase of RMB 657 million, or 10.31% year-on-year[31]. - The tax expense increased by 37.78% year-on-year to RMB 521.86 million, reflecting higher profitability[30]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 654,024,373 thousand, a 7.57% increase from RMB 607,985,372 thousand at the end of 2023[12]. - Total liabilities reached RMB 611,168,636 thousand, up 7.59% from RMB 568,046,129 thousand at the end of 2023[12]. - Total customer deposits increased by 6.61% to RMB 411,588,446 thousand from RMB 386,062,259 thousand year-on-year[12]. - The total amount of financial investments measured at amortized cost, after accounting for interest receivable and impairment provisions, was RMB 58.59 billion[71]. - The total amount of credit commitments at the end of the reporting period was RMB 81.205 billion, with credit commitments being the main component[127]. Risk Management - The bank emphasizes the importance of risk management and has detailed its main risks and countermeasures in the report[2]. - The non-performing loan ratio improved to 1.17%, a decrease of 0.01 percentage points compared to the end of the previous year[19]. - The capital adequacy ratio stood at 13.44%, reflecting a solid capital position[19]. - The company has enhanced its capital management and risk control mechanisms, focusing on optimizing the capital structure and improving capital efficiency[107]. - The company has implemented multiple risk monitoring systems, significantly enhancing its intelligent risk management capabilities[176]. Customer Loans and Deposits - Customer loans totaled RMB 324,394,232 thousand, marking an 8.10% increase from RMB 300,089,541 thousand at the end of 2023[12]. - The total loans and advances issued by the company reached CNY 316.40 billion, an increase of CNY 23.40 billion, representing a growth of 7.99% compared to the end of the previous year[59]. - Corporate loans accounted for CNY 226.19 billion, increasing by CNY 24.63 billion, which is a growth of 12.22% and represents 69.73% of total customer loans[61]. - Personal loans decreased to CNY 77.99 billion, down CNY 1.08 billion, a decline of 1.37%, making up 24.04% of total customer loans[62]. - Total customer deposits reached CNY 411.59 billion, increasing by CNY 25.53 billion, a growth of 6.61% compared to the previous year[23]. Digital Transformation and Innovation - The company’s digital transformation strategy focuses on data-driven services and intelligent solutions to enhance customer experience and operational efficiency[22]. - The bank launched new digital products, including the "Online Parking Space Loan," enhancing customer experience through digital transformation[144]. - The company has developed 12 projects in areas such as mobile channels and marketing empowerment, focusing on enhancing digital core capabilities[176]. - The bank's credit card WeChat mini-program had a total of 2.0387 million bound users, with a peak monthly active user count of 525,500[173]. Corporate Governance and Strategy - The board of directors confirmed the accuracy and completeness of the financial report, which was reviewed by KPMG[2]. - The bank aims to enhance its core competitiveness by integrating party leadership into corporate governance and promoting a market-oriented operational model[20]. - The bank's strategy emphasizes high-quality development and customer experience enhancement through its "Qingxin Service" brand[20]. - The company has established a unified credit management system for group clients, enhancing risk monitoring and control[104]. Market and Economic Environment - The GDP of Shandong Province grew by 5.8% year-on-year, surpassing the national average, reflecting a stable economic environment[200]. - The banking sector continues to face strict regulatory oversight, with an emphasis on supporting inclusive finance and green low-carbon initiatives[200].

Financial Performance - Operating income for Q1 2024 reached RMB 3,688,178 thousand, an increase of 19.39% compared to RMB 3,089,260 thousand in Q1 2023[3] - Net profit attributable to shareholders for Q1 2024 was RMB 1,080,635 thousand, up 18.74% from RMB 910,066 thousand in the same period last year[3] - Basic and diluted earnings per share for Q1 2024 were both RMB 0.19, reflecting an 18.75% increase from RMB 0.16 in Q1 2023[3] - For the period from January 1 to March 31, 2024, the net profit was RMB 1,119,837 thousand, an increase from RMB 947,175 thousand in the same period of 2023, representing a growth of approximately 18.2%[24] - The net profit before tax for the period from January 1 to March 31, 2024, was RMB 1,307,392 thousand, up from RMB 1,044,572 thousand in the same period of 2023, reflecting a year-on-year increase of 25.3%[30] Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 623,070,530 thousand, representing a 2.48% increase from RMB 607,985,372 thousand at the end of 2023[3] - Total liabilities increased by 2.36% to RMB 581,427,787 thousand as of March 31, 2024, compared to RMB 568,046,129 thousand at the end of 2023[3] - The total liabilities and equity as of March 31, 2024, amounted to RMB 623,070,530 thousand, an increase from RMB 607,985,372 thousand as of December 31, 2023[28] Capital and Ratios - The return on average equity (annualized) improved to 12.90% in Q1 2024, up from 12.19% in Q1 2023, an increase of 0.71 percentage points[3] - The capital adequacy ratio as of March 31, 2024, was 13.46%, up from 12.79% at the end of 2023[7] - The core tier 1 capital adequacy ratio reached 8.98% as of March 31, 2024, compared to 8.42% at the end of 2023[9] - The leverage ratio stood at 6.07% as of March 31, 2024, up from 5.83% at the end of 2023[10] - The liquidity coverage ratio improved to 178.14% as of March 31, 2024, compared to 158.11% at the end of 2023[11] Loan and Deposit Information - As of March 31, 2024, the total customer loans amounted to RMB 317,040,720 thousand, reflecting a year-over-year increase of 5.65%[9] - The total deposits from customers were RMB 390,109,637 thousand, showing a slight increase of 1.05% year-over-year[9] - Customer loans totaled CNY 317.041 billion, increasing by CNY 16.951 billion or 5.65% from the previous year, and up CNY 33.854 billion or 11.95% year-over-year[13] - Loans to private enterprises reached CNY 78.575 billion, an increase of CNY 6.116 billion or 8.44% from the previous year[14] Income and Expenses - Net interest income was CNY 2.367 billion, an increase of CNY 169 million or 7.70% year-over-year[13] - Non-interest income grew to CNY 1.321 billion, up CNY 430 million or 48.18% year-over-year[13] - Interest income received during the first quarter of 2024 was RMB 4,554,887 thousand, compared to RMB 4,180,031 thousand in the same period of 2023, reflecting an increase of 9%[32] - The bank reported a significant increase in credit impairment losses, which rose to RMB 1,390,023 thousand in Q1 2024 from RMB 1,120,443 thousand in Q1 2023, indicating a year-on-year increase of 24.1%[30] Risk Management - The non-performing loan ratio remained stable at 1.18% as of March 31, 2024, unchanged from the end of 2023[7] - The coverage ratio for provisions increased to 232.35%, up 6.39 percentage points from the previous year[14] - The ratio of normal loans was 98.33% of total loans as of March 31, 2024, indicating a year-over-year increase of 5.71%[12] - The bank's non-performing loan ratio remained stable, indicating effective risk management strategies in place[21] Cash Flow - The cash flow from operating activities for the first quarter of 2024 was a net outflow of RMB 4,190,388 thousand, compared to a net inflow of RMB 5,931,055 thousand in the same period of 2023[31] - The net cash generated from financing activities in Q1 2024 was RMB 1,764,486 thousand, compared to a net outflow of RMB 739,025 thousand in Q1 2023[32] Other Financial Metrics - The bank's cash and deposits with the central bank increased to RMB 32,894,111 thousand from RMB 31,043,664 thousand, showing a rise of about 5.9%[26] - The bank's financial investments measured at fair value increased to RMB 61,612,058 thousand from RMB 58,269,523 thousand, reflecting a growth of approximately 4.0%[26] - The bank's cash and cash equivalents increased to RMB 18,580,681 thousand as of March 31, 2024, from RMB 16,180,501 thousand at the end of Q1 2023, marking a rise of 14.8%[32] - The bank's total comprehensive income for the period increased to RMB 1,530,874 thousand as of March 31, 2024, compared to RMB 947,211 thousand as of December 31, 2023, showing a growth of 61.6%[28]

Financial Performance - Net interest income for 2023 reached RMB 9,281,969,000, an increase of 11.99% compared to RMB 8,288,314,000 in 2022[20]. - Total operating income for 2023 was RMB 12,481,351,000, reflecting a growth of 7.14% from RMB 11,649,255,000 in the previous year[20]. - The net profit attributable to shareholders of the parent company increased by 15.11% to RMB 3,548,599,000 in 2023, up from RMB 3,082,775,000 in 2022[20]. - The bank's pre-tax profit for 2023 was RMB 3,933,397,000, a significant increase of 25.43% compared to RMB 3,135,959,000 in 2022[20]. - Basic earnings per share rose to RMB 0.57, reflecting a 26.67% increase from RMB 0.45 in 2022[20]. - The group's operating income for 2023 reached 12.481 billion CNY, an increase of 7.11%, while net profit rose to 3.671 billion CNY, up 15.91%[42]. - The company's net profit for the reporting period was CNY 3.671 billion, representing a year-on-year growth of 15.91%[52]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 607,985,372,000, representing a 14.80% increase from RMB 529,613,992,000 at the end of 2022[22]. - The total liabilities as of December 31, 2023, were RMB 568,046,129,000, up 15.22% from RMB 493,020,697,000 in 2022[22]. - Shareholder equity reached RMB 39.94 billion, an increase of 9.14% from RMB 36.59 billion at the end of 2022[161]. - The total issued bonds increased by 19.24% to RMB 89.27 billion, compared to RMB 74.24 billion at the end of 2022[160]. Customer Loans and Deposits - Customer loans totaled RMB 300,089,541,000, an increase of 11.55% from RMB 269,029,452,000 in 2022[22]. - Total customer deposits reached RMB 386,062,259,000, marking a 13.10% increase from RMB 341,347,176,000 in the previous year[22]. - The balance of loans to private enterprises at year-end was 72.459 billion CNY, with significant growth in both the loan growth rate and proportion for the real economy[43]. - The total loan amount at the end of the reporting period reached RMB 300.09 billion, with non-performing loans totaling RMB 3.54 billion, resulting in a non-performing loan ratio of 1.18%[177]. Risk Management - The company emphasizes the importance of risk management, detailing major risks and corresponding mitigation strategies in the management discussion section[8]. - The non-performing loan ratio improved to 1.18% in 2023, down from 1.21% in 2022, a decrease of 0.03 percentage points[24]. - The provision coverage ratio increased to 225.96% in 2023, compared to 219.77% in 2022, an increase of 6.19 percentage points[24]. - The company has enhanced its risk management capabilities, leading to a reduction in impairment provisions despite loan growth[123]. Green Finance and Social Responsibility - The company aims to expand its green credit offerings, focusing on energy-saving and environmental protection projects, aligning with national green finance initiatives[9]. - The balance of green loans at year-end was 26.135 billion CNY, with a growth rate of 24.90%[43]. - The company has actively expanded channels for non-performing asset disposal, utilizing measures such as self-collection, judicial disposal, asset write-off, and debt transfer[200]. Corporate Governance - The board of directors approved the annual report during the 45th meeting, with full attendance from the 14 directors[6]. - The financial statements for 2023 were audited by KPMG, receiving a standard unqualified opinion, ensuring the accuracy and completeness of the financial report[6]. - The company operates under both Chinese Accounting Standards and International Financial Reporting Standards, ensuring compliance with regulatory requirements[6]. Digital Transformation and Innovation - The bank's digital transformation efforts included the successful launch of 78 projects in 2023, marking a 44.44% increase from the previous year[43]. - Qingdao Bank launched 24 new products under the "Sword Casting Action" initiative, focusing on international business, supply chain finance, and inclusive finance[43]. Market Position and Recognition - The company was ranked 289th in the 2023 Global Banking 1,000 list by the Banker magazine, maintaining its position among the top 300 global banks[55]. - The company has been recognized for its brand value of CNY 27.069 billion, ranking 335th in the "China's 500 Most Valuable Brands" list for the seventh consecutive year[55].

Investment Rating - The investment rating for Qingdao Bank is "Buy" [2][3]. Core Views - Qingdao Bank's 2023 revenue and net profit growth met expectations, with revenue growth increasing against the trend and net profit showing double-digit growth. The bank's asset expansion speed has accelerated, and its net interest margin outperformed peers, maintaining a "Buy" rating [2][3]. Financial Summary - Revenue for 2023 reached 12,472 million RMB, reflecting a growth of 7.11% compared to 2022, which is an increase of 2.5 percentage points [2]. - Net profit for 2023 was 3,549 million RMB, showing a growth of 15.11% year-on-year, an increase of 9.63 percentage points from 2022 [2]. - The bank's total assets, total loans, and total deposits grew by 14.8%, 11.6%, and 13.1% respectively in 2023 [2]. Net Interest Margin - The net interest margin for 2023 was 1.83%, a decrease of 2 basis points from the first half of the year but an increase of 7 basis points from 2022. This indicates stronger resilience compared to the industry average [2]. - The yield on interest-earning assets decreased by 3 basis points to 4.17%, while the loan yield fell by 5 basis points to 4.85%, both declines being smaller than those of peers [2]. Asset Quality - The non-performing loan ratio increased by 4 basis points to 1.18% compared to the end of Q3, while the provision coverage ratio decreased by 28.71 percentage points to 225.96% [2]. - The bank's attention rate improved, decreasing by 21 basis points to 0.54%, and the overdue rate fell by 10 basis points to 1.42%, indicating some improvement in forward-looking indicators [2].