Investment Rating - The report maintains a "Buy" rating for Qilu Bank, emphasizing its strong performance and growth potential in the context of the Shandong province's economic policies [3]. Core Insights - Qilu Bank's revenue growth rate is projected to remain above 5%, with net profit growth expected to exceed 15% [7]. - The bank is focusing on county-level finance and innovation-driven finance, aiming for differentiated competition in a challenging market environment [3]. - The bank's non-interest income is expected to maintain a growth rate of over 20%, with a positive trend in fee income [4]. Financial Performance Summary - **Revenue and Profit Growth**: In Q1 2024, Qilu Bank reported a revenue increase of 5.5% year-on-year, while net profit rose by 16.1% [7]. - **Net Interest Income**: The quarterly net interest income increased by 4.7%, with an annualized net interest margin maintained at 1.53% [12]. - **Asset and Liability Management**: The bank's interest-earning assets grew by 18.5% year-on-year, with loans increasing by 15.8% in Q1 2024 [14]. - **Non-Interest Income**: The growth rate of non-interest income remained above 20%, with fee income turning positive [4]. Asset Quality - **Non-Performing Loans**: The non-performing loan ratio remained stable at 1.25% in Q1 2024, with a coverage ratio exceeding 300% [4][14]. - **Loan Composition**: The bank's loan portfolio is increasingly focused on public sector loans, with significant growth in green and innovation-related loans [19]. Dividend Policy - The bank's dividend payout ratio increased to 26.73%, with an estimated static dividend yield of 5.71% for 2024 [4][3].

详解齐鲁银行2023年报&2024一季报：规模与业绩增长均稳健；分红提升 齐鲁银行(601665)/银行 证券研究报告/公司点评 2024年04月29日 [Table_Industry] [评Ta级ble：_T增itle持] (维持) [公Ta司bl盈e_利Fi预na测nc及e]估 值 市场价格：4.78 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 11,052 11,940 12,575 13,254 13,915 分析师 戴志锋 增长率yoy% 8.82% 8.04% 5.31% 5.40% 4.99% 执业证书编号：S0740517030004 净利润（百万元） 3,587 4,234 4,886 5,516 6,229 Email：daizf@zts.com.cn 增长率yoy% 18.15% 18.04% 15.40% 12.88% 12.93% 每股收益（元） 0.78 0.90 1.04 1.17 1.32 分析师 邓美君 净资产收益率 12.66% 13.26% 13.74% 14.06% 14.20% 执业证书编号：S0740519050002 P/ ...

Investment Rating - The report maintains a "Buy" rating for Qilu Bank (601665) [1] Core Views - Qilu Bank demonstrated strong performance in 2023 and Q1 2024, with significant growth in revenue and net profit [1] - The bank's ROE improved, and its core capital was further strengthened [1] - Asset expansion remained robust, with total assets exceeding 600 billion yuan, growing by 19.6% YoY in 2023 [1] - The bank's loan portfolio grew steadily, with corporate loans driving the growth, increasing by around 20% YoY [1] - Qilu Bank's asset quality improved, with the non-performing loan ratio declining to 1.25% in Q1 2024 [1] - The bank's core tier-1 capital adequacy ratio increased to 10.23% in Q1 2024, supported by internal profit retention and convertible bond issuance [2] Financial Performance - In 2023, Qilu Bank achieved operating revenue of 11.95 billion yuan, up 8.03% YoY, and net profit attributable to shareholders of 4.23 billion yuan, up 18.02% YoY [1] - In Q1 2024, operating revenue reached 3.02 billion yuan, up 5.53% YoY, and net profit attributable to shareholders was 1.18 billion yuan, up 15.98% YoY [1] - The bank's weighted average ROE was 12.90% in 2023, up 0.98 percentage points YoY, and 12.25% in Q1 2024, up 0.9 percentage points YoY [1] - The dividend payout ratio increased to 26.7% in 2023, up 1.2 percentage points from 2022 [1] Asset and Loan Growth - Total assets grew by 19.6% YoY in 2023, reaching over 600 billion yuan, and continued to expand by 18.1% YoY in Q1 2024 [1] - Loan growth remained strong, with total loans exceeding 300 billion yuan in 2023, up 16.7% YoY, and 15.8% YoY in Q1 2024 [1] - Corporate loans were the primary driver, with growth rates around 20% YoY in both 2023 and Q1 2024 [1] Asset Quality and Capital Adequacy - The non-performing loan ratio decreased to 1.26% at the end of 2023, down 3 basis points YoY, and further declined to 1.25% in Q1 2024 [1] - The provision coverage ratio improved to 303.58% at the end of 2023, up 22.52 percentage points YoY, and reached 304.8% in Q1 2024 [1] - Core tier-1 capital adequacy ratio increased to 10.16% at the end of 2023, up 43 basis points from Q3 2023, and further rose to 10.23% in Q1 2024 [2] Future Outlook - The report forecasts net profit attributable to shareholders to grow by 18.68%, 18.85%, and 20.90% in 2024, 2025, and 2026, respectively [2] - EPS is projected to be 1.07 yuan, 1.27 yuan, and 1.53 yuan for 2024, 2025, and 2026, respectively [2] - The bank is expected to benefit from regional economic growth, digital transformation, and increased credit demand, supporting stable revenue growth [1][2] Financial Metrics - Operating revenue is expected to grow to 13.29 billion yuan, 15.12 billion yuan, and 17.50 billion yuan in 2024, 2025, and 2026, respectively [3] - Net interest income is projected to increase to 9.87 billion yuan, 11.03 billion yuan, and 12.31 billion yuan in 2024, 2025, and 2026, respectively [7] - The cost-to-income ratio is expected to remain stable at around 26.5% in 2024 and 2025, before declining to 25% in 2026 [9]

Financial Performance - As of the end of 2023, Qilu Bank's total assets exceeded RMB 600 billion, with a net profit growth of 18%[11] - The company's operating revenue for 2023 reached CNY 11,951,862 thousand, an increase of 8.03% compared to CNY 11,063,702 thousand in 2022[26] - The net profit for 2023 was CNY 4,269,083 thousand, reflecting a growth of 17.58% from CNY 3,630,907 thousand in 2022[26] - Non-interest income grew by 23.53%, contributing to an overall revenue increase of 8.03% year-on-year[13] - The bank's net profit for village and town banks was 204 million yuan, with a return on assets of 1.38%[54] - The bank's net profit attributable to shareholders for Q4 2023 was CNY 1,296,497 thousand, showing a significant increase compared to CNY 930,526 thousand in Q3 2023[36] - The bank's total income from all business segments reached CNY 11,951,862 thousand, an increase from CNY 11,063,702 thousand in 2022[122] - The company reported a significant increase in net profit for the year, reaching RMB 1.5 billion, representing a 20% year-over-year growth[160] Asset Quality - The bank's non-performing loan ratio stood at 1.26%, with a provision coverage ratio of 303.58%, indicating continuous improvement in asset quality over five consecutive years[13] - The company's non-performing loan ratio improved to 1.26% in 2023, down from 1.29% in 2022[29] - The loan impairment provision at the end of the reporting period was CNY 11.488 billion, with a coverage ratio of 303.58%, an increase of 22.52 percentage points from the previous year[99] - The overall asset quality remained stable, with the total NPL amount decreasing by 0.03 percentage points compared to the previous year[91] - The overdue loans at the end of the reporting period amounted to CNY 30.15 billion, representing 1.00% of the total loans[94] Loan Growth and Distribution - The total loan amount increased by 16.69% to CNY 300,193,113 thousand in 2023, up from CNY 257,261,568 thousand in 2022[26] - The total loan balance at the end of 2023 reached CNY 300,193,113 thousand, with a non-performing loan (NPL) balance of CNY 3,784,209 thousand, resulting in an NPL ratio of 1.26%[86] - The total loan balance in the manufacturing sector was CNY 29,387,333 thousand, with an NPL balance of CNY 1,666,289 thousand, resulting in an NPL ratio of 5.67%[86] - The total loan balance in the wholesale and retail sector was CNY 30,467,657 thousand, with an NPL balance of CNY 455,672 thousand, resulting in an NPL ratio of 1.50%[86] - The total loan balance in the leasing and business services sector was CNY 61,921,603 thousand, with an NPL balance of CNY 77,665 thousand, resulting in an NPL ratio of 0.13%[86] Customer Engagement and Digital Transformation - Retail customers reached over 7.2 million, with personal financial assets surpassing RMB 260 billion, marking a 20% increase[12] - Online inclusive loans grew by 40%, driven by the digital transformation strategy[12] - The bank's digital transformation strategy was elevated to a top-level initiative, with a dedicated leadership team established[61] - The bank has actively engaged in cross-industry cooperation with technology firms like Inspur and Huawei to build a digital supply chain financial system[13] - Mobile banking customers reached 2.86 million, with an increase of 551,700 during the reporting period[58] Capital and Liquidity Management - The bank's cash dividend proposal is RMB 2.20 per 10 shares, pending approval at the annual general meeting[8] - The net stable funding ratio stood at 149.31%, indicating a strong liquidity position[34] - The liquidity coverage ratio reached 264.32%, reflecting a robust ability to cover short-term cash outflows[35] - The bank has issued CNY 20 billion in perpetual bonds to optimize its capital structure and enhance capital strength[31] - The total amount of bonds payable (excluding interest) was CNY 646.72 billion, reflecting a growth of 51.67% compared to the previous year[112] Strategic Initiatives and Future Outlook - The bank plans to continue focusing on innovation and stability in 2024, aligning with national economic policies and financial strategies[12] - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings and operational efficiency[26] - The bank's development strategy focuses on high-quality development, with an emphasis on retail banking, green finance, and digital operations[147] - The bank aims to implement its new three-year development plan and accelerate its digital transformation strategy in 2024[148] - The company is exploring potential mergers and acquisitions to enhance its service offerings and market share[167] Governance and Compliance - The company has established a comprehensive anti-money laundering internal control system, effectively identifying customer identities and reporting large and suspicious transactions[143] - The company has not faced any penalties from securities regulatory authorities in the past three years[180] - The board of directors consists of 13 members, including 4 executive directors and 9 non-executive directors (5 of which are independent directors)[181] - The company has established a performance assessment method for senior management for the year 2023[175] - The company has set up specialized committees, including the Audit Committee and the Strategic Committee, to enhance governance and oversight[189]

中信建投证券股份有限公司 关于齐鲁银行股份有限公司首次公开发行股票及 2022 年公开发行 A 股可转换公司债券 持续督导保荐总结报告书 经中国证券监督管理委员会（简称"中国证监会"）《关于核准齐鲁银行股份 有限公司首次公开发行股票的批复》（证监许可〔2021〕1571 号）核准，齐鲁银 行股份有限公司（以下简称"齐鲁银行"、"公司"或"发行人"）首次公开发行 人民币普通股（A 股）458,083,334 股，发行价格为 5.36 元/股，募集资金总额为 245,532.67 万元，扣除发行费用 3,884.91 万元后，实际募集资金净额为 241,647.76 万元。本次公开发行股票于 2021 年 6 月 18 日在上海证券交易所上市。 经中国证监会《关于核准齐鲁银行股份有限公司公开发行可转换公司债券的 批复》（证监许可〔2022〕2069 号）核准，齐鲁银行于 2022 年 11 月 29 日公开 发行 8,000 万张可转换公司债券，募集资金总额为 800,000.00 万元，扣除发行费 用 540.85 万元后，实际募集资金净额为 799,459.15 万元。本次公开发行可转换 公司债券于 2022 ...

齐鲁银行股份有限公司 董事会审计委员会 2023 年度履职情况报告 根据《上市公司治理准则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等监管要求以及《齐鲁银行股份 有限公司章程》《齐鲁银行股份有限公司董事会审计委员会工作 规程》等相关规定，齐鲁银行股份有限公司（以下简称"本行"） 董事会审计委员会 2023 年度履职情况报告如下： 一、董事会审计委员会组成情况 2023 年 8 月本行完成董事会换届工作，第九届董事会审计委 员会由 7 名董事组成，包括 5 名独立董事，分别为刘宁宇、陈进 忠、卫保川、王庆彬、张骅月；2 名非执行董事，分别为布若非 （Michael Charles Blomfield）、赵治国。审计委员会主任由刘宁 宇独立董事担任，全部委员均具备履行审计委员会工作职责的专 业知识和相关经验，符合监管政策对商业银行董事会审计委员会 成员结构、任职资格等方面的相关要求。 二、董事会审计委员会主要工作情况 2023 年，董事会审计委员会在董事会的领导下，严格按照法 律法规、本行章程及委员会工作规程相关规定，依法履行职责， 加强审计监督，稳步推进职责范围内各项工作。董事会审计委员 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2024-021 可转债代码：113065 可转债简称：齐鲁转债 齐鲁银行股份有限公司 关于召开 2023 年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2024 年 5 月 17 日 9 点 30 分 召开地点：济南市历下区经十路 10817 号总行大厦四楼一会议室 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 17 日至 2024 年 5 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 1 / 8 股东大会召开日期：2024年5月 ...

齐鲁银行股份有限公司 2023年度非经营性资金占用及其他关联资金往来情况的专项说明 Ernst & Young Hua Ming LLP Level 17. Ernst & Young Tower Oriental Plaza, 1 East Chang An Avenue Donacheng District Beijing. China 100738 安永华明会计师事务所(特殊普通合伙) 中国北京市东城区东长安街1号 东方广场安永大楼17层 邮政编码:100738 Tel 电话: +86 10 5815 3000 Fax 传真:+86 10 8518 8298 ev.com 2023 年度非经营性资金占用及其他关联资金往来情况的专项说明 安永华明(2024) 专字第 70015636_A02 号 齐鲁银行股份有限公司 齐鲁银行股份有限公司董事会: 我们审计了齐鲁银行股份有限公司(以下简称"齐鲁银行")的2023年度财务报表, 包括2023年12月31日的合并及公司资产负债表,2023年度的合并及公司利润表、股东权益 变动表和现金流量表以及相关财务报表附注,并于2024年4月25日出具了编号为安永华明 (2 ...

中信建投证券股份有限公司 关于齐鲁银行股份有限公司 证券交易所上市公司自律监管指引第 11 号——持续督导》，中信建投证券出具 本持续督导年度报告书。 一、持续督导工作情况 | 工作内容 | 督导情况 | | --- | --- | | 1、建立健全并有效执行持续督导工作制度， | 保荐机构已建立健全并有效执行持续督导 | | 并针对具体的持续督导工作制定相应的工 | 工作制度，并根据齐鲁银行实际情况制定了 | | 作计划。 | 相应的工作计划。 | | 2、根据中国证监会相关规定，在持续督导工 | | | 作开始前，与上市公司或相关当事人签署持 | 保荐机构已与齐鲁银行签订持续督导协议， | | 续督导协议，明确双方在持续督导期间的权 | 明确了双方在持续督导期间的权利义务。 | | 利义务，并报上海证券交易所备案。 | | | 3、通过日常沟通、定期回访、现场检查、尽 | 保荐机构通过日常沟通、定期或不定期回 | | | 访、现场检查等方式，了解齐鲁银行业务情 | | 职调查等方式开展持续督导工作。 | 况，对齐鲁银行开展了持续督导工作。 | | 4、持续督导期间，按照有关规定对上市公司 | 经核查，20 ...

齐鲁银行股份有限公司 内部控制审计报告 安永华明（2024）专字第 70015636_A01 号 齐鲁银行股份有限公司 齐鲁银行股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了齐鲁 银行股份有限公司（以下简称"贵行"）及其子公司（以下统称"贵集团"）2023年12月31 日的财务报告内部控制的有效性。 内部控制审计报告 2023年12月31日 A member firm of Ernst & Young Global Limited 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是贵行董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化可 能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果推 测未来内部控制 ...