Investment Rating - The report maintains a "Buy" rating for Qilu Bank [8] Core Views - Qilu Bank's revenue growth for the first half of 2025 is 5.8% year-on-year, with a net profit growth of 16.48% [2][6] - The bank's asset quality is improving, with a non-performing loan ratio decreasing to 1.09% and a provision coverage ratio increasing to 343% [2][6] - The bank's long-term growth potential is clear, with strong performance and improving asset quality [2][12] - The stock price has been under pressure due to convertible bond conversions, but the valuation is expected to recover post-conversion [2][12] Summary by Sections Financial Performance - Revenue growth of 5.8% in H1 2025, with Q1 at 4.7% and Q2 at 6.7% [2][6] - Net profit growth of 16.48%, with Q1 at 16.47% and a non-recurring net profit growth of 17.1% [2][6] - Interest income increased by 13.6%, with Q2 showing a significant rise of 19.1% [12] Asset Quality - Non-performing loan ratio decreased by 8 basis points to 1.09% [2][6] - Provision coverage ratio improved by 19 percentage points to 343% [2][6] - Continuous improvement in asset quality indicators over the past seven years [12] Market Position and Valuation - Current valuation at 0.77x 2025 PB and 6.9x 2025 PE, indicating potential for high elasticity recovery post-conversion [2][12] - The bank is expanding its branch network, supporting high loan growth [12] Future Outlook - The bank is expected to maintain high loan growth rates, driven by its focus on corporate lending [12] - The capital strength is projected to improve significantly post-conversion of convertible bonds, with a core Tier 1 capital adequacy ratio expected to reach 12% by the end of 2025 [12]

Core Viewpoint - The first batch of listed banks' mid-year reports shows positive operational data, with significant growth in both revenue and net profit, indicating a bullish trend in the banking sector since 2025 [1][2][3]. Group 1: Performance of Listed Banks - Four listed banks, including Qilu Bank, Hangzhou Bank, Ningbo Bank, and Changshu Bank, reported revenue and net profit growth in the first half of 2025, with Qilu Bank, Hangzhou Bank, and Changshu Bank achieving over 10% year-on-year growth in net profit [1][2][3]. - Qilu Bank's revenue reached 6.782 billion yuan, up 5.76%, with a net profit of 2.734 billion yuan, up 16.48% [2]. - Ningbo Bank reported revenue of 37.16 billion yuan, a 7.91% increase, and a net profit of 14.772 billion yuan, an 8.23% increase [2]. - Hangzhou Bank's revenue was 20.093 billion yuan, up 3.89%, with a net profit of 11.662 billion yuan, up 16.67% [2]. - Changshu Bank achieved revenue of 6.062 billion yuan, a 10.10% increase, and a net profit of 1.969 billion yuan, up 13.55% [3]. Group 2: Asset Quality and Loan Growth - All four banks maintained positive loan growth, with Ningbo Bank's loans increasing by 13.36% and Qilu Bank's by 10.16% compared to the beginning of the year [3]. - Qilu Bank reported a net interest income growth of 13.57% and a stable net interest margin [3]. - The non-performing loan (NPL) ratios for these banks showed stability or improvement, with Qilu Bank's NPL ratio decreasing to 1.09%, down 0.10 percentage points from the beginning of the year [3][4]. Group 3: Market Trends and Fund Allocation - The banking sector has seen a significant increase in stock prices, with 11 A-share listed banks rising over 20% year-to-date as of July 25, 2025 [1][9]. - H-share listed banks performed even better, with 15 banks rising over 30% [9]. - Public funds have increased their allocation to bank stocks, with the proportion of active public funds in bank stocks reaching a new high since June 2021, at 4.9%, up 1.1 percentage points [10].

Core Insights - Several A-share listed banks have reported their half-year performance, showing positive growth in revenue and net profit [1][2] - The banks' net profit growth outpaced revenue growth, indicating improved profitability [1] - Key performance indicators such as return on equity (ROE) and asset quality have shown positive trends [2][3] Group 1: Financial Performance - Ningbo Bank, Hangzhou Bank, Qilu Bank, and Changshu Bank all reported year-on-year revenue growth, with figures of 371.60 billion, 200.93 billion, 67.81 billion, and 60.62 billion respectively, reflecting growth rates of 7.91%, 3.89%, 5.76%, and 10.10% [1] - The net profit attributable to shareholders for these banks also increased, with Hangzhou Bank, Qilu Bank, and Changshu Bank showing growth rates exceeding 10% [1] - Qilu Bank reported a net interest income of 49.98 billion, up 13.57%, and net fee and commission income of 8.17 billion, up 13.64% [1] Group 2: Asset Quality and Growth - The weighted average ROE for Qilu Bank and Changshu Bank increased, reaching 12.80% and 13.33% respectively [2] - Total assets for the four banks expanded, with Ningbo Bank's total assets growing by 11.04% to 3.47 trillion, and Changshu and Qilu Banks surpassing 400 billion and 700 billion in total assets [2] - Non-performing loan ratios remained stable for Ningbo and Hangzhou Banks, while Qilu and Changshu Banks saw slight decreases [2] Group 3: Market Outlook - Analysts suggest that the banking sector's performance reflects a marginal improvement in fundamentals, driven by easing credit supply-demand dynamics and a stabilization of net interest margins [3] - The decline in funding costs and a favorable interest rate environment are expected to support banks' profitability, with a positive outlook for profit growth [3] - Overall asset quality remains stable, with sufficient provisions to support profit generation [3]

Investment Rating - The investment rating for the banking sector is "Positive" and maintained [11] Core Insights - The recent adjustment in bank stocks reflects a combination of overheated trading sentiment since June and a shift in market risk appetite, leading to active funds flowing out of the banking sector [2][6] - The core investment logic for bank stocks remains solid, with expectations for stabilization supported by mid-term performance reports and dividend distributions [6][7] Summary by Sections Market Performance - The Yangtze Bank Index fell by 2.9% this week, underperforming the CSI 300 by 4.6% and the ChiNext Index by 5.7% [2][8] - Most bank stocks experienced declines, with notable exceptions like Ningbo Bank, which rose by 7% due to better-than-expected performance [8][20] Dividend Value Perspective - Jiangsu Bank, a leading city commercial bank, has shown a consistent adjustment pattern of around 10% since 2024, with the current expected dividend yield rising to 4.9%, the highest among A-share listed banks [6][40] - The adjustment from the peak in late June has reached 8%, indicating that the adjustment space is likely complete, enhancing the attractiveness of further investments if prices decline [6][36] Time Rhythm Perspective - Mid-term performance reports from banks like Hangzhou Bank and Qilu Bank show stable and better-than-expected core performance indicators, which are crucial for the revaluation of bank stocks [7][37] - The mid-term dividend distribution is expected to start soon, with August and September identified as key periods for investment positioning [7][37] Convertible Bonds - Qilu Bank is currently managing the pressure from its convertible bonds, with the balance reduced to 1.7 billion yuan, and is expected to accelerate the conversion process following positive mid-term performance [27][29] - The adjustment in the banking sector has also affected other banks nearing convertible bond redemption, expanding the distance to redemption prices [27][29] Trading Activity - The turnover rate and transaction volume for various bank stocks have decreased, indicating a significant recovery in market risk appetite, while trading heat for previously high-performing bank stocks has notably declined [29][32] - The core investment logic for bank stocks remains intact, with expectations for continued upward adjustments in institutional allocations [29][32]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 齐鲁银行(601665) | 投资评级 | 增持 | | --- | --- | | 上次评级 | 增持 | [Table_Author] 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 相关研究 [Table_OtherReport] 齐鲁银行2024 年报&2025 一季报点评： 业绩表现持续不俗，Q1 开启扩表新篇 章 齐鲁银行 2024 业绩快报点评：年末收 官业绩亮眼，资产质量持续向好 齐鲁银行 2024 三季报点评：利润增速 再提升，资本边际更为充足 [Table_Title] 齐鲁银行 2025 半年度业绩快报点评：营收利 润稳步增长，资产质量持续优化 [Table_ReportDate] 2025 年 07 月 26 日 [Table_S 事件： ummar 7 月 25y] 日晚，齐鲁银行发布 2025 年半年度业绩快报：2025 上半 年，实现营业收入 67.82 亿元，同比增长 5.76%；实现归母净 ...

Core Insights - Qilu Bank reported a revenue of 6.782 billion yuan and a net profit attributable to shareholders of 2.734 billion yuan for the first half of the year, with year-on-year growth rates of 5.76% and 16.48% respectively [1] - The bank's asset quality remained stable, with a non-performing loan ratio decreasing by 0.1 percentage points to 1.09% and a provision coverage ratio increasing by 20.86 percentage points to 343.24% [1] Financial Performance - The bank maintained a double-digit profit growth due to synchronized growth in both interest and non-interest income [4] - Net interest income reached 4.998 billion yuan, a year-on-year increase of 13.57%, while net fee and commission income was 817 million yuan, also up by 13.64% [5] - The net interest margin stabilized and rebounded, with a reported figure of 1.47% in Q1 2025, slightly above the average for city commercial banks [5] Strategic Initiatives - Qilu Bank has implemented a digital transformation strategy and a three-year development plan, achieving positive results [2] - The bank's credit business has shown significant recovery, attributed to its strategic focus on county-level financial services, which is considered a key growth driver [5] - As of the end of 2024, deposits and loans in county branches increased by 16.87% and 15.49% respectively, with the number of county customers reaching 2.2451 million, a growth of 13.05% [5] Market Position - The bank's village and town banking development is progressing well, with plans to expand its influence from Shandong to Tianjin, Henan, and Hebei [6]

Financial Performance - The company reported a total operating income of RMB 6,781.68 million, an increase of 5.76% year-on-year [2] - Operating profit reached RMB 2,753.10 million, reflecting a growth of 14.35% compared to the previous year [2] - The total profit amounted to RMB 2,754.69 million, up by 14.54% year-on-year [2] - Net profit attributable to shareholders was RMB 2,734.37 million, representing a 16.48% increase from the previous year [2] - Basic earnings per share were RMB 0.54, a rise of 17.39% year-on-year [2] Asset and Liability Overview - Total assets reached RMB 751,305.14 million, an increase of 8.96% from the end of the previous year [2] - Total loans amounted to RMB 371,410.18 million, reflecting a growth of 10.16% [2] - Total liabilities were RMB 700,858.43 million, up by 9.30% [2] - Total deposits increased to RMB 478,571.13 million, a rise of 8.88% [2] Asset Quality - The non-performing loan ratio improved to 1.09%, down from 1.19% [2] - The coverage ratio for provisions was 343.24%, indicating a strong buffer against potential loan losses [2] - The company has maintained a trend of improving key asset quality indicators for seven consecutive years [3] Strategic Initiatives - The company is focused on digital transformation and a three-year development plan to enhance operational efficiency [3] - The overall strategy emphasizes reform, collaboration, and innovation to strengthen the company's foundation [3]

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-043 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 2025年半年度业绩快报公告 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。 本公告所载2025年半年度主要财务数据为齐鲁银行股份有限公司（以下简称 "本行"）初步核算的合并口径数据，未经会计师事务所审计，具体数据以本行 2025年半年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年半年度主要财务数据和指标 注：1、非经常性损益根据《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》（2023 年 修订）的规定计算。 2、基本每股收益、加权平均净资产收益率根据《公开发行证券的公司信息披露编报规则第 9 号——净 资产收益率和每股收益的计算及披露》（2010 年修订）的规定计算。 3、"贷款总额""存款总额"均不包含应计利息。 二、经营业绩和财务状况情况说明 2025年上半年，本行紧紧围绕中央决策部署和省市工作安排，按照"稳中求 进、以进促稳，改革转型、协同发 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-041 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 关于实施"齐鲁转债"赎回暨摘牌的 第十次提示性公告 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： 截至 2025 年 7 月 25 日收市后，距离 2025 年 8 月 8 日（"齐鲁转债"最后 交易日）仅剩 10 个交易日，2025 年 8 月 8 日为"齐鲁转债"最后一个交易日。 最后转股日：2025 年 8 月 13 日 截至 2025 年 7 月 25 日收市后，距离 2025 年 8 月 13 日（"齐鲁转债"最后 转股日）仅剩 13 个交易日，2025 年 8 月 13 日为"齐鲁转债"最后一个转股日。 本次提前赎回完成后，"齐鲁转债"将自 2025 年 8 月 14 日起在上海证 券交易所摘牌。 投资者所持"齐鲁转债"除在规定时限内通过二级市场继续交易或按 5.00 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期应计利息 （合计人民 ...

齐鲁银行股份有限公司 第九届董事会第十五次会议决议公告 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-042 可转债代码：113065 可转债简称：齐鲁转债 表决结果：同意 12 票，反对 0 票，弃权 0 票。 （三）关于 2025 年度董事、监事、高级管理人员及其关联方关联交易的议 案 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。 齐鲁银行股份有限公司（以下简称"公司"）第九届董事会第十五次会议通 知于 2025 年 7 月 15 日以电子邮件方式发出，会议于 2025 年 7 月 25 日在济南市 历下区经十路 10817 号总行大厦四楼二会议室以现场方式召开。会议应出席董事 13 名，实际出席董事 13 名。公司股东重庆华宇集团有限公司股权质押比例超过 50%，根据监管规定对其提名的蒋宇董事的表决权予以限制。会议由董事长郑祖 刚主持，监事列席了会议。会议的召开符合《中华人民共和国公司法》等法律、 行政法规、部门规章、规范性文件及公司章程的有关规定。 会议审议通过了以下议案： （一）关于修订《齐鲁银行 ...