Group 1: Competitive Advantages - The bank integrates into local economic development, focusing on prudent and steady operations, and has developed unique core competencies through reform and innovation [1] - The governance structure is scientifically standardized, with a balanced equity structure and effective checks and balances in place [1] - The strategic path is clear, with a focus on retail, urban-rural integration, green finance, and digital operations [1] - The operational mechanism is agile, allowing for quick market responses and efficient decision-making [1] - The bank emphasizes distinctive business features, increasing support for key areas such as technology, green finance, agriculture, and inclusive finance [1] Group 2: Digital Transformation Progress - In the first three quarters, the bank has focused on four key areas: customer management, operational efficiency, technology empowerment, and talent management [2] - Nine major projects have been implemented to accelerate digital transformation, enhancing customer group strategies and risk management models [2] - The bank aims to increase its technological investment and improve financial service capabilities through data and technology innovation [2] Group 3: Asset Quality and Financial Performance - The bank maintains a strong asset quality with continuous improvement in key indicators, supported by a comprehensive risk management system [3] - Inclusive loans account for 22% of the total, positioning the bank among the leaders in the city commercial bank sector [3] - The bank has established a green finance service system, with rapid growth in green credit scale [3]

Group 1: Financial Performance - The bank maintains a high proportion of deposits in total liabilities compared to other listed city commercial banks, indicating a stable liability structure [1] - Continuous efforts to optimize deposit structure and reduce deposit pricing have been implemented, alongside effective management of funding costs [1] Group 2: Investment Strategy - The bank is actively adjusting its asset allocation in response to market conditions, with a focus on maintaining a reasonable proportion of various asset types [1] - The bank's trading financial assets currently represent a relatively low proportion of financial investments, allowing for strong responsiveness to bond market fluctuations [1] - A commitment to a prudent investment philosophy will guide the bank's actions in the fourth quarter, aiming for stable growth in investment returns [1]

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。 证券代码：601665 证券简称：齐鲁银行 公告编号：2024-057 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"齐鲁转债"2024 年付息事宜的公告 重要内容提示： 齐鲁银行股份有限公司（以下简称"公司"）于 2022 年 11 月 29 日公开发 行的 80 亿元 A 股可转换公司债券（以下简称"可转债"、"本期债券"或"齐 鲁转债"）将于 2024 年 11 月 29 日开始支付自 2023 年 11 月 29 日至 2024 年 11 月 28 日期间的利息。根据《齐鲁银行股份有限公司公开发行 A 股可转换公司债 券募集说明书》（以下简称"《募集说明书》"）有关条款的规定，现将有关事 项公告如下： 一、可转债发行上市概况 7、票面金额及发行价格：本次发行的可转债每张面值为人民币 100 元，按 照面值发行。 1 / 4 可转债付息债权登记日：2024 年 11 月 28 日 可转债除息日：2024 年 11 月 29 日 可转债兑息日：2 ...

Investment Rating - Maintains an "Overweight" rating [2] Core Views - Qilu Bank's revenue for the first three quarters of 2024 increased by 4.3% YoY, with net profit attributable to the parent company rising by 17.2% YoY (Q3 single quarter increased by 1.7% and 17.7% respectively) [2] - Net interest income decreased by 2.1% YoY (Q3 single quarter decreased by 2.0%), with loan growth slowing and interest margins narrowing [2] - Fee income increased by 17.6% YoY (Q3 single quarter increased by 32.7%) [2] - Investment-related income increased by 33.8% YoY (Q3 single quarter increased by 10.5%) [2] - Impairment losses decreased by 5.0% YoY, with the comprehensive credit cost slightly dropping to 0.74% [2] Scale and Loan Growth - Loan growth slowed to 13.4% YoY (compared to 15.3% in the first half of the year), with corporate and retail loan growth rates at 16.0% and 5.0% respectively [3] - New loans in the first three quarters amounted to approximately 32 billion yuan, a decrease of about 4 billion yuan YoY, with corporate, retail, and bill financing contributing 83%, 10%, and 7% respectively [3] Interest Margin - The interest margin for the first three quarters decreased by 2 basis points compared to the first half of the year, with a 4 basis point decrease in Q3 [3] Asset Quality - Non-performing loan ratio decreased by 1 basis point to 1.23%, with the provision coverage ratio increasing by 3 percentage points to 313% [3] - The loan-to-deposit ratio decreased by 1 basis point to 3.83%, and the attention rate decreased by 2 basis points to 1.12% [3] Earnings Forecast and Valuation - Adjusted earnings forecast for 2024 and 2025, with EPS expected to be 1.04 yuan and 1.14 yuan respectively [3] - Estimated net asset value per share at the end of 2024 is 7.84 yuan, with a PB ratio of 0.72 times based on the closing price on November 4, 2024 [3] Balance Sheet and Income Statement Forecast - Total assets are projected to grow from 506,013 million yuan in 2022 to 932,756 million yuan in 2026 [4] - Net interest income is expected to increase from 8,575 million yuan in 2024 to 9,758 million yuan in 2026 [5] - Net profit attributable to the parent company is forecasted to rise from 3,587 million yuan in 2024 to 5,829 million yuan in 2026 [5] - EPS is projected to grow from 0.73 yuan in 2024 to 1.24 yuan in 2026 [5] - ROAE is expected to remain stable around 13.84% to 13.91% from 2024 to 2026 [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][2] Core Insights - The company has achieved a double-digit growth in net profit, with a year-on-year increase of 17.7% in Q3 2024. The revenue for the same quarter increased by 1.7% year-on-year, while the revenue for the first three quarters of 2024 grew by 4.26% year-on-year [2][3] - The asset quality of the company is stable and improving, with a non-performing loan ratio of 1.23% in Q3 2024, a decrease of 1 basis point from the previous quarter. The coverage ratio for provisions is robust at 312.74%, reflecting strong risk mitigation capabilities [2][3] - The net interest margin has shown a narrowing decline, with a measured net interest margin of 1.37% in Q3 2024, down 3 basis points from the previous quarter. The yield on interest-earning assets decreased by 11 basis points to 3.24% [3][12] Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 11,064 million yuan, with a year-on-year growth of 4.22%. The net profit is expected to reach 3,587 million yuan, reflecting a growth rate of 15.35% [5][14] - The earnings per share (EPS) for 2024 is forecasted at 1.01 yuan, with a projected growth rate of 15.35% for net profit in 2024, followed by 10.35% in 2025 and 11.38% in 2026 [3][14] - The company’s price-to-earnings (PE) ratio for 2024 is estimated to be between 6.25 and 6.88 times, while the price-to-book (PB) ratio is projected at 0.90 times [3][14] Valuation Analysis - The reasonable value range for the company is estimated between 6.32 yuan and 6.95 yuan based on the Dividend Discount Model (DDM) and comparable valuation methods [3][6] - The company’s average return on equity (ROE) is projected to be around 13.68% by 2026, indicating a stable profitability outlook [14]

证券代码：601665 证券简称：齐鲁银行 公告编号：2024-056 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 关于赎回二级资本债券的公告 截至本公告日，经国家金融监督管理总局山东监管局批准，公司已行使赎回 权并全额赎回了本期债券。 特此公告。 齐鲁银行股份有限公司董事会 2024 年 11 月 6 日 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。 2019 年 11 月，齐鲁银行股份有限公司（以下简称"公司"）在全国银行间 债券市场发行了规模为人民币 20 亿元的 10 年期二级资本债券（以下简称"本期 债券"）。根据本期债券募集说明书相关条款的规定，本期债券设有发行人赎回选 择权，发行人有权在本期债券第 5 个计息年度的最后一日（2024 年 11 月 5 日）， 按面值全部赎回本期债券。 ...

Investment Rating - The investment rating for Qilu Bank is "Buy" and is maintained [6] Core Views - Qilu Bank's performance continues to improve with a revenue of 9.48 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4.3%, and a net profit attributable to shareholders of 3.44 billion yuan, up 17.2% year-on-year [1][2] - The bank's asset quality is continuously optimizing, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 312.74% as of the end of Q3 2024, showing a slight decrease and an increase respectively compared to the previous quarter [1][3] - The bank's total assets and total loans reached 668.1 billion yuan and 332.5 billion yuan respectively by the end of Q3 2024, with year-on-year growth rates of 17.5% and 13.3% [4] Financial Performance - Revenue and net profit growth rates for Q1-Q3 2024 are 4.3% and 17.2% respectively, with a slight decline in revenue growth attributed to bond market fluctuations affecting investment income [2] - Net interest income for Q1-Q3 2024 decreased by 2.1% year-on-year, while net fee and commission income increased by 17.6% [2] - Other non-interest income saw a significant increase of 25.9% year-on-year, although Q3 saw a 37.0% decline in investment income [2] Asset Quality - As of Q3 2024, the non-performing loan ratio and attention ratio were 1.23% and 1.12%, respectively, indicating ongoing improvement in asset quality [3] - The bank recorded a credit impairment loss of 3.48 billion yuan for Q1-Q3 2024, which is 180 million yuan less than the previous year, resulting in a credit cost of 1.52% [3] Balance Sheet - Total assets and total loans as of Q3 2024 were 668.1 billion yuan and 332.5 billion yuan, with year-on-year growth rates of 17.5% and 13.3% respectively [4] - Total liabilities and total deposits reached 622.7 billion yuan and 436.0 billion yuan, with year-on-year growth rates of 17.3% and 7.9% respectively [4]

Investment Rating - The investment rating for Qilu Bank is "Accumulate," maintaining the previous rating of "Accumulate" [1]. Core Views - Qilu Bank reported a revenue of 9.485 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4.26%. The net profit attributable to shareholders reached 3.442 billion yuan, with a year-on-year increase of 17.19% [1]. - The bank's annualized weighted average return on equity (ROE) stands at 11.96%, an increase of 0.11 percentage points compared to the same period last year [1]. - The bank's total assets reached 668.1 billion yuan by the end of Q3 2024, showing a year-on-year growth of 17.5%, with a loan total of 332.5 billion yuan, up 13.3% year-on-year [1][2]. - Qilu Bank's focus on expanding its loan portfolio in areas such as inclusive finance, green finance, and manufacturing is expected to sustain its growth momentum [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, Qilu Bank achieved an operating income of 9.485 billion yuan, a 4.26% increase year-on-year, and a net profit of 3.442 billion yuan, reflecting a 17.19% growth [1][2]. - The bank's net investment income and net fee income grew by 9.7% and 17.6% respectively, contributing significantly to revenue growth [1]. Asset Quality - As of Q3 2024, the non-performing loan ratio decreased to 1.23%, down 1 basis point from the previous quarter, indicating a continued downward trend in bad loans [1]. - The provision coverage ratio improved to 312.74%, up 3.5 percentage points from the previous quarter, enhancing the bank's safety margin [1]. Capital Adequacy - The core Tier 1 capital adequacy ratio was 10.26% at the end of Q3 2024, an increase of 0.03 percentage points from the previous quarter, indicating sufficient capital for future expansion [1][2]. - The bank's dividend payout ratio for 2023 was 26.7%, up 1.2 percentage points from the end of 2022, reflecting a commitment to shareholder returns [1]. Future Outlook - The forecast for net profit growth for Qilu Bank is 15.2%, 17.7%, and 17.3% for the years 2024 to 2026, with expected earnings per share (EPS) of 1.01 yuan, 1.19 yuan, and 1.38 yuan respectively [2].

Investment Rating - The report maintains an "Overweight" rating for Qilu Bank [1] Core Views - Qilu Bank's net profit growth accelerated in Q3 2024, with net profit attributable to parent company reaching RMB 3.442 billion, up 17.19% YoY [1] - The bank's asset expansion exceeded 17%, with total assets reaching RMB 668.1 billion by Q3 2024, a 17.5% YoY increase [1] - Qilu Bank's non-performing loan ratio decreased to 1.23% by Q3 2024, with provision coverage ratio rising to 312.74% [1] - The bank's core tier 1 capital adequacy ratio improved to 10.26% in Q3 2024, providing solid foundation for future expansion [1] Financial Performance - Qilu Bank achieved operating income of RMB 9.485 billion in the first three quarters of 2024, representing a 4.26% YoY growth [1] - The bank's net investment income and net fee income increased by 9.7% and 17.6% respectively in Q1-Q3 2024 [1] - Annualized ROE reached 11.96% in Q3 2024, up 0.11 percentage points YoY [1] Business Development - Loan balance reached RMB 332.5 billion by Q3 2024, with corporate loans growing 16% YoY and retail loans increasing 5.03% [1] - The bank expanded its network with 28 new outlets established between 2021-2023, including the newly opened Heze branch in June 2024 [1] - Qilu Bank focuses on key sectors including inclusive finance, green finance, and manufacturing [1] Future Projections - The report forecasts net profit attributable to parent company growth of 15.2%, 17.7%, and 17.3% for 2024-2026 respectively [2] - EPS is projected to reach RMB 1.01, 1.19, and 1.38 for 2024-2026 [2] - The bank's asset scale is expected to maintain rapid growth, with total assets projected to reach RMB 960.306 billion by 2026 [6] Capital Management - The convertible bond conversion ratio reached 17.44%, potentially further strengthening core capital [2] - Dividend payout ratio increased to 26.7% in 2023, up 1.2 percentage points from 2022 [1]

Investment Rating - The investment rating for Qilu Bank is not explicitly stated in the provided documents, but the financial metrics suggest a favorable outlook with a P/B of 0.7x and a P/E of 5.3x compared to industry averages of 0.6x and 5.4x respectively [1][5]. Core Insights - Qilu Bank reported a year-on-year revenue increase of 1.7% in Q3 2024, with a pre-provision profit increase of 0.4% and a net profit attributable to shareholders rising by 17.7% [1][5]. - For the first three quarters of 2024, revenue increased by 4.3%, pre-provision profit by 3.1%, and net profit by 17.2% [1][5]. - The annualized ROE for Q1-Q3 2024 increased by 0.11 percentage points to 11.96%, and the core Tier 1 capital adequacy ratio rose by 0.53 percentage points to 10.26% [1][5]. - The net interest margin (NIM) was under pressure, with a decrease in the yield on interest-earning assets greater than the cost of interest-bearing liabilities [2][6]. - The non-performing loan (NPL) ratio decreased to 1.23%, and the special mention ratio fell to 1.12%, indicating improved asset quality [3][6]. Summary by Sections Financial Performance - Qilu Bank's Q3 2024 net interest income decreased by 2.0% year-on-year, with a calculated NIM of 1.37%, down 3 basis points from the previous quarter [2][6]. - Total loans increased by 10.8% compared to the end of 2023, with corporate loans contributing 71% of the loan growth [3][6]. - The bank's deposit growth was 9.5%, lower than the previous year's 15.6% [3][6]. Asset Quality - The NPL ratio decreased by 1 basis point to 1.23%, and the attention ratio decreased by 2 basis points to 1.12%, both better than industry averages [3][6]. - The provision coverage ratio improved to 312.74%, up 3.49 percentage points [3][6]. Income Sources - Net fee and commission income for Q1-Q3 2024 increased by 17.6% year-on-year, up from 11.7% in H1 2024 [3][6]. - Other net income rose by 29.8%, with investment income increasing by 9.7% and fair value changes rising by 227.9% [3][6]. Cost Management - The cost-to-income ratio for Q1-Q3 2024 was 25.32%, an increase of 0.56 percentage points year-on-year, with operating expenses rising by 7.5% [3][6].