Core Insights - Qilu Bank reported a revenue of 12.496 billion yuan in 2024, representing a year-on-year growth of 4.55% [1] - The net profit attributable to shareholders reached 4.986 billion yuan, with a year-on-year increase of 17.77% [1] - Basic earnings per share were 0.97 yuan, reflecting an 11.49% growth compared to the previous year [1] Revenue Breakdown - Interest income amounted to 9.031 billion yuan, up 1.73% year-on-year, accounting for 72.27% of total revenue [1] - Net fee and commission income was 1.264 billion yuan, increasing by 12.97%, representing 10.12% of total revenue [1] - Other non-interest income reached 2.201 billion yuan, with a growth of 12.55%, making up 17.61% of total revenue [1] - Investment income specifically was 1.746 billion yuan, showing a year-on-year increase of 12.67% [1] County Market Expansion - By the end of 2024, Qilu Bank's county branch deposits totaled 134.414 billion yuan, a growth of 16.87% from the previous year [2] - Loan balances in county areas reached 99.933 billion yuan, marking a 15.49% increase [2] - The number of county customers grew to 2.2451 million, up 13.05% year-on-year [2] - The bank established 3 new primary county branches, bringing the total to 83, and set up 62 county inclusive finance centers [2] - Qilu Bank launched 80 differentiated products under the "one county, one product" model to cater to local economic needs [2] Employee Compensation - Business and management expenses for Qilu Bank were 3.413 billion yuan, reflecting an 8.50% increase [2] - Employee compensation expenses reached 1.938 billion yuan, an increase of 155 million yuan from the previous year [2] - Qilu Bank has seen employee compensation grow for 8 consecutive years from 2016 to 2024 [2]

Core Viewpoint - Qilu Bank reported strong growth in revenue, PPOP, and net profit for 2024 and Q1 2025, with net profit growth exceeding 16% [1][6] Financial Performance - For 2024, revenue, PPOP, and net profit grew by 4.55%, 3.05%, and 17.77% respectively, while Q1 2025 figures showed growth rates of 4.72%, 4.36%, and 16.47% [1] - The bank's net interest margin (NIM) for 2024 was reported at 1.51%, with a slight contraction of 3 basis points from the first half of 2024 [4] - Non-interest income from fees and commissions increased by 13.0% in 2024 and maintained an 8.6% growth in Q1 2025, driven by improvements in transaction banking [4] Asset and Liability Management - The growth rate of interest-earning assets was 13.65% for 2024 and 15.71% for Q1 2025, with loans growing at 12.31% and 12.60% respectively [3] - Deposits showed a recovery with growth rates of 10.03% for 2024 and 14.24% for Q1 2025 [4] - Investment assets increased by 19.13% year-on-year as of Q1 2025, primarily due to OCI [4] Asset Quality - The non-performing loan (NPL) ratio rose to 1.17% at the end of Q1 2025, up 4 basis points from Q4 2024, indicating pressure on personal loan quality [5] - The provision coverage ratio improved to 324.06%, reflecting a solid buffer against potential loan losses [5] Strategic Outlook - The bank is well-positioned in the Shandong provincial capital economic circle, benefiting from favorable policies and a focus on county-level inclusive finance [6] - The issuance of 8 billion yuan in convertible bonds is expected to strengthen the bank's capital base for future growth [6]

Investment Rating - The investment rating for Qilu Bank is "Accumulate" [1] Core Views - Qilu Bank's performance remains strong, with a reported operating income of 12.5 billion yuan in 2024, a year-on-year increase of 4.55%, and a net profit attributable to shareholders of 4.99 billion yuan, up 17.77% year-on-year [2][3] - In Q1 2025, the bank achieved an operating income of 3.17 billion yuan, reflecting a 4.72% year-on-year growth, and a net profit of 1.37 billion yuan, which is a 16.47% increase year-on-year [2][3] - The bank's total assets reached 716.4 billion yuan by the end of Q1 2025, marking a 14.7% year-on-year growth [3] Financial Performance Summary - For 2024, Qilu Bank's total operating income was 12,496 million yuan, with a growth rate of 4.55% year-on-year, while the net profit attributable to shareholders was 4,986 million yuan, with a growth rate of 17.77% year-on-year [5] - The bank's earnings per share (EPS) for 2024 was 1.03 yuan, with a projected EPS of 1.21 yuan for 2025 [5] - The net interest margin for 2024 was 1.51%, slightly lower than the previous year, but the bank has managed to control costs effectively [3][5] Asset Quality and Risk Management - Qilu Bank's non-performing loan (NPL) ratio decreased to 1.17% by the end of Q1 2025, down 2 basis points from the end of 2024, while the provision coverage ratio increased to 324.06% [3][4] - The bank has been actively managing its loan portfolio, with a focus on improving asset quality and reducing risks associated with non-performing loans [4][6] Growth Prospects - The bank is expected to maintain a strong growth trajectory, with projected net profit growth rates of 17.65%, 18.01%, and 17.99% for 2025, 2026, and 2027 respectively [6] - Qilu Bank's strategy includes expanding its market presence in county-level areas and enhancing its service offerings to institutional clients [3][6]

[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 | 证券研究报告 公司研究 [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 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 齐鲁银行 2024 中报点评：县域贡献度 不断提高，资产质量持续稳中向好 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B [Table_Title] 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 [Table_ReportDate] 2025 年 04 月 26 日 [Table_S 事件： 4ummar 月 25y]日晚，齐鲁银行发布 2 ...

Core Viewpoint - The annual report of Qilu Bank for 2024 highlights the bank's steady growth in assets, loans, and deposits, alongside a focus on innovation in financial services and risk management, reflecting a commitment to high-quality development in the banking sector. Company Overview - Qilu Bank's operating range includes various financial services such as accepting public deposits, issuing loans, and providing foreign exchange services, primarily focusing on small and medium-sized enterprises and retail banking in Shandong Province and surrounding areas [4][5][6]. Financial Performance - As of the end of the reporting period, Qilu Bank's total assets reached 689.54 billion yuan, an increase of 14.01% from the previous year, while total loans amounted to 337.14 billion yuan, growing by 12.31% [32][33]. - The bank's net profit for the period was 4.986 billion yuan, reflecting a year-on-year increase of 17.77%, with earnings per share rising to 0.97 yuan, up by 11.49% [33]. Business Development - The bank's deposit balance was 439.54 billion yuan, a 10.42% increase year-on-year, with a total of 218.73 billion yuan in deposits from corporate clients, marking a 7.61% growth [9][33]. - Qilu Bank has expanded its customer base significantly, with corporate active clients increasing by 14.37% to 130,400 [10]. Innovation and Services - The bank has launched several innovative financial products, including technology-driven loans and green finance initiatives, with technology-based loans reaching a balance of 34.704 billion yuan, up 46.64% from the previous year [11][12]. - Qilu Bank's green loan balance was 32.183 billion yuan, increasing by 38.93%, demonstrating its commitment to sustainable finance [13]. Risk Management - The bank's non-performing loan ratio stood at 1.19%, a decrease of 0.07 percentage points from the previous year, indicating improved asset quality [33]. - The provision coverage ratio was 322.38%, reflecting a robust risk management framework [33]. Market Position - Qilu Bank has been recognized for its contributions to green finance and has received multiple awards, including "Best Green Finance Small and Medium Bank" [13]. - The bank's financial market operations have been acknowledged with awards for market influence and innovation, enhancing its reputation in the industry [25][26].

Group 1 - The company plans to distribute a cash dividend of 27.62% of its net profit attributable to shareholders for the year 2024, which is below the 30% threshold [1] - The decision to retain a portion of profits is aimed at enhancing internal capital accumulation and supporting digital transformation initiatives [1] - The company maintains a stable and continuous profit distribution policy, with an increase in both cash dividends per share and the dividend payout ratio compared to the previous year [1] Group 2 - The board of directors approved the 2024 profit distribution plan during the 12th meeting of the 9th board on April 24, 2025, and will submit it for shareholder approval [2] - The supervisory board supports the profit distribution plan, emphasizing its alignment with sustainable development and regulatory requirements [3] Group 3 - The company intends to renew its contract with KPMG Huazhen for auditing services, which has been in operation since 1992 and has a significant number of registered accountants [8][9] - KPMG Huazhen's revenue for 2023 exceeded RMB 4.1 billion, with a substantial portion coming from auditing services [8] - The audit fees for 2025 are set at RMB 3.58 million, remaining consistent with the previous year [16] Group 4 - The company has initiated a valuation enhancement plan in response to its stock price being below the net asset value per share for 12 consecutive months [22][24] - The plan includes measures to strengthen development advantages, improve management efficiency, and enhance investor relations [26][30] - The company emphasizes a commitment to stable and predictable shareholder returns, with a history of increasing cash dividends since its IPO [33]

本报讯 （记者王僖）4月25日晚，齐鲁银行股份有限公司（以下简称"齐鲁银行"）发布了2024年年报及2025年一季度报 告。2024年以来，该行持续夯实发展基础，加快推进转型创新，实现了规模、效益、质量均衡协调发展。在经营业绩方面， 2024年实现营业收入124.96亿元，同比增长4.55%；归属于上市公司股东的净利润49.86亿元，同比增长17.77%。 此外，齐鲁银行始终高度重视股东回报，坚持稳定、持续的现金分红政策，自上市以来，现金分红金额逐年提高，并于今 年1月实施2024年中期分红，2024年度每10股合计派发现金红利2.66元，较上年增长21%，与广大投资者共享发展成果。 效益提升的同时，齐鲁银行资产规模也逐步扩大。2024年末，公司资产总额为6895.39亿元，较2023年末增长14.01%；贷 款总额为3371.42亿元，较2023年末增长12.31%；存款总额为4395.41亿元，较2023年末增长10.42%。 （编辑 张钰鹏） 资产质量方面，齐鲁银行继续加强重点领域风险管控，主要资产质量指标连续六年改善。2024年末，公司不良贷款率为 1.19%，同比下降0.07个百分点；关注类贷款占比 ...

1 齐鲁银行股份有限公司关于会计师事务所 2024 年度履职情况的评估报告 根据《国有企业、上市公司选聘会计师事务所管理办法》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》《齐鲁 银行股份有限公司章程》和《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"）对 2024 年度外部审计机构毕马威华振会计师事务所（特殊 普通合伙）（以下简称"毕马威华振"）的履职情况进行了评估， 具体情况如下： 一、2024 年度会计师事务所基本情况 经本行 2024 年 5 月 17 日召开的 2023 年度股东大会审议通过， 本行聘请毕马威华振担任 2024 年度财务报告审计机构和内部控制 审计机构。 毕马威华振于 1992 年 8 月成立，2012 年 7 月完成本土化转制， 从一家中外合作的有限责任制事务所转制为特殊普通合伙制事务所； 总部设在北京，首席合伙人为邹俊先生。截至 2024 年末，毕马威 华振拥有合伙人 241 人、注册会计师 1,309 人。2023 年度，毕马威 三、对会计师事务所履职情况的评估 经审计，毕马威华振出具了无保留意见的审计报告， ...

1 华振经审计的业务收入总额超过人民币 41 亿元，上市公司年报审 计客户共计 98 家，其中本行同行业上市公司审计客户 20 家。 齐鲁银行股份有限公司董事会审计委员会对会计 师事务所 2024 年度履行监督职责情况的报告 根据《国有企业、上市公司选聘会计师事务所管理办法》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》《齐鲁 银行股份有限公司章程》和《齐鲁银行股份有限公司董事会审计委 员会工作规程》等规定和要求，齐鲁银行股份有限公司（以下简称 "本行"）董事会审计委员会勤勉尽责，认真履行对会计师事务所的 监督职责，现将 2024 年度履行监督职责情况报告如下： 一、2024 年度会计师事务所基本情况 经本行 2024 年 5 月 17 日召开的 2023 年度股东大会审议通过， 本行聘请毕马威华振会计师事务所（特殊普通合伙）（以下简称 "毕马威华振"）担任 2024 年度财务报告审计机构和内部控制审计机 构。 毕马威华振于 1992 年 8 月成立，2012 年 7 月完成本土化转制， 从一家中外合作的有限责任制事务所转制为特殊普通合伙制事务所； 总部设在北京，首席合伙人为邹俊先生。截至 2 ...

齐鲁银行股份有限公司 2024 年度董事会审计委员会履职情况报告 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 2024 年度履职情况报告如下： 一、董事会审计委员会组成情况 截至 2024 年末，第九届董事会审计委员会由 8 名委员组成， 其中独立董事 5 名，非执行董事 3 名。审计委员会主任由独立董 事刘宁宇先生担任，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，董事会审计委员会成员结构及任职资格均 符合相关监管要求。 二、董事会审计委员会主要工作情况 2024 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。报告期内，董事 会审计委员会共召开 6 次会议，审议议案并形成决议 13 项，听取 专题汇报 3 项，涉及会计师事务所选聘、内外部审计、财务报告、 内部控制等事项，审议事项均获得全 ...