Investment Rating - The report maintains a "Buy" rating for Qilu Bank [1][5]. Core Views - Qilu Bank has consistently ranked among the top tier of listed banks in terms of growth rate, indicating sustainable growth potential as a city commercial bank. The bank's expansion of branches, increased market share in local lending, steady performance growth, and continuous improvement in asset quality form a clear operational logic [3][8]. - The bank's dividend payout ratio has increased to 27.6% for the first half of 2024, with an expected annual dividend yield of 4.6%. Revenue growth is projected at 4.5% year-on-year for 2025, while net profit attributable to shareholders is expected to grow by 11.5% year-on-year [3][8]. - The current valuation stands at 0.64 times the 2025 price-to-book ratio (PB) and 5.4 times the 2025 price-to-earnings ratio (PE), with the current stock price approximately 15% away from the mandatory redemption price of convertible bonds [3][8]. Summary by Sections Financial Performance - Qilu Bank reported a revenue growth of 4.6% year-on-year for 2024, with a quarterly growth of 5.5%. The net profit attributable to shareholders increased by 17.8% year-on-year, with a quarterly growth of 19.1%. The non-performing loan ratio decreased significantly by 4 basis points to 1.19%, with an annual decline of 7 basis points. The provision coverage ratio rose by 9.6 percentage points to 322% [3][4][8]. Loan Growth and Market Position - By the end of 2024, Qilu Bank's loans increased by 12.3% compared to the beginning of the year, with a quarterly growth of 1.4%. The expansion of branches in Heze and Zibo is expected to enhance the bank's market share in external loans. The bank's focus on corporate loans remains strong, with inclusive small and micro loans maintaining a 22% share [3][8]. Revenue and Profitability - The bank's net interest income was impacted by a significant decline in net interest margin, which fell by 2.1% year-on-year in the first three quarters. However, a recovery is anticipated in Q4 2023, leading to positive growth in net interest income. Non-interest income is expected to benefit from strong performance in the bond market [3][8]. Asset Quality - Qilu Bank has seen a continuous decline in non-performing loans and attention rates, achieving record lows since its listing. The bank's exposure to real estate loans is minimal, with only 1.34% of corporate loans allocated to this sector, indicating a lower risk profile compared to the industry [3][8].

Investment Rating - The report maintains an "Accumulate" rating for Qilu Bank [4]. Core Views - Qilu Bank's total assets reached nearly 690 billion yuan by the end of 2024, marking a year-on-year growth of 14%. The bank's loan total was 337.14 billion yuan, up 12.31% year-on-year, while deposits increased by 10.42% to 439.54 billion yuan [4]. - The bank's operating income for 2024 was 12.50 billion yuan, reflecting a year-on-year increase of 4.55%, and the net profit attributable to shareholders was 4.99 billion yuan, up 17.77% year-on-year [4]. - The non-performing loan ratio decreased by 7 basis points to 1.19%, and the provision coverage ratio improved by 18.8 percentage points to 322.38%, indicating a solid asset quality [4]. Summary by Sections Financial Performance - Qilu Bank's operating income for 2024 was 12,495.40 million yuan, with a growth rate of 4.55% year-on-year. The net profit attributable to shareholders was 4,986.13 million yuan, with a growth rate of 17.77% year-on-year [6]. - The bank's EPS for 2024 is projected to be 1.03 yuan, with forecasts of 1.20 yuan and 1.40 yuan for 2025 and 2026, respectively [4][6]. Asset Quality - By the end of 2024, Qilu Bank's non-performing loan ratio was 1.19%, down 7 basis points from the previous year, and the provision coverage ratio was 322.38%, indicating a strong safety margin [4]. - The bank's core Tier 1 capital adequacy ratio was 10.26% as of Q3 2024, positioning it favorably compared to peers [4]. Growth Prospects - The report anticipates that Qilu Bank will benefit from growth in corporate, county-level, and green-related business revenues, supporting stable performance in the coming years [4]. - The bank's loan-to-deposit ratio stood at 76.7%, suggesting significant room for further lending [4].

Investment Rating - The investment rating for Qilu Bank is "Accumulate" (maintained) [2] Core Views - Qilu Bank's revenue and net profit growth rates are marginally increasing, with 2024 revenue expected to grow by 4.6% year-on-year and net profit by 17.8% year-on-year [3][7] - The bank is experiencing robust asset and liability growth, with total assets increasing by 14% year-on-year and total loans by 12.3% year-on-year, indicating a strong expansion [5][10] - Asset quality is improving, as evidenced by a decrease in the non-performing loan (NPL) ratio to 1.19% and an increase in the provision coverage ratio to 322.38% [11][12] - The bank's OCI account has floating profits, which are expected to support revenue in 2025, with an estimated 23% of 2024 revenue coming from OCI [13] Summary by Sections Financial Performance - Qilu Bank's 2024 revenue is projected at 12,485 million yuan, with a year-on-year growth rate of 4.56% [2] - The net profit for 2024 is forecasted to be 4,991 million yuan, reflecting a year-on-year growth of 17.89% [2] - Earnings per share (EPS) is expected to reach 1.06 yuan in 2024, with a net asset return rate of 14.02% [2] Asset and Liability Growth - Total assets are expected to grow by 14% year-on-year, with total loans increasing by 12.3% [10] - Total liabilities are projected to rise by 13.9%, with total deposits increasing by 10.4% [10] Asset Quality - The non-performing loan ratio has decreased to 1.19%, continuing a downward trend [11] - The provision coverage ratio has increased to 322.38%, indicating a strong safety margin [11] Future Outlook - The bank's 2024-2026 net profit forecasts have been adjusted to 50 billion, 58 billion, and 66 billion yuan respectively [13] - The bank is focusing on county-level finance and technological innovation to enhance its competitive position [13]

Financial Performance - In 2024, Qilu Bank achieved total operating income of RMB 12,495.81 million, a year-on-year increase of 4.55%[3] - The net profit attributable to shareholders reached RMB 4,986.29 million, reflecting a growth of 17.77% compared to 2023[3] - Basic earnings per share were RMB 0.97, an increase of 11.49% compared to the previous year[3] - The weighted average return on equity decreased by 0.38 percentage points to 12.52%[3] Asset and Loan Growth - The total assets of Qilu Bank amounted to RMB 689,539.36 million, representing a 14.01% increase from the beginning of the year[3] - The total loans increased to RMB 337,141.86 million, marking a growth of 12.31% year-on-year[3] - The total deposits rose to RMB 439,541.46 million, with a year-on-year growth of 10.42%[3] Credit Quality - The non-performing loan ratio improved to 1.19%, a decrease of 0.07 percentage points from the previous year[6] - The provision coverage ratio increased to 322.38%, up by 18.80 percentage points year-on-year[6] Dividends - The bank declared an interim cash dividend of RMB 614 million for 2024, which is reflected in the financial statements[6]

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-004 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根据 2024 年度中期利润 分配方案调整可转换公司债券转股价格的公告 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： 因实施 2024 年度中期权益分派，齐鲁银行股份有限公司（以下简称"公司"） 的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113065 | 齐鲁转债 | 可转债转股复牌 | | | 2025/1/22 | 2025/1/23 | 经中国证券监督管理委员会《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，公司于 2022 年 11 月 29 日公开发行了8,000万张A股可转换公司债券（以下简称"可转债"、"齐鲁转债"）， ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-003 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 2024 年度中期权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.127 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/1/22 | － | 2025/1/23 | 2025/1/23 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经齐鲁银行股份有限公司（以下简称"公司"）2024 年 5 月 17 日召开的 2023 年度股东大会审议通过，授权董事会确定 2024 年度中期利润分 配相关事宜。公司于 2024 年 12 月 20 日召开第九届董事会第十一次会议，审议通 过了《2024 年度中期利润分配方案》。 二、 分配方案 1. ...

展望后市，机构预计2024年上市银行盈利增速有望环比小幅改善，主要得益于其他非息高增支撑：预计 上市银行营业收入同比下降0.1%，降幅环比改善0.9个百分点；归母净利润同比增长1.6%，增速环比改 善0.2个百分点。 银行板块震荡走强 齐鲁银行等多股涨超3%财联社1月16日电，银行板块震荡走强，城商行方向领涨， 江苏银行涨超2%，创历史新高，齐鲁银行、江阴银行、苏农银行涨超3%，张家港行、青岛银行、瑞丰 银行、渝农商行等跟涨。 ...

因实施 2024 年度中期权益分派，齐鲁银行股份有限公司（以下简称"公司"） 的相关证券停复牌情况如下：自 2024 年度中期权益分派实施公告前一交易日 （2025 年 1 月 16 日）至本次权益分派股权登记日期间，"齐鲁转债"将停止转 股；本次权益分派股权登记日后的第一个交易日起，"齐鲁转债"恢复转股。 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-002 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 2024 年度中期权益 分派时"齐鲁转债"停止转股的提示性公告 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： 证券停复牌情况：适用 自 2024 年度中期权益分派实施公告前一交易日（2025 年 1 月 16 日）至本 次权益分派股权登记日期间，"齐鲁转债"将停止转股；本次权益分派股权登记 日后的第一个交易日起，"齐鲁转债"恢复转股。欲享受本次权益分派的"齐鲁 转债"持有人可在 2025 年 1 月 15 日（含当日）之前的交易日进行转股。 三、其他 联系部 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-001 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 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2024 年 12 月 31 日，累计共有人民币 1,395,376,000 元"齐鲁转债"转为齐鲁银行股份有限公司（以下简称"公司"）A 股普通股股 票，累计转股股数为 254,163,654 股，占"齐鲁转债"转股前公司已发行 A 股普 通股股份总额的 5.5484%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的"齐鲁转债" 金额为人民币 6,604,624,000 元，占"齐鲁转债"发行总量的比例为 82.5578%。 本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日，共有人民 币 104,000 元"齐鲁转债"转为公司 A 股普通股股票，转股股数为 19,699 股。 一、可转债发行上市概况 经中国证券监 ...

齐鲁银行股份有限公司 2024 年度中期利润分配方案公告 证券代码：601665 证券简称：齐鲁银行 公告编号：2024-061 可转债代码：113065 可转债简称：齐鲁转债 ● 公司发行的 A 股可转换公司债券（以下简称"可转债"）正处于转股期， 实际派发的现金股利总额将根据实施权益分派股权登记日登记在册的总股本最 终确定，在实施权益分派的股权登记日前公司总股本发生变化的，拟维持每股派 发现金股利不变，相应调整分配总额。 ● 根据公司 2023 年度股东大会授权，本次利润分配方案经董事会审议通过 后即可实施。 一、利润分配方案 经毕马威华振会计师事务所（特殊普通合伙）审阅，齐鲁银行股份有限公司 （以下简称"公司"）2024 年半年度母公司净利润为 22.92 亿元。经公司第九届董 事会第十一次会议审议，公司 2024 年度中期利润分配方案如下： 拟以实施权益分派股权登记日的普通股总股本为基数，向登记在册的全体普 通股股东每 10 股派发现金股利人民币 1.27 元（含税）。截至 2024 年 12 月 19 日，公司总股本 4,834,993,767 股，以此计算拟派发现金红利总额为人民币 6.14 亿元 ...