齐鲁银行(601665.SH):资产质量 稳中向好,净利润增速提升 ——2024 年半年度业绩快报点评 事件:7 月 22 日,齐鲁银行发布 2024 年半年度业绩快报:上半年公 司实现营收 64.12 亿,同比增长 5.53%;归母净利润 23.47 亿,同比 增长 16.98%。1H24 年化 ROE 为 12.66%,同比提高 0.03pct。6 月 末,公司不良率 1.24%,拨备覆盖率 309.25%。 点评: 净利润增速环比提升,预计在同业排名靠前。上半年齐鲁银行营收同 比增长 5.53%,增速与 Q1 持平;归母净利润同比增长 16.98%,增 速环比 Q1 提升 1pct。预计齐鲁银行上半年盈利增速在同业排名靠 前,判断主要得益于规模平稳较快增长,债市震荡偏牛行情下其他非 息收入高增,以及资产质量稳健表现下、信用成本下降、拨备反哺力 度加大。 Q2 信贷保持平稳较快投放,存款增速环比提升。6 月末,齐鲁银行贷 款总额 3266 亿,同比增长 15.3%,增速与 Q1 基本持平,贷款保持 平稳较快投放。上半年累计投放 264 亿,同比多增 4 亿。6 月末,存 款总额 4232 亿,同比增长 9 ...

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 廖紫苑 银行业分析师 执业编号:S1500522110005 邮 箱:liaoziyuan@cindasc.com | --- | --- | |-----------|-------------------------------| | | 王舫朝 非银金融行业首席分析师 | | 执业编号: | S1500519120002 | | 邮 箱: | wangfangzhao@cindasc.com | 相关研究 [Table_OtherReport] 齐鲁银行2023 年报&2024 一季报点评: ROE 表现优异,核心资本进一步夯实 齐鲁银行 2023 业绩快报点评:扩表加 快,利润增速再提升 享经济大省区位优势,规模扩张步伐 稳健 信达证券股份有限公司 CINDA SECURITIES ...

Investment Rating - The report maintains an "Accumulate" rating for Qilu Bank with a market price of 4.48 CNY [2][9]. Core Insights - Qilu Bank's revenue and profit growth remain robust, with a 5.5% year-on-year increase in revenue for the first half of 2024 and a 17.0% increase in net profit [3][4]. - The bank's asset quality is improving, with a non-performing loan ratio of 1.24% and a provision coverage ratio of 309.25% as of mid-2024 [6][7]. - The bank is effectively leveraging local economic policies to enhance its competitive position in the market [8]. Summary by Relevant Sections Financial Performance - Revenue (in million CNY) is projected to grow from 11,940 in 2023 to 12,575 in 2024, with a year-on-year growth rate of 5.31% [2]. - Net profit (in million CNY) is expected to increase from 4,234 in 2023 to 4,886 in 2024, reflecting a growth rate of 15.40% [2]. - Earnings per share (EPS) is forecasted to rise from 0.90 in 2023 to 1.04 in 2024 [2]. Asset Quality - The non-performing loan ratio has improved to 1.24%, with a provision coverage ratio of 309.25% [6][7]. - The bank's provision for loan losses is at 3.83%, indicating a strong buffer against potential loan defaults [6][7]. Loan and Deposit Growth - Qilu Bank's new loans for the first half of 2024 totaled 26.4 billion CNY, which is 4.49 billion CNY more than the same period in 2023 [3][5]. - Total deposits increased by 20.5 billion CNY in the second quarter of 2024, a rise of 9.1% year-on-year [5][6]. Valuation Metrics - Projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 4.32, 3.82, and 3.39, respectively [8]. - Projected price-to-book (P/B) ratios for the same years are 0.57, 0.51, and 0.46 [8].

Investment Rating - The report maintains an "Increase" rating for Qilu Bank [3][4][10] Core Insights - Qilu Bank's revenue and profit growth remain high, with a cumulative revenue increase of 5.5% year-on-year in 1H24 and a net profit increase of 17.0% [4][6] - The bank's credit growth outperformed the industry average, with new loans of 26.4 billion yuan in the first half of the year, representing a 62% increase compared to the previous year [4][6] - Asset quality continues to improve, with a non-performing loan ratio of 1.24% and a provision coverage ratio of 309.25% [6][8] Summary by Sections Financial Performance - Revenue (in million yuan): - 2022: 11,052 - 2023: 11,940 - 2024E: 12,575 - 2025E: 13,254 - 2026E: 13,915 - Net Profit (in million yuan): - 2022: 3,587 - 2023: 4,234 - 2024E: 4,886 - 2025E: 5,516 - 2026E: 6,229 - Earnings per Share (in yuan): - 2022: 0.78 - 2023: 0.90 - 2024E: 1.04 - 2025E: 1.17 - 2026E: 1.32 [3][4][9] Credit and Deposit Growth - New loans in 1H24 totaled 26.4 billion yuan, a year-on-year increase of 4.49 billion yuan, with a quarterly increase of 21% in Q2 compared to the previous year [4][6] - Total deposits increased by 9.1% year-on-year, with a quarterly increase of 20.5 billion yuan in Q2, which is 9.6 billion yuan more than the same period last year [6][7] Asset Quality - The non-performing loan ratio improved to 1.24%, with a provision coverage ratio of 309.25% and a loan-to-provision ratio of 3.83% [6][8] - The bank's asset quality has been supported by significant provisions in the past, ensuring ample profit release space [8][9] Valuation Metrics - Projected Price-to-Earnings (P/E) ratios: - 2024E: 4.32 - 2025E: 3.82 - 2026E: 3.39 - Projected Price-to-Book (P/B) ratios: - 2024E: 0.57 - 2025E: 0.51 - 2026E: 0.46 [3][9]

Financial Performance - Operating income for the first half of 2024 was RMB 64.12 billion, a year-on-year increase of 5.53%[4] - Net profit attributable to shareholders was RMB 23.47 billion, up 16.98% compared to the same period last year[4] - Basic earnings per share increased to RMB 0.46, representing a growth of 12.20% year-on-year[4] - Weighted average return on equity was 12.66%, slightly up by 0.03 percentage points from the previous year[4] Asset and Loan Growth - Total assets reached RMB 647.54 billion, an increase of 7.06% compared to the beginning of the year[4] - Total loans amounted to RMB 326.64 billion, growing by 8.81% year-to-date[4] - Total deposits were RMB 423.15 billion, reflecting a growth of 6.30% since the start of the year[4] Loan Quality - The non-performing loan ratio improved to 1.24%, a decrease of 0.02 percentage points from the beginning of the year[3] - The provision coverage ratio rose to 309.25%, an increase of 5.67 percentage points year-to-date[3] Shareholder Information - The total number of ordinary shares increased to 4,834,974, reflecting a growth of 2.69%[2]

证券代码:601665 证券简称:齐鲁银行 齐鲁银行股份有限公司投资者关系活动记录表 编号:2024-012 | --- | --- | --- | --- | |--------------------|-------------------------------------------|-------------------------|-------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | ££特定对象调研新闻发布会其他 | 策略会现场参观 | ££媒体采访业绩说明会 | | | | | 国联证券李清荷、王璐,正圆投资戴旅 | | | | | 京,银河证券黄斌辉,天治基金曾慧慧, | | 参与单位及人员 | 易方达基金沐华、华泰证券贺雅 | | 华安合鑫方晓睿,联储资管黄章庆,第一创业孙文,海通期货周水松,博时基金曹芮,中银证券张倡铭,安信资管夏星创, | | | | | 兴证资管周龙飞,安信基金刘纲,财信证 | | | ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 4.59 CNY and a reasonable value of 5.92 CNY [2]. Core Views - Qilu Bank is deeply rooted in a major economic province, with continuously improving asset quality and a solid provision cushion. Its performance over the past year has significantly outperformed the overall level of listed city commercial banks. With the backdrop of economic provinces taking the lead and favorable policies for the transformation of old and new kinetic energy in Shandong Province, it is expected that credit demand will remain high, leading to accelerated expansion and significant potential for performance release, warranting active investor attention [2][34]. Summary by Sections Company Overview - Qilu Bank is the first city commercial bank in Shandong, with a balanced and diversified shareholding structure and a strong management team focused on the banking system [5]. Regional Advantages - Shandong Province has a large economic scale and relatively low credit debt dependency, with credit growth exceeding the national level. Jinan, as the provincial capital, enjoys multiple policy benefits, particularly from the 15-year strategic planning for the transformation of old and new kinetic energy, which is expected to create sustained credit demand across various sectors [2][34]. Business Highlights - Since 2017, Qilu Bank has strategically focused on county-level finance, enhancing its service quality and contribution from county financial operations. The bank has established financial centers in county branches to improve financial services and has actively supported small and micro enterprises through innovative financing models [2][34]. Performance Analysis - The bank's return on equity (ROE) is superior to that of other city commercial banks in the region, attributed to effective cost control, higher net income from fees and commissions, and a lower cost-to-income ratio. The bank's credit cost is higher than the industry average, but asset quality has improved significantly, indicating potential for future ROE and valuation enhancement [2][34]. Profit Forecast and Investment Recommendation - The forecast for net profit growth for 2024 and 2025 is 10.4% and 11.6%, respectively, with earnings per share (EPS) projected at 0.94 CNY and 1.05 CNY. The current stock price corresponds to a price-to-earnings (PE) ratio of 5.36X and 4.77X for 2024 and 2025, respectively. Given the improving fundamentals and significant performance release potential, a price-to-book (PB) valuation of approximately 0.75X is suggested for 2024, leading to a reasonable value of 5.92 CNY per share [2][34].

证券代码：601665 证券简称：齐鲁银行 齐鲁银行股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2024-032 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 关于股东股份解除质押及再质押的公告 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： 重庆华宇集团有限公司（以下简称"重庆华宇"）持有齐鲁银行股份有限公 司（以下简称"公司"）258,137,042 股，占公司总股本比例为 5.34%。本次解除 质押及再质押股份为 31,890,000 股，业务办理后，重庆华宇累计质押公司股份 235,137,042 股，占其持有公司股份数量的 91.09%。 近日，公司收到股东重庆华宇转来的解除证券质押登记通知、证券质押登记 证明，获悉其持有的部分股份解除质押并重新办理质押登记，具体情况如下： | 股东名称 | 重庆华宇 | | | --- | --- | --- | | 本次解除质押股份 | 股 31,890,000 | | | 占其所持股份比例 | 12.35% | | | 占公司总股本比例 | 0.66% | | | 解除质押时间 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2024-033 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 关于持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况：重庆华宇集团有限公司（以下简称"重庆华宇"）持 有齐鲁银行股份有限公司（以下简称"公司"或"齐鲁银行"）258,137,042 股， 占公司总股本的比例为 5.34%。 减持计划的主要内容：重庆华宇根据自身发展需要，拟在本公告披露之日起 15 个交易日后的 3 个月内，通过集中竞价或大宗交易方式减持不超过 63,698,900 股，即减持比例不超过公司总股本的 1.32%。 一、减持主体的基本情况 上述减持主体无一致行动人。 二、减持计划的主要内容 | 股东 | 计划减持数 | 计划减 | 减持方式 | 竞价交易 | 减持合理价 | 拟减持股 | 拟减持 | | --- | --- | --- | --- | --- | --- | --- | --- | ...