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].

齐鲁银行股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 投资者可于 2024 年 10 月 31 日（星期四）至 11 月 6 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过齐鲁银行股份有限 公司（以下简称"公司"）投资者沟通邮箱（ir@qlbchina.com）进行提问。公司 将在业绩说明会上对投资者普遍关注的问题进行回答。 公司于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披露 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司经营成果、财 务状况等，公司计划于 2024 年 11 月 7 日（星期四）上午 9:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 证券代码：601665 证券简称：齐鲁银行 公告编号：2024-055 可转债代码：113065 可转债简称：齐鲁转债 会议召开时间：2024 年 ...

Financial Performance - Net profit for the third quarter was RMB 1.08 billion, a year-on-year increase of 14.42%[4] - Operating income for the first three quarters was RMB 9.48 billion, up 4.26% year-on-year[4] - Basic earnings per share for the third quarter were RMB 0.20, an increase of 17.65% year-on-year[4] - Net profit attributable to shareholders of the parent company increased to CNY 3,442,308, representing a growth of 17.1% from CNY 2,937,254 in the same period last year[22] - Net profit for the first three quarters of 2024 was CNY 3,387,774, an increase of 20.25% compared to CNY 2,816,257 in 2023[30] Asset and Liability Management - Total assets reached RMB 668.13 billion, an increase of 10.47% compared to the end of the previous year[6] - Total loans amounted to RMB 332.48 billion, a growth of 10.76% compared to the end of the previous year[6] - Total deposits reached RMB 435.98 billion, increasing by 9.52% year-on-year[6] - Total liabilities increased to CNY 622,732,310, compared to CNY 562,992,498 at the end of 2023, marking a rise of 10.6%[19] - The bank's total equity reached CNY 45,398,123, an increase of 8.5% from CNY 41,823,490 at the end of 2023[19] Credit Quality - The non-performing loan ratio improved to 1.23%, down 0.03 percentage points from the end of the previous year[5] - The provision coverage ratio increased to 312.74%, up 9.16 percentage points from the end of the previous year[7] - The bank's total loans classified as normal increased to CNY 324,692,209, representing 97.65% of total loans[13] - The non-performing loan ratio was 1.23% at the end of the reporting period, slightly up from 1.26% at the end of the previous year[13] Income and Expenses - Net interest income decreased to CNY 6,618,659, down 2.1% from CNY 6,761,114 in the previous year[21] - The bank's credit impairment losses for the first three quarters were CNY 3,338,317, a decrease of 6.1% from CNY 3,554,932 in the previous year[21] - Total operating expenses decreased to CNY 5,631,829, down 2.53% from CNY 5,777,297 in the same period of 2023[30] - Net fee and commission income rose to CNY 1,052,461, up 17.55% from CNY 895,578 in the previous year[30] Capital and Funding - Core Tier 1 capital at the end of the reporting period reached CNY 37,159,707, an increase of CNY 2,938,978 compared to the end of the previous year[9] - The total capital adequacy ratio was 15.37%, a slight decrease from 15.38% in the previous year[9] - The net stable funding ratio improved to 144.70% as of September 30, 2024, up from 123.91% in the previous quarter[11] - The liquidity coverage ratio was 253.85% as of September 30, 2024, down from 273.84% in the previous quarter[12] - The bank issued CNY 5 billion in bonds on September 12, 2024, with a coupon rate of 2.06% and a maturity of 3 years[16] Cash Flow - The net cash flow from operating activities was CNY 16,400,989 thousand, down from CNY 23,175,099 thousand year-over-year, indicating a decline of about 29%[24] - The net cash flow from investment activities was CNY -30,859,171 thousand, compared to CNY -21,850,454 thousand in the previous year, showing a worsening of about 40.5%[26] - The net cash flow from financing activities was CNY 10,590,371, a significant increase from CNY -2,306,635 in the same period of 2023[35] Comprehensive Income - The total comprehensive income for the first three quarters of 2024 was CNY 4,207,415, compared to CNY 3,143,965 in the same period of 2023[32] - The bank's other comprehensive income after tax for the first three quarters was CNY 819,641, compared to CNY 327,708 in the same period last year[22]

证券代码：601665 证券简称：齐鲁银行 公告编号：2024-053 可转债代码：113065 可转债简称：齐鲁转债 公司与临商银行股份有限公司的关联交易已经公司董事会关联交易控制 和风险管理委员会、独立董事专门会议和董事会审议通过，无需提交股东大会审 议。 齐鲁银行股份有限公司关联交易公告 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： 齐鲁银行股份有限公司（以下简称"公司"）拟给予临商银行股份有限 公司同业授信额度 10 亿元，临商银行股份有限公司系公司董事实施重大影响的 企业，上述交易构成关联交易。 上述关联交易是公司的正常授信业务，对公司财务状况及经营成果不构 成重大影响。 一、日常关联交易基本情况 2024 年 10 月 30 日，公司第九届董事会第十次会议审议通过了《关于重大 关联交易的议案》，关联董事回避表决，董事会同意给予临商银行股份有限公司 同业授信额度 10 亿元。本议案提交董事会审议前已经第九届董事会关联交易控 制和风险管理委员会 2024 年第三次会议、2024 年第二次独立董事专门会 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2024-052 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 第九届监事会第八次会议决议公告 本公司监事会及全体监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。 （二）关于修订《齐鲁银行股份有限公司董事、监事和高级管理人员所持本 公司股份及其变动管理制度》的议案 表决结果：同意 7 票，反对 0 票，弃权 0 票。 特此公告。 齐鲁银行股份有限公司监事会 2024 年 10 月 30 日 详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《齐鲁银行 股份有限公司 2024 年第三季度报告》。 经审核，监事会认为公司 2024 年第三季度报告的编制和审核程序符合法律、 行政法规和公司章程的规定，报告的内容和格式符合中国证监会和上海证券交易 所相关规定，真实、准确、完整地反映公司实际情况。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 齐鲁银行股份有限公司（以下简称"公司"）第九届监事会第八次会议通知 于 2024 年 10 月 18 日以电子 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2024-051 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 第九届董事会第十次会议决议公告 （三）关于修订《齐鲁银行股份有限公司董事、监事和高级管理人员所持 本公司股份及其变动管理制度》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"）第九届董事会第十次会议通知 于 2024 年 10 月 18 日以电子邮件方式发出，会议于 2024 年 10 月 30 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 12 名，实际出席董事 12 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： 表决结果：同意 9 票，反对 0 票，弃权 0 票。根据 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2024-050 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%以上股东减持股份结果公告 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：本次股份减持计划实施前，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，占公司总股本的比例为 5.34%。 减持计划的实施结果情况：公司于 2024 年 7 月 10 日披露了《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》（公告编号：2024-033）， 重庆华宇根据自身发展需要，计划在公告披露之日起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%。2024 年 10 月 23 日，公司收到重庆华宇发来的《关于减持齐鲁 银行股份计划实施结果的告知函》。截至 2024 年 10 月 2 ...

公 司 研 究 银行 城商行 齐鲁银行 2024 年中报点评：业绩稳健向好，持续推进县域金融 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 23/10/1723/12/2924/3/1124/5/2324/8/424/10/16 齐鲁银行 沪深300 ◼ 股票数据 总股本/流通(亿股) 总市值/流通(亿元) 12 个月内最高/最低价 (元) | --- | --- | --- | --- | --- | |-------|-------|-------|---------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 48.35/48.35 | | | | | | | | | | | | 263.02/263.02 | | | | | | 5.70/3.76 | | 相关研究报告 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研 ...