Investment Rating - The report maintains a rating of "Buy" for Qingdao Bank [3][23]. Core Insights - Qingdao Bank's 2024 revenue increased by 7.5% year-on-year, while net profit rose by 20.15% [5][8]. - The bank's asset quality has improved, with a decrease in non-performing loan ratios in manufacturing, retail, and real estate sectors [19][20]. - The bank's strategy focuses on leveraging regional economic upgrades and enhancing its market position in Shandong province [23]. Summary by Sections 1. Performance - Revenue for 2024 increased by 7.5% compared to the previous year, with net profit growing by 20.15% [5][8]. - The quarterly net interest income grew by 3% sequentially, supported by a decrease in the cost of liabilities [12][23]. 2. Net Interest Income - The annualized net interest margin improved by 3 basis points to 1.77% in Q4 2024 [12]. - The yield on interest-earning assets decreased by 1 basis point to 3.93%, while the cost of interest-bearing liabilities fell by 4 basis points to 2.06% [12][15]. 3. Asset and Liability Management - Loan growth has been increasing over the past three years, with 2024 showing a 13.5% increase [15]. - The structure of new loans in 2024 was dominated by government financing (43%), manufacturing (31.4%), and retail (23.3%) [15]. 4. Non-Interest Income - Non-interest income grew by 10.7% year-on-year, with other non-interest income increasing by 26% [18]. 5. Asset Quality - The non-performing loan ratio decreased to 1.14%, with a year-on-year decline in the annualized net generation rate of non-performing loans [19]. - The overdue loan ratio decreased to 1.42%, indicating improved asset quality [19][20]. 6. Other Financial Metrics - The cost-to-income ratio remained stable at 37.82%, with management expenses rising by 8.16% [23]. - The core Tier 1 capital adequacy ratio improved to 9.11% [23]. 7. Investment Recommendations - The current stock price corresponds to a projected price-to-book ratio of 0.62X for 2025 and a price-to-earnings ratio of 4.98X [23]. - The bank is expected to maintain strong growth in credit and performance, supported by regional economic developments [23].

Core Viewpoint - Qingdao Bank reported a strong financial performance for the year 2024, with significant increases in both operating income and net profit compared to the previous year, indicating robust growth and operational efficiency [1][2]. Financial Performance - In 2024, Qingdao Bank achieved operating income of RMB 13.498 billion, an increase of 8.22% from RMB 12.472 billion in 2023 [1]. - The net profit for 2024 was RMB 4.405 billion, reflecting a growth of 19.97% compared to RMB 3.671 billion in 2023 [1]. - The bank's interest income rose to RMB 9.874 billion, up 6.38% from RMB 9.282 billion in 2023, while non-interest income increased by 13.58% to RMB 3.624 billion [1]. - The total profit amounted to RMB 4.995 billion, a 26.99% increase from RMB 3.933 billion in the previous year [1]. Asset Quality - The non-performing loan (NPL) ratio at the end of 2024 was 1.14%, a decrease of 0.04 percentage points from the previous year [2]. - The provision coverage ratio improved to 241.32%, an increase of 15.36 percentage points, indicating stronger risk management [2]. - Total assets managed by Qingdao Bank Group exceeded RMB 900 billion, reaching RMB 906.554 billion, a growth of 9.23% year-on-year [2]. Management Compensation - The total compensation for directors, supervisors, and senior management at Qingdao Bank for 2024 was RMB 19.2319 million [3]. - The chairman, Jing Zailun, received a salary of RMB 2.4978 million, a slight decrease of 1% from the previous year, while the president, Wu Xianming, saw a 27.86% increase in compensation to RMB 2.2938 million [3].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 青岛银行(002948) | | | | | | [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] 青岛银行 2024 业绩快报点评：业绩增 速再提升，不良率持续下降 区域蓝海保驾护航，量质发展逆流而 上 ——青岛银行(002948.SZ)首 次覆盖报告 青岛银行 2024 中报点评：营收利润表 现亮眼，资本安全边际进一步夯实 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座 [Table_Title] 青岛银行 2024 年报点评：规模、效益与质量 协同跃升 [Table_ReportDate] 2025 年 03 月 27 日 ➢ 公贷支撑贷款增速加快，债券承销规模居省内第二位。截至 2024 年末， 青岛银行资产总额为 6899.63 亿元，同比增长 13.48%。贷款 ...

在内地上市银行中，2024年度归母净利润增速超过20%的上市银行，应该不超过3家。 而 青岛银行 是其中之一。 日前，青岛银行披露2024年年报。数据显示，截至2024年末，青岛银行实现集团营业收入134.98亿元，增长8.22%；实现净利润44.05亿元，增长 19.97%，实现归母净利润42.64亿元，增长20.16% 这也是业内首份实现了20%以上归母净利润同比增速的银行年报。 它是怎么做到的呢？存贷主业有增长 青岛银行称，（净息差收入增长）主要是公司积极扩大生息资产规模，并严控计息负债成本率，对冲资产收益率下行和负债规模增长影响，利息 收入增加多于利息支出，利息净收入实现增长。 不过，即使如此，2024年，青岛银行净利差1.76%，比上年下降0.09个百分点，净利息收益率（净息差）1.73%，比上年下降0.10个百分点。 年报还显示，在市场利率整体下行、让利实体经济力度加大的背景下，青岛银行一方面提升贷款在生息资产中占比，并通过有效压降计息负债成 本率，缓解资产收益率下行对净息差的负面影响；另一方面，增加以公允价值计量且其变动计入当期损益的金融投资，虽然降低了金融投资在生 息资产中占比，一定程度拉低净 ...

Investment Rating - The investment rating for Qingdao Bank has been upgraded to "Buy" [3] Core Views - Qingdao Bank's performance is strong, with a focus on supporting loans in private, manufacturing, green, and blue sectors, leading to continuous improvement in asset quality and capital stability [3] - The bank achieved a total operating income of 13.498 billion yuan in 2024, representing a year-on-year growth of 8.22%, and a net profit attributable to shareholders of 4.264 billion yuan, up 20.16% year-on-year [2][3] - The bank's non-performing loan ratio decreased to 1.14%, down 3 basis points from the previous quarter, indicating a positive trend in asset quality [2][3] Summary by Sections Financial Performance - In 2024, Qingdao Bank's total assets reached 689.963 billion yuan, a year-on-year increase of 13.48%, with total loans amounting to 340.690 billion yuan, up 13.53% [2] - The bank's weighted average return on equity was 11.51%, an increase of 0.80 percentage points from the previous year [2] - The net interest margin for 2024 was 1.73%, slightly down by 0.1 percentage points compared to 2023 [2] Loan and Deposit Growth - Loans in key sectors such as manufacturing, technology, green projects, and agriculture saw growth rates exceeding 40% [2] - Customer deposits totaled 432.024 billion yuan, an increase of 11.91% year-on-year, with retail deposits growing by 16.64% [2] Capital Adequacy - As of the end of 2024, the bank's core Tier 1 capital adequacy ratio was 9.11%, with total capital adequacy ratio at 13.80%, both showing improvements from the previous year [2][3] - The provision coverage ratio increased to 241.32%, reflecting enhanced capital safety margins [2] Earnings Forecast - Forecasted net profit growth rates for 2025-2027 are 19.5%, 18.52%, and 19.98% respectively, with expected EPS of 0.88 yuan, 1.04 yuan, and 1.24 yuan for the same period [3]

2025 年 3 月 27 日 公司研究 规模扩张强度不减，盈利增速再上台阶 ——青岛银行（002948.SZ）2024 年年报点评 买入（维持） 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 5.44 | 11.48 | 26.49 | | 绝对 | 4.17 | 9.82 | 37.09 | 当前价：4.25 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 58.20 | | 总市值(亿元)： | 247.37 | | 一年最低/最高(元)： | 3.01/4.33 | | 近 3 月换手率： | 123.97% | 股价相对走势 资料来源：Wind 要点 事件： 3 月 26 日，青岛银行发布 2024 年年报 ...

Investment Rating - The investment rating for Qingdao Bank is "Buy" (maintained) [1] Core Views - Qingdao Bank's 2024 annual report shows a revenue of 13.5 billion, a year-on-year increase of 8.2%, and a net profit attributable to shareholders of 4.26 billion, up 20.2% year-on-year [2][3] - The bank's return on average equity (ROAE) stands at 11.5%, an increase of 0.8 percentage points year-on-year [2] Summary by Sections Financial Performance - In 2024, Qingdao Bank's revenue, pre-provision profit, and net profit attributable to shareholders grew by 8.2%, 7.1%, and 20.2% year-on-year, respectively [3] - The growth rates for net interest income and non-interest income were 6.4% and 13.6%, showing slight variations compared to previous quarters [3] - The bank's credit impairment losses as a percentage of operating income and cost-to-income ratio were 26.2% and 34.9%, both showing a year-on-year decline [3] Asset and Loan Growth - By the end of 2024, the growth rates for interest-earning assets and loans were 14.1% and 13.5%, respectively, indicating a steady increase in lending despite insufficient demand [4][5] - The bank's loan structure shifted towards higher-yielding assets, with new loans and financial investments increasing significantly [4] Deposit Growth - Qingdao Bank's interest-bearing liabilities and deposits grew by 13.3% and 11.9% year-on-year, with a notable trend towards term deposits [6] - The bank added 46 billion in deposits over the year, with a significant increase in term deposits compared to previous periods [6] Interest Margin and Non-Interest Income - The net interest margin for 2024 was 1.73%, reflecting a slight contraction due to lower loan rates and adjustments in deposit rates [7] - Non-interest income reached 3.6 billion, a year-on-year increase of 13.6%, driven by substantial growth in investment income [8] Asset Quality and Capital Adequacy - The non-performing loan ratio decreased to 1.14%, indicating stable asset quality [9] - By the end of 2024, the bank's capital adequacy ratios showed improvement, with the core tier one capital ratio at 9.1% [10] Earnings Forecast and Valuation - The bank's earnings per share (EPS) forecasts for 2025-2027 have been adjusted upwards, reflecting strong performance expectations [11] - The current stock price corresponds to a price-to-book (PB) ratio of 0.59 and a price-to-earnings (PE) ratio of 5.1 for 2025 [11]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for Qingdao Bank, with a current price of 4.25 CNY and a reasonable value of 5.16 CNY, and for H shares, a current price of 3.26 HKD and a reasonable value of 3.96 HKD [2]. Core Views - The report highlights strong performance with revenue, PPOP, and net profit attributable to shareholders growing by 8.2%, 7.1%, and 20.2% year-on-year, respectively, with net interest margin decline narrowing [5][6]. - Key drivers of performance include steady growth in loan and deposit volumes, a marginal reduction in net interest margin, significant growth in non-interest income, and stable asset quality [5][6]. Summary by Sections Financial Performance - For 2024, revenue, PPOP, and net profit attributable to shareholders increased by 8.2%, 7.1%, and 20.2% year-on-year, with growth rates showing slight variations compared to previous quarters [5][8]. - Loan growth was 13.5% year-on-year, with deposits increasing by 11.9%, indicating robust support for the real economy [5][8]. - The net interest margin for 2024 was reported at 1.73%, with a slight recovery expected in Q4 [5][8]. Asset Quality - The non-performing loan (NPL) ratio stood at 1.14%, showing improvement from the previous quarter, primarily due to better asset quality in corporate loans [5][8]. - The provision coverage ratio increased to 241.32%, indicating a stable asset quality overall [5][8]. Non-Interest Income - Other non-interest income grew by 35% year-on-year, with investment income contributing significantly to net profit [5][8]. - The report notes a decline in net fee income by 4.9%, impacted by reduced fees in the insurance sector and lower credit card transaction volumes [5][8]. Profitability Forecast - The forecast for net profit growth is 11.53% and 12.07% for 2025 and 2026, respectively, with EPS projected at 0.78 CNY and 0.88 CNY [5][8]. - The current stock price corresponds to a PE ratio of 5.47X for 2025 and 4.85X for 2026, with a PB ratio of 0.60X and 0.54X for the same years [5][8].

青岛银行(002948)：盈利高增 资产质量稳定向好 青岛银行披露2024 年度报告。24A 营业收入、PPOP、归母利润同比增速分别为8.22%、7.10%、 20.16%，增速分别较24Q1~3 变动+0.08pct、-1.36pct、+4.57pct，营收增速平稳，归母净利润增速回暖。 累计业绩驱动上，规模、其他非息和拨备计提形成主要正贡献，而息差和中收形成负贡献。 核心观点： 关注：分红率下降。公司披露2024 年每股分红0.16 元，每股分红金额与2023年一致，但由于公司 盈利能力提升，现金分红率有所下降，现金分红率(每股分红/EPS）从2023 年的28.1%下降至2024 年的 23.2%。 投资建议：公司青岛银行是具有市场化特色的精品城商行，地处经济大省，规模仍有潜力，资产质 量向好，盈利释放有助于公司增强内生资本增长能力，支撑必要的规模扩张。公司规模、营收、利润均 快速增长，进入成长性银行之列，建议积极关注。 风险提示：经济下行超预期；宏观政策力度不及预期；存款竞争加剧。 亮点：（1）单季度业绩高增。单季度来看，24Q4 公司单季度营收、PPOP、归母净利润同比增速 分别为8.5%、-0. ...

Investment Rating - The report maintains a strong recommendation for Qingdao Bank with a target price of 4.25 CNY per share [5]. Core Views - The company has shown significant growth in profitability, with a 20.16% year-on-year increase in net profit for 2024, driven by scale expansion and a reduction in impairment provisions [1][3]. - The asset quality of Qingdao Bank is improving, with a non-performing loan (NPL) ratio of 1.14% at the end of 2024, down 3 basis points from the previous quarter [2][3]. - The bank's dividend per share remains at 0.16 CNY, but the cash dividend payout ratio has decreased from 28.1% in 2023 to 23.2% in 2024 due to improved profitability [3]. Summary by Sections Performance - In 2024, Qingdao Bank's total revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 8.22%, 7.10%, and 20.16% respectively compared to the previous year [1][12]. - The bank's quarterly performance in Q4 2024 showed a revenue growth of 8.5% and a net profit growth of 44.5% year-on-year, indicating a strong recovery [2][14]. Non-Interest Income - Non-interest income saw a significant increase, with a year-on-year growth of 47.67% in Q1 2024, contributing positively to overall profitability [13][30]. Asset Quality - The NPL ratio improved to 1.14% by the end of 2024, with a coverage ratio of 241.32%, indicating strong asset quality management [2][12]. - The bank's overdue loan ratio decreased to 1.42%, reflecting effective risk management practices [2][12]. Capital and Shareholder Information - The bank's total assets reached 689.96 billion CNY by the end of 2024, with total loans at 340.69 billion CNY and total deposits at 443.43 billion CNY [12][13]. - The return on equity (ROE) for 2024 was reported at 11.51%, showing a stable performance in capital efficiency [28].