青岛银行(002948) 报告日期：2025 年 03 月 14 日 经济大省的成长性城商行 ——青岛银行首次覆盖 投资要点 青岛银行是深耕山东的成长性城商行，化债推动风险评价改善，网点加密和低 不良生成有望支撑较强的盈利增长，有利于青岛银行估值抬升。 公司画像：经济大省成长性城商行 （1）发展：青岛银行由原青岛地区 21 家城市信用社合并组建而成。发展至今， 青岛银行资产规模达到城商行中位水平，具有金租和理财牌照，综合能力强。 （2）区位：青岛银行深耕青岛，覆盖全省。山东经济体量大，青岛经济领航山 东，是青岛银行发展的良好基础。截至 24H1 末，青岛银行有 51%贷款投向青 岛，其余分布在山东其他城市。 （3）管理：①青岛银行股权结构均衡，具有地方国资+优质民企+外资银行的多 元化股权结构。24H1 财报披露，青岛银行前三大股东分别是海尔集团、意大利 联合圣保罗银行、青岛国信，分别持有青岛银行 18.14%、17.50%、14.99%的股 份（合并子公司口径）。②管理团队金融经验丰富，以董事长景在伦先生、行长 吴显明先生为代表的核心管理团队，银行管理经验丰富，专业能力突出。 青岛银行不良表现处于同业中等水 ...

Investment Rating - The investment rating for Qingdao Bank is "Buy" with a target price of HK$4.15 per share, indicating a potential upside of 27% from the current price of HK$3.27 [4][11]. Core Views - Qingdao Bank is characterized as a growth-oriented city commercial bank deeply rooted in Shandong, with debt reduction efforts expected to improve risk assessments and support strong profit growth [1][10]. - The bank's asset quality is on an improving trend, with a non-performing loan (NPL) ratio of 1.17% as of Q3 2024, slightly above the industry average, but showing a significant decrease from previous years [3][9]. - The bank's return on equity (ROE) has been gradually improving, driven by an expansion in interest margins and operational cost reductions [2][33]. Company Profile - Qingdao Bank was established in 1996 through the merger of 21 urban credit cooperatives and has grown to a total asset size of approximately 669 billion yuan, positioning it at the median level among city commercial banks [19][22]. - The bank has a diversified ownership structure, with major shareholders including Haier Group and the Italian bank Intesa Sanpaolo, which enhances its governance and operational capabilities [28][29]. Financial Analysis - Since 2021, Qingdao Bank's net interest margin has improved, reaching 1.77% in H1 2024, which is 15 basis points higher than the average for city commercial banks [35][37]. - The bank's asset yield was 4.07% in H1 2024, outperforming the average by 4 basis points, while its cost of liabilities was 2.25%, 6 basis points higher than the average [35][37]. - The bank's NPL generation rate has decreased significantly, with a TTM NPL generation rate of 0.64% in H1 2024, down 172 basis points from 2019 [3][10]. Investment Logic - The debt reduction policy is expected to enhance regional risk assessments, with limited impact on credit growth and a favorable outlook for interest margins [10][11]. - The expansion of branch networks has been a key driver for sustained growth, with the number of branches increasing to 196 by H1 2024, providing significant room for loan growth [11][22]. Profit Forecast and Valuation - The projected growth rates for Qingdao Bank's net profit from 2024 to 2026 are 20.16%, 10.38%, and 11.36%, respectively, with corresponding book values per share of 6.45, 6.97, and 7.67 yuan [11][13].

青岛银行(002948) 报告日期：2025 年 03 月 14 日 经济大省的成长性城商行 ——青岛银行首次覆盖 投资要点 青岛银行是深耕山东的成长性城商行，化债推动风险评价改善，网点加密和低 不良生成有望支撑较强的盈利增长，有利于青岛银行估值抬升。 公司画像：经济大省成长性城商行 （1）发展：青岛银行由原青岛地区 21 家城市信用社合并组建而成。发展至今， 青岛银行资产规模达到城商行中位水平，具有金租和理财牌照，综合能力强。 （2）区位：青岛银行深耕青岛，覆盖全省。山东经济体量大，青岛经济领航山 东，是青岛银行发展的良好基础。截至 24H1 末，青岛银行有 51%贷款投向青 岛，其余分布在山东其他城市。 （3）管理：①青岛银行股权结构均衡，具有地方国资+优质民企+外资银行的多 元化股权结构。24H1 财报披露，青岛银行前三大股东分别是海尔集团、意大利 联合圣保罗银行、青岛国信，分别持有青岛银行 18.14%、17.50%、14.99%的股 份（合并子公司口径）。②管理团队金融经验丰富，以董事长景在伦先生、行长 吴显明先生为代表的核心管理团队，银行管理经验丰富，专业能力突出。 财务分析：ROE 呈逐步改善态 ...

青岛银行股份有限公司 Bank of Qingdao Co., Ltd.* * H 3866 境内同步披露公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 青岛银行股份有限公司根据《香港联合交易所有限公司证券上市规则》规定， 已在香港联合交易所有限公司披露易网站（https://www.hkexnews.hk/）披露后附 公告。 根据《深圳证券交易所股票上市规则》关于上市公司在境内外证券交易所同 步披露公告的规定，特将该公告在深圳证券交易所网站（http://www.szse.cn/）同 步披露，供参阅。 特此公告。 青岛银行股份有限公司董事会 2025 年 3 月 14 日 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於本通告日期，董事會包括執行董事景在倫先生、吳顯明先生、陳霜女士及劉鵬先生； 非執行董事周雲傑先生、Rosario Strano先生、譚麗霞女士、Giamberto Giraldo ...

青岛银行股份有限公司 境内同步披露公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 青岛银行股份有限公司根据《香港联合交易所有限公司证券上市规则》规定， 已在香港联合交易所有限公司披露易网站（https://www.hkexnews.hk/）披露后附 公告。 根据《深圳证券交易所股票上市规则》关于上市公司在境内外证券交易所同 步披露公告的规定，特将该公告在深圳证券交易所网站（http://www.szse.cn/）同 步披露，供参阅。 特此公告。 青岛银行股份有限公司董事会 2025 年 3 月 3 日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 青島銀行股份有限公司 呈交日期: 2025年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for Qingdao Bank is "Buy" and is maintained [6]. Core Views - Qingdao Bank's revenue growth for the full year 2024 is 8.2% year-on-year, with a significant increase in net profit attributable to shareholders of 20.2%, indicating strong operational efficiency [2][4]. - The bank's total assets grew by 13.5% year-on-year, with loans and deposits also increasing by 13.5% and 11.9% respectively, reflecting robust growth in its balance sheet [2][4]. - Asset quality continues to improve, with a year-end non-performing loan (NPL) ratio decreasing to 1.14%, and the provision coverage ratio rising to 241% [2][4]. Summary by Sections Financial Performance - For 2024, Qingdao Bank's revenue growth was 8.2%, with a quarterly growth of 8.5% in Q4. The net profit attributable to shareholders increased by 20.2% year-on-year, with Q4 showing a remarkable 44.5% growth [2][4]. - The bank's operational efficiency is validated by the significant increase in net profit, driven by improved asset quality and reduced credit impairment costs [6]. Scale and Growth - Total assets increased by 13.5% year-on-year, with loans also growing by 13.5%. The bank's liabilities rose by 13.6%, with deposits increasing by 11.9% [2][4]. - The bank is focusing on key sectors such as manufacturing, green finance, and technology innovation, which supports its growth strategy [6]. Interest Margin - The net interest margin for the first three quarters was 1.75%, with a slight decline compared to previous periods. However, the bank's management of funding costs has shown effectiveness [6]. - The bank anticipates a narrowing of the decline in interest margins in Q4, with improvements expected in funding costs due to the maturity of high-rate deposits [6]. Asset Quality - The non-performing loan ratio decreased by 3 basis points to 1.14% at year-end, with a provision coverage ratio that increased by 15 percentage points [2][4]. - The bank's asset quality is expected to remain stable, with a projected non-performing loan generation rate of 0.54% for the first half of 2024 [6]. Investment Recommendations - The report suggests that Qingdao Bank's high growth in profits and improved operational quality validate the investment thesis. The bank is expected to maintain considerable profit growth in 2025, with a current A-share valuation of only 0.58 times the 2025 price-to-book ratio [6].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown strong performance with a revenue of 13.498 billion yuan in 2024, representing a year-on-year growth of 8.22%. The net profit attributable to the parent company reached 4.264 billion yuan, marking a 20.16% increase compared to the previous year [3][4] - The total assets of the company stood at 689.963 billion yuan at the end of 2024, reflecting a year-on-year growth of 13.48%. The total loans amounted to 340.690 billion yuan, with a growth rate of 13.53% [3] - The non-performing loan ratio decreased to 1.14%, down 4 basis points from the end of 2023, indicating an improvement in asset quality [3] - The company is expected to maintain a robust growth trajectory, with projected net profit growth rates of 20.16%, 15.15%, and 18.23% for the years 2024 to 2026 [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 13.498 billion yuan, up 8.22% year-on-year, and net profit attributable to the parent company of 4.264 billion yuan, up 20.16% year-on-year [3][4] - The weighted average return on equity was 11.51%, an increase of 0.80 percentage points from the previous year [3] Asset and Loan Growth - As of the end of 2024, total assets reached 689.963 billion yuan, a 13.48% increase year-on-year. Total loans were 340.690 billion yuan, with a growth rate of 13.53% [3] - The company has optimized its loan structure, focusing on green and blue loan businesses, with significant growth in technology, green, and agricultural loans [3] Risk Management - The non-performing loan ratio decreased to 1.14%, down 4 basis points from the end of 2023, with a provision coverage ratio of 241.32%, indicating a strong safety margin [3] - The company has been actively managing its loan quality and controlling new non-performing loans, which is expected to lead to continued improvement in key metrics [3] Earnings Forecast - The company forecasts net profit growth rates of 20.16%, 15.15%, and 18.23% for 2024, 2025, and 2026, respectively, with earnings per share projected at 0.73 yuan, 0.84 yuan, and 1.00 yuan for the same years [3][4]

Investment Rating - The report maintains a "Buy" rating for Qingdao Bank (002948.SZ) with a current price of 3.88 CNY [1] Core Views - Qingdao Bank's revenue and profit growth accelerated in 2024, with total revenue reaching 13.5 billion CNY, a year-on-year increase of 8.2%, and net profit attributable to shareholders at 4.26 billion CNY, up 20.2% year-on-year [2][3] - The bank's asset quality remains robust, with a non-performing loan ratio of 1.14%, down from the previous quarter [5][10] - The bank's strategy focuses on structural adjustments, strengthening customer base, optimizing collaboration, and enhancing capabilities, aiming to become a value-leading bank [6][7] Revenue Performance - In 2024, Qingdao Bank's revenue growth rate improved compared to previous quarters, with a quarterly revenue growth of 8.5% and net profit growth of 44.5% in Q4 [3] - The bank's total assets grew by 13.5% year-on-year, with loans also increasing by 13.5% [4][10] Loan and Deposit Growth - The bank's loan growth in Q4 2024 was strong, with new loans amounting to 9.56 billion CNY, a year-on-year increase of 70.3% [4] - Total liabilities and deposits grew by 13.6% and 11.9% respectively, with deposits maintaining double-digit growth [5][10] Asset Quality - The non-performing loan ratio decreased to 1.14%, indicating stable asset quality, while the provision coverage ratio was 241.3% [5][10] - The bank's strategy includes early loan disbursement to stabilize returns amid insufficient financing demand [4][5] Capital Adequacy - The bank issued 2 billion CNY in subordinated debt to enhance capital reserves, with core tier 1 capital adequacy ratio at 8.9% [6][10] - The report forecasts steady growth in loan scale and emphasizes investment in key areas such as green finance and technology [4][6] Earnings Forecast and Valuation - The report projects earnings per share (EPS) of 0.68 CNY for 2024, with corresponding price-to-earnings (P/E) ratios of 5.7, 5.27, and 4.89 for 2024, 2025, and 2026 respectively [7][11] - The current price-to-book (P/B) ratio is 0.62, indicating a relatively low valuation compared to historical levels [7][11]

Financial Performance - Total operating income for 2024 reached RMB 13,497.53 million, an increase of 8.22% compared to 2023[2] - Net profit attributable to shareholders of the parent company was RMB 4,264.12 million, reflecting a growth of 20.16% year-on-year[2] - Basic earnings per share rose to RMB 0.69, representing a 21.05% increase compared to 2023[2] - The weighted average return on equity improved to 11.51%, an increase of 0.80 percentage points year-on-year[2] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 689,963.03 million, up 13.48% from the previous year[2] - Total liabilities increased to RMB 645,063 million, reflecting a growth of 13.56% from the previous year[5] Loan and Deposit Growth - Customer loans totaled RMB 340,690 million, marking a growth of 13.53% year-on-year[5] - Customer deposits reached RMB 432,024 million, an increase of 11.91% from the previous year[5] Credit Quality - The non-performing loan ratio improved to 1.14%, a decrease of 0.04 percentage points from the end of 2023[6] - The provision coverage ratio increased to 241.32%, up by 15.36 percentage points compared to the previous year[6]

青岛银行股份有限公司根据《香港联合交易所有限公司证券上市规则》规定， 已在香港联合交易所有限公司披露易网站（https://www.hkexnews.hk/）披露后附 公告。 根据《深圳证券交易所股票上市规则》关于上市公司在境内外证券交易所同 步披露公告的规定，特将该公告在深圳证券交易所网站（http://www.szse.cn/）同 步披露，供参阅。 特此公告。 青岛银行股份有限公司董事会 2025 年 2 月 5 日 青岛银行股份有限公司 境内同步披露公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03866 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,291,945,474 ...