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].

截至2024年末，青岛银行集团管理总资产突破9000亿元，达到9065.54亿元，较上年末增长9.23%；集团 资产总额6899.63亿元，较上年末增长13.48%。 | 姓名 | 职务 | 性别 | 年齡 | 任职 状态 | 报告期内从本行获得 的税前报酬总额 | 是否在本 行关联方 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 获取报酬 | | 景在伦 | 董事长、执行董事 | 男 | રેર | 现任 | 249.78 | 查 | | 吴显明 | 执行董事、行长 | ਜ਼ੇ | 52 | 现任 | 229.38 | 13 | | 陈霜 | 执行董事、副行长 | 女 | 57 | 班長 | 174.78 | 물 | | 刘鹏 | 执行董事、副行长 | 司 | 44 | 现任 | 174.98 | 15 | | 周云杰 | 非执行董事 | 男 | રેક | 现任 | 12.72 | 添 | | Rosario STRANO | 非执行董事 | 品 | ୧। | 现任 | = | 唇 | | 谭丽霞 | 非执行董事 | 女 | રવ ...

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 ...

证券研究报告 [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 公司研究 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 [Table_S [Table_S 事件：ummar 3ummar 月 26y]y]日晚，青岛银行发布 2024 年报：2024 年，实现营业收入 ...

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. ...

证券研究报告 | 公司点评报告 2025 年 03 月 27 日 青岛银行（002948.SZ） 盈利高增，资产质量稳定向好 总量研究/银行 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： 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%、-0.3%、44.5%，环比分别变动+7.7pct、 -0.9pct、+19.9pct。单季度业绩增速大幅提升，主要是由于规模扩张，非息收 入大增，拨备少提。Q4 单季度计提资产减值损失 4.35 亿元，比 23 年同期少提 3.64 亿。（2）Q4 信贷持续扩张。2024 年贷款同比增长 13.5%，增速环比前 三季度提升 2.3pct。结构上，全年信贷增量主要由对公贷款贡献（+406 亿）， 零售贷款规模平稳略降（-7 ...