BANK OF QINGDAO(SZ:002948) EBSCN·2025-02-11 07:07Investment 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]