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

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]