青岛银行（002948）：2024年报点评：规模、效益与质量协同跃升

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]