BANK OF QINGDAO(002948)2025-04-29 07:36Investment Rating - The investment rating for Qingdao Bank is "Buy" [1][4] Core Views - Qingdao Bank's performance is strong, with a focus on supporting loans in private, manufacturing, and green sectors, while improving asset quality and capital [3][4] - The bank's net interest margin has increased, and revenue growth has outpaced previous years, indicating effective management strategies [3][4] - The bank's non-performing loan ratio has decreased, reflecting improved asset quality and risk management [3][4] Summary by Sections Financial Performance - In Q1 2025, Qingdao Bank achieved operating income of 4.047 billion yuan, a year-on-year increase of 9.69%, and a net profit attributable to shareholders of 1.258 billion yuan, up 16.42% [2][3] - The total assets of Qingdao Bank exceeded 700 billion yuan, growing by 14.46% year-on-year, with total loans reaching 359.1 billion yuan, an increase of 13.27% [3] - The bank's net interest margin was reported at 1.77%, an increase of 3 basis points from the previous year [3] Asset Quality - As of Q1 2025, the non-performing loan ratio was 1.13%, down 1 basis point from the end of 2024, continuing a downward trend [3] - The provision coverage ratio improved to 251.39%, an increase of 10.17 percentage points from the previous year [3] Capital Adequacy - As of Q1 2025, the core Tier 1 capital adequacy ratio was 8.96%, with Tier 1 and total capital adequacy ratios at 10.46% and 13.51%, respectively [3]