BANK OF QINGDAO(002948) 银河证券·2025-05-08 11:09Investment Rating - The report maintains a "Buy" rating for Qingdao Bank (stock code: 002948) [1] Core Views - Qingdao Bank shows steady improvement in revenue growth and a rebound in net interest margin, with a revenue increase of 8.22% year-on-year in 2024 and a net profit growth of 20.16% [4] - The bank's strategy focuses on structural adjustments, enhancing customer base, optimizing collaboration, and improving capabilities, which supports its stable expansion and solid asset quality [4] Summary by Sections Revenue and Profitability - In 2024, Qingdao Bank's revenue grew by 8.22% year-on-year, while net profit increased by 20.16%. The weighted average ROE was 11.51%, up by 0.8 percentage points [4] - For Q4 2024, revenue and net profit grew by 8.5% and 44.53% year-on-year, respectively, driven by high growth in net interest income and other non-interest income [4] - In Q1 2025, revenue rose by 9.69% year-on-year, with net profit increasing by 16.42% [4] Net Interest Income and Margin - In 2024, net interest income increased by 6.38% year-on-year, with a notable growth of 11.97% in Q1 2025. The net interest margin for 2024 was 1.73%, down by 10 basis points year-on-year, but showed a rebound in Q1 2025 due to effective cost optimization [4] Loan and Deposit Growth - Total loans grew by 13.53% year-on-year in 2024, with corporate loans contributing significantly at 18.71% growth. Retail loan growth showed signs of recovery, with a 1.56% increase in Q1 2025 compared to the beginning of the year [4] - Total deposits increased by 12.13% year-on-year in 2024, with personal deposits growing by 16.64% [4] Non-Interest Income and Investment Gains - Non-interest income rose by 13.58% year-on-year in 2024, although intermediary income faced pressure, declining by 6.39% [4] - Investment income saw significant growth, with increases of 33.28% in 2024 and 188.64% in Q1 2025 [4] Asset Quality - The bank's non-performing loan ratio was 1.14% at the end of 2024, down by 4 basis points year-on-year, while the coverage ratio improved to 251.49% [4] - Retail loan risks increased slightly, with the non-performing loan ratio rising to 2.02% [4] Financial Projections - The report forecasts revenue growth rates of 8.22% for 2024 and 8.19% for 2025, with net profit growth rates of 20.16% and 15.10% respectively [42]