EBSCN·2025-08-01 06:51Investment Rating - The report maintains a "Buy" rating for Qingdao Bank (002948.SZ) with a current price of 4.75 yuan [1]. Core Views - Qingdao Bank's revenue for the first half of 2025 reached 7.7 billion yuan, a year-on-year increase of 7.5%, while the net profit attributable to shareholders was 3.06 billion yuan, up 16% year-on-year [3][4]. - The bank's asset quality remains robust, with a non-performing loan ratio of 1.12%, the lowest in its history [6][7]. - The bank's strategic focus is on "structural adjustment, strengthening customer base, optimizing collaboration, and enhancing capabilities" as part of its three-year strategic plan [7]. Summary by Sections Financial Performance - In the first half of 2025, Qingdao Bank's revenue and net profit growth rates were 7.5% and 16%, respectively, showing resilience despite a slight decline from the first quarter [4]. - The bank's total assets and loans grew by 13.6% year-on-year as of the end of the second quarter of 2025 [5]. Loan and Deposit Growth - As of the end of the second quarter of 2025, the bank's total loans increased by 9.3 billion yuan, with a year-on-year growth of 13.6% [5]. - The total liabilities and deposits grew by 13.9% and 13.3%, respectively, indicating steady growth in the bank's funding base [5]. Asset Quality - The non-performing loan ratio decreased to 1.12%, with a provision coverage ratio of 252.8%, reflecting strong risk mitigation capabilities [6][7]. - The bank's provision for loan losses was 10.43 billion yuan, maintaining a robust buffer against potential credit losses [6]. Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 0.84, 0.91, and 0.97 yuan, respectively, with corresponding price-to-book (PB) ratios of 0.66, 0.60, and 0.55 [7][12]. - The bank's return on equity (ROE) is projected to be 12.28% in 2025, indicating strong profitability [12][13].