QILU BANK(SH:601665) Xinda Securities·2025-10-31 12:58Investment Rating - The investment rating for Qilu Bank is "Accumulate" [1] Core Views - Qilu Bank's total assets reached 778.703 billion yuan as of Q3 2025, reflecting a year-on-year growth of 16.55% [3] - The bank's net profit attributable to shareholders for the first three quarters of 2025 was 3.963 billion yuan, a year-on-year increase of 15.14% [2][3] - The bank's net interest margin improved to 1.54%, with net interest income growing by 17.31% year-on-year [3] - The non-performing loan ratio remained stable at 1.09%, with a provision coverage ratio of 354.13% [3] - The bank's core Tier 1 capital adequacy ratio was 11.49%, indicating a solid capital position [3] Summary by Sections Financial Performance - For the first three quarters of 2025, Qilu Bank achieved operating income of 9.924 billion yuan, up 4.63% year-on-year [2][3] - The bank's loan total reached 383.007 billion yuan, marking a 15.20% increase from the previous year [3] - Deposits totaled 485.023 billion yuan, reflecting an 11.25% year-on-year growth [3] Asset Quality - The non-performing loan ratio was stable at 1.09%, with the attention ratio at 0.96% [3] - The provision coverage ratio increased by 29.05 percentage points year-on-year, enhancing the bank's safety margin [3] Capital Position - The core Tier 1 capital adequacy ratio improved by 0.74 percentage points year-on-year, indicating a stronger capital base [3] - The successful conversion of convertible bonds has effectively supplemented the bank's core Tier 1 capital [3] Earnings Forecast - The forecasted growth rates for net profit attributable to shareholders for 2025-2027 are 17.7%, 18.0%, and 18.0% respectively [4] - The expected earnings per share (EPS) for 2025-2027 are 0.95 yuan, 1.12 yuan, and 1.33 yuan respectively [4]