QILU BANK(SH:601665) Xinda Securities·2026-02-05 02:25Investment Rating - The investment rating for Qilu Bank is "Accumulate" [1] Core Insights - Qilu Bank's revenue for 2025 reached 13.135 billion yuan, a year-on-year increase of 5.12%, while the net profit attributable to shareholders was 5.713 billion yuan, up 14.58% year-on-year [2][5] - The bank's total assets exceeded 800 billion yuan, reaching 804.381 billion yuan, with a year-on-year growth of 16.65% [5] - The net interest margin improved by 2 basis points to 1.53%, contributing significantly to profit growth despite industry pressures [5] - The non-performing loan ratio decreased to 1.05%, down 0.14 percentage points year-on-year, while the provision coverage ratio increased to 355.91%, up 33.53 percentage points [5] - The bank is expected to maintain strong profit growth, with projected net profit growth rates of 14.6%, 17.4%, and 18.6% for 2025-2027 [5] Financial Performance Summary - Total revenue for 2025 is projected at 13.135 billion yuan, with a growth rate of 5.12% [7] - Net profit attributable to shareholders is expected to be 5.713 billion yuan, reflecting a year-on-year growth of 14.58% [7] - Earnings per share (EPS) for 2025 is estimated at 0.93 yuan, with projected EPS of 1.09 yuan and 1.29 yuan for 2026 and 2027 respectively [5][7] - The price-to-earnings (P/E) ratio for 2025 is projected at 6.20, while the price-to-book (P/B) ratio is expected to be 0.80 [7]