QILU BANK(SH:601665) ZHONGTAI SECURITIES·2026-02-05 10:45Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has demonstrated excellent performance with continuous improvement in asset quality [7] - The projected net profit for 2025 is 5.714 billion, with a growth rate of 14.59% year-on-year [5][7] - The company is expected to maintain a high growth trajectory, supported by the unique economic dynamics of Shandong province [7] Financial Performance Summary - For 2023, the operating income is projected at 11,940 million, with a year-on-year growth of 8.04% [5] - The net profit for 2023 is estimated at 4,234 million, reflecting an 18.04% year-on-year increase [5] - The total assets of the company reached 804.38 billion, with a year-on-year growth of 16.7% [7] - The non-performing loan ratio improved to 1.05%, a decrease of 4 basis points [7] - The provision coverage ratio increased to 355.91%, up by 4.48 percentage points [7] Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 is projected to be 1.18, with a price-to-earnings (P/E) ratio of 4.87 [5][12] - The price-to-book (P/B) ratio for 2025 is expected to be 0.68 [12] - The company is anticipated to achieve a return on equity (ROE) of 13.97% in 2025 [12] Asset and Liability Management - The total liabilities reached 750.87 billion, with a year-on-year growth of 17.1% [7] - The total deposits amounted to 489.53 billion, reflecting an 11.4% increase year-on-year [7] - The company added 499.9 billion in deposits over the year, with a quarterly contribution of 45.9% in Q1 [7]