QILU BANK(601665) 中泰证券·2024-04-30 02:11Investment Rating - The report maintains a "Buy" rating for Qilu Bank, emphasizing its strong performance and growth potential in the context of the Shandong province's economic policies [3]. Core Insights - Qilu Bank's revenue growth rate is projected to remain above 5%, with net profit growth expected to exceed 15% [7]. - The bank is focusing on county-level finance and innovation-driven finance, aiming for differentiated competition in a challenging market environment [3]. - The bank's non-interest income is expected to maintain a growth rate of over 20%, with a positive trend in fee income [4]. Financial Performance Summary - Revenue and Profit Growth: In Q1 2024, Qilu Bank reported a revenue increase of 5.5% year-on-year, while net profit rose by 16.1% [7]. - Net Interest Income: The quarterly net interest income increased by 4.7%, with an annualized net interest margin maintained at 1.53% [12]. - Asset and Liability Management: The bank's interest-earning assets grew by 18.5% year-on-year, with loans increasing by 15.8% in Q1 2024 [14]. - Non-Interest Income: The growth rate of non-interest income remained above 20%, with fee income turning positive [4]. Asset Quality - Non-Performing Loans: The non-performing loan ratio remained stable at 1.25% in Q1 2024, with a coverage ratio exceeding 300% [4][14]. - Loan Composition: The bank's loan portfolio is increasingly focused on public sector loans, with significant growth in green and innovation-related loans [19]. Dividend Policy - The bank's dividend payout ratio increased to 26.73%, with an estimated static dividend yield of 5.71% for 2024 [4][3].