证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 齐鲁银行(601665) | 增持 | | --- | | 投资评级 | | | | [Table_Author] 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 相关研究 [Table_OtherReport] 齐鲁银行 2025 半年度业绩快报点评： 营收利润稳步增长，资产质量持续优 化 齐鲁银行2024 年报&2025 一季报点评： 业绩表现持续不俗，Q1 开启扩表新篇 章 齐鲁银行 2024 业绩快报点评：年末收 官业绩亮眼，资产质量持续向好 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 齐鲁银行 2025 三季报点评：息差提升，资本 实力持续增强 ➢ 资产增速超 15%，存贷双增规模效应持续显现。截至 2025Q3 末，齐 鲁银行资产总额为 7787.03 亿元，同比增长 16.55%，增速 ...

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank (002142.SZ) with a current price of 27.76 CNY [1]. Core Insights - Ningbo Bank reported a revenue of 54.98 billion CNY for the first three quarters of 2025, representing an 8.3% year-on-year growth, while the net profit attributable to shareholders was 22.45 billion CNY, up 8.4% year-on-year [3][4]. - The bank's net interest income grew by 11.8% year-on-year, supported by strong asset expansion and resilient interest margins [4][5]. - Non-interest income saw a slight increase of 0.3% year-on-year, with significant growth in fee income, which rose by 29.3% to 4.85 billion CNY [7][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, Ningbo Bank's revenue and net profit growth rates were 8.3% and 8.4%, respectively, showing a sequential improvement compared to the first half of 2025 [4]. - The weighted average return on equity (ROE) was 13.81%, a decrease of 0.7 percentage points year-on-year [3]. Asset and Liability Management - As of the end of Q3 2025, the bank's interest-earning assets and loans grew by 18.7% and 17.9% year-on-year, respectively, maintaining a leading position in the industry [5]. - The bank's deposit growth rate decreased sequentially, with total deposits growing by 9.9% year-on-year [6]. Income Structure - The bank's non-interest income accounted for 28.2% of total income, with net fee and commission income significantly improving due to favorable market conditions [7][8]. - The bank's net interest margin remained stable at 1.76%, with a slight year-on-year decline of 9 basis points [6]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a provision coverage ratio of 375.9%, slightly up from the previous quarter [8][9]. - The bank has been actively writing off problematic assets to manage potential risks effectively [8]. Capital Adequacy - As of Q3 2025, the core tier 1 capital ratio was 9.21%, reflecting a slight decrease from the previous quarter [9][29]. - The bank's risk-weighted assets grew by 12.9% year-on-year, indicating robust asset expansion [9][29]. Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 4.44 CNY, 4.82 CNY, and 5.27 CNY, respectively, with corresponding price-to-book (PB) ratios of 0.79, 0.71, and 0.64 [10][11].

Core Viewpoint - The performance of A-share listed banks has shown a comprehensive recovery, with state-owned banks demonstrating the most significant improvement in performance as of H1 2025 [1][2]. Financial Performance - As of H1 2025, the cumulative year-on-year growth rates for A-share listed banks are 1.0% in revenue, 1.1% in PPOP, and 0.8% in net profit attributable to shareholders, with quarter-on-quarter increases of +2.8 percentage points, +3.3 percentage points, and +2.0 percentage points respectively [1]. - The growth in net interest income increased by 0.4 percentage points quarter-on-quarter, while net fee income and other non-interest income grew by 3.8 percentage points and 13.9 percentage points respectively [1]. Asset and Loan Growth - Total assets, interest-earning assets, and total loans of listed banks saw year-on-year growth rates of +2.1 percentage points, with loan growth being marginally positive at +0.04 percentage points [2]. - The contribution of corporate and retail loans is approximately 9:1, indicating that state-owned and city commercial banks have stronger marginal loan growth compared to joint-stock and rural commercial banks [2]. Interest Margin and Cost - The net interest margin for listed banks in H1 2025 is estimated at 1.33%, narrowing by 11 basis points compared to 2024, primarily due to improved funding costs [3]. - The cost of interest-bearing liabilities improved by 30 basis points in H1 2025 compared to the same period last year, with high-interest time deposits entering a concentrated repricing cycle [3]. Asset Quality - As of H1 2025, the non-performing loan (NPL) ratio decreased by 0.4 basis points quarter-on-quarter, while the overdue rate increased by 3 basis points [4]. - The pressure on asset quality remains concentrated in personal loans, with mortgage loans, consumer loans, business loans, and credit cards showing increases in NPL generation rates [4]. Capital Adequacy - Capital adequacy ratios have significantly improved, with 17 banks planning to implement mid-term dividends in H1 2025, particularly among state-owned banks [5]. Investment Recommendations - With the improvement in bank performance in H1 2025, the adjustment space for bank stocks is expected to be limited, focusing on high-dividend stocks and fundamentally sound mid-sized banks [7].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 齐鲁银行(601665) | 投资评级 | 增持 | | --- | --- | | 上次评级 | 增持 | [Table_Author] 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 相关研究 [Table_OtherReport] 齐鲁银行2024 年报&2025 一季报点评： 业绩表现持续不俗，Q1 开启扩表新篇 章 齐鲁银行 2024 业绩快报点评：年末收 官业绩亮眼，资产质量持续向好 齐鲁银行 2024 三季报点评：利润增速 再提升，资本边际更为充足 [Table_Title] 齐鲁银行 2025 半年度业绩快报点评：营收利 润稳步增长，资产质量持续优化 [Table_ReportDate] 2025 年 07 月 26 日 [Table_S 事件： ummar 7 月 25y] 日晚，齐鲁银行发布 2025 年半年度业绩快报：2025 上半 年，实现营业收入 67.82 亿元，同比增长 5.76%；实现归母净 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a strong performance in Q1 2025, with operating income of 18.495 billion, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 7.417 billion, up 5.8% year-on-year [4][5]. - The annualized weighted average return on equity (ROE) was 14.18%, a decrease of 1.33 percentage points year-on-year [4]. Financial Performance - Q1 revenue and profit growth rates were both above 5%, indicating strong resilience in the fundamentals. The year-on-year growth rates for revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders were 5.6%, 10%, and 5.8%, respectively [5]. - The net interest income and non-interest income growth rates were 11.6% and -5.8%, respectively, compared to the previous year [5]. - The loan growth rate was over 20%, with a significant increase in loans to corporate clients, which accounted for nearly 86% of new loans in Q1 [6]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, with a coverage ratio of 370.5% [10]. - The company increased its credit impairment losses in Q1 to 4.94 billion, up 10.3% year-on-year [10]. Capital Adequacy - The core Tier 1 capital ratio, Tier 1 capital ratio, and total capital ratio were 9.32%, 10.44%, and 14.94%, respectively, all showing a decline compared to the previous year [10]. Earnings Forecast and Valuation - The company aims to maintain stable profitability, with EPS forecasts for 2025, 2026, and 2027 at 4.44, 4.82, and 5.27 yuan, respectively. The current stock price corresponds to a price-to-book (PB) ratio of 0.71, 0.64, and 0.58 for the respective years [11][12].