Investment 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]

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].

Investment Rating - The investment rating for Qilu Bank is "Accumulate" [1] Core Views - Qilu Bank's performance remains strong, with a notable increase in revenue and profit in the first half of 2025, driven by a robust expansion of its balance sheet and improved asset quality [2][3][6] - The bank's total assets exceeded 750 billion yuan, growing by 16.02% year-on-year, with loans and deposits also showing significant growth [3] - The bank's net interest income and fee income both increased by over 13%, contributing to a stable revenue growth outlook [3][6] - Non-performing loan ratios have improved, indicating better asset quality and risk management [3][6] Summary by Sections Financial Performance - In the first half of 2025, Qilu Bank achieved operating revenue of 6.782 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 2.734 billion yuan, up 16.48% [2][3] - The bank's return on equity (ROE) was 12.80%, an increase of 0.14 percentage points compared to the same period last year [2] Asset Quality - As of the end of the first half of 2025, the non-performing loan ratio was 1.09%, down 10 basis points from the end of 2024, and the provision coverage ratio improved to 324.24% [3][6] - The bank has been actively managing its loan portfolio, leading to a decrease in non-performing loans and an overall improvement in asset quality [3] Growth Prospects - Qilu Bank is expected to maintain a strong growth trajectory, with projected net profit growth rates of 17.65%, 18.01%, and 17.99% for 2025 to 2027 [6] - The bank's earnings per share (EPS) are forecasted to be 1.21 yuan, 1.43 yuan, and 1.69 yuan for the same period [6] Capital Position - The bank's capital position is set to improve further with the potential conversion of convertible bonds, which will enhance its core tier one capital [6]

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].