BANK OF QINGDAO(002948) 信达证券·2024-08-29 01:30Investment Rating - The investment rating for Qingdao Bank is not explicitly stated in the provided content, but the report indicates a positive outlook on the bank's performance and growth potential [1]. Core Insights - Qingdao Bank reported a revenue of 7.128 billion yuan for the first half of 2024, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders was 2.641 billion yuan, up 13.07% year-on-year [1]. - The bank's total assets reached 654 billion yuan, with a year-on-year increase of 15.1%, and the total loan amount was 324.4 billion yuan, growing by 12.3% [1]. - The bank's net interest margin stood at 1.77%, with non-interest income increasing significantly by 26.58% year-on-year, driven by investment income and fair value changes [1][2]. - The non-performing loan ratio decreased to 1.17%, indicating improved asset quality, while the provision coverage ratio increased to 243% [1][5]. Financial Performance Summary - For the first half of 2024, Qingdao Bank's net interest income grew by 6.0%, and non-interest income reached 2.35 billion yuan, with a notable increase in fee and commission income by 46.40% [1]. - The bank's core Tier 1 capital adequacy ratio improved to 9.07%, reflecting enhanced capital management and profit retention [1][5]. - The forecast for net profit growth is 12.1% for 2024, 9.5% for 2025, and 10.2% for 2026, with expected EPS of 0.68 yuan, 0.75 yuan, and 0.82 yuan respectively [2][3]. Key Financial Metrics - Total revenue for 2024 is projected to be 13.41 billion yuan, with a year-on-year growth rate of 7.52% [3]. - The bank's loan growth is expected to be 11.00% in 2024, with total loans reaching approximately 333.1 billion yuan [9]. - The bank's price-to-earnings ratio (P/E) is projected to decrease from 5.32 in 2023 to 4.33 in 2025, indicating potential undervaluation [9].