QILU BANK(601665) 海通证券·2024-11-08 12:48Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][2] Core Insights - The company has achieved a double-digit growth in net profit, with a year-on-year increase of 17.7% in Q3 2024. The revenue for the same quarter increased by 1.7% year-on-year, while the revenue for the first three quarters of 2024 grew by 4.26% year-on-year [2][3] - The asset quality of the company is stable and improving, with a non-performing loan ratio of 1.23% in Q3 2024, a decrease of 1 basis point from the previous quarter. The coverage ratio for provisions is robust at 312.74%, reflecting strong risk mitigation capabilities [2][3] - The net interest margin has shown a narrowing decline, with a measured net interest margin of 1.37% in Q3 2024, down 3 basis points from the previous quarter. The yield on interest-earning assets decreased by 11 basis points to 3.24% [3][12] Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 11,064 million yuan, with a year-on-year growth of 4.22%. The net profit is expected to reach 3,587 million yuan, reflecting a growth rate of 15.35% [5][14] - The earnings per share (EPS) for 2024 is forecasted at 1.01 yuan, with a projected growth rate of 15.35% for net profit in 2024, followed by 10.35% in 2025 and 11.38% in 2026 [3][14] - The company’s price-to-earnings (PE) ratio for 2024 is estimated to be between 6.25 and 6.88 times, while the price-to-book (PB) ratio is projected at 0.90 times [3][14] Valuation Analysis - The reasonable value range for the company is estimated between 6.32 yuan and 6.95 yuan based on the Dividend Discount Model (DDM) and comparable valuation methods [3][6] - The company’s average return on equity (ROE) is projected to be around 13.68% by 2026, indicating a stable profitability outlook [14]