BANK OF QINGDAO(002948) 信达证券·2024-11-27 08:18Investment Rating - The report assigns an "Accumulate" rating to Qingdao Bank [2]. Core Views - Qingdao Bank is well-positioned in Shandong Province, which has a strong economic foundation and significant growth potential, particularly in the advanced manufacturing sector [2][14]. - The bank has achieved a stable growth trajectory, with total assets surpassing 600 billion and a robust increase in both deposits and loans, indicating a healthy expansion strategy [2][16]. - The bank's non-interest income has shown significant growth, contributing to overall revenue, with a focus on wealth management and investment opportunities [12][16]. - Asset quality remains strong, with a non-performing loan ratio of 1.17% as of Q3 2024, indicating effective risk management practices [2][16]. Summary by Sections 1. Company Overview - Qingdao Bank is the first listed bank in Shandong Province and the second A+H listed city commercial bank in China, with a diverse shareholder structure that includes foreign banks and local enterprises [14][21]. 2. Economic Environment - Shandong Province's GDP reached 4.67 trillion yuan in the first half of 2024, with a growth rate of 5.8%, supported by strong consumption and investment [27][29]. - The province is undergoing a structural transformation, with the tertiary industry increasing its share of the economy [34]. 3. Business Performance - In 2023, Qingdao Bank's total revenue was 12.47 billion yuan, a year-on-year increase of 7.11%, with a forecasted revenue growth of 8.82% for 2024 [3][16]. - The bank's net profit attributable to shareholders was 3.55 billion yuan in 2023, reflecting a growth rate of 15.11% [3]. 4. Risk Management - The bank has maintained a low level of non-performing loans and a strong capital adequacy ratio, ensuring a stable risk profile [13][16]. 5. Future Outlook - The bank is expected to continue its growth trajectory, with projected revenue growth rates of 8.82%, 8.78%, and 8.12% for 2024-2026, respectively [3][16].