Qingdao Rural Commercial Bank Co., Ltd.

SZSE

002958

Stock

Yield per half year: -14.86%
Dividend yield: 3.66%
Sector: Financials

Reporting Qingdao Rural Commercial Bank Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Average for 5 years	CAGR 5
Capitalization, bln ¥					38.91	28.9	23.37	18.12	15.65	15.06	24.99	-16.65
Revenue, bln ¥		5.74	5.99	7.46	8.71	9.57	10.3	9.94	10.3	5.18	9.76	3.41
Net profit, bln ¥		1.93	2.14	2.42	2.82	2.96	3.07	2.32	2.57	2.13	2.75	-1.84
Book value, bln ¥		14.95	17.11	20.51	24.42	28.84	34.16	35.57	38.11		32.22	9.31
FCF, bln ¥			1.32	-2.61	-5.13	5.9	0.4438	1.72	15.93		3.77	-225.44
Operating Cash Flow, bln ¥	13.31	19.41	2.12	-2.36	-4.84	6.33	0.7803	1.97	16.05		4.06	-227.09
Operating expenses, bln ¥		2.12	2.24	2.49	2.73						2.40	6.53
CAPEX, bln ¥		0.5631	0.7994	0.2452	0.2893	0.4365	0.3365	0.2502	0.1219		0.2869	-15.87

	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Average for 5 quarters	CAGR 5
Capitalization, bln ¥				34.59		28.22		21.45				16.2				14.83	23.06	-15.58
Revenue, bln ¥							2.93	1.86	2.49	2.84	2.69	1.92	2.67	2.92	2.63	2.08	2.44	1.61
Net profit, bln ¥							1.07	0.333	0.9412	0.8077	1.05	-0.4815	0.9937	0.8981	1.15	-0.4782	0.4164	-0.14
Book value, bln ¥							33.93	34.16	34.96	35.21	36.25	35.57	36.47	37.42	38.5	33.12	36.22	-1.42
FCF, bln ¥							5.11	-2.01	-5.3	14.96	-10.39	2.45	11.82	5.07	3.65	-4.62	3.67	-213.53
Operating Cash Flow, bln ¥							5.3	-1.94	-19.77	29.57	-22.48	24.63	24.63	24.63	3.67	-4.59	14.59	-171.46
Operating expenses, bln ¥	0.5533	0.611	0.583	0.9854	0.6104												0.6686	1.98
CAPEX, bln ¥							90.12	89.86	0.1405	0.1405	0.0398	0.031	0.031	0.031	0.0206	0.0265	0.0280	-3.09

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Average for 5 years	CAGR 5
Cash, bln ¥		33.43	36.96	40.32	39.37	40.51	318.8	39.54	38.93	84.8	95.43	-0.22
Long-Term Investments ¥		29.74	50.73	86.93	122.62	138.11	155.31	152.17	170.09		147.66	6.76
Accounts Receivable ¥		0.2708	0.0514	0.0275	0.0829	0.0839					0.1033	-20.89
Total Current Assets ¥		36.12	50.73	52.73	50.38	56.52	40.74	43.84			48.84	-3.63
Net assets, bln ¥	3.51	3.58	3.73	3.66	3.66	3.79	4.26				3.82	2.69
Assets, bln ¥		207.54	251.05	294.14	341.67	406.81	430.44	434.79	467.94		416.33	6.49
Liabilities, bln ¥		191.79	233.14	272.8	316.41	377.11	395.39	398.31	428.89		383.22	6.27
Net debt, bln ¥			2.59	14.75	31.83	45.53	51.02	45.69	50.62		44.94	9.72
Debt, bln ¥										111.06
Interest Income ¥		8.82	10.1	12.04	13.42	15.2	16.62	16.59	16.47		15.66	4.18
Interest Expense, bln ¥				5.51	6.32	7.11	8.58	8.75	9.11		7.97	7.59
Net interest income, bln ¥		5.44	5.79	6.53	7.09	8.09	8.05	7.84	7.36		7.69	0.75
Inventory ¥		0.3737	0.4134	0.5297	0.2525	0.1528					0.3444	-16.38

	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q4	2020Q1	2020Q2	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Average for 5 quarters	CAGR 5
Cash, bln ¥												43.54	43.02	42.29	41.88	39.37	39.54	44.57	42.76	39.51	38.93	41.06	-0.31
Long-Term Investments ¥												154.14	155.31	151.64	150.49	150.14	152.17	171.43	169.83	175.64	170.09	167.83	2.25
Accounts Receivable ¥	40.86	44.52	37.44	28.51	26.72	0.1658	6.12	0.0626	0.0839		0.0929											1.31	-10.94
Total Current Assets ¥												43.54	43.02	42.29	41.88	39.37	39.54	44.57	42.76	39.51	91.67	51.61	18.31
Net assets, bln ¥									3.79	4.24	4.18	4.25	4.26	4.23	4.2	4.12			4	3.93		4.10	-1.46
Assets, bln ¥												429.14	430.44	442.63	444.21	436.11	434.79	463.25	464.99	467.64	467.94	459.72	1.48
Short-Term Debt ¥															106.29	12.04	98.66	7.32	106.21	12.38	104.64	65.84	1.18
Liabilities, bln ¥												394.32	94.28	406.79	408.13	398.98	85.49	98.22	92.77	92.55	433.88	160.58	38.39
Net debt, bln ¥												45.67	51.26	57.13	40.77	48.06	45.95	53.65	50.01	53.04	85.02	57.53	13.10
Interest Income ¥												4.29	4.1	4.1	4.19	4.19	4.1	4.07	4.2	4.24	3.94	4.11	-0.79
Interest Expense, bln ¥												2.2	2.23	2.22	2.21	2.18	2.14	2.19	2.29	2.32	2.32	2.25	1.63
Net interest income, bln ¥												2.1	1.87	1.88	1.99	2.01	1.96	1.88	1.92	1.93	1.63	1.86	-3.62
Inventory ¥						0.3052		0.253	0.1528		0.0473											0.1896	-37.26

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
EPS	0.5044	0.5142		0.6676	-0.0861		0.33	0.4000	-164.28
Share price	6.47	5.09	3.86	2.89	2.62	2.35	2.35	3.36	-14.32
Number of shares, mln	5555.56	5555.56	5555.6	5555.61	5555.62			5555.59	0.00
FCF/share	-0.9234	1.06	0.0799	0.3105	2.87			0.6794	-225.46

	2019Q4	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Average for 5 quarters	CAGR 5
EPS		0.1135	0.1781	0.069	0.1643	0.14	0.17			0.12	0.16	-0.0867				-0.0861	0.0554	-187.28
Share price							3.99	3.86	3.71	3.37	3.08	2.92	2.93	2.84	2.83	2.67	2.84	-1.77
Number of shares, mln	5555.56			5555.56				5555.6				5555.61				5555.62	5555.59	0.00
FCF/share				-0.0355				-0.3618				0.4419				-0.8317	-0.1968	120.01

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	12.89	12.48	11.79	11.57	10.26	8.97	6.51	6.74			6.57	6.23	8.81	-10.24
ROA, %	0.9283	0.851	0.8224	0.8268	0.7275	0.7122	0.5329	0.5488			0.53	1.35	0.6696	-7.87
ROS, %		35.64	32.44	32.43	30.91	29.77	23.31	24.93	41.12	41.12	41.12	30.78	32.05	6.67
ROCE, %										0	0	0.00
EBIT margin										0	0	0.00
EBITDA margin										0	0	0.00
Net margin	33.55	35.64	32.44	32.43	30.91	29.77	23.31	24.93			45.79	31.04	28.27	-5.12
Operational efficiency, %								0	0	0	0	0.00
FCF yield, %				-13.18	20.4	1.9	9.52	101.76					24.08	-250.50

	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %		3.15	0.9748	2.69	2.29	2.9	-1.35	2.73	2.4	3	-1.44			6.23	1.07	1.30
ROA, %		0.2489	0.0774	0.2126	0.1818	0.2407	-0.1107	0.2145	0.1931	0.2468	-0.1022			1.35	0.0883	-1.59
ROS, %				37.77	28.44	39.07	-25.05	37.2	30.75	43.86	-23.05	41.12	41.12	30.78	26.76	5.98
Net margin		36.47	17.88	37.77	28.44	39.07	-25.05	37.2	30.75	43.86	-23.05			31.04	12.74	-1.65
FCF yield, %	-0.6995		-9.37				15.16				-31.17				-6.5199	158.37

	Industry average	Average for 5 quarters	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	13.78	9.77	7.62	7.82	6.09			8.21	20.09	9.02	-15.07
P/BV	1.59	1	0.6839	0.5092	0.4107			0.41	0.98	0.8388	-23.72
P/S	4.47	3.02	2.27	1.82	1.52			1.91	5.49	2.62	-19.41
P/FCF	-7.59	4.9	52.65	10.5	0.9827	0	0	0	0.00	12.29	-166.44
E/P	0.0726	0.1024	0.1312	0.1279	0.1641	0.1414	0.1414	0.1414	0.07	0.1412	1.51
EV/EBIT						0	0	0	0.00
EV/S					0	0	0	0	0.00
EV/FCF						0	0	0	0.00
Debt/EBITDA					0	0	0	0	0.00
Netdebt/Ebitda					0	0	0	0	0.00
Debt/Ratio					0	0	0	0	0.00
Debt/Equity					0	0	0	0	0.00
Debt/Net Income					52.14	52.14	52.14	52.14	52.91	52.14	0.00
PEG							-16.51	-16.51	-83.14	-16.5100	0.00
Beta					0	-0.4304	0	0	0.00	-0.4304	0.00
Altman Index					0	0	0	0	0.00

	2019Q4	2020Q4	2021Q4	2022Q4	2023Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E	74.01	58.03	64.4	-33.64	-31				20.09	26.36	-184.03
P/BV	1.42	0.9785	0.6277	0.4553	0.4477				0.98	0.7858	-20.61
P/S	16.1	11.26	11.51	8.43	7.14				5.49	10.89	-15.01
P/FCF		-142.96	-10.67	6.6	-3.21				0.00	-37.5600	-61.29
E/P	0.0135	0.0172	0.0155	-0.0297	-0.0323		0.1414	0.1414	0.07	0.0473	55.60
Debt/Net Income							52.14	52.14	52.91	52.14	0.00
PEG							-16.51	-16.51	-83.14	-16.5100	0.00
Beta						0	0		0.00
Altman Index						0	0		0.00

	Industry average	Average for 5 quarters	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	0.3992	5.6E-5	0.8252	0.8252	0.8297	0.923	2.96	2.05			1.52	19.96
Dividend				0.15	0.15	0.15	0.1		0.1		0.1375	-9.64
Dividend yield, %				2.14	2.88	3.57	3.07		3.66	2.88	2.92	9.44
Dividends / profit, %	20.72	0.0026	34.11	29.21	28.04	30.11	127.93	80	30.3	49.55	59.06	22.32

	2019Q2	2020Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	Average for 5 quarters	CAGR 5
Div. payout, bln			0.827	0.096	0.096	0.0525	0.5527	0.052	0.052	0.052	0.3887	0.5653		0.2220	61.16
Dividend	0.15	0.15	0.15				0.1							0.1375	-9.64
Dividend yield, %	1.78	3.4	3.76				3.25						2.88	3.05	16.24
Dividends / profit, %			77.42	28.82	10.2	6.49	52.65	-10.8	5.23	5.79	33.67	-118.2	49.55	-16.8620	61.38

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Staff, people	5 185	5 185	0.00

	CAGR 5

	CAGR 5