证券研究报告 | 2024年08月28日 瑞丰银行（601528.SH）2024 年半年报点评 优于大市 非息收入高增，拨备覆盖率提升 业绩维持较好增长。公司此前已披露业绩快报，2024年上半年实现营收21.74 亿元（YoY,+14.9%），归母净利润 8.43 亿元（YoY,+15.4%），年化加权平 均 ROE 为 9.84%，同比提升 0.3 个百分点。 业绩实现较好增长受益于两个因素，一是非息收入高增，二是递延所得税费 用的影响带来当期所得税费用为负。上半年公司净利息收入同比下降 2.4%， 非息收入同比高增 94.4%，主要是投资收益增加。期末金融投资规模达 697 亿元，占资产总额的 33.1%，主要投资的是政府债券，期末金融投资中政府 债券占 74.5%，较年初提升了 11.6 个百分点。公司利润总额同比增长 7.6%， 归母净利润同比增长 15.4%，主要是抵扣和税收优惠等因素带来当期所得税 费用为-0.35 亿元，去年同期所得税费用为 0.22 亿元。 信贷扩张稳健，净息差降幅收窄。期末资产总额 2104 亿元，较年初增长 6.9%， 贷款总额 1217 亿元，较年初增长 7.1%。其中， ...

Financial Performance - Revenue for the first half of 2024 increased by 14.86% year-on-year to RMB 2,173,672 thousand[11] - Net profit attributable to shareholders of the listed company rose by 15.37% to RMB 842,561 thousand[11] - Basic earnings per share increased by 16.22% to 0.43 yuan per share in the first half of 2024 compared to the same period in 2023[13] - Weighted average return on equity (ROE) increased by 0.30 percentage points to 9.84% in the first half of 2024[13] - Operating income increased by 14.86% year-on-year to 2.17 billion yuan, driven by steady growth in non-interest net income[37][38] - Non-interest net income surged by 94.42% year-on-year to 657.5 million yuan, primarily due to increased investment income[44][45] - Interest net income decreased by 2.45% year-on-year to 1.52 billion yuan[43] - The company achieved a net profit of 855 million yuan, a year-on-year increase of 15.53%[38] - Net profit for the first half of 2024 increased to 854,679 million, up 15.5% compared to 739,774 million in the same period of 2023[200] - Operating profit for the first half of 2024 rose to 745,157 million, a 6.2% increase from 701,947 million in the first half of 2023[200] - Total comprehensive income for the first half of 2024 reached 1,135,347 million, up 27.8% from 888,710 million in the same period of 2023[200] - Net profit attributable to parent company shareholders for the first half of 2024 rose to 842,561 million, up 15.4% from 730,334 million in the first half of 2023[200] Asset and Liability Management - Total assets grew by 6.86% to RMB 210,394,834 thousand as of June 30, 2024[12] - Total deposits increased by 10.37% to RMB 159,159,554 thousand[12] - Total loans expanded by 7.33% to RMB 121,695,916 thousand[12] - Corporate loans surged by 12.87% to RMB 61,310,328 thousand[12] - Savings time deposits grew by 12.00% to RMB 95,054,051 thousand[12] - Loan loss provisions increased by 14.15% to RMB 3,830,042 thousand[12] - Core tier 1 capital rose by 4.56% to RMB 17,487,549 thousand[12] - Total assets reached 210.395 billion yuan, an increase of 13.506 billion yuan (6.86%) compared to the beginning of the year[31] - Total deposit balance was 159.160 billion yuan, an increase of 14.958 billion yuan (10.37%) compared to the beginning of the year[31] - Loan balance was 121.696 billion yuan, an increase of 8.314 billion yuan (7.33%) compared to the beginning of the year[31] - Total assets increased to 210,394,834 thousand yuan as of June 30, 2024, compared to 196,888,465 thousand yuan at the end of 2023[195] - Loans and advances grew to 118,029,295 thousand yuan in June 2024, up from 110,199,260 thousand yuan in December 2023[195] - Total liabilities rose to 192,748,394 thousand yuan in June 2024, compared to 180,018,437 thousand yuan at the end of 2023[196] - Deposits from customers increased to 162,081,886 thousand yuan in June 2024, compared to 147,230,225 thousand yuan at the end of 2023[195] - The company's equity attributable to shareholders grew to 17,398,344 thousand yuan in June 2024, up from 16,628,304 thousand yuan at the end of 2023[196] - Other comprehensive income rose to 529,618 thousand yuan in June 2024, compared to 248,950 thousand yuan at the end of 2023[196] - Undistributed profits increased to 5,893,222 thousand yuan in June 2024, up from 5,403,850 thousand yuan at the end of 2023[196] Credit and Risk Management - Non-performing loan ratio remained stable at 0.97% as of June 30, 2024[15] - Provision coverage ratio increased by 19.67 percentage points to 323.79% as of June 30, 2024[15] - Net interest margin decreased by 0.32 percentage points to 1.54% in the first half of 2024[15] - Capital adequacy ratio stood at 14.22% as of June 30, 2024, meeting regulatory requirements[16] - Core tier 1 capital adequacy ratio was 13.03% as of June 30, 2024[18] - Leverage ratio increased to 7.90% as of June 30, 2024, up from 7.42% at the end of 2023[20] - Liquidity coverage ratio was 118.39% as of June 30, 2024, indicating strong liquidity position[21] - The non-performing loan ratio of commercial banks at the end of the first half of 2024 was 1.56%, a decrease of 0.03 percentage points from the beginning of the year[23] - The company's credit impairment losses increased by 45.41% year-on-year to 830.8 million yuan[39] - Credit impairment losses for the first half of 2024 surged to 830,842 million, a 45.4% increase compared to 571,384 million in the same period of 2023[200] - The bank's early warning disposal rate for retail risk control systems exceeded 95%, with significant improvements in digital risk control systems for both personal and corporate lending[96] - Accelerated disposal of existing risks, optimizing asset quality assessment and innovating recovery activity plans[97] - Strengthened liquidity risk management through dynamic quantitative forecasting and proactive asset-liability management strategies[98] - Enhanced market risk management efficiency and sensitivity through process optimization and resource allocation[101] - Strengthened operational risk management through comprehensive risk control measures and employee training programs[104] - Established a robust credit investigation system and standardized due diligence processes to enhance risk analysis capabilities[105] - Strengthened credit operation management through rigorous loan approval processes and enhanced data governance[106] Business Segments - The company's retail financial sector includes savings deposits, wealth management, fund distribution, precious metal distribution, insurance distribution, credit cards, and electronic banking services[25] - The company's corporate financial sector includes corporate financial services, small and micro financial services, bill business, and international financial services[25] - The company's financial market sector includes capital business, bond business, foreign exchange business, derivative business, and wealth management business[25] - The bank's retail financial business innovation focuses on customer stratification management, targeting key customer groups such as payroll, wealth, pension, and merchant customers[112] - The bank launched a co-branded credit card "Old Shaoxing·Golden Keqiao" and established six rights systems to expand new consumption scenarios[113] - The bank's corporate financial business innovation includes a "partner" mechanism for new customer referrals and a hierarchical management system for corporate customers based on activity, contribution, and loyalty[114] - The bank developed 13 rule-based business opportunities and explored 1 machine learning model for corporate business opportunities[114] - The bank signed a strategic cooperation agreement with the Keqiao District Agriculture and Rural Affairs Bureau to promote rural revitalization in six key areas[115] - The bank launched specialized financial products such as "Skill Common Prosperity Loan" and "Model Worker Loan" to support the construction of a skilled society in Keqiao District[115] - The bank obtained two major qualifications in the financial markets business: the qualification to underwrite and distribute local bonds in Ningbo and the qualification to participate in bond trading[116] Green Finance and Rural Development - Green credit loan balance reached 3.947 billion yuan, a year-on-year increase of 110.17%[130] - Cumulative green loans issued through emission rights and carbon emission rights pledges amounted to 14.13 billion yuan, with a balance of 888 million yuan[129] - Loans to printing and dyeing enterprises reached a balance of 3.689 billion yuan[130] - New agricultural business entity loans reached a balance of 703 million yuan[132] - Farmer household balance sheet model loans reached a balance of 12.213 billion yuan, covering over 90% of eligible farmers in the region[132] - Rural infrastructure construction loans reached a balance of 63.63 million yuan[133] - The company has donated a total of 130 million yuan to charity over the past decade, including over 40 million yuan for 240 beautiful rural construction projects[133] - The company has established 334 rural service points and deployed 237 POS machines and 242 terminals, achieving full coverage in administrative villages[133] - The company has conducted nearly 200 financial literacy and anti-fraud awareness campaigns in rural areas in 2024[134] - The company has built a 1,200-square-meter financial anti-fraud and red financial education base, the largest in Shaoxing[134] Shareholder and Equity Information - The company's controlling shareholder, Tian Sheng Investment, transferred 131,857,166 shares to Transformation and Upgrading Company on September 26, 2023, and the transfer was completed on February 19, 2024[136] - After the lock-up period, shareholders can sell no more than 15% of their shares annually, and no more than 50% within five years after the lock-up period[136][138] - Directors, supervisors, and senior management are restricted from selling more than 25% of their shares annually during their tenure and must hold shares for six months after leaving their positions[136][137] - Employees holding more than 50,000 shares are subject to a minimum lock-up period of three years, with annual sales capped at 15% of their holdings[138] - Shareholders holding more than 5% of the company's shares are restricted from transferring shares for 36 months after the IPO[136] - The company has a mechanism to extend the lock-up period by six months if the stock price falls below the IPO price for 20 consecutive trading days within six months of listing[137] - Shareholders who violate the lock-up commitments must return the proceeds from the sale of shares to the company[136][137][138] - As of the reporting period, five individuals have not signed the commitment due to reasons such as death or inability to contact[138] - The company's restricted shares decreased by 916,064,109 shares, resulting in a total of 256,719,188 restricted shares, accounting for 13.08% of the total shares[154] - The company's unrestricted shares increased by 916,064,109 shares, resulting in a total of 1,705,442,207 unrestricted shares, accounting for 86.92% of the total shares[154] - On March 25, 2024, 989,667 restricted shares from the company's initial public offering became tradable[155] - On June 25, 2024, 915,074,442 restricted shares from the company's initial public offering became tradable[155] - The total number of ordinary shareholders at the end of the reporting period is 37,386[158] - Zhejiang Keqiao Transformation and Upgrading Industrial Fund Co., Ltd. holds 158,934,976 shares, accounting for 8.10% of the total shares[159] - Zhejiang Mingpai Caliro Jewelry Co., Ltd. holds 83,124,012 shares, accounting for 4.24% of the total shares[159] - Zhejiang Shaoxing Huatong Commerce & Trade Group Co., Ltd. holds 79,467,488 shares, accounting for 4.05% of the total shares[159] - Zhejiang Qinye Construction Group Co., Ltd. holds 79,467,488 shares, accounting for 4.05% of the total shares[159] - Zhejiang Shangyu Rural Commercial Bank Co., Ltd. holds 79,467,488 shares, accounting for 4.05% of the total shares[159] - Zhejiang Huatian Industrial Co., Ltd. holds 79,467,488 shares, accounting for 4.05% of the total shares[159] - Shaoxing Antu Automotive Steering & Suspension Co., Ltd. holds 79,467,488 shares, accounting for 4.05% of the total shares[159] - Zhejiang Yongli Industrial Group Co., Ltd. holds 77,995,868 shares, accounting for 3.97% of the total shares[159] - Changjiang & Jinggong Steel Building (Group) Co., Ltd. holds 73,460,896 shares, accounting for 3.74% of the total shares[159] - Mingpai Caliro Jewelry Co., Ltd. signed a "Voting Rights Entrustment Agreement" with Mingpai Industrial Co., Ltd., entrusting the voting rights of 4,528,062 shares of Ruifeng Bank held by Mingpai Industrial, accounting for approximately 0.23% of Ruifeng Bank's total shares[160] - Tiansheng Investment and Keqiao Transportation Investment transferred a total of 158,934,976 shares of Ruifeng Bank to Transformation and Upgrading Company, representing 8.10% of Ruifeng Bank's total shares, at a transfer price of RMB 5.5625 per share[160] - The National Financial Regulatory Administration Shaoxing Bureau approved the transfer of 131,857,166 shares (6.72% of total shares) and 27,077,810 shares (1.38% of total shares) from Tiansheng Investment and Keqiao Transportation Investment to Transformation and Upgrading Company, respectively[161] - Transformation and Upgrading Company completed the share transfer registration, becoming the largest shareholder of Ruifeng Bank with 158,934,976 shares, accounting for 8.10% of the bank's total shares[162] - Ruifeng Bank has no controlling shareholder or actual controller after the share transfer[163] - The top 10 shareholders and top 10 unrestricted shareholders did not participate in securities lending business during the reporting period[164] - The top 10 shareholders and top 10 unrestricted shareholders did not experience changes due to securities lending activities during the reporting period[165] - Zhejiang Keqiao Transformation and Upgrading Industrial Fund Co., Ltd. holds 92,300,017 restricted shares, which will become tradable in June 2026[166] - Han Renjin holds 44,150 restricted shares, which will become tradable in June 2027[166] - Liu Jialing holds 33,112 restricted shares, which will become tradable in June 2027[166] - Zhejiang Keqiao Transformation and Upgrading Industrial Fund Co., Ltd. holds 158,934,976 shares, accounting for 8.10% of the total issued ordinary shares of the bank[178] - Zhejiang Mingpai Caliro Jewelry Co., Ltd. holds 83,124,012 shares, accounting for 4.24% of the total issued ordinary shares of the bank[180] - Zhejiang Qinye Construction Group Co., Ltd. holds 79,467,488 shares, accounting for 4.05% of the total issued ordinary shares of the bank[181] - Zhejiang Huatian Industrial Co., Ltd. holds 79,467,488 shares, accounting for 4.05% of the total issued ordinary shares of the bank[182] - 66,634,959 shares held by Zhejiang Keqiao Transformation and Upgrading Industrial Fund Co., Ltd. have been released from lock-up and are tradable, with the remaining 92,300,017 shares to be released in June 2026[170] - 132,445 shares held by individual shareholder Han Renjin have been released from lock-up and are tradable, with the remaining 750,526 shares to be released in stages from 2025 to 2029[171] - 99,334 shares held by individual shareholder Liu Jialing have been released from lock-up and are tradable, with the remaining 562,895 shares to be released in stages from 2025 to 2029[172] - 83,850 shares held by 45 individual shareholders have been released from lock-up and are tradable, with the remaining 475,150 shares to be released in stages from 2025 to 2029[173] - Director Shen Xiangxing increased his shareholding by 50,000 shares through secondary market purchases, bringing his total holdings to 747,486 shares[174] - Board Secretary Wu Guangwei increased his shareholding by 8,000 shares through secondary market purchases, bringing his total holdings to 54,780 shares[174] - Shaoxing Antu Automotive Steering Suspension Co., Ltd. holds 79,467,488 shares, accounting for 4.05% of the bank's total issued ordinary shares[183] - Suomike Auto Parts Co., Ltd. holds 39,145,097 shares, accounting for 1.99% of the bank's total issued ordinary shares[185] - Zhejiang Yongli Industrial Group Co., Ltd. holds 77,995,868 shares, accounting for 3.97% of the bank's total issued ordinary shares, with 99.85% of its shares pledged[186] - Zhejiang China Light Textile City Group Development Co., Ltd. holds 55,921,566 shares, accounting for 2.85% of the bank's total issued ordinary shares[187] - Zhejiang Hualian Group Co., Ltd. holds 41,205,364 shares, accounting for 2.10% of the bank's total issued ordinary shares, with 99.70% of its shares pledged[189] - Shaoxing Keqiao Fengyi Textile Printing and Dyeing Co., Ltd. holds 6,622,291 shares, accounting for 0.34% of the bank's total issued ordinary shares[190] - Zhejiang Jinchang Real Estate Group Co., Ltd. holds 4,414,861 shares, accounting for 0.22% of the bank's total issued ordinary shares[191] - No preferred shares were issued during the reporting period[192] - No corporate bonds (enterprise bonds) or non-financial enterprise debt financing instruments were issued during the reporting period[193] - No convertible corporate bonds were issued during the reporting period[194]

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-030 浙江绍兴瑞丰农村商业银行股份有限公司 第四届董事会第二十四次会议决议公告 表决结果：同意 16 票，反对 0 票，弃权 0 票。 二、2024年半年度第三支柱信息披露报告 详情请查阅本行官方网站投资者关系专栏中披露的《浙江绍兴瑞丰农村商业 银行股份有限公司 2024 年半年度第三支柱信息披露报告》。 表决结果：同意 16 票，反对 0 票，弃权 0 票。 三、2024年半年度经营情况暨下半年工作计划 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"）董事会及 全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 本行于 2024 年 8 月 16 日以电子邮件及书面方式向全体董事发出关于召开 第四届董事会第二十四次会议的通知，会议于 2024 年 8 月 27 日在本行以现场和 视频相结合的方式召开。本次会议应出席董事 17 名，实际出席董事 17 名（实际 拥有表决权的董事 16 名）。会议由董事长吴智晖主持，部分监事及高级管理人员 列席。本次会议符合《中华人民共和国 ...

浙江绍兴瑞丰农村商业银行股份有限公司 2024-2026 年股东回报规划 为进一步强化回报股东意识，健全利润分配制度，为股 东提供持续、稳定、合理的投资回报，浙江绍兴瑞丰农村商 业银行股份有限公司（以下简称"瑞丰银行"或"本行"）根据 《中华人民共和国公司法》《中华人民共和国证券法》《关于 进一步落实上市公司现金分红有关事项的通知》《上市公司 监管指引第 3 号——上市公司现金分红》及本行《章程》等 相关规定，在充分考虑本行实际经营情况及未来发展需要的 基础上，制定了 2024-2026 年股东回报规划（以下简称"股东 回报规划"），具体内容如下： 一、股东分红回报规划制定考虑因素 本行着眼于长远利益和可持续发展，在综合分析企业发 展战略、股东要求、社会资金成本、外部融资环境等因素的 基础上，充分考虑本行目前及未来盈利规模、流动性状况、 资本金的需求、发展所处阶段、投资资金需求、银行信贷投 放等情况，平衡业务可持续健康发展与股东综合回报二者间 的关系，对利润分配作出制度性安排，从而建立对投资者持 续、稳定、科学的回报机制，以保证本行利润分配政策的连 续性和稳定性。 二、股东回报规划制定原则 （一）符合相关法律 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-031 监事会出具如下审核意见： （一）本行《2024 年半年度报告及摘要》的编制和审议程序符合《公司法》 等法律、法规以及本行《章程》和相关内部管理制度的规定； （二）本行《2024 年半年度报告及摘要》的内容和格式符合中国证监会和上 海证券交易所的各项规定，所含信息真实、准确、完整地反映了本行报告期内的 经营成果和财务状况等事项； （三）监事会在提出本项意见前，未发现参与《2024 年半年度报告及摘要》 编制和审议的人员有违反保密规定的行为。 详情请查阅本行同日披露在上海证券交易所网站（www.sse.com.cn）的《浙 江绍兴瑞丰农村商业银行股份有限公司 2024 年半年度报告》和《浙江绍兴瑞丰 农村商业银行股份有限公司 2024 年半年度报告摘要》。 浙江绍兴瑞丰农村商业银行股份有限公司 第四届监事会第十九次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称 "本行"）监事会及全 体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担法律责任。 本行于 2024 年 8 月 1 ...

证券代码：601528 证券简称：瑞丰银行 浙江绍兴瑞丰农村商业银行股份有限公司 投资者关系活动记录表 投资者关系活动 序号时间 活动形式 参与单位名称 上市公司接待人员姓名 类别 兴业证券、安联寰通、国华兴益资产、国 2024 年 7 月 3 日 寿安保基金、大朴资管、友邦人寿、财通 董事会办公室主任冯新 1 R 券商策略会 现场会议 12：00-13：00 基金、西部利得、人保资产、交银施罗德 红、证券事务代表曹驰 基金 2024 年 7 月 3 日 董事会办公室主任冯新 2 R 特定对象调研 现场会议 国泰基金 13：00-14：00 红、证券事务代表曹驰 1 | --- | --- | --- | --- | --- | --- | |-------|----------------|-------------------|----------|----------------------|----------------------| | | | 2024 年 7 月 4 日 | | | 董事会办公室主任冯新 | | 3 | R 特定对象调研 | | 现场会议 | 长江证券、千禧年基金 | | | ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-029 重要内容提示： 监事徐爱华因公务原因请假。 浙江绍兴瑞丰农村商业银行股份有限公司 第四届监事会第十八次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称 "本行"）监事会及全 体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担法律责任。 一、总部组织架构优化方案 表决结果：同意 8 票，反对 0 票，弃权 0 票。 特此公告。 浙江绍兴瑞丰农村商业银行股份有限公司监事会 2024 年 7 月 19 日 1 本行于 2024 年 7 月 13 日以电子邮件及书面方式向全体监事发出关于召开 第四届监事会第十八次会议的通知。本次会议于 2024 年 7 月 19 日在本行以现场 和视频相结合的方式召开。会议由监事长罗妙娟主持，会议应到监事 9 人，实到 监事 8 人，监事徐爱华因公务原因请假。本次会议符合《中华人民共和国公司法》 等法律法规及本行《章程》的有关规定。 会议审议通过了以下议案： ...

经本行第四届董事会第二十三次会议审议通过，同意给予绍兴安途汽车 转向悬架有限公司（以下简称"安途汽车"）在原 1.559 亿元授信额度上 增加授信额度 2.5 亿元，授信额度用途为流动资金贷款，本次增加后授 信总额度为 4.059 亿元。 至本次关联交易为止，过去十二个月内本行给予安途汽车及其同一关联 人的授信总额度为 7.674 亿元（不含本次关联交易），上述授信额度已 包含在本行 2024 年度关联交易预计额度范围内。 本次与安途汽车发生的交易，根据国家金融监督管理总局、中国证券监 督管理委员会（以下简称"中国证监会"）、上海证券交易所（以下简称 "上交所"）及本行关联交易管理相关规定，构成重大关联交易。本次关 联交易已经独立董事专门会议、董事会风险管理与关联交易委员会审议 通过，并由董事会审议批准，无需提交股东大会审议。 本次交易不构成重大资产重组。 本次关联交易是本行正常授信业务，对本行正常经营活动及财务状况不 构成重大影响。 证券代码：601528 证券简称：瑞丰银行 公告编号：2024-028 浙江绍兴瑞丰农村商业银行股份有限公司 关于关联交易的公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称 ...

浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"）董事会及 全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 本行于 2024 年 7 月 13 日以电子邮件及书面方式向全体董事发出关于召开 第四届董事会第二十三次会议的通知，会议于 2024 年 7 月 19 日在本行以现场和 视频相结合的方式召开。本次会议应出席董事 17 名，实际出席董事 17 名（实际 拥有表决权的董事 16 名）。会议由董事长吴智晖主持，部分监事及高级管理人员 列席。本次会议符合《中华人民共和国公司法》（以下简称"公司法"）等法律法 规及本行《章程》的有关规定。 会议审议通过了以下议案： 一、修订《关联交易管理办法》 本议案尚需提交本行股东大会审议。 表决结果：同意 16 票，反对 0 票，弃权 0 票。 二、与部分关联方的关联交易事项 证券代码：601528 证券简称：瑞丰银行 公告编号：2024-027 浙江绍兴瑞丰农村商业银行股份有限公司 第四届董事会第二十三次会议决议公告 详情请查阅本行同日披露在上海证券交易所网站（www.sse.com.cn）的《浙 ...

丨证券研究报告丨 分析师及联系人 请阅读最后评级说明和重要声明 [Table_Title 利润加速，拨备上行 2] ——2024 年上半年业绩快报点评 事件评论 投资入股收益有望逐步兑现，对营收和 ROE 提供支撑。2022 年 12 月，瑞丰银行收购永 康农商行 5.16%股份，成为第一大股东，并派驻董事，2023 年 6 月，继续增持 1.80%股 份。2023 年 12 月，公司通过拍卖受让股份方式入股苍南农商行 5.0009%股份，2024 年 6 月继续增持 2.58%股份，目前持股比例升至 7.58%，为苍南农商行第一大股东。瑞丰银 行的收购方式包括协议转让、司法拍卖，投资成本低廉，投资成本小于取得投资时收购标 的可辨认净资产公允价值产生的收益，可立刻确认为初始利得，计入营业外收入。此外， 收购标的每年的净利润按持股比例计入公司的投资收益。假如不考虑其他收购落地，预计 24 年总投资收益 1.80 亿元，拉动营收增速 4.73pct。 风险提示 [Table_Rank]投资评级 买入丨维持 | --- | --- | |--------------------------------------- ...