Investment Rating - The report maintains a "Recommend" rating for Ruifeng Bank (601528) with a target price of 6.73 yuan, compared to the current price of 5.09 yuan [1] Core Views - Ruifeng Bank achieved double-digit growth in revenue and profit, with stable net interest margins and improved asset quality in Q3 2024 [1] - The bank's revenue growth remained around 15%, driven by scale growth, stable net interest margins, and high growth in intermediate business income [1] - Despite a slight slowdown in net profit growth due to increased provisioning, the bank's asset quality improved, with the non-performing loan ratio remaining flat at 0.97% and the provision coverage ratio increasing by 6 percentage points to 330% [1] Financial Performance - In the first three quarters of 2024, Ruifeng Bank achieved operating revenue of 3.322 billion yuan, a year-on-year increase of 14.7%, and net profit attributable to the parent company of 1.442 billion yuan, a year-on-year increase of 14.6% [1] - The bank's net interest margin (NIM) slightly increased by 1 basis point to 1.52% in Q3 2024, mainly due to a significant decline in liability costs [1] - The bank's loan growth rate increased by 0.98 percentage points to 9.85% in Q3 2024, driven by improved demand for corporate and retail loans [1] Asset Quality - The non-performing loan ratio remained flat at 0.97% in Q3 2024, while the provision coverage ratio increased by 6 percentage points to 330% [1] - The bank's asset quality improved, with the non-performing loan generation rate and the attention rate declining by 55 basis points and remaining flat at 0.33% and 1.56%, respectively [1] Future Outlook - The report forecasts that Ruifeng Bank's revenue growth will be 6.7%, 6.4%, and 10.8% in 2024, 2025, and 2026, respectively, while net profit growth will be 10.8%, 9.4%, and 10.0% in the same period [1] - The bank is expected to benefit from the rapid growth of the export economy in Shaoxing's Keqiao and Yuecheng districts, optimization of loan structure, and investment in rural commercial banks in other regions [1] Valuation - The report values Ruifeng Bank at 0.67x PB for 2025, corresponding to a target price of 6.73 yuan [1] - The bank's current valuation is only 0.51x PB for 2025, indicating potential upside [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company has shown strong performance with a revenue of 3.322 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.67%. The net profit attributable to shareholders reached 1.442 billion yuan, also up by 14.57% year-on-year [1]. - The net interest margin decline has narrowed, with a reported net interest margin of 1.52%, down 23 basis points year-on-year, but showing improvement compared to the first half of the year [1]. - Non-interest income has continued to grow significantly, achieving 1.04 billion yuan in the first three quarters, a year-on-year increase of 77.9%, accounting for 31.3% of total revenue [1]. - The company has increased its provision for credit asset impairment losses by 47.9% year-on-year, resulting in a provision coverage ratio of 330%, which is an increase from the previous period [1]. Financial Performance Summary - For the first three quarters of 2024, the annualized weighted average ROE was 11.13%, up by 0.32 percentage points year-on-year [1]. - The total assets at the end of the period were 211.3 billion yuan, with total loans of 125 billion yuan and total deposits of 157.5 billion yuan, reflecting year-on-year growth of 7.3%, 9.8%, and 8.2% respectively [1]. - The company forecasts net profits for 2024-2026 to be 1.94 billion, 2.19 billion, and 2.51 billion yuan, corresponding to year-on-year growth rates of 12.1%, 12.9%, and 14.9% [1][4]. Valuation Metrics - The current stock price corresponds to PE ratios of 5.2x, 4.6x, and 4.0x for 2024-2026, and PB ratios of 0.55x, 0.50x, and 0.45x, indicating that the valuation is at a low level [1][4].

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-039 浙江绍兴瑞丰农村商业银行股份有限公司 第四届监事会第二十一次会议决议公告 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 10 月 18 日以电子邮件及书面方式向全体监事发出关于召开 第四届监事会第二十一次会议的通知。本次会议于 2024 年 10 月 30 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 9 人。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： 一、2024年第三季度报告 监事会出具如下审核意见： 浙江绍兴瑞丰农村商业银行股份有限公司监事会 2024 年 10 月 30 日 （二）本行《2024 年第三季度报告》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 ...

Financial Performance - Total operating income for Q3 2024 reached CNY 1,148,448,000, an increase of 14.30% year-on-year[4] - Net profit attributable to shareholders was CNY 599,059,000, reflecting a growth of 13.46% compared to the same period last year[4] - Basic earnings per share for Q3 2024 was CNY 0.30, an increase of 11.11% compared to the same period last year[4] - Net profit for the first three quarters of 2024 reached CNY 1,461,070 thousand, compared to CNY 1,273,351 thousand in the same period of 2023, reflecting a growth of about 14.7%[23] - Operating income for the first three quarters of 2024 was CNY 3,322,120 thousand, an increase from CNY 2,897,157 thousand in 2023, marking a rise of approximately 14.6%[22] - Basic earnings per share for the first three quarters of 2024 were CNY 0.73, up from CNY 0.64 in the same period of 2023, representing an increase of about 14.1%[24] - Total comprehensive income for the first three quarters of 2024 was CNY 1,624,460 thousand, compared to CNY 1,373,706 thousand in 2023, indicating an increase of about 18.3%[23] - The bank's total profit for the first three quarters was RMB 1,364,960, up 7.2% from RMB 1,273,466 in the same period of 2023[30] Asset and Liability Management - Total assets as of September 30, 2024, amounted to CNY 211,300,415,000, representing a 7.32% increase from the end of the previous year[6] - The bank's total liabilities amounted to CNY 193,164,862 thousand as of September 30, 2024, compared to CNY 180,018,437 thousand at the end of 2023, showing an increase of approximately 7.3%[21] - Total cash inflow from investment activities in the first three quarters of 2024 reached 77,942,291 thousand RMB, up from 33,623,631 thousand RMB in 2023, indicating a strong increase in investment recovery[26] - The adjusted on-balance and off-balance sheet asset balance was CNY 220,994,097 thousand as of September 30, 2024, slightly down from CNY 221,547,261 thousand at the end of June 2024[14] - Total assets increased to 206,050,632 thousand RMB as of September 30, 2024, compared to 193,385,797 thousand RMB at the end of 2023, reflecting growth in the company's asset base[28] - Total liabilities rose to 188,347,632 thousand RMB as of September 30, 2024, up from 176,920,126 thousand RMB at the end of 2023, indicating increased leverage[28] Capital Adequacy and Risk Management - The weighted average return on equity increased to 13.60%, up by 0.24 percentage points from the previous year[5] - The provision coverage ratio improved to 329.96%, up from 304.12% at the end of 2023, indicating better risk management[12] - The tier 1 capital adequacy ratio improved to 13.25% as of September 30, 2024, compared to 12.69% at the end of 2023, indicating a 4.41% increase[13] - The liquidity coverage ratio stood at 106.61% as of September 30, 2024, ensuring that the bank has sufficient high-quality liquid assets to cover net cash outflows[15] - The bank's capital adequacy ratios reflect a strong capital position, with the total capital adequacy ratio at 14.43% as of September 30, 2024, up from 13.88% at the end of 2023, showing a 3.96% increase[13] Shareholder Information - The number of ordinary shareholders reached 34,609 as of the end of the reporting period, indicating a stable shareholder base[16] - Zhejiang Keqiao Transformation and Upgrading Industry Fund Co., Ltd. became the largest shareholder, holding 158,934,976 shares, which is 8.10% of the total issued ordinary shares[17] - There were no changes in the top 10 shareholders or the top 10 unrestricted circulating shareholders due to securities lending activities during the reporting period[18] Cash Flow and Investment Activities - The company reported a net cash flow from operating activities of -CNY 3,444,193,000, a significant decrease of 119.69% year-on-year[4] - Net cash flow from operating activities for the first three quarters of 2024 was -3,444,193 thousand RMB, a significant decrease compared to 17,494,923 thousand RMB in the same period of 2023[25] - Cash flow from operating activities showed a net outflow of RMB 3,518,598, a significant decrease compared to a net inflow of RMB 17,486,685 in the same period of 2023[32] - Cash and cash equivalents at the end of Q3 2024 amounted to 8,350,978 thousand RMB, a decrease from 8,855,258 thousand RMB at the end of 2023[26] - Cash and cash equivalents at the end of the period were RMB 8,236,022, down from RMB 8,732,872 at the end of the same period last year[32] Income Sources - The net interest income for the first three quarters of 2024 was CNY 2,281,292 thousand, slightly down from CNY 2,312,223 thousand in 2023, indicating a decrease of about 1.3%[22] - The bank's investment income surged to CNY 779,418 thousand in the first three quarters of 2024, compared to CNY 265,365 thousand in 2023, reflecting a significant increase of approximately 194.5%[22] - Interest, fees, and commissions received in cash amounted to 5,679,297 thousand RMB in the first three quarters of 2024, compared to 5,121,623 thousand RMB in 2023, indicating a growth in revenue from these sources[25] - The company's total equity increased to 17,703,000 thousand RMB as of September 30, 2024, compared to 16,465,671 thousand RMB at the end of 2023, showing a positive trend in shareholder value[28]

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-038 浙江绍兴瑞丰农村商业银行股份有限公司 第四届董事会第二十六次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"）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 10 月 18 日以电子邮件及书面方式向全体董事发出关于召开 第四届董事会第二十六次会议的通知，会议于 2024 年 10 月 30 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： 表决结果：同意 16 票，反对 0 票，弃权 0 票。 本次董事会审阅了以下事项： 1 该议案已经本行第四届董事会审计委员会第十五次会议审议通过。 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 ...

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 2024 年 10 月 11 董事会办公室主任冯新 1 R 特定对象调研 现场会议 国信证券、南方基金、兴业基金 日 10：00-11： 红、证券事务代表曹驰 00 2024 年 10 月 14 行长陈钢梁、董事会办公 2 R 特定对象调研 现场会议 申万宏源证券、晨燕投资 日 13：00-14： 室主任冯新红 45 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 接待过程中，公司接待人员与投资者进行了充分的交流与沟通，严格按照有关制度规定，没有出现未公开重大 1 | --- | --- | |--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 | --- | --- | --- | --- | --- | --- | |-------|---------------------|---------------------------------------------|----------|------------------------------------------------------------------------------------------------------|-------------------------------------------| | 序号 | 投资者关系活动 类别 | 时间 | 活动形式 | 参与单位名称 | 上市公司接待人员姓名 | | 1 | R 券商策略会 | 2024 年 9 月 3 日 14：30-15：30 | 现场会议 | 国信证券、光大证券自营、上海瞰道资 管、工银安盛资管、上海赋格投资 | 董事会办公室主任冯新 红、证券事务代表曹驰 | | 2 | R 特定对象调研 | 2 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-035 浙江绍兴瑞丰农村商业银行股份有限公司 第四届董事会第二十五次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"）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 9 月 24 日以电子邮件及书面方式向全体董事发出关于召开 第四届董事会第二十五次会议的通知，会议于 2024 年 9 月 30 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、聘任本行董事会秘书 三、修订《资本管理办法》 表决结果：同意 16 票，反对 0 票，弃权 0 票。 1 四、修订《流动性风险管理办法》 表决结果：同意 16 票，反对 0 票，弃权 0 票。 同意聘任章国江先生为本行董事会秘书。 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-036 浙江绍兴瑞丰农村商业银行股份有限公司 关于聘任董事会秘书的公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"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。 2024 年 9 月 30 日，本行召开第四届董事会第二十五次会议，审议通过了关 于《聘任本行董事会秘书》的议案，同意聘任章国江先生为本行董事会秘书。章 国江先生的简历详见附件。 章国江先生具备履行董事会秘书职责相关的专业能力，任职资格符合《中华 人民共和国公司法》《上海证券交易所股票上市规则》等相关法律、法规的规定。 截至本公告披露日，章国江先生未持有本行股份。 章国江先生已参加上海证券交易所组织的董事会秘书任职培训并取得相关 证明，将在获得国家金融监督管理总局绍兴监管分局的高级管理人员任职资格核 准后，正式履行董事会秘书的职责。在其正式履职前，由董事长吴智晖先生代行 本行董事会秘书职责。 2024 年 9 月 30 日 章国江先生联系方式如下： 联系地址：浙江省绍兴市柯桥区柯桥笛扬路 136 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-037 浙江绍兴瑞丰农村商业银行股份有限公司 第四届监事会第二十次会议决议公告 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 9 月 24 日以电子邮件及书面方式向全体监事发出关于召开 第四届监事会第二十次会议的通知。本次会议于 2024 年 9 月 30 日以通讯表决的 方式召开。本次会议应参与表决监事 9 人，实际参与表决监事 9 人。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： 一、修订《"两会一层"成员履职评价及津贴管理办法》 本议案尚需提交本行股东大会审议。 表决结果：同意 9 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 9 月 30 日 1 ...