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 董事会秘书吴光伟、董事 2024年4月2日 华泰证券、广发基金、民生加银基金、 1 R特定对象调研 现场会议 会办公室主任冯新红、证 10：00-11：30 中信证券 券事务代表曹驰 申万宏源证券、南方基金、汇丰晋信、 董事长吴智晖、行长陈钢 ...

瑞丰银行发布 2024 年一季报，营业收入同比增长 15.3%，其中利息净收入同比增长 5.6%，归 母净利润同比增长 14.7%。不良贷款率持平于 0.97%，拨备覆盖率 304.8%。 丨证券研究报告丨 公司研究丨点评报告丨瑞丰银行（601528.SH） [Table_Title] 业绩增速黑马，三项营收全面增长 ——2024 年一季报点评 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 瑞丰银行 2024 年一季度营业收入同比高增长 15.3% ，其中利息净收入同比增长 5.6% ，手续费 | | | 净收入增速转正，债市行情驱动其他非利息收入高增长，归母净利润同比增长 14.7% 。一季度 业绩优异，增速超预 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported strong revenue and profit growth, with Q1 2024 revenue increasing by 15.32% year-on-year and net profit attributable to shareholders rising by 14.69% [8][12] - The net interest income grew by 5.6% year-on-year, with loans increasing by 12.5% year-on-year and 8.1% quarter-on-quarter [8][13] - The net interest margin decreased by 13 basis points to 1.60% compared to the previous quarter and decreased by 28 basis points year-on-year [2][9] - The asset quality remains stable, with a non-performing loan ratio holding steady at 0.97% [9][15] Financial Forecasts - The adjusted EPS for 2024 and 2025 is projected to be 0.99 yuan and 1.11 yuan respectively, with an estimated book value per share of 9.48 yuan by the end of 2024 [1][3] - Total assets are expected to grow to 225.97 billion yuan in 2024, with loans reaching 120.12 billion yuan [5] - The report anticipates a cost-to-income ratio of 30.5%, down 3.5 percentage points year-on-year, while credit costs are expected to rise to 1.19% [8][13] Capital Adequacy - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 13.36%, 13.37%, and 14.56% respectively [3][10]

资产质量：整体保持平稳。 | --- | --- | --- | |-------|-------------------------------|----------| | | | | | | | | | | 买入（维持） | | | | 股票信息 | | | | 行业 | 农商行 | | | 前次评级 | 买入 | | | 4 月 26 日收盘价 ( 元 ) | 5.04 | | | 总市值 ( 百万元 ) | 9,889.29 | | | 总股本 ( 百万股 ) | 1,962.16 | | | 其中自由流通股 (%) | 40.28 | | | 30 日日均成交量 ( 百万股 ) | 14.53 | | | 股价走势 | | | --- | --- | |-------------------------------|-------| | | | | | | | 执业证书编号： S0680122080025 | | | 邮箱： nianfeng@gszq.com | | | 相关研究 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

业绩实现较好增长。2024 年一季度实现营收 10.55 亿元（YoY,+15.3%），归 母净利润 3.98 亿元（YoY,+14.7%）。全年加权平均 ROE9.4%，同比提升 0.22 个百分点。 贷款实现较好扩张，净利息收入同比增长 5.6%。规模方面，期末公司资产总 额达 2065 亿元，较年初增长 4.9%，其中贷款总额达 1225 亿元，较年初增长 8.0%，高于去年同期 5.8%的增速，贷款实现了较好扩张。期末存款总额 1533 亿元，较年初增长了 4.2%。今年一季度存款增速一般，一方面是年初以来国 有大行加大揽存力度，存款向大行集中；另一方面是公司自身加强存款成本 管控。 价格方面，一季度公司披露的净息差 1.60%，同比收窄 28bps，2023 年全年 公司净息差收窄 48bps 至 1.73%。近两年公司净息差下行幅度较大，但我们 预计伴随新发放贷款利率逐步趋于稳定，以及公司不断加大存款成本管控， 预计全年净息差降幅可控。 其他非息收入继续保持高增。受益于债券利率下行，一季度公司实现投资收 益 3.4 亿元，带来其他非息收入同比高增约 47%。一季度其他非息收入占营 收比重达 27. ...

营收超预期高增，息差降幅收窄 目标价：6.6 元 当前价：5.04 元 证 券 研 究 报 告 | --- | --- | --- | --- | |--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The total operating income for Q1 2024 reached CNY 1,054,624, representing a 15.32% increase compared to the same period last year[10] - Net profit attributable to shareholders was CNY 397,694, reflecting a 14.69% year-over-year growth[10] - The net profit excluding non-recurring gains and losses was CNY 393,995, up by 16.57% year-over-year[10] - Basic earnings per share (EPS) for the period was CNY 0.20, an increase of 11.11% year-over-year[10] - Total comprehensive income for Q1 2024 reached CNY 515,900,000, up from CNY 386,639,000 in Q1 2023, representing a growth of 33.3%[29] - Basic and diluted earnings per share for Q1 2024 were CNY 0.20, compared to CNY 0.18 in Q1 2023, reflecting an increase of 11.1%[29] - The total profit for Q1 2024 was 385,353 thousand, compared to 339,097 thousand in Q1 2023, which is an increase of 13.6%[68] - Net profit for Q1 2024 was 401,363 thousand, up from 350,614 thousand in Q1 2023, reflecting a year-over-year increase of 14.5%[68] - The profit attributable to shareholders of the parent company for Q1 2024 was 397,694 thousand, up from 346,749 thousand in Q1 2023, reflecting a growth of 14.7%[68] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -4,095,167, a decline of 131.19% compared to the previous year[10] - Net cash flow from investing activities for Q1 2024 was CNY -3,362,703,000, an improvement from CNY -7,123,656,000 in Q1 2023, indicating a reduction in cash outflow by 52.8%[30] - The net cash increase in cash and cash equivalents for Q1 2024 was CNY -4,378,253,000, a decline from an increase of CNY 8,977,834,000 in Q1 2023[30] - The net cash flow from operating activities for Q1 2024 was -4,169,381 thousand RMB, a significant decrease compared to 12,947,778 thousand RMB in Q1 2023[60] - The cash outflow from operating activities totaled 12,048,310 thousand RMB, significantly higher than 7,180,688 thousand RMB in the previous year[60] - Cash and cash equivalents at the end of Q1 2024 were 7,376,633 thousand, down from 15,621,022 thousand at the end of Q1 2023, a decrease of 52.8%[78] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 206,479,583, a 4.87% increase from the end of the previous year[10] - Total assets as of March 31, 2024, reached CNY 202,810,381, an increase of 4.9% from CNY 193,385,797 at the end of 2023[55] - The bank's total liabilities as of March 31, 2024, amounted to CNY 185,836,757, an increase of 5.5% from CNY 176,920,126 at the end of 2023[55] - The total liabilities increased to 189,093,655 thousand RMB from 180,018,437 thousand RMB at the end of 2023[66] - The bank's total equity increased to CNY 16,973,624 as of March 31, 2024, compared to CNY 16,465,671 at the end of 2023, reflecting a growth of 3.1%[56] - The total equity attributable to shareholders increased to 17,140,535 thousand RMB from 16,628,304 thousand RMB at the end of 2023[66] Loans and Deposits - Total deposits reached CNY 144,201,627, with corporate demand deposits at CNY 30,482,022[13] - The total loan amount was CNY 113,382,140, with corporate loans accounting for CNY 54,318,913[13] - Total loans amounted to CNY 122,490,802,000 as of March 31, 2024, an increase from CNY 113,382,140,000 as of December 31, 2023, representing a growth of 8.5%[37] - The net increase in loans and advances was CNY 9,219,619 in Q1 2024, compared to CNY 6,095,665 in Q1 2023, showing a growth of 51.5%[53] - The company reported a net increase in customer loans and advances of 9,156,022 thousand RMB, compared to 6,012,765 thousand RMB in Q1 2023[60] - In Q1 2024, the net increase in customer deposits and interbank placements was CNY 6,494,516, a decrease of 40.5% from CNY 10,843,404 in Q1 2023[53] Investment and Income - The net interest income for Q1 2024 was CNY 726,343, up 5.5% from CNY 688,937 in Q1 2023[57] - The bank's investment income for Q1 2024 was CNY 336,849, significantly higher than CNY 71,703 in Q1 2023, marking an increase of 369.5%[57] - Investment income for Q1 2024 reached 336,849 thousand, a significant increase from 71,703 thousand in Q1 2023, representing a growth of 369%[68] - The company generated cash from interest, fees, and commissions amounting to 1,695,182 thousand in Q1 2024, compared to 1,403,624 thousand in Q1 2023, an increase of 20.8%[75] Other Financial Metrics - The weighted average return on equity (ROE) was 9.42%, up by 0.22 percentage points from the previous year[10] - The capital adequacy ratio stood at 14.56%, an increase from 13.88% at the end of the previous year[14] - The core Tier 1 capital adequacy ratio was reported at 12.68% as of March 31, 2024, indicating a solid capital position[39] - The non-performing loan ratio stood at 0.97% as of March 31, 2024, indicating stable asset quality[39] - The liquidity coverage ratio was reported at 115.39% as of March 31, 2024, demonstrating strong liquidity position[43] - The company issued bonds worth CNY 7,224,320,000 in Q1 2024, compared to CNY 5,695,780,000 in Q1 2023, marking an increase of 27%[30] Other Income and Expenses - The company recorded other non-operating income of CNY 4,077,000 in Q1 2024, compared to CNY 1,254,000 in Q1 2023, reflecting a significant increase[35] - Total operating expenses for Q1 2024 amounted to 674,093 thousand, compared to 581,299 thousand in Q1 2023, indicating a rise of 16%[68] - Other comprehensive income after tax for Q1 2024 was 114,537 thousand, significantly higher than 36,025 thousand in Q1 2023, marking an increase of 218%[68] - The company reported a credit impairment loss of 350,893 thousand in Q1 2024, compared to 265,806 thousand in Q1 2023, representing a rise of 32%[68] - The company reported a foreign exchange loss of 9,152 thousand in Q1 2024, compared to a loss of 1,510 thousand in Q1 2023, indicating a deterioration in foreign exchange performance[68]

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-022 浙江绍兴瑞丰农村商业银行股份有限公司 第四届监事会第十七次会议决议公告 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。 选举罗妙娟女士为本行第四届监事会监事长，任期与第四届监事会任期一致。 罗妙娟女士，1976 年 9 月出生，中国国籍，本科学历，中共党员，高级会计 师。历任上虞农信联社永和信用社员工，上虞农信联社上浦信用社客户经理、信 贷主管，上虞农村合作银行人力资源部科员兼团委书记，人力资源部总经理助理， 审计部副总经理(主持工作)，审计部总经理，财务会计部总经理，上虞农商银行 计划财务部总经理，上虞农商银行党委委员，上虞农商银行党委委员、副行长， 上虞农商银行党委委员、纪委书记，上虞农商银行党委委员、纪委书记、监事长。 现任本行党委委员、纪委书记、职工监事。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、调整本行第四届监事会提名委员会组成人员 1.本次调整后的第四届监事会提名委员会组成 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-021 浙江绍兴瑞丰农村商业银行股份有限公司 第四届董事会第二十二次会议决议公告 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。 该事项已经本行董事会审计委员会审议通过。 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 江绍兴瑞丰农村商业银行股份有限公司 2024 年第一季度报告》。 表决结果：同意 15 票，反对 0 票，弃权 0 票。 二、制定《业务连续性管理战略》 表决结果：同意 15 票，反对 0 票，弃权 0 票。 本行于 2024 年 4 月 16 日以电子邮件及书面方式向全体董事发出关于召开 第四届董事会第二十二次会议的通知，会议于 2024 年 4 月 26 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 16 名，实际出席董事 16 名（实际 拥有表决权的董事 15 名）。会议由董事长吴智晖主持，任职资格尚待监管部门核 准的 2 名董事、部分监事及高 ...

| 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/5/8 | － | 2024/5/9 | 2024/5/9 | 证券代码：601528 证券简称：瑞丰银行 公告编号：2024-020 浙江绍兴瑞丰农村商业银行股份有限公司 2023 年年度 权益分派实施公告 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。 重要内容提示： 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经本行 2024 年 4 月 18 日的 2023 年年度股东大会审议通 过。 二、分配方案 1.发放年度：2023 年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本行全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本 1,962,161,39 ...