近日，本行收到了《国家金融监督管理总局绍兴监管分局关于核准顾洁萍任 职资格的批复》（绍金复〔2024〕57 号）、《国家金融监督管理总局绍兴监管分局 关于核准孙同全任职资格的批复》（绍金复〔2024〕58 号），国家金融监督管理总 局绍兴监管分局核准了顾洁萍的本行董事任职资格和孙同全的本行独立董事任 职资格。 顾洁萍董事和孙同全独立董事的简历详见本行于 2024 年 4 月 11 日刊载于 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 2023 年年度股东大会会议资料》。 特此公告。 浙江绍兴瑞丰农村商业银行股份有限公司董事会 2024 年 5 月 31 日 1 证券代码：601528 证券简称：瑞丰银行 公告编号：2024-023 浙江绍兴瑞丰农村商业银行股份有限公司 关于董事任职资格获监管机构核准的公告 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。 ...

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 瑞丰银行（601528）公司季报点评 2024 年 05 月 16 日 两 位 数 增 长 ， 资 产 质 量 保 持 稳 定 》 2024.04.04 《瑞丰银行 2023 年半年报点评：对公贷 款带动扩表，中收转负为正》2023.08.26 《瑞丰银行 23 年中报业绩快报点评：Q2 营收利润增速双双回升，资产质量向好》 2023.07.21 | --- | |----------------------------| | 证书 :S0850515040002 | | 分析师 : 林加力 | | Tel:(021)23154395 | | Email:ljl12245@haitong.com | | 证书 :S0850518120003 | | 分析师 : 董栋梁 | | Tel:(021)23185697 | | Email:ddl13206@haitong.com | | 证书 :S0850523100001 | | 联系人 : 徐凝碧 | | Tel:(021)23185609 | | Email:xnb14607@haitong ...

与公司有关的信息披露 公司所有者的 ROE（考虑优先股及永续债）。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|-------|-------|---------------------------|----------------------------|------------------------|-------|-------| | | | | | | 窄对营收的拖累也将趋于收敛 | | | | | | 2.4% | | | | | | | 4.3% | | | 2.3% | | | | | | | 4.1% | | | 2.2% | | | | | | | 3.9% | | | 2.1% | | | | | | 3.54% | 3.7% | | | | | | | | | | 3.5% | | | 1.9% 2.0% | | | | | | | 3.3% | | | | | | | | | | 3.1% | | | 1.8% | | | | | | | 2.9% | | | 1.7% | ...

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 ...

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [9]. Core Views - Ruifeng Bank's Q1 2024 performance exceeded expectations, with a 15.3% year-on-year increase in operating income, a 5.6% increase in net interest income, and a 14.7% increase in net profit attributable to shareholders [1][3][10]. - The bank's non-performing loan ratio remained stable at 0.97%, with a provision coverage ratio of 304.8%, indicating strong asset quality [1][10]. - The bank's strategy of investing in high-quality small banks in Zhejiang is expected to enhance its return on equity (ROE) over the long term [3][10]. Summary by Sections Financial Performance - Operating income for Q1 2024 grew by 15.3% year-on-year, with net interest income increasing by 5.6% and net profit attributable to shareholders rising by 14.7% [1][3]. - The bank's net interest margin decreased by 13 basis points to 1.60%, but net interest income showed resilience due to a low base from the previous year [6][10]. - Non-interest income saw a significant increase of 47.3%, driven by favorable market conditions in the bond market [6][10]. Loan and Deposit Growth - Total loans increased by 8.0% compared to the beginning of the year, with a year-on-year increase of 31.9 billion yuan [9]. - Deposits grew by 4.4% from the beginning of the year, with savings deposits increasing by 5.4% [9]. Asset Quality - The non-performing loan ratio remained stable at 0.97%, and the provision coverage ratio improved by 0.7 percentage points to 304.8% [10]. - The bank employs a robust risk control model that assesses internal operational data to gauge substantive risks [10]. Investment Strategy - The bank has increased its stake in Yongkang Rural Commercial Bank and completed the acquisition of a stake in Cangnan Rural Commercial Bank, which is expected to bolster investment income [7][10]. - Future investments in high-quality small banks in Zhejiang are anticipated to further support revenue and ROE [7][10].

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]