Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [2][9]. Core Insights - Ruifeng Bank's operating income for the first three quarters of 2025 grew by 1.0% year-on-year, while net profit attributable to shareholders increased by 5.8%. The net interest income saw a growth of 6.1%, with a significant acceleration in Q3 at 11.4% [2][6]. - The bank's net interest margin rebounded by 3 basis points to 1.49%, showing stability compared to a decline of only 1 basis point for the entire year of 2024. The non-performing loan ratio remained stable at 0.98%, and the provision coverage ratio improved by 5 percentage points to 345% [2][6]. - The current PB valuation for 2025 is 0.55x, and the PE valuation is 5.3x, indicating potential for recovery [2][6]. Financial Performance - For the first three quarters, net interest income growth was 6.1%, with Q3 showing a high growth rate of 11.4%. Non-interest income decreased by 10.1% due to fluctuations in the bond market, impacting overall revenue [12]. - Total assets increased by 4.4% year-to-date, with loans growing by 2.0%. Corporate loans expanded significantly, while the bank continued to reduce its bill size, optimizing its credit structure [12]. - The net interest margin's recovery is attributed to a decrease in the cost of interest-bearing liabilities, which fell by 6 basis points to 1.87% [12]. Asset Quality - The non-performing loan ratio remained stable at 0.98%, with a significant improvement in the provision coverage ratio, which increased by 24 percentage points since the beginning of the year [12]. - The bank's risk mitigation capacity is further strengthened with a provision-to-loan ratio of 3.38% [12]. Investment Recommendations - The report suggests that the stability in net interest margin and continuous improvement in asset quality indicate a positive outlook for Ruifeng Bank. The bank's strong capital position, with a core Tier 1 capital adequacy ratio of 12.9%, supports its growth strategy [12].

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]

Core Viewpoint - In the third quarter of this year, Ruifeng Bank's net interest margin (NIM) showed signs of stabilization, with a notable increase of 3 basis points compared to the end of the second quarter, making it stand out among listed banks [2][5]. Financial Performance - As of September 30, Ruifeng Bank achieved an operating income of 3.356 billion yuan, a year-on-year increase of 1.03%, and a net profit of 1.541 billion yuan, up 5.50% year-on-year [3]. - The bank's income structure included net interest income of 2.421 billion yuan, net fee and commission income of 96 million yuan, and investment income of 815 million yuan, all showing growth compared to the same period last year, with increases of 6.12%, 162.66%, and 4.50% respectively [3]. Net Interest Margin Trends - Ruifeng Bank's NIM has been on a declining trend in recent years, dropping from 2.56% in 2019 to 1.50% by the end of 2024, and further to 1.46% by June 2025, representing a decrease of 1.1 percentage points since 2019 [3][4]. - The bank's net interest income has also seen a decline in contribution, with figures of 3.188 billion yuan, 3.054 billion yuan, and 3.004 billion yuan for the years 2022, 2023, and 2024 respectively [3]. Management Measures - In response to the pressure on NIM, Ruifeng Bank has implemented various management measures, including stabilizing NIM as a "hard indicator" since 2025, optimizing deposit structure, and enhancing loan pricing management [4][5]. - The bank organized a "2025 NIM Management Case Competition" in September to promote effective experiences and innovative practices in NIM management across its branches [5]. Asset Quality - As of the end of the third quarter, Ruifeng Bank's total assets reached 230.265 billion yuan, with total loans amounting to 133.544 billion yuan and total liabilities of 210.692 billion yuan [7]. - The bank's non-performing loan (NPL) ratio stood at 0.98%, unchanged from the second quarter but down 0.01 percentage points from the beginning of the year [7]. - The proportion of attention-class loans and loss-class loans has increased, with attention-class loans at 251.9 million yuan (1.89% of total loans) and loss-class loans at 57.3 million yuan (0.43% of total loans) [7][8]. Economic Environment Impact - The increase in overdue loans in the first half of the year was attributed to various factors, including weakened repayment capabilities among individual borrowers and a decline in regional property prices [8]. - Despite the challenges, the bank maintains that the overall risk from personal loans, primarily secured by real estate, remains manageable and will not significantly disrupt the stability of the NPL ratio [8].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.10 [1]. Core Insights - The report highlights that non-interest income has declined, impacting Q3 revenue performance. However, the bank's asset quality remains strong, and there is a clear strategic path for business expansion [6][9]. - The bank's total assets, loans, and deposits grew by 9.0%, 6.8%, and 10.1% respectively as of September, showing a recovery in deposit growth after rectifying high-interest deposits [6]. - The net interest margin has stabilized, leading to a year-on-year increase in net interest income of 6.1% [6]. - Non-interest income has decreased by 10.1% year-on-year, primarily due to rising bond market rates affecting valuations [7]. - The bank's non-performing loan (NPL) ratio remained stable at 0.98%, with a slight decrease in the NPL balance, indicating effective risk control [8]. Financial Projections - For the fiscal years 2024 to 2027, the projected operating revenue is RMB 4,385 million, RMB 4,437 million, RMB 4,476 million, and RMB 4,653 million respectively, with growth rates of 15.29%, 1.19%, 0.88%, and 3.95% [4]. - The projected net profit attributable to shareholders for the same period is RMB 1,922 million, RMB 2,026 million, RMB 2,134 million, and RMB 2,263 million, with growth rates of 11.27%, 5.40%, 5.36%, and 6.03% [4]. - The bank's price-to-earnings (PE) ratio is projected to decrease from 5.63 in 2024 to 4.78 in 2027, while the price-to-book (PB) ratio is expected to decline from 0.59 to 0.46 over the same period [4]. Strategic Outlook - The bank's "One Foundation and Four Arrows" strategy is clearly defined, with significant room for business expansion, justifying a target PB of 0.70 times for 2025 [9]. - The report emphasizes the importance of monitoring hidden risks and the impact of VAT adjustments on future performance [6].

Core Points - The rural commercial bank sector experienced a decline of 1.59% on October 29, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Group 1: Stock Performance - Ruifeng Bank (601528) closed at 5.51 with no change in price [1] - Qingnong Commercial Bank (002958) closed at 3.21, down 0.93% [1] - Changshu Bank (601128) closed at 6.92, down 1.14% [1] - Sunong Bank (603323) closed at 5.17, down 1.34% [1] - Zijin Bank (601860) closed at 2.87, down 1.37% [1] - Yunnan Agricultural Commercial Bank (601077) closed at 6.86, down 1.44% [1] - Wuxi Bank (600908) closed at 6.05, down 1.47% [1] - Zhangjiagang Bank (002839) closed at 4.42, down 1.56% [1] - Shanghai Agricultural Commercial Bank (601825) closed at 8.52, down 2.07% [1] - Jiangyin Bank (002807) closed at 4.80, down 2.83% [1] Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 78.64 million yuan from main funds, while retail funds experienced a net outflow of 10.52 million yuan [2] - Speculative funds had a net outflow of 68.12 million yuan [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has experienced a slowdown in growth, with total revenue for the first three quarters of 2025 reaching 3.356 billion yuan, a year-on-year increase of 1.03%, while the third quarter saw a decline of 4.41% due to a drop in non-interest income [1] - The net profit attributable to shareholders for the same period was 1.526 billion yuan, reflecting a year-on-year growth of 5.85%, with a 6.22% increase in the third quarter, primarily due to improved asset quality and reduced asset impairment losses [1] - The net interest margin has widened, with net interest income growing by 6.1% year-on-year, and the net interest margin for the first three quarters reported at 1.49%, a slight decrease of 3 basis points year-on-year but an improvement compared to the first half of the year [1][2] Summary by Sections Financial Performance - Total assets at the end of the period were 230.3 billion yuan, a 4.4% increase from the beginning of the year, with total loans amounting to 133.5 billion yuan, reflecting a 2.0% growth [2] - The non-performing loan ratio remained stable at 0.98%, with a provision coverage ratio of 197%, which increased by 5 percentage points from the previous quarter [2] Profit Forecast and Financial Indicators - The forecast for net profit attributable to shareholders for 2025-2027 is 2.034 billion yuan, 2.198 billion yuan, and 2.444 billion yuan, respectively, with corresponding year-on-year growth rates of 5.8%, 8.1%, and 11.2% [3][4] - The price-to-book (PB) ratios for 2025-2027 are projected to be 0.52x, 0.48x, and 0.44x, indicating a favorable valuation [3][4] Market Position and Strategy - The company primarily serves small and micro enterprises, facing intense competition and weak credit demand, which may pressure short-term operations [3] - However, the solid customer base and regional advantages suggest that the small loan market will improve with steady economic recovery, indicating good long-term growth potential [3]

证 券 研 究 报 告 瑞丰银行（601528）2025 年三季报点评 推荐（维持） 核心营收能力增强，资产质量继续改善 目标价：7.49 元 事项： ❖ 10 月 28 日晚，瑞丰银行披露 25 年三季报，前三季度实现营业收入 33.56 亿 元，同比增长 1.03%（上半年为 3.91%）；营业利润 15.41 亿元，同比增长 15.96% （上半年为 16.69%）；归属于上市公司股东的净利润 15.26 亿元，同比增长 5.85%（上半年为 5.59%）。不良率环比持平于 0.98%，拨备覆盖率环比增加 5pct 至 345%。 评论： 公司研究 农商行 2025 年 10 月 29 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 公司基本数据 | 总股本(万股) | 196,216.1 ...

上 市 公 司 银行 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 冯思远 (8621)23297818× fengsy@swsresearch.com 2025 年 10 月 29 日 瑞丰银行 (601528) ——息差环比改善、拨备继续抬升，期待小微景气回暖 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 28 日 | | --- | --- | | 收盘价（元） | 5.51 | | 一年内最高/最低（元） | 6.17/4.83 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 3.63 | | 流通 A 股市值（百万元） | 9,557 | | 上证指数/深证成指 | 3,988.22/13,430.10 | | 注："股息率"以最近一年已公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has experienced a slowdown in growth, with total revenue for the first three quarters of 2025 reaching 3.356 billion yuan, a year-on-year increase of 1.03%, while the third quarter saw a decline of 4.41% due to a drop in non-interest income [1] - The net profit attributable to shareholders for the same period was 1.526 billion yuan, reflecting a year-on-year growth of 5.85%, with a 6.22% increase in the third quarter, primarily due to improved asset quality and reduced asset impairment losses, which decreased by 18% year-on-year [1] - The net interest margin widened to 1.49%, with net interest income growing by 6.1% year-on-year, benefiting from improved deposit cost management [1][2] Summary by Sections Financial Performance - Total assets at the end of the period were 230.3 billion yuan, a 4.4% increase from the beginning of the year, with total loans amounting to 133.5 billion yuan, up 2.0% year-on-year [2] - The non-performing loan ratio remained stable at 0.98%, with a provision coverage ratio of 197%, an increase of 5 percentage points from the previous quarter [2] Profit Forecast and Financial Indicators - The forecast for net profit attributable to shareholders for 2025-2027 is 2.034 billion yuan, 2.198 billion yuan, and 2.444 billion yuan, respectively, with corresponding year-on-year growth rates of 5.8%, 8.1%, and 11.2% [3][4] - The price-to-book (PB) ratios for 2025-2027 are projected to be 0.52x, 0.48x, and 0.44x, indicating a favorable valuation [3][4] Market Position and Strategy - The company primarily serves small and micro enterprises, facing intense competition and weak credit demand, which may pressure short-term operations [3] - However, the solid customer base and regional advantages suggest good growth potential in the medium to long term as the small loan market improves with economic recovery [3]

2025年10月29日，瑞丰银行(601528.SH)发布2025年三季报。 公司营业总收入为33.56亿元，较去年同报告期营业总收入增加3432.00万元，实现5年连续上涨，同比较去年同期上涨1.03%。归母净利润为15.26亿元，较去 年同报告期归母净利润增加8432.50万元，实现5年连续上涨，同比较去年同期上涨5.85%。经营活动现金净流入为31.03亿元，较去年同报告期经营活动现金 净流入增加65.47亿元。 公司最新资产负债率为91.50%，较上季度资产负债率减少0.06个百分点。 公司最新ROE为7.90%。 公司摊薄每股收益为0.78元，较去年同报告期摊薄每股收益增加0.05元，实现3年连续上涨，同比较去年同期上涨6.85%。 公司最新总资产周转率为0.01次。 公司股东户数为2.98万户，前十大股东持股数量为8.23亿股，占总股本比例为41.92%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | 1 | 浙江柯桥转型升级产业基金有限公司 | 8.10 | | 2 | 浙江明牌卡利罗饰品有限公司 | 4.24 | | 3 | 浙江上虞 ...