Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a 7.9% year-on-year increase in operating income and a 13.0% increase in net profit attributable to shareholders for 2023. The non-performing loan ratio decreased to 0.97%, while the provision coverage ratio increased to 304.12%. The dividend per share rose to 0.18 yuan, with a payout ratio of 20.5%. The company is characterized by a strong focus on small and micro enterprises, leading market mechanisms, and is considered a typical high-quality growth bank in Zhejiang. The strategy of investing in high-quality small banks in Zhejiang is an effective path to sustainably elevate ROE. For 2024, operating income and net profit are expected to grow by 6.4% and 10.6% respectively, with a projected PB valuation of 0.54X based on the closing price on March 27. As a high-growth bank with prominent market-oriented genes, there is considerable room for valuation uplift, making it a key recommendation [6][25][51]. Summary by Sections Financial Performance - The total loan amount increased by 10.2% compared to the beginning of the year, with a net addition of 10.5 billion yuan. The growth structure of loans focused on small and micro enterprises, with corporate loans increasing by 29.1% and personal loans decreasing by 2.4%. The deposit amount grew by 16.6% compared to the beginning of the year [6][51]. Investment Strategy - Investment income increased by 10.8%, with the acquisition of Yongkang Rural Commercial Bank contributing 0.54 billion yuan. The company continued to increase its stake in Yongkang Rural Commercial Bank and acquired a 5.0% stake in Cangnan Rural Commercial Bank, accelerating its investment strategy. This approach is expected to provide ongoing support for the company's operating income and ROE [7][25]. Asset Quality - The non-performing loan ratio decreased to 0.97%, and the provision coverage ratio increased to 304.12%. The overdue loan ratio rose to 1.84%, indicating potential fluctuations in asset quality under economic pressure. The net generation rate of non-performing loans decreased to 0.48% [47][51].

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [5][6]. Core Insights - The company's performance is relatively stable, with revenue growth showing a marginal increase. In 2023, revenue and net profit attributable to the parent company grew by 7.9% and 13.0% year-on-year, respectively [5][25]. - Loan growth is slowing down, with total assets increasing by 23.3% year-on-year, while loans grew by 10.2%. The company is actively seeking breakthroughs in inclusive finance, with a significant increase in small and micro loans [8][35]. - Asset quality continues to improve, with a non-performing loan ratio of 0.97% at the end of 2023, down by 1 basis point from the previous quarter [9][26]. Summary by Sections Loan Growth and Asset Quality - Total assets increased by 23.3% year-on-year, with loans growing by 10.2%. New credit issued in 2023 amounted to 10.5 billion, with corporate loans contributing 117% of the increase, while retail loans saw a decline of 2.4% [8][35]. - The company is focusing on inclusive finance, with small and micro loans reaching a balance of 45.2 billion yuan, a year-on-year increase of 29% [8][35]. Revenue and Profitability - The company's net interest income decreased by 4.2% year-on-year, while fee-based income surged by 83.9% due to a low base effect. Other non-interest income also saw a significant increase of 81.9% [5][25]. - The net interest margin narrowed to 1.73%, down 48 basis points year-on-year, primarily due to a decrease in loan yields [13][21]. Capital and Dividends - As of the end of 2023, the company's core Tier 1, Tier 1, and total capital adequacy ratios were 12.68%, 12.69%, and 13.88%, respectively. The dividend payout ratio increased from 14.82% to 20.45% [27][35]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are adjusted to 0.98 yuan and 1.11 yuan, respectively, with an estimated book value per share of 9.47 yuan by the end of 2024 [6][15].

2024 年 03 月 28 日 瑞丰银行 (601528) | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 8.47 | | 资产负债率 % | 91.43 | | 总股本/流通 A 股(百万 ) | 1962/790 | | 流通 B 股 /H 股（百万） | -/- | 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 联系人 冯思远 (8621)23297818× fengsy@swsresearch.com 上 市 公 司 ⚫ 投资分析意见：长期来看瑞丰银行以高效用足杠杆为导向实现扩表和参股认购驱动 ROE 稳步 提升，短期来看补贴收入逐步确认也将支撑其 2024 年营收保持好于同业的增长表现，维持"买 入 ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------|---------------------------------|--------|-------------------------------|----------|-------| | | [Table_Profit] 重要财务指标 | | | 2022A 2023A 2024E 2025E 2026E | | | | | 营业收入（亿元） | | | 35 38 42 47 53 | | | | | 增长率（%） | | | 6.49 7.90 9.93 11.48 12.76 | | | | | 归属母公司股东净利 润（亿元） | | | 15 17 19 22 24 | | | | | 增长率（%） | | | 20.20 13.04 12.88 10.98 10.28 | | | | | 每股收益（元） | | | 1.01 0.88 0.99 ...

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——营收表现超预期，参股认购再添色 一年内股价与大盘对比走势： 财务数据及盈利预测 公司点评 公司点评 表 3：贷款定价下行是息差收窄主要拖累，但尽管 2024 年息差依然承压，瑞丰银行息差下行压力或已前 置消化 公司点评 请务必仔细阅读正文之后的各项信息披露与声明 第5页 共8页 简单金融 成就梦想 请务必仔细阅读正文之后的各项信息披露与声明 第6页 共8页 简单金融 成就梦想 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎的 研究方法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不会 因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建 议；投资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的持仓结构以及其他需要考虑的因素。投资者应阅读 整篇报告，以获取比较完整的观点与信息，不应仅仅依靠投资评级来推断结论。申银万国使用自己的行业分类体系，如果您 本报告采用 ...

业绩实现较好增长。全年营收 38.04 亿元（YoY,+7.9%），归母净利润 17.27 亿元（YoY,+13.04%）。全年加权平均 ROE10.97%，同比下降 0.17 个百分点。 非利息收入高增支撑营收实现 7.9%的增长。全年净利息收入同比下降 4.2%， 非利息收入同比增长 122.8%，主要是公允价值变动收益和其他收益大幅高 增。这得益于公司投资类资产规模高增以及债券市场利率下行，期末地方政 府债券以及企业债、同业存单等债权投资规模达 572 亿元，较年初增长了 59.6%，占总资产的比重较年初提升 6.6 个百分点至 29.1%。 资产总额实现快速扩张，净息差降幅逐季收窄。期末贷款余额 1102 亿元， 较年初增长了 10.2%；资产总额 1969 亿元，较年初增长 23.35%。全年净息 差 1.73%，同比收窄 48bps，较前三季度下降 2bps，降幅逐季收窄。我们认 为公司净息差在筑底过程中，预计 2024 年全年收窄幅度降至 10bps 左右。 个人经营贷和企业贷款保持高增，异地（柯桥区以外）贷款增长强劲。期末， 企业贷款余额 543 亿元，较年初增长 29.1%；其中，普惠小微贷 ...

Development Strategy - The company emphasizes a high-quality development strategy for the next five years, focusing on creating a first-class rural commercial bank[1] - The company aims to implement a "1235" high-quality development strategy over the next five years, focusing on becoming a century-old financial institution[42] - The company is positioned to navigate the challenges of high-quality development in the banking sector, adapting to new market conditions[20] - The company has committed to a high-quality development strategy, aiming to create a century-old financial institution[110] Financial Performance - Basic earnings per share for 2023 increased to 0.88 CNY, a 12.82% rise compared to 0.78 CNY in 2022[51] - The weighted average return on net assets for 2023 was 10.97%, up by 0.17 percentage points from 10.80% in 2022[51] - The net profit attributable to shareholders for Q4 2023 was RMB 468,804,000, showing a significant increase compared to RMB 383,585,000 in Q2 2023[55] - Net profit attributable to shareholders was CNY 1,727,121,000, reflecting a growth of 13.04% year-over-year[81] - Total operating income for 2023 reached CNY 3,803,578,000, an increase of 7.90% compared to 2022[81] - The bank's core tier 1 capital adequacy ratio stood at 12.68%, exceeding the regulatory requirement of 7.5%[53] - The bank's liquidity ratio improved to 60.84% at the end of 2023, an increase of 5.29 percentage points from 55.55% at the end of 2022[55] - The bank plans to distribute a cash dividend of RMB 1.80 per 10 shares based on a total share capital of 1,962,161,395 shares as of December 31, 2023[60] Loan and Asset Management - The total corporate loan balance reached RMB 54.319 billion at the end of 2023, reflecting a growth of 29.09% compared to the beginning of the year[58] - The balance of inclusive small and micro loans increased to RMB 45.205 billion, with a year-on-year growth of 28.66%[58] - The personal operating loan balance reached 30.139 billion yuan, an increase of 4.188 billion yuan, representing a growth of 16.14% compared to the beginning of the year[85] - The "Common Prosperity Loan" product had 204,200 customers scanned, with 111,100 successful credit customers, and a loan balance of 5.957 billion yuan, which increased by 3.774 billion yuan, marking a growth of 172.80%[85] - The bank's new agricultural operating entity loan balance reached 633 million yuan by the end of the reporting period[63] Risk Management - The bank's risk management framework emphasizes compliance and risk control, with a comprehensive risk management system covering all products and processes[107] - The bank has implemented a digital risk control system that integrates pre-loan, mid-loan, and post-loan management, enhancing its risk management capabilities[107] - The company has no foreseeable major risks, having established measures to effectively manage various types of risks, including credit and market risks[109] Community Engagement and Social Responsibility - The company aims to integrate financial services into social governance, enhancing its role in community development and rural revitalization[7] - The company has a long-standing commitment to social responsibility, reflected in its various community engagement initiatives[8] - The company has established 380 agricultural service points and collaborated with 63 government departments to enhance community financial services[39] - The bank has set up 380 rural service points and collaborated with 475 party organizations to promote inclusive finance, demonstrating a commitment to community engagement[112] Digital Transformation - The bank is focused on digital credit products, expanding its reach across urban and rural areas[15] - The bank has completed the construction of a low-code platform to strengthen technological support and enhance data application capabilities[87] - The bank's strategy emphasizes differentiated and comprehensive operations, targeting various customer segments including new citizens and blue-collar workers[85] - The company's core competitiveness is reflected in its digital transformation strategy, aiming to establish a "digital bank" through a three-step approach, enhancing digital infrastructure and customer operations[105] - The bank has established a digital customer operation system, integrating various data analysis methods to enhance customer engagement and service delivery[106] Shareholder and Corporate Governance - The company has appointed Lixin Accounting Firm as the auditor for the 2023 financial report and internal control audit[129] - The top ten shareholders have not changed significantly compared to the previous period, with the largest shareholder being Tian Sheng Investment[150] - The limited sale condition for the shares held by Tian Sheng Investment will expire in June 2024, allowing for potential market activity[151] - The company has no shares under pledge as of the report date[157] - The bank's supervisory committee held 9 meetings in 2023, reviewing 47 proposals[167] Economic Environment - In 2023, China's GDP grew by 5.2%, with Zhejiang province's GDP increasing by 6%, indicating a favorable economic environment for the bank's operations[102]

证券研究报告 | 年报点评报告 息差环比降幅收窄，非息支撑下收入增长提速 1）利息净收入：全年同比下降 4.2%（增速环比降 2.2pc），其中净息差 环比下降 2bps 至 1.73%，降幅收窄明显（三季报下降 11bps）。预计一 方面小微发放利率降幅收窄（2023 年全国新发放普惠小微贷款利率 4.78%，较前三季度降 2bps），另一方面 Q4 票据减少 21 亿并转化为一 般对公贷款，对收益率也有一定支撑。 规模：零售需求偏弱，对公贷款结构改善。 2）零售资产质量波动下，逾期率有一定抬升：逾期率年末达到 1.84%， 较中报提升 0.95pc，预计主要是零售领域资产质量波动，年末零售不良率 达到 1.49%，较中报提升 0.28pc。但拆分来看，下半年增加的 10.9 亿逾 期贷款中，7.7 亿为新增的逾期 3 个月以内抵质押贷款（占比 70%）， 预计主要是经济环境影响下的短期波动，整体资产质量仍可控。 买入（维持） 股票信息 行业 农商行 前次评级 买入 3 月 27 日收盘价(元) 5.05 总市值(百万元) 9,908.92 总股本(百万股) 1,962.16 其中自由流通股(%) 40.2 ...

绿色银行 数字银行 科技赋能，打造优质服务 聚力双碳，深化绿色发展 人才银行 以人为本，携手员工成长 社区银行 回馈社会，共建美好家园 1 关于本报告 报告简介 本报吿旨在响应利益相关方期望，系统披露浙江绍兴瑞丰农村商业银行股份有限公司在 2023 年积极承担经济、 社会和环境责任方面的活动及表现。 时间范围 本报告为年度报告，除特别说明外，时间跨度为 2023 年 1 月 1 日至 12 月 31 日，部分内容可能超出上述时间范围。 联系方式 组织范围 除另有说明外，本报告涵盖浙江绍兴瑞丰农村商业银行股份有限公司，包括其所有分支机构、子公司。 编制标准 本报告参照上海证券交易所（以下简称"上交所"）发布的《上海证券交易所上市公司自律监管指引第 1 号―― 规范运作》（以下简称"自律监管指引第 1 号"）编制，部分参考了联合国可持续发展目标（Sustainable Development Goals）、全球倡议组织（Global Reporting Initiative）发布的《可持续发展报告指南》（GRI Standards）及香港交易及结算所有限公司发布的《环境、社会及管治报告指引》。 称谓说明 为便于表 ...