证券研究报告 瑞丰银行 (601528 CH) 资产平稳扩张，成本费用优化 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 区域性银行 | 瑞丰银行 2025 年 1-3 月归母净利润、营业收入分别同比+6.7%、+5.1%， 增速分别较 2024 年-4.6pct、-10.2pct。1-3 月年化 ROE、ROA 分别同比 -0.46pct、-0.04pct 至 8.96%、0.76%。Q1 主要亮点包括：息差韧性凸显， 账面不良率保持平稳、拨备水平提升；而其他非息增速有所回落。我们认为 公司战略转型切实有效、业务拓展空间广阔，维持买入评级。 信贷结构优化，息差韧性凸显 3 月末总资产、贷款、存款增速分别为+11.1%、+11.7%、+13.7%，分别较 24 年末-0.9pct、-3.8pct、+0.8pct，开门红营销前置后 Q1 信贷投放增速放 缓，但结构较优。Q1 净新增贷款 58 亿元，其中零售/对公/票据分别占 6%/86%/9%。净息差较 24A 下行 4bp 至 1.46%，年初重定价压力下 ...

Investment Rating - The report maintains a "Recommended" rating for Ruifeng Bank with a target price of 6.86 CNY [2][7]. Core Views - Ruifeng Bank's Q1 2025 results show stable asset quality and a recovery in net interest margin, with a year-on-year revenue growth of 5.12% and a net profit increase of 6.69% [2][7]. - The bank's non-performing loan ratio remains stable at 0.97%, while the provision coverage ratio has increased to 326% [2][7]. - The report highlights the bank's solid growth in retail loans and an improved loan structure, despite a slight slowdown in overall loan growth [7]. Financial Performance Summary - Q1 2025 revenue reached 1.109 billion CNY, with a year-on-year increase of 5.12% [2][7]. - Operating profit for the same period was 396 million CNY, up 4.04% year-on-year [2][7]. - Net profit attributable to shareholders was 424 million CNY, reflecting a 6.69% increase year-on-year [2][7]. - The bank's interest income grew by 2.68% year-on-year, indicating a recovery in net interest income [7]. Asset Quality and Loan Growth - The bank's total interest-earning assets grew by 11.4% year-on-year, with loans increasing by 11.7% [7]. - The report notes a decrease in corporate loan growth, while retail loans continue to show strong performance [7]. - The non-performing loan ratio remained stable at 0.97%, with a slight increase in the net generation rate of non-performing loans [10][12]. Cost and Efficiency Metrics - The cost-to-income ratio improved to 27.27%, down 3.2 percentage points year-on-year [7]. - The bank successfully reduced the cost of liabilities, with the interest-bearing liability cost rate decreasing to 1.97% [7]. Future Outlook - The report projects revenue growth rates of 5.4%, 8.1%, and 11.9% for 2025, 2026, and 2027 respectively [7]. - Net profit growth is expected to be 8.4%, 10.7%, and 11.1% for the same years [7]. - The bank's valuation is currently at 0.51 times the 2025 price-to-book ratio, with a target price set at 0.67 times [7].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company's Q1 2025 earnings show resilience, with a slight recovery in net interest margin, while other non-interest income has been a drag [1] - Revenue for Q1 2025 increased by 5.1% year-on-year, but the growth rate slowed by 10.2 percentage points compared to 2024 [2][3] - Net profit attributable to shareholders grew by 6.7% year-on-year, with a slowdown of 4.6 percentage points compared to 2024 [2][3] - The non-performing loan ratio remained stable at 0.97% at the end of Q1 2025, while the provision coverage ratio increased to 326%, up by 5.2 percentage points from the end of 2024 [2][5] Revenue Overview - Revenue growth has slowed due to a deceleration in asset expansion and fluctuations in other non-interest income [3] - Total assets grew by 11.1% year-on-year, with loans increasing by 11.7%, although the growth rates have decreased compared to the end of 2024 [3] - The net interest margin for Q1 2025 was 1.45%, up by 5 basis points from the previous quarter, supported by improved funding costs [4] Asset Quality - The non-performing loan ratio remained unchanged at 0.97%, while the attention loan ratio increased slightly to 1.54% [5] - The true non-performing loan generation rate for Q1 2025 was 0.98%, showing a slight increase [5] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is expected to grow by 6.2% in 2025, 7.1% in 2026, and 8.2% in 2027, with corresponding book values per share of 10.24, 11.14, and 12.11 yuan [6] - The target price is set at 6.48 yuan per share, indicating a potential upside of 23% based on a price-to-book ratio of 0.63 for 2025 [6]

瑞丰银行董事长为吴智晖，行长为陈钢梁。2024年，两人领取薪酬分别为166.5万元、158.2万元。 瑞财经 王敏 4月28日，浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"瑞丰银行"）发布2025年第 一季度报告。 | | | | 单位:千元 币种:人民币 | | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 | | | | | | 增减变动幅度(%) | | | 营业收入 | 1. 108. 669 | 1, 054, 624 | | 5.12 | | 归属于上市公司股东的净利润 | 424, 313 | 397, 694 | | 6. 69 | | 归属于上市公司股东的扣除非经常 | 428, 492 | 393. 995 | | 8.76 | | 性损益的净利润 | | | | | | 经营活动产生的现金流量净额 | 5, 105, 729 | -4. 095. 167 | | 224. 68 | | 基本每股收益(元/股) | 0. 22 | 0. 20 | | 10. 00 | | 扣除非经常性损益后的基本每股收 | ...

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [6] Core Views - Ruifeng Bank's Q1 2025 performance shows revenue of 1.11 billion yuan, a year-on-year increase of 5.12%, and a net profit attributable to shareholders of 420 million yuan, up 6.69% year-on-year [1][2] - The bank's net interest margin decline has narrowed significantly, with a net interest margin of 1.46%, down 4 basis points from the previous year [2] - Asset quality is further solidified, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 326.08%, both stable or improved compared to the previous year [3] Performance Summary - **Revenue and Profit Growth**: In Q1 2025, revenue and net profit growth rates were 5.12% and 6.69%, respectively, showing a decrease of 10.2 percentage points and 4.6 percentage points compared to 2024 [2] - **Net Interest Income**: Increased by 2.68% year-on-year, with a notable improvement in the growth rate compared to 2024 [2] - **Non-Interest Income**: Grew by 11.43% year-on-year, with investment net income rising by 23.01% despite a loss of 130 million yuan from fair value changes [2] Asset Quality - **Non-Performing Loan Ratio**: Remained stable at 0.97%, with a focus rate increase of 9 basis points [3] - **Provision Coverage Ratio**: Increased by 5.2 percentage points to 326.08%, indicating stronger asset quality management [3] Asset and Liability Management - **Asset Growth**: Total assets and loans reached 229.3 billion yuan and 136.8 billion yuan, respectively, with year-on-year growth of 11.07% and 11.67% [4] - **Deposit Growth**: Total deposits increased by 13.83% year-on-year, with a net increase of 8.7 billion yuan in Q1 2025, primarily from personal time deposits [4] Investment Outlook - The report suggests that Ruifeng Bank is positioned for stable loan growth in its region, with potential for market share improvement and continued asset quality enhancement, leading to sustained performance ahead of peers [4]

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [6]. Core Views - Ruifeng Bank's Q1 2025 performance shows revenue of 1.11 billion yuan, a year-on-year increase of 5.12%, and a net profit attributable to shareholders of 420 million yuan, up 6.69% year-on-year. The non-performing loan ratio and provision coverage ratio at the end of Q1 2025 were 0.97% and 326.08%, respectively, remaining stable and improving by 5.2 percentage points compared to the end of the previous year [1][2]. Performance Summary - **Revenue and Profit Growth**: In Q1 2025, operating revenue and net profit attributable to shareholders grew by 5.12% and 6.69% year-on-year, with respective declines of 10.2 percentage points and 4.6 percentage points compared to 2024. The net interest income increased by 2.68% year-on-year, with a net interest margin of 1.46%, down 4 basis points from the previous year [2]. - **Asset Quality**: The non-performing loan ratio remained at 0.97%, while the attention loan ratio increased by 9 basis points to 1.54%. The provision coverage ratio improved by 5.2 percentage points to 326.08% [3]. - **Asset and Liability Growth**: Total assets and loans at the end of Q1 2025 were 229.3 billion yuan and 136.8 billion yuan, respectively, with year-on-year growth of 11.07% and 11.67%. Deposits increased by 13.83% year-on-year, primarily driven by personal time deposits [4]. Financial Projections - Revenue and profit growth rates for 2025 are projected at 9.98% and 8.24%, respectively. The report anticipates continued stable growth in loans within the region and an increase in market share for Ruifeng Bank, alongside improvements in asset quality, which may enhance profit potential [4][5].

本行于 2025 年 4 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 五届监事会第三次会议的通知。本次会议于 2025 年 4 月 28 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》（以下简称"《公司法》"）等法律 法规及《公司章程》的有关规定。 本次会议审议并通过了以下议案： 一、2025年第一季度报告 证券代码：601528 证券简称：瑞丰银行 公告编号：2025-015 浙江绍兴瑞丰农村商业银行股份有限公司 第五届监事会第三次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"或"公司"） 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。 监事会出具如下审核意见： （一）本行《2025 年第一季度报告》的编制和审议程序符合《公司法》等 法律、法规以及《公司章程》和相关内部管理制度的规定； （二）本行《2025 年第一季度报告》的内容和格式符合中国证券监督管理 委员会和上海证券交易所的各项规定，所含信息真实 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2025-014 浙江绍兴瑞丰农村商业银行股份有限公司 第五届董事会第三次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"或"公司"） 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 2025 年 4 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 五届董事会第三次会议的通知，会议于 2025 年 4 月 28 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。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》等法律法规及本行《章程》的有关规定。 本次会议审议并通过了以下议案： 一、2025年第一季度报告 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 2025 年第一季度报告》。 表决结果：同意 16 票，反对 0 票，弃权 0 票。 二、制定《 ...

浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"或"公司"）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： 每股分配比例 证券代码：601528 证券简称：瑞丰银行 公告编号：2025-013 浙江绍兴瑞丰农村商业银行股份有限公司2024年年度 权益分派实施公告 A 股每股现金红利0.20元（含税） 相关日期 | 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 | 2025/5/8 | － | 2025/5/9 | 2025/5/9 | 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公司2025 年 4 月 18 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024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： 1 ...

Financial Performance - The company's operating income for Q1 2025 was CNY 1,108,669,000, representing a 5.12% increase compared to CNY 1,054,624,000 in the same period last year[5] - Net profit attributable to shareholders for Q1 2025 was CNY 424,313,000, up 6.69% from CNY 397,694,000 year-over-year[5] - The bank's basic earnings per share for Q1 2025 was CNY 0.22, reflecting a 10.00% increase from CNY 0.20 in the same quarter last year[5] - Net profit for Q1 2025 reached CNY 419,101 thousand, compared to CNY 393,416 thousand in Q1 2024, reflecting an increase of about 6.5%[31] - Operating profit for Q1 2025 was CNY 382,654 thousand, compared to CNY 369,876 thousand in Q1 2024, reflecting an increase of approximately 3.8%[31] Cash Flow - The net cash flow from operating activities increased significantly to CNY 5,105,729,000, a 224.68% improvement from a negative cash flow of CNY -4,095,167,000 in the previous year[5] - The bank's cash flow from operating activities generated a net amount of CNY 5,361,230 thousand in Q1 2025, a significant recovery from a net outflow of CNY 4,169,381 thousand in Q1 2024[33] - The net increase in cash and cash equivalents was -383,024, an improvement from -4,451,082 year-over-year[34] - The beginning balance of cash and cash equivalents was 6,476,066, down from 11,827,715 in the previous year[34] - The ending balance of cash and cash equivalents stood at 6,093,042, compared to 7,376,633 in the same quarter last year[34] Assets and Liabilities - Total assets at the end of Q1 2025 reached CNY 229,342,867,000, marking a 4.01% increase from CNY 220,502,889,000 at the end of the previous year[5] - The total liabilities as of March 31, 2025, were RMB 210,218,191,000, compared to RMB 201,276,705,000 at the end of 2024[23] - The total equity attributable to shareholders as of March 31, 2025, was RMB 18,861,786,000, a slight decrease from RMB 18,968,035,000 at the end of 2024[23] - The total assets as of March 31, 2025, amounted to RMB 229,342,867,000, an increase from RMB 220,502,889,000 as of December 31, 2024[22] - The total liabilities rose to CNY 205,000,904 thousand as of March 31, 2025, from CNY 196,639,040 thousand at the end of 2024, marking an increase of approximately 4.4%[29] Shareholder Information - The total number of common shareholders at the end of the reporting period was 32,175[18] - The top 10 shareholders hold a total of 8.10% of shares, with Zhejiang Keqiao Transformation Upgrade Industry Fund Co., Ltd. holding 158,934,976 shares[18] Ratios and Performance Metrics - The non-performing loan ratio remained stable at 0.97% as of March 31, 2025, unchanged from December 31, 2024[12] - The capital adequacy ratio as of March 31, 2025, was 14.05%, down from 14.87% at the end of the previous year[13] - The liquidity coverage ratio decreased to 129.23% from 190.60% at the end of 2024, indicating a reduction in the bank's liquidity buffer[17] - The weighted average return on equity decreased to 8.96%, down 0.46 percentage points from 9.42% in the previous year[5] Income and Expenses - Net interest income rose to RMB 780,432, up from RMB 760,069, reflecting a growth of 2.0% year-over-year[25] - The bank's total expenses for Q1 2025 were RMB 712,780, an increase from RMB 674,093 in Q1 2024, reflecting a growth of 5.7%[25] - The bank's interest income for Q1 2025 was CNY 1,710,722 thousand, down from CNY 1,732,013 thousand in Q1 2024, indicating a decrease of approximately 1.2%[31] - Investment income rose to RMB 414,347, compared to RMB 336,849, marking a 23.0% increase year-over-year[25] - The bank's investment income for Q1 2025 was CNY 414,347 thousand, up from CNY 336,849 thousand in Q1 2024, representing a growth of about 23%[31]