Financial Performance - The bank achieved an operating income of 3.322 billion yuan, a year-on-year increase of 14.67% [9] - The net profit attributable to shareholders reached 1.442 billion yuan, reflecting a year-on-year growth of 14.57% [9] - The bank's revenue growth rate ranks among the top in the industry [9] Asset Quality - As of September 2024, the non-performing loan (NPL) ratio stood at 0.97%, unchanged from the beginning of the year [7] - The provision coverage ratio improved to 329.96%, an increase of 25.84 percentage points from the start of the year [7] Risk Management - The bank emphasizes compliance and risk management across credit, market, and operational risks [11] - Strategies include enhancing digital risk control, accelerating risk disposal, and strengthening team building [11] - The bank has implemented a comprehensive risk management approach to maintain asset quality [12] Strategic Initiatives - The bank plans to deepen its transformation in retail and digital sectors, focusing on small and specialized services [7] - It aims to optimize its asset-liability structure and enhance pricing management to adapt to recent financial policies [16] - The bank is committed to developing its wealth management business through product innovation and service optimization [19] Future Outlook - The bank anticipates a favorable environment for growth as national economic policies take effect [15] - It aims to create more value for shareholders, customers, employees, and stakeholders by enhancing its core competitiveness [21]

Investment Rating - The report assigns a **Buy** rating to Ruifeng Bank (601528 SH) with a target price of **6 53 yuan** per share, compared to the current price of **5 33 yuan** [2] Core Views - Ruifeng Bank has a strong foothold in the Shaoxing Keqiao District, with its business extending to Yuecheng District, Shengzhou City, and Yiwu City in Jinhua The region's robust GDP and active private economy provide fertile ground for small and micro-enterprise (SME) business development [2] - The bank has built a deep moat in SME services through innovative models such as the "Enterprise Credit Database" and the "Three Divides, Three Looks, and Three Weights" approach, which have effectively countered competition from larger banks [2] - Ruifeng Bank's SME loans grew by **15 4% YoY** in Q2 2024, with SME loans accounting for **39 91%** of total loans, ranking second among listed rural commercial banks [2] - The bank's merger and acquisition (M&A) strategy has enhanced profitability By acquiring stakes in Yongkang and Cangnan Rural Commercial Banks, Ruifeng Bank has boosted its ROE by **0 4 PCT** and **0 3 PCT**, respectively, in 2024 [3] - The bank's ROA is at the mid-level among rural commercial banks, supported by higher interest income, non-interest income, and lower operating costs [3] - Ruifeng Bank's asset quality remains stable, with a non-performing loan (NPL) ratio of **0 97%** for four consecutive quarters and a steadily increasing provision coverage ratio [3] Regional Advantages - Ruifeng Bank is deeply rooted in the Keqiao District, which is the largest textile industry cluster in China The district's industrial transformation and the construction of SME industrial parks provide a solid foundation for sustainable credit growth [2] - The bank's business extends to Yuecheng District, Shengzhou City, and Yiwu City, with Keqiao contributing **78 86%** of operating income and **57 64%** of operating profit in H1 2024 [50] - The bank's deposit and loan market share in Keqiao reached **32 26%** and **20 34%**, respectively, in 2023, significantly higher than its average market share in Shaoxing [50] SME Business Model - Ruifeng Bank has developed a unique SME model, combining the "Enterprise Credit Database" with the "Three Divides, Three Looks, and Three Weights" approach This model ensures efficient credit assessment and loan approval for SMEs [92] - The bank has also implemented the "One Township, One City, One Market" model, which caters to the diverse financial needs of rural, urban, and market-based SMEs [92] - The "Hundred Parks Project" has established service stations in 100 SME industrial parks, providing grid-based, mobile, and professional services to fill service gaps [93] Financial Performance - Ruifeng Bank's net profit is expected to grow by **12 52%** and **10 32%** in 2024 and 2025, respectively, with EPS of **0 99 yuan** and **1 09 yuan** per share [3] - The bank's current valuation is **5 38X** and **4 88X** PE for 2024 and 2025, respectively, with a PB of **0 57X** and **0 52X** [3] - The report values Ruifeng Bank at **0 7X PB** for 2024, corresponding to a target price of **6 53 yuan** per share [3]

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-040 浙江绍兴瑞丰农村商业银行股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 本行已于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披 露本行 2024 年第三季度报告，为便于广大投资者更全面深入地了解本行经营成 果、财务状况，本行计划于 2024 年 11 月 19 日(星期二)上午 9:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 本次投资者说明会以网络互动形式召开，本行将针对 2024 年第三季度经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 1 会议召开时间：2024 年 11 月 19 日(星期二) 上午 9:00-10:00 ...

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [4][6]. Core Views - Ruifeng Bank's performance in the first three quarters of 2024 shows a revenue of 3.3 billion yuan, with a year-on-year growth rate of 14.7%, and a net profit attributable to shareholders of 1.4 billion yuan, also growing by 14.6% year-on-year [1][2]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 329.96% as of the end of Q3 2024, indicating a solid buffer against potential loan losses [1][3]. Financial Performance - Revenue and net profit growth rates for Q1-Q3 2024 are 14.7% and 14.6%, respectively, showing a slight decline compared to H1 2024 [2]. - Net interest income decreased by 1.3% year-on-year, but the decline has narrowed compared to the first half of 2024, with a net interest margin of 1.52% [2]. - Non-interest income surged by 77.9%, driven primarily by other non-interest income, which grew by 73.5% [2]. Asset Quality - As of Q3 2024, the bank's non-performing loan ratio and attention loan ratio remained stable at 0.97% and 1.56%, respectively [3]. - The provision coverage ratio increased by 6.2 percentage points from Q2 2024, with a cumulative increase of 25.8 percentage points throughout 2024 [3]. Asset and Liability Management - Total assets and total loans grew by 9.88% and 9.85% year-on-year, respectively, with a net increase in loans of 3.3 billion yuan in Q3 2024 [4]. - Total liabilities and total deposits increased by 9.8% and 8.1% year-on-year, but there was a net decrease in deposits of 4.8 billion yuan in Q3 2024, primarily due to a reduction in corporate demand deposits [4]. Future Outlook - The bank is expected to maintain a leading growth rate in the industry, with a projected narrowing of the interest margin decline for the full year [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a strong revenue growth trend, leading the listed banks with a year-on-year revenue increase of 14.67% and a net profit increase of 14.57% for the first three quarters of 2024 [1] - Non-interest income has significantly contributed to the overall performance, with a remarkable year-on-year growth of 73.87% in other non-interest business, primarily driven by a substantial increase in investment income [1][5] - The asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 329.96%, indicating a solid safety cushion [4] Summary by Relevant Sections Financial Performance - For 1H24, the company maintained a high growth trend in both revenue and profit, with revenue and net profit growth rates of 14.67% and 14.57% respectively [1] - The company’s total assets, loans, and deposits grew by 9.88%, 9.51%, and 8.22% year-on-year in 3Q24, although the growth rates showed a slight slowdown compared to 1H24 [1][4] - The company’s net interest margin was 1.56% in 3Q24, slightly down from 1H24, but the decline in margin has narrowed over the past two quarters [1][4] Investment and Market Position - The company has a leading market share in the Shaoxing Keqiao area and has shown significant growth in other regions such as Yuecheng and Yiwu [5] - The company is well-positioned to benefit from the economic growth in Shaoxing Keqiao, with expectations of improved credit demand [5] - The company’s capital adequacy ratio is among the top tier of listed banks, which supports its growth and profitability [5] Future Outlook - The company is expected to maintain a robust growth trajectory, with projected revenue growth rates of 8.43%, 8.23%, and 7.96% for 2024-2026, and net profit growth rates of 12.45%, 10.44%, and 10.47% for the same period [5][7] - The company’s focus on small and micro retail customers is anticipated to mitigate risks associated with macroeconomic fluctuations [5]

Investment Rating - The report maintains a "Buy" rating for the company [6][11]. Core Views - The company achieved a revenue of 3.3 billion yuan in the first nine months of 2024, representing a year-on-year growth of 14.7%, which is the highest growth rate in its industry [6][7]. - The net profit attributable to shareholders for the same period was 1.44 billion yuan, also reflecting a year-on-year increase of 14.6% [6][7]. - The asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.97% and a provision coverage ratio increasing to 330% [6][11]. Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 3,525.00 in 2024E to 4,824.82 in 2026E, with a compound annual growth rate (CAGR) of approximately 6.31% [5]. - The net profit attributable to shareholders is expected to increase from 1,990.39 million yuan in 2024E to 2,495.25 million yuan in 2026E, with a CAGR of 12.27% [5]. - The return on equity (ROE) is forecasted to rise from 11.41% in 2024E to 11.83% in 2026E [5]. Revenue and Profitability Drivers - Non-interest income saw a significant increase of 78% year-on-year, contributing to the revenue growth, with approximately 110 million yuan recognized from subsidies for small and micro enterprises [7][8]. - Interest income faced pressure but the decline is narrowing, with a year-on-year decrease of 1.3% in the first nine months of 2024 [7][9]. - The cost-to-income ratio improved, decreasing by 3.7 percentage points to 27%, which positively impacted profit growth [7]. Loan and Asset Quality - Loan growth accelerated slightly, with a year-on-year increase of 9.8% in the third quarter of 2024 [9]. - The company continues to strengthen its provision reserves, with a year-to-date annualized NPL generation rate of 0.4% [11]. - The company has maintained a low NPL ratio and a strong provision coverage ratio, indicating robust risk management [11].

Investment Rating - The report maintains a "Recommend" rating for Ruifeng Bank (601528) with a target price of 6.73 yuan, compared to the current price of 5.09 yuan [1] Core Views - Ruifeng Bank achieved double-digit growth in revenue and profit, with stable net interest margins and improved asset quality in Q3 2024 [1] - The bank's revenue growth remained around 15%, driven by scale growth, stable net interest margins, and high growth in intermediate business income [1] - Despite a slight slowdown in net profit growth due to increased provisioning, the bank's asset quality improved, with the non-performing loan ratio remaining flat at 0.97% and the provision coverage ratio increasing by 6 percentage points to 330% [1] Financial Performance - In the first three quarters of 2024, Ruifeng Bank achieved operating revenue of 3.322 billion yuan, a year-on-year increase of 14.7%, and net profit attributable to the parent company of 1.442 billion yuan, a year-on-year increase of 14.6% [1] - The bank's net interest margin (NIM) slightly increased by 1 basis point to 1.52% in Q3 2024, mainly due to a significant decline in liability costs [1] - The bank's loan growth rate increased by 0.98 percentage points to 9.85% in Q3 2024, driven by improved demand for corporate and retail loans [1] Asset Quality - The non-performing loan ratio remained flat at 0.97% in Q3 2024, while the provision coverage ratio increased by 6 percentage points to 330% [1] - The bank's asset quality improved, with the non-performing loan generation rate and the attention rate declining by 55 basis points and remaining flat at 0.33% and 1.56%, respectively [1] Future Outlook - The report forecasts that Ruifeng Bank's revenue growth will be 6.7%, 6.4%, and 10.8% in 2024, 2025, and 2026, respectively, while net profit growth will be 10.8%, 9.4%, and 10.0% in the same period [1] - The bank is expected to benefit from the rapid growth of the export economy in Shaoxing's Keqiao and Yuecheng districts, optimization of loan structure, and investment in rural commercial banks in other regions [1] Valuation - The report values Ruifeng Bank at 0.67x PB for 2025, corresponding to a target price of 6.73 yuan [1] - The bank's current valuation is only 0.51x PB for 2025, indicating potential upside [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company has shown strong performance with a revenue of 3.322 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.67%. The net profit attributable to shareholders reached 1.442 billion yuan, also up by 14.57% year-on-year [1]. - The net interest margin decline has narrowed, with a reported net interest margin of 1.52%, down 23 basis points year-on-year, but showing improvement compared to the first half of the year [1]. - Non-interest income has continued to grow significantly, achieving 1.04 billion yuan in the first three quarters, a year-on-year increase of 77.9%, accounting for 31.3% of total revenue [1]. - The company has increased its provision for credit asset impairment losses by 47.9% year-on-year, resulting in a provision coverage ratio of 330%, which is an increase from the previous period [1]. Financial Performance Summary - For the first three quarters of 2024, the annualized weighted average ROE was 11.13%, up by 0.32 percentage points year-on-year [1]. - The total assets at the end of the period were 211.3 billion yuan, with total loans of 125 billion yuan and total deposits of 157.5 billion yuan, reflecting year-on-year growth of 7.3%, 9.8%, and 8.2% respectively [1]. - The company forecasts net profits for 2024-2026 to be 1.94 billion, 2.19 billion, and 2.51 billion yuan, corresponding to year-on-year growth rates of 12.1%, 12.9%, and 14.9% [1][4]. Valuation Metrics - The current stock price corresponds to PE ratios of 5.2x, 4.6x, and 4.0x for 2024-2026, and PB ratios of 0.55x, 0.50x, and 0.45x, indicating that the valuation is at a low level [1][4].

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-039 浙江绍兴瑞丰农村商业银行股份有限公司 第四届监事会第二十一次会议决议公告 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。 本行于 2024 年 10 月 18 日以电子邮件及书面方式向全体监事发出关于召开 第四届监事会第二十一次会议的通知。本次会议于 2024 年 10 月 30 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》等法律法规及本行《章 程》的有关规定。 会议审议通过了以下议案： 一、2024年第三季度报告 监事会出具如下审核意见： 浙江绍兴瑞丰农村商业银行股份有限公司监事会 2024 年 10 月 30 日 （二）本行《2024 年第三季度报告》的内容和格式符合中国证监会和上海证 券交易所的各项规定，所含信息真实、准确、完整地反映了本行报告期内的经营 成果和财务状况等事项； （三）监事会在提出本项意 ...

Financial Performance - Total operating income for Q3 2024 reached CNY 1,148,448,000, an increase of 14.30% year-on-year[4] - Net profit attributable to shareholders was CNY 599,059,000, reflecting a growth of 13.46% compared to the same period last year[4] - Basic earnings per share for Q3 2024 was CNY 0.30, an increase of 11.11% compared to the same period last year[4] - Net profit for the first three quarters of 2024 reached CNY 1,461,070 thousand, compared to CNY 1,273,351 thousand in the same period of 2023, reflecting a growth of about 14.7%[23] - Operating income for the first three quarters of 2024 was CNY 3,322,120 thousand, an increase from CNY 2,897,157 thousand in 2023, marking a rise of approximately 14.6%[22] - Basic earnings per share for the first three quarters of 2024 were CNY 0.73, up from CNY 0.64 in the same period of 2023, representing an increase of about 14.1%[24] - Total comprehensive income for the first three quarters of 2024 was CNY 1,624,460 thousand, compared to CNY 1,373,706 thousand in 2023, indicating an increase of about 18.3%[23] - The bank's total profit for the first three quarters was RMB 1,364,960, up 7.2% from RMB 1,273,466 in the same period of 2023[30] Asset and Liability Management - Total assets as of September 30, 2024, amounted to CNY 211,300,415,000, representing a 7.32% increase from the end of the previous year[6] - The bank's total liabilities amounted to CNY 193,164,862 thousand as of September 30, 2024, compared to CNY 180,018,437 thousand at the end of 2023, showing an increase of approximately 7.3%[21] - Total cash inflow from investment activities in the first three quarters of 2024 reached 77,942,291 thousand RMB, up from 33,623,631 thousand RMB in 2023, indicating a strong increase in investment recovery[26] - The adjusted on-balance and off-balance sheet asset balance was CNY 220,994,097 thousand as of September 30, 2024, slightly down from CNY 221,547,261 thousand at the end of June 2024[14] - Total assets increased to 206,050,632 thousand RMB as of September 30, 2024, compared to 193,385,797 thousand RMB at the end of 2023, reflecting growth in the company's asset base[28] - Total liabilities rose to 188,347,632 thousand RMB as of September 30, 2024, up from 176,920,126 thousand RMB at the end of 2023, indicating increased leverage[28] Capital Adequacy and Risk Management - The weighted average return on equity increased to 13.60%, up by 0.24 percentage points from the previous year[5] - The provision coverage ratio improved to 329.96%, up from 304.12% at the end of 2023, indicating better risk management[12] - The tier 1 capital adequacy ratio improved to 13.25% as of September 30, 2024, compared to 12.69% at the end of 2023, indicating a 4.41% increase[13] - The liquidity coverage ratio stood at 106.61% as of September 30, 2024, ensuring that the bank has sufficient high-quality liquid assets to cover net cash outflows[15] - The bank's capital adequacy ratios reflect a strong capital position, with the total capital adequacy ratio at 14.43% as of September 30, 2024, up from 13.88% at the end of 2023, showing a 3.96% increase[13] Shareholder Information - The number of ordinary shareholders reached 34,609 as of the end of the reporting period, indicating a stable shareholder base[16] - Zhejiang Keqiao Transformation and Upgrading Industry Fund Co., Ltd. became the largest shareholder, holding 158,934,976 shares, which is 8.10% of the total issued ordinary shares[17] - There were no changes in the top 10 shareholders or the top 10 unrestricted circulating shareholders due to securities lending activities during the reporting period[18] Cash Flow and Investment Activities - The company reported a net cash flow from operating activities of -CNY 3,444,193,000, a significant decrease of 119.69% year-on-year[4] - Net cash flow from operating activities for the first three quarters of 2024 was -3,444,193 thousand RMB, a significant decrease compared to 17,494,923 thousand RMB in the same period of 2023[25] - Cash flow from operating activities showed a net outflow of RMB 3,518,598, a significant decrease compared to a net inflow of RMB 17,486,685 in the same period of 2023[32] - Cash and cash equivalents at the end of Q3 2024 amounted to 8,350,978 thousand RMB, a decrease from 8,855,258 thousand RMB at the end of 2023[26] - Cash and cash equivalents at the end of the period were RMB 8,236,022, down from RMB 8,732,872 at the end of the same period last year[32] Income Sources - The net interest income for the first three quarters of 2024 was CNY 2,281,292 thousand, slightly down from CNY 2,312,223 thousand in 2023, indicating a decrease of about 1.3%[22] - The bank's investment income surged to CNY 779,418 thousand in the first three quarters of 2024, compared to CNY 265,365 thousand in 2023, reflecting a significant increase of approximately 194.5%[22] - Interest, fees, and commissions received in cash amounted to 5,679,297 thousand RMB in the first three quarters of 2024, compared to 5,121,623 thousand RMB in 2023, indicating a growth in revenue from these sources[25] - The company's total equity increased to 17,703,000 thousand RMB as of September 30, 2024, compared to 16,465,671 thousand RMB at the end of 2023, showing a positive trend in shareholder value[28]