瑞丰银行 海通综指 16.30% 11.30% 6.30% 1.30% -3.70% -8.70% 2023/7 2023/10 2024/1 2024/4 沪 300 对比 1M 2M 3M 绝对涨幅（%） 2.5 -7.3 1.0 相对涨幅（%） 3.2 -3.1 2.4 资料来源：海通证券研究所 [Table_AuthorInfo] 单季度营收利润增速均在 15%左右。24Q2 单季度公司营收同比增长 14.5%，归 母净利润同比增长 16.2%，取得了稳定且快速的业绩增长，我们认为预计在同业 排名靠前。24H1 年化加权平均 ROE 为 19.68%，同比提升 0.6pct。 风险提示：企业偿债能力下降，资产质量大幅恶化；金融监管政策出现重大变化。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|---------------------------|---------------------|-------|---------------------|-------- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.6 CNY, indicating a potential upside from the current price of 4.93 CNY [17][29]. Core Insights - The company achieved a revenue of 2.174 billion CNY in the first half of 2024, reflecting a year-on-year growth of 14.9%. The net profit attributable to shareholders reached 843 million CNY, marking a 15.5% increase [15][17]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 0.97% and a provision coverage ratio increasing to 323.8% [15][17]. - The report anticipates continued high growth in revenue and profit, projecting a revenue growth rate of 6.71% for 2024 and net profit growth of 11.07% for the same year [15][29]. Financial Performance Summary - **Revenue**: The company reported a total revenue of 3.803 billion CNY in 2023, with a year-on-year growth of 7.88% [3][31]. - **Net Profit**: The net profit attributable to shareholders was 1.727 billion CNY in 2023, reflecting a growth of 12.98% [3][31]. - **Key Ratios**: The net interest margin stood at 1.72%, with a loan yield of 4.82% and a cost-to-income ratio of 34.70% [3][10]. Asset Quality Metrics - **NPL Ratio**: The non-performing loan ratio was reported at 0.97%, indicating stable asset quality [15][36]. - **Provision Coverage Ratio**: The provision coverage ratio improved to 323.8%, suggesting strong risk management practices [15][36]. Future Outlook - The bank is expected to benefit from a recovering economy, with anticipated growth in credit demand, particularly in the textile sector during the upcoming peak season [15][17]. - The report projects revenue growth rates of 6.71%, 10.57%, and 14.48% for the years 2024, 2025, and 2026, respectively, alongside net profit growth rates of 11.07%, 11.36%, and 13.46% for the same periods [15][31].

Investment Rating - The investment rating for Ruifeng Bank (601528) is "Buy" (maintained) [14] Core Views - Ruifeng Bank has shown strong revenue and profit growth, with a year-on-year increase of 14.9% in revenue and 15.48% in net profit attributable to shareholders in the first half of 2024 [14] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.97%, and the ability to absorb risks has marginally improved [15] - The bank's capital adequacy ratio is among the top tier of listed banks, and it is expected to enter an internal growth cycle through investments in peer banks [15] Financial Performance Summary - In the first half of 2024, Ruifeng Bank's total assets, loans, and deposits grew by 10.79%, 8.93%, and 11.52% year-on-year, respectively [14] - The bank's net interest income for 2024 is projected to be 3,218 million, with a year-on-year growth of 5.36% [17] - The return on equity (ROE) is expected to improve to 11.16% in 2024, up from 10.57% in 2023 [16] Revenue and Profit Forecast - Revenue is forecasted to grow by 8.43% in 2024, 8.23% in 2025, and 7.96% in 2026 [15] - Net profit attributable to shareholders is expected to increase by 12.45% in 2024, 10.44% in 2025, and 10.47% in 2026 [15] Risk and Market Conditions - The bank faces interest rate risks due to a continuous decline in market interest rates and increased competition for quality assets, leading to a narrowing interest margin [3] - The economic environment poses risks, including potential deterioration in asset quality due to significant macroeconomic and regional downturns [3]

瑞丰银行（601528.SH） 优于大市 浙江省目前唯一上市农商行，业务空间广阔且 ROE 中枢有望抬升。瑞丰银行 总部位于浙江省绍兴市柯桥区，现已形成"一基四箭"区域经营格局，柯桥 区是基本盘，越城、义乌、滨海和嵊州是加速布局的四大增长区域。另外， 公司通过积极参股收购实现空间拓源，已持有永康农商和苍南农商 6.96%和 7.58%的股权，且在积极推进新收购。业务层面上，不断深化大零售转型， 以贷款为钩子产品，做深综合化经营，大财富管理经营成效明显。2024 年上半年公司营收和归母净利润同比分别增长 14.9%和 15.5%。 区域经济和体制优势突出，构建瑞丰特色的普惠金融模式，浙江农信小微标 杆。（1）区域经济：2023 年柯桥区位列全国综合实力百强区第九。柯 桥区素有"国际纺都"美誉，民营经济发达，2022 年末个体工商户 10.65 万户，私营企业 6.47 万家。（2）浙江农信系统体制优势：2022 年浙江 农商联合银行成立，由下辖 82 家农商行参股，能发挥"小银行、大平 台"优势。（3）瑞丰银行坚持做小做散定位，构建瑞丰特色的普惠金 融模式：公司小微企业贷款和个人经营性贷款占贷款总额的约 60% ...

瑞丰银行（ [Table_StockNameRptType] 601528） 公司研究/公司点评 营收利润双高增，风险递补能力边际提升 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.50 [2][12]. Core Views - The company's operating performance is stable, with a year-on-year increase in operating income and net profit of 14.9% and 15.5% respectively for the first half of 2024 [1][11]. - The company is focusing on supporting small and micro enterprises and enhancing its asset quality, which has shown marginal improvement [1][12]. - The forecasted EPS for 2024-2026 is RMB 0.99, 1.14, and 1.33 respectively, with a predicted BVPS of RMB 9.28 for 2024, corresponding to a PB of 0.51 times [1][11]. Summary by Sections Financial Performance - For the first half of 2024, the company reported operating income of RMB 4,070 million and net profit of RMB 1,941 million, with growth rates of 7.01% and 12.36% respectively [13]. - The total assets, loans, and deposits as of June 2024 showed year-on-year growth rates of 10.8%, 8.9%, and 11.5% respectively [11]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.97% as of June 2024, with a provision coverage ratio of 324%, indicating enhanced risk resilience [11][12]. - The company is expected to maintain a stable NPL ratio, with improvements anticipated as the economy gradually recovers [11][12]. Strategic Positioning - The company is committed to a dual growth strategy focusing on both internal growth through retail transformation and external growth via equity investments [12]. - Recent investments include acquiring a 2.58% stake in Cangnan Rural Commercial Bank, enhancing its position as the largest shareholder [12].

上 市 公 司 证 券 研 究 报 告 银行 2024 年 07 月 17 日 瑞丰银行 (601528) | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 07 月 17 日 | | 收盘价（元） | 4.74 | | 一年内最高/最低（元） | 6.44/4.56 | | 市净率 | 0.5 | | 息率（分红/股价） | 3.80 | | 流通 A 股市值（百万元） | 8,084 | | 上证指数/深证成指 | 2,962.85/8,835.14 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 8.74 | | 资产负债率 % | 91.58 | | 总股本 /流通 A 股( 百万 ) | 1,962/1,705 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-1708-1709-1710-1711-1712-1701- ...

Financial Performance - For the first half of 2024, the company achieved operating income of RMB 2,174 million, a year-on-year increase of 14.90%[5] - The net profit attributable to shareholders was RMB 843 million, reflecting a growth of 15.48% compared to the same period in 2023[5] - Basic earnings per share for the first half of 2024 were RMB 0.43, up 16.22% from RMB 0.37 in the same period last year[5] - The weighted average return on equity was 9.84%, an increase of 0.30 percentage points compared to 9.54% in 2023[5] Assets and Liabilities - As of June 30, 2024, total assets reached RMB 210,395 million, up 6.86% from the beginning of the year[6] - Total loans amounted to RMB 121,696 million, representing a growth of 7.33% year-to-date[6] - Total deposits increased to RMB 159,160 million, marking a 10.37% rise since the start of the year[6] Loan Quality - The non-performing loan ratio remained stable at 0.97%, unchanged from the beginning of the year[6] - The provision coverage ratio improved to 323.79%, an increase of 19.67 percentage points from the previous year[6] Cautionary Note - The company warns that the financial data presented is preliminary and may differ from the final report, with expected discrepancies not exceeding 10%[6]

Group 1: Investor Relations Activities - The bank held multiple investor relations activities, including broker strategy meetings and specific object research sessions, on June 19, 2024, with various financial institutions participating [1][2][3][4][5] - Notable participants included Everbright Securities, Minsheng Securities, and Huatai Securities Asset Management [1][2][3][4][5] Group 2: Financial Performance Insights - The bank's net interest margin has been declining since 2023 due to market competition and lower loan pricing, with a significant drop in the re-pricing rates of existing loans [3] - The bank's deposit growth has outpaced loan growth, leading to an increased proportion of financial assets in total assets, which has diluted net interest income [3] Group 3: Future Strategies - The bank plans to enhance interest margin control by adjusting the structure of assets and liabilities, optimizing pricing management, and improving liquidity management [4] - In 2024, the bank aims to focus on high-quality development, supporting rural revitalization and advanced manufacturing sectors, while also enhancing financial services in key areas such as technology innovation and green finance [4] Group 4: Recent Developments - In June 2024, the bank acquired 2,693.2478 million shares of Cangnan Rural Commercial Bank, increasing its stake to 7.58%, making it a major shareholder [5] - The bank's investment decisions are based on the profitability, asset quality, and pricing of potential investment targets, following a rigorous decision-making process [5]

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-025 首次公开发行部分限售股上市流通公告 浙江绍兴瑞丰农村商业银行股份有限公司 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"瑞丰银行"） 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： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 915,074,442 股。 本次股票上市流通总数为 915,074,442 股。 本次股票上市流通日期为 2024 年 6 月 25 日。 一、本次限售股上市类型:首次公开发行限售股 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙江绍兴 瑞丰农村商业银行股份有限公司首次公开发行股票的批复》（证监许可[2021]1588 号）核准，本行首次公开发行人民币普通股（A 股）150,935,492 股，并于 2021 年 6 月 25 日在上海证券交易所挂牌上市。本行首次公开发行前总股本为 1,358,419,427 股，首次公开发行后总股本为 1,509,354,919 股。 本次 ...