中信建投证券股份有限公司 关于浙江绍兴瑞丰农村商业银行股份有限公司 首次公开发行部分限售股解禁上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为 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"或"发行人"） 首次公开发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规规定，对瑞丰银行首次公开发行部分限售股 解禁上市流通事项进行了认真、审慎的核查，发表核查意见如下： 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，瑞丰银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。瑞丰银行首次公开发行 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。 本次上市流通的限售股 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-024 浙江绍兴瑞丰农村商业银行股份有限公司 关于投资入股浙江苍南农村商业银行股份有限公司 进展的公告 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。 2023 年 8 月 22 日，本行第四届董事会第十五次会议审议通过了《投资入股 浙江苍南农村商业银行股份有限公司》的议案，同意通过协议转让、拍卖受让等 方式，受让浙江苍南农村商业银行股份有限公司（以下简称"苍南农商银行"） 的股份总额不超过其股本总额的 9.8%，最终认购事宜及认购数量以银行业监督 管理机构批复为准。具体授权高级管理层办理相关事宜。详见本行同日披露在上 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 公司第四届董事会第十五次会议决议公告》（2023-040）。 2023 年 12 月 14 日，本行通过拍卖受让股份方式受让完成苍南农商银行部 分法人股东所持股份 4,972.6506 万股（经苍南农商银行 20 ...

Investment Rating - The investment rating for the company is "Buy" (first coverage) [2]. Core Views - The report emphasizes that Zhejiang Rural Credit is at the forefront of reform, seizing policy opportunities to initiate shareholding reform, clarifying property rights, and promoting a healthy development landscape for commercial banks [2][3]. - The bank has a strong market position in Shaoxing Keqiao District, benefiting from the region's economic growth and industrial clustering effects, which are expected to enhance credit demand [3]. - The bank's asset quality is stable, focusing on small and micro retail clients, with risks from macroeconomic disturbances expected to be cleared quickly [3]. - The bank's capital adequacy ratio is among the top tier of listed banks, and it is expected to enter a period of internal growth by increasing profits and capital through investments in Zhejiang Rural Credit's sister banks [3]. Summary by Sections Company Overview - Ruifeng Bank, formerly Shaoxing County Credit Union, has been operating locally for over 70 years, developing specialized competitive advantages in textiles, small and micro enterprises, and agricultural finance [3][19]. - The bank has a total share capital of 1,962 million shares, with a market capitalization of 9.6 billion yuan [2]. Financial Performance - In Q1 2024, the bank's total assets increased by 13.76% year-on-year, and loans grew by 12.47% year-on-year [3]. - Revenue for 2023 was 3.804 billion yuan, with a projected growth of 8.43% in 2024, and net profit for 2023 was 1.727 billion yuan, with a forecasted growth of 12.45% in 2024 [17]. Market Position - Ruifeng Bank holds a leading market share in Shaoxing Keqiao District, with a loan market share of 20.34% and a deposit market share of 32.23% as of 2023 [3][74]. - The bank's strategy includes expanding its market presence in neighboring cities such as Yuecheng and Yiwu, leveraging its successful business model in Keqiao [3][77]. Growth Prospects - The report forecasts that the bank's operating income will grow by 8.43% in 2024, 8.23% in 2025, and 7.96% in 2026, with net profit growth of 12.45%, 10.44%, and 10.47% respectively [3][17]. - The bank's net interest margin is expected to improve significantly if credit demand recovers beyond expectations [3].

证券代码：601528 证券简称：瑞丰银行 浙江绍兴瑞丰农村商业银行股份有限公司 投资者关系活动记录表 投资者关系活动 序号 时间 活动形式 参与单位名称 上市公司接待人员姓名 类别 中泰证券、万家基金、上银基金、人保养 2024年5月6日 老、华安基金、默驰投资、宁泉资产、招 1 R券商策略会 现场会议 董事会秘书吴光伟 11：00-12：20 商基金、永赢基金、泰康资产、浙商基 金、财通资管、趣时资产、浙商资管 ...

近日，本行收到了《国家金融监督管理总局绍兴监管分局关于核准顾洁萍任 职资格的批复》（绍金复〔2024〕57 号）、《国家金融监督管理总局绍兴监管分局 关于核准孙同全任职资格的批复》（绍金复〔2024〕58 号），国家金融监督管理总 局绍兴监管分局核准了顾洁萍的本行董事任职资格和孙同全的本行独立董事任 职资格。 顾洁萍董事和孙同全独立董事的简历详见本行于 2024 年 4 月 11 日刊载于 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 2023 年年度股东大会会议资料》。 特此公告。 浙江绍兴瑞丰农村商业银行股份有限公司董事会 2024 年 5 月 31 日 1 证券代码：601528 证券简称：瑞丰银行 公告编号：2024-023 浙江绍兴瑞丰农村商业银行股份有限公司 关于董事任职资格获监管机构核准的公告 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。 ...

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 瑞丰银行（601528）公司季报点评 2024 年 05 月 16 日 两 位 数 增 长 ， 资 产 质 量 保 持 稳 定 》 2024.04.04 《瑞丰银行 2023 年半年报点评：对公贷 款带动扩表，中收转负为正》2023.08.26 《瑞丰银行 23 年中报业绩快报点评：Q2 营收利润增速双双回升，资产质量向好》 2023.07.21 | --- | |----------------------------| | 证书 :S0850515040002 | | 分析师 : 林加力 | | Tel:(021)23154395 | | Email:ljl12245@haitong.com | | 证书 :S0850518120003 | | 分析师 : 董栋梁 | | Tel:(021)23185697 | | Email:ddl13206@haitong.com | | 证书 :S0850523100001 | | 联系人 : 徐凝碧 | | Tel:(021)23185609 | | Email:xnb14607@haitong ...

与公司有关的信息披露 公司所有者的 ROE（考虑优先股及永续债）。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------|-------|-------|---------------------------|----------------------------|------------------------|-------|-------| | | | | | | 窄对营收的拖累也将趋于收敛 | | | | | | 2.4% | | | | | | | 4.3% | | | 2.3% | | | | | | | 4.1% | | | 2.2% | | | | | | | 3.9% | | | 2.1% | | | | | | 3.54% | 3.7% | | | | | | | | | | 3.5% | | | 1.9% 2.0% | | | | | | | 3.3% | | | | | | | | | | 3.1% | | | 1.8% | | | | | | | 2.9% | | | 1.7% | ...

证券代码：601528 证券简称：瑞丰银行 浙江绍兴瑞丰农村商业银行股份有限公司 投资者关系活动记录表 投资者关系活动 序号 时间 活动形式 参与单位名称 上市公司接待人员姓名 类别 董事会秘书吴光伟、董事 2024年4月2日 华泰证券、广发基金、民生加银基金、 1 R特定对象调研 现场会议 会办公室主任冯新红、证 10：00-11：30 中信证券 券事务代表曹驰 申万宏源证券、南方基金、汇丰晋信、 董事长吴智晖、行长陈钢 ...

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [9]. Core Views - Ruifeng Bank's Q1 2024 performance exceeded expectations, with a 15.3% year-on-year increase in operating income, a 5.6% increase in net interest income, and a 14.7% increase in net profit attributable to shareholders [1][3][10]. - The bank's non-performing loan ratio remained stable at 0.97%, with a provision coverage ratio of 304.8%, indicating strong asset quality [1][10]. - The bank's strategy of investing in high-quality small banks in Zhejiang is expected to enhance its return on equity (ROE) over the long term [3][10]. Summary by Sections Financial Performance - Operating income for Q1 2024 grew by 15.3% year-on-year, with net interest income increasing by 5.6% and net profit attributable to shareholders rising by 14.7% [1][3]. - The bank's net interest margin decreased by 13 basis points to 1.60%, but net interest income showed resilience due to a low base from the previous year [6][10]. - Non-interest income saw a significant increase of 47.3%, driven by favorable market conditions in the bond market [6][10]. Loan and Deposit Growth - Total loans increased by 8.0% compared to the beginning of the year, with a year-on-year increase of 31.9 billion yuan [9]. - Deposits grew by 4.4% from the beginning of the year, with savings deposits increasing by 5.4% [9]. Asset Quality - The non-performing loan ratio remained stable at 0.97%, and the provision coverage ratio improved by 0.7 percentage points to 304.8% [10]. - The bank employs a robust risk control model that assesses internal operational data to gauge substantive risks [10]. Investment Strategy - The bank has increased its stake in Yongkang Rural Commercial Bank and completed the acquisition of a stake in Cangnan Rural Commercial Bank, which is expected to bolster investment income [7][10]. - Future investments in high-quality small banks in Zhejiang are anticipated to further support revenue and ROE [7][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported strong revenue and profit growth, with Q1 2024 revenue increasing by 15.32% year-on-year and net profit attributable to shareholders rising by 14.69% [8][12] - The net interest income grew by 5.6% year-on-year, with loans increasing by 12.5% year-on-year and 8.1% quarter-on-quarter [8][13] - The net interest margin decreased by 13 basis points to 1.60% compared to the previous quarter and decreased by 28 basis points year-on-year [2][9] - The asset quality remains stable, with a non-performing loan ratio holding steady at 0.97% [9][15] Financial Forecasts - The adjusted EPS for 2024 and 2025 is projected to be 0.99 yuan and 1.11 yuan respectively, with an estimated book value per share of 9.48 yuan by the end of 2024 [1][3] - Total assets are expected to grow to 225.97 billion yuan in 2024, with loans reaching 120.12 billion yuan [5] - The report anticipates a cost-to-income ratio of 30.5%, down 3.5 percentage points year-on-year, while credit costs are expected to rise to 1.19% [8][13] Capital Adequacy - As of the end of Q1 2024, the core Tier 1, Tier 1, and total capital adequacy ratios were 13.36%, 13.37%, and 14.56% respectively [3][10]