资产质量：整体保持平稳。 | --- | --- | --- | |-------|-------------------------------|----------| | | | | | | | | | | 买入（维持） | | | | 股票信息 | | | | 行业 | 农商行 | | | 前次评级 | 买入 | | | 4 月 26 日收盘价 ( 元 ) | 5.04 | | | 总市值 ( 百万元 ) | 9,889.29 | | | 总股本 ( 百万股 ) | 1,962.16 | | | 其中自由流通股 (%) | 40.28 | | | 30 日日均成交量 ( 百万股 ) | 14.53 | | | 股价走势 | | | --- | --- | |-------------------------------|-------| | | | | | | | 执业证书编号： S0680122080025 | | | 邮箱： nianfeng@gszq.com | | | 相关研究 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" [10][19] Core Views - The company achieved a revenue of 1.055 billion yuan in Q1 2024, representing a year-on-year growth of 15.3%, and a net profit attributable to shareholders of 398 million yuan, up 14.7% year-on-year [10] - The company has maintained a strong asset quality with a non-performing loan ratio of 0.97%, consistent with the beginning of the year, and a provision coverage ratio of 304.8%, indicating a solid safety cushion [10] - The company is expected to continue its growth trajectory with projected net profits of 1.96 billion yuan, 2.29 billion yuan, and 2.67 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 13.5%, 16.8%, and 16.5% [10] Financial Performance - In Q1 2024, the company reported a net interest income growth of 5.6% year-on-year, with total assets reaching 206.5 billion yuan, an increase of 4.9% from the beginning of the year [10] - The company's net interest margin for Q1 2024 was 1.60%, a decrease of 28 basis points year-on-year, while the full-year 2023 net interest margin narrowed by 48 basis points to 1.73% [10] - Other non-interest income saw a significant increase of approximately 47% year-on-year, contributing to 27.6% of total revenue in Q1 2024, up 6 percentage points year-on-year [10] Asset Quality - The company has maintained a non-performing loan ratio below 1.0% for four consecutive quarters, indicating stable asset quality [10] - The company has increased its credit risk provision by 32.0% year-on-year in Q1 2024, reflecting a proactive approach to managing credit risk [10] - The company’s provision coverage ratio has improved by 0.8 percentage points since the beginning of the year, reinforcing its strong risk management framework [10]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 6.6 CNY, compared to the current price of 5.04 CNY [1][4][6]. Core Insights - The company's revenue and profit growth in Q1 2024 exceeded expectations, with a revenue increase of 15.3% year-on-year and a net profit growth of 14.7% [3][4]. - The narrowing decline in net interest margin, combined with a low base from the previous year, contributed to the strong growth in net interest income, which rose by 5.6% [3][4]. - Non-interest income saw a significant increase of 52%, with notable recovery in middle-income segments [3][4]. - Cost savings played a positive role in profit growth, with operating tax expenses decreasing by 65.5% [3][4]. Summary by Sections Financial Performance - Q1 2024 revenue reached 1.055 billion CNY, up 15.3% year-on-year, and net profit was 398 million CNY, reflecting a 14.7% increase [3][4]. - The non-performing loan ratio remained stable at 0.97%, while the provision coverage ratio improved to 304.8% [3][4]. Interest Margin and Income - The annualized net interest margin for Q1 2024 decreased slightly by 2 basis points to 1.56%, with a reduction in the decline rate due to improved asset yield [3][4]. - The yield on interest-earning assets fell by only 4 basis points to 3.67%, attributed to an optimized asset structure [3][4]. Loan Demand and Quality - New loans in Q1 2024 totaled 91.1 billion CNY, significantly higher than the 59.2 billion CNY in the same period last year, with a year-on-year growth of 12.6% [3][4]. - The asset quality remained stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 304.8% [3][4]. Capital Adequacy - The core tier one capital adequacy ratio increased by 68 basis points to 13.36% in Q1 2024, supported by net profit growth and adjustments in risk-weighted assets [3][4].

Financial Performance - The total operating income for Q1 2024 reached CNY 1,054,624, representing a 15.32% increase compared to the same period last year[10] - Net profit attributable to shareholders was CNY 397,694, reflecting a 14.69% year-over-year growth[10] - The net profit excluding non-recurring gains and losses was CNY 393,995, up by 16.57% year-over-year[10] - Basic earnings per share (EPS) for the period was CNY 0.20, an increase of 11.11% year-over-year[10] - Total comprehensive income for Q1 2024 reached CNY 515,900,000, up from CNY 386,639,000 in Q1 2023, representing a growth of 33.3%[29] - Basic and diluted earnings per share for Q1 2024 were CNY 0.20, compared to CNY 0.18 in Q1 2023, reflecting an increase of 11.1%[29] - The total profit for Q1 2024 was 385,353 thousand, compared to 339,097 thousand in Q1 2023, which is an increase of 13.6%[68] - Net profit for Q1 2024 was 401,363 thousand, up from 350,614 thousand in Q1 2023, reflecting a year-over-year increase of 14.5%[68] - The profit attributable to shareholders of the parent company for Q1 2024 was 397,694 thousand, up from 346,749 thousand in Q1 2023, reflecting a growth of 14.7%[68] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -4,095,167, a decline of 131.19% compared to the previous year[10] - Net cash flow from investing activities for Q1 2024 was CNY -3,362,703,000, an improvement from CNY -7,123,656,000 in Q1 2023, indicating a reduction in cash outflow by 52.8%[30] - The net cash increase in cash and cash equivalents for Q1 2024 was CNY -4,378,253,000, a decline from an increase of CNY 8,977,834,000 in Q1 2023[30] - The net cash flow from operating activities for Q1 2024 was -4,169,381 thousand RMB, a significant decrease compared to 12,947,778 thousand RMB in Q1 2023[60] - The cash outflow from operating activities totaled 12,048,310 thousand RMB, significantly higher than 7,180,688 thousand RMB in the previous year[60] - Cash and cash equivalents at the end of Q1 2024 were 7,376,633 thousand, down from 15,621,022 thousand at the end of Q1 2023, a decrease of 52.8%[78] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 206,479,583, a 4.87% increase from the end of the previous year[10] - Total assets as of March 31, 2024, reached CNY 202,810,381, an increase of 4.9% from CNY 193,385,797 at the end of 2023[55] - The bank's total liabilities as of March 31, 2024, amounted to CNY 185,836,757, an increase of 5.5% from CNY 176,920,126 at the end of 2023[55] - The total liabilities increased to 189,093,655 thousand RMB from 180,018,437 thousand RMB at the end of 2023[66] - The bank's total equity increased to CNY 16,973,624 as of March 31, 2024, compared to CNY 16,465,671 at the end of 2023, reflecting a growth of 3.1%[56] - The total equity attributable to shareholders increased to 17,140,535 thousand RMB from 16,628,304 thousand RMB at the end of 2023[66] Loans and Deposits - Total deposits reached CNY 144,201,627, with corporate demand deposits at CNY 30,482,022[13] - The total loan amount was CNY 113,382,140, with corporate loans accounting for CNY 54,318,913[13] - Total loans amounted to CNY 122,490,802,000 as of March 31, 2024, an increase from CNY 113,382,140,000 as of December 31, 2023, representing a growth of 8.5%[37] - The net increase in loans and advances was CNY 9,219,619 in Q1 2024, compared to CNY 6,095,665 in Q1 2023, showing a growth of 51.5%[53] - The company reported a net increase in customer loans and advances of 9,156,022 thousand RMB, compared to 6,012,765 thousand RMB in Q1 2023[60] - In Q1 2024, the net increase in customer deposits and interbank placements was CNY 6,494,516, a decrease of 40.5% from CNY 10,843,404 in Q1 2023[53] Investment and Income - The net interest income for Q1 2024 was CNY 726,343, up 5.5% from CNY 688,937 in Q1 2023[57] - The bank's investment income for Q1 2024 was CNY 336,849, significantly higher than CNY 71,703 in Q1 2023, marking an increase of 369.5%[57] - Investment income for Q1 2024 reached 336,849 thousand, a significant increase from 71,703 thousand in Q1 2023, representing a growth of 369%[68] - The company generated cash from interest, fees, and commissions amounting to 1,695,182 thousand in Q1 2024, compared to 1,403,624 thousand in Q1 2023, an increase of 20.8%[75] Other Financial Metrics - The weighted average return on equity (ROE) was 9.42%, up by 0.22 percentage points from the previous year[10] - The capital adequacy ratio stood at 14.56%, an increase from 13.88% at the end of the previous year[14] - The core Tier 1 capital adequacy ratio was reported at 12.68% as of March 31, 2024, indicating a solid capital position[39] - The non-performing loan ratio stood at 0.97% as of March 31, 2024, indicating stable asset quality[39] - The liquidity coverage ratio was reported at 115.39% as of March 31, 2024, demonstrating strong liquidity position[43] - The company issued bonds worth CNY 7,224,320,000 in Q1 2024, compared to CNY 5,695,780,000 in Q1 2023, marking an increase of 27%[30] Other Income and Expenses - The company recorded other non-operating income of CNY 4,077,000 in Q1 2024, compared to CNY 1,254,000 in Q1 2023, reflecting a significant increase[35] - Total operating expenses for Q1 2024 amounted to 674,093 thousand, compared to 581,299 thousand in Q1 2023, indicating a rise of 16%[68] - Other comprehensive income after tax for Q1 2024 was 114,537 thousand, significantly higher than 36,025 thousand in Q1 2023, marking an increase of 218%[68] - The company reported a credit impairment loss of 350,893 thousand in Q1 2024, compared to 265,806 thousand in Q1 2023, representing a rise of 32%[68] - The company reported a foreign exchange loss of 9,152 thousand in Q1 2024, compared to a loss of 1,510 thousand in Q1 2023, indicating a deterioration in foreign exchange performance[68]

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-022 浙江绍兴瑞丰农村商业银行股份有限公司 第四届监事会第十七次会议决议公告 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。 选举罗妙娟女士为本行第四届监事会监事长，任期与第四届监事会任期一致。 罗妙娟女士，1976 年 9 月出生，中国国籍，本科学历，中共党员，高级会计 师。历任上虞农信联社永和信用社员工，上虞农信联社上浦信用社客户经理、信 贷主管，上虞农村合作银行人力资源部科员兼团委书记，人力资源部总经理助理， 审计部副总经理(主持工作)，审计部总经理，财务会计部总经理，上虞农商银行 计划财务部总经理，上虞农商银行党委委员，上虞农商银行党委委员、副行长， 上虞农商银行党委委员、纪委书记，上虞农商银行党委委员、纪委书记、监事长。 现任本行党委委员、纪委书记、职工监事。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、调整本行第四届监事会提名委员会组成人员 1.本次调整后的第四届监事会提名委员会组成 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-021 浙江绍兴瑞丰农村商业银行股份有限公司 第四届董事会第二十二次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"）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。 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 2024 年第一季度报告》。 表决结果：同意 15 票，反对 0 票，弃权 0 票。 二、制定《业务连续性管理战略》 表决结果：同意 15 票，反对 0 票，弃权 0 票。 本行于 2024 年 4 月 16 日以电子邮件及书面方式向全体董事发出关于召开 第四届董事会第二十二次会议的通知，会议于 2024 年 4 月 26 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（实际 拥有表决权的董事 15 名）。会议由董事长吴智晖主持，任职资格尚待监管部门核 准的 2 名董事、部分监事及高 ...

| 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 | 2024/5/8 | － | 2024/5/9 | 2024/5/9 | 证券代码：601528 证券简称：瑞丰银行 公告编号：2024-020 浙江绍兴瑞丰农村商业银行股份有限公司 2023 年年度 权益分派实施公告 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： 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本行 2024 年 4 月 18 日的 2023 年年度股东大会审议通 过。 二、分配方案 1.发放年度：2023 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： 本次利润分配以方案实施前的公司总股本 1,962,161,39 ...

浙江绍兴瑞丰农村商业银行股份有限公司监事会 2024 年 4 月 18 日 证券代码：601528 证券简称：瑞丰银行 公告编号：2024-017 浙江绍兴瑞丰农村商业银行股份有限公司 关于选举产生职工监事的公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称 "本行"）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 4 月 17 日召开第三届职工代表大会第十二次会议，选举产生 罗妙娟女士为本行第四届监事会职工监事，任期与第四届监事会任期一致。罗妙 娟女士符合《公司法》等法律法规、规范性文件以及本行《章程》规定的关于监 事任职的资格和条件。俞广敏先生自 2024 年 4 月 17 日起不再继续履行职工监事 职责。 罗妙娟女士简历如下： 罗妙娟女士，1976 年 9 月出生，中国国籍，本科学历，中共党员，高级会计 师。历任上虞农信联社永和信用社员工，上虞农信联社上浦信用社客户经理、信 贷主管，上虞农村合作银行人力资源部科员兼团委书记，人力资源部总经理助理， 审计部副总经理(主持工作)，审计部总经理，财务会计部总 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-019 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"）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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 40 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 688,293,534 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 37.6072 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由本行董事会召集，由董事长吴智晖主持，采取现场和网络投 票相结合的方式召开。本次股东大会的召集、召开及表决方式符合《公司法》等 法律、法规及本行《章程》的规定。 (一) 股东大会召开的时间：2024 年 4 月 18 日 (二) 股东大会召开的地点：浙 ...

江苏世纪同仁律师事务所关于 浙江绍兴瑞丰农村商业银行股份有限公司 2023 年年度股东大会的 本所律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业 务标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东大会的召集、召开程序 1. 本次股东大会的召集 本次股东大会由公司董事会召集。2024年3月28日,公司在上海证券交易所 网站(www.sse.com. cn)和《中国证券报》《上海证券报》《证券日报》《证券 时报》刊登了《浙江绍兴瑞丰农村商业银行股份有限公司关于召开 2023 年年度股 东大会的通知》。 上述会议通知中载明了本次股东大会的召开时间、地点、会议审议事项、会 议出席对象和会议登记方法等内容,还提供了网络投票方式,载明了参与网络投 票的投票程序等内容。 经查,公司在规定时间内刊登了会议通知。 法律意见书 致:浙江绍兴瑞丰农村商业银行股份有限公司 根据《公司法》等法律、法规和规范性文件以及公司章程的规定,本所受公 司董事会的委托,指派本所律师出席公司 2023年年度股东大会,并就本次股东大 会的召集、召开程序、出席会议人员资格、表决程序以及表决结果的合法有效性 等事项出具法 ...