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。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [24][26]. Core Views - The report highlights that the company's revenue growth remains strong, with a year-on-year increase of 15.32% in Q1 2024, and net profit growth of 14.69% [9][26]. - Asset quality is stable, with a non-performing loan ratio of 0.97% at the end of Q1 2024, unchanged from the end of 2023, and a slight increase in the provision coverage ratio to 304.84% [27][26]. Financial Performance Summary - In Q1 2024, the company achieved a net interest income growth of 5.57%, with a net interest margin of 1.60%, down from 1.73% at the end of 2023 [9]. - The company forecasts earnings per share (EPS) for 2024-2026 to be 0.98, 1.09, and 1.19 yuan, with net profit growth rates of 11.44%, 11.38%, and 9.18% respectively [9][26]. - The report provides a reasonable value range for the stock between 6.22 and 6.96 yuan, corresponding to a price-to-earnings (PE) ratio of 6.35-7.10 times for 2024 [9][26]. Revenue and Profitability - The company reported a significant increase in non-interest income, with net commission income of 3.23 million yuan in Q1 2024, compared to a negative figure in the same period of 2023 [4]. - The total revenue for 2024 is projected to be 3.525 billion yuan, with a year-on-year growth of 5.87% [28]. Asset Quality and Capital Adequacy - The company maintains a capital adequacy ratio of 13.88% and a core capital adequacy ratio of 12.69% [28]. - The non-performing loan coverage ratio is reported at 304.12% for 2023, indicating a strong buffer against potential loan losses [27].

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]

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]