Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][10]. Core Views - The report highlights that Ruifeng Bank achieved a year-on-year revenue growth of 7.90% for the entire year of 2023, with a notable 10.58% growth in Q4 compared to Q4 2022. The net profit attributable to the parent company increased by 13.04% year-on-year [3][10]. - The asset quality of Ruifeng Bank continues to improve, with a non-performing loan ratio of 0.97% at the end of 2023, down by 1 basis point from Q3 2023. The coverage ratio for provisions was 304.12%, slightly up from 299.77% in Q3 [4][10]. - The bank's inclusive finance and technology innovation businesses are developing further, with inclusive small and micro loans reaching 45.205 billion yuan, an increase of 28.66% year-on-year [11][10]. Financial Performance Summary - For 2023, the operating income was 38.04 billion yuan, with a year-on-year growth of 7.90%. The net profit was 17.27 billion yuan, reflecting a growth of 13.04% [12]. - The forecast for EPS from 2024 to 2026 is 0.98, 1.09, and 1.19 yuan respectively, with net profit growth rates of 11.44%, 11.38%, and 9.18% [11][12]. - The bank's average return on equity (ROE) for 2023 was 10.95%, projected to increase slightly in the following years [12][25]. Valuation Metrics - The report estimates a reasonable value range for the bank between 6.22 and 6.96 yuan based on DDM and PB-ROE models, with corresponding PE ratios for 2024 estimated at 6.35-7.10 times [11][12]. - The bank's price-to-book (PB) ratio for 2024 is estimated at 0.75 times, compared to a peer average of 0.52 times [11][12].

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-015 会议召开时间：2024 年 04 月 12 日(星期五) 上午 10:00-11:30 会 议 召 开 地 点 ： 上 海 证 券 报 · 中 国 证 券 网 路 演 中 心 （ 网 址 https://roadshow.cnstock.com/） 会议召开方式：上海证券报·中国证券网路演中心视频直播和网络互动 浙江绍兴瑞丰农村商业银行股份有限公司 关于召开 2023 年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： 投资者可于 2024 年 04 月 02 日(星期二) 至 04 月 11 日(星期四)16:00 前登 录上海证券报·中国证券网投资者关系互动平台瑞丰银行业绩说明会问题征集栏 目（网址：https://company.cnstock.com/wtzj/601528）或通过本行投资者关 系邮箱 office@borf.cn 进行提问。本行将在说明会上对投资 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% in the next 6-12 months [52][23]. Core Insights - The company's revenue growth is driven by non-interest income, with a year-on-year increase of 7.9% in Q4 2023, supported by a rise in net profit by 13.0% [10][56]. - The bank's asset quality remains stable, with a slight increase in overdue rates, necessitating closer monitoring [38][49]. - The bank is focusing on digital transformation and expanding its small and micro-enterprise market, aiming to set a new benchmark in inclusive finance [11]. Summary by Sections Financial Performance - The bank's total revenue for 2023 was 38.02 billion, with a year-on-year growth of 7.9%. The net profit reached 1.73 billion, reflecting a 13.0% increase [2][10]. - The bank's operating income for 2024E and 2025E is adjusted to 39.94 billion and 41.75 billion respectively, with net profit estimates of 19.00 billion and 20.76 billion [2][67]. Asset and Liability Management - The bank's total loans increased by 104.9 billion in 2023, with a significant portion coming from corporate loans, which accounted for 116.7% of new loans [27][60]. - Total deposits for the year were 205.3 billion, a decrease of 12.1% compared to the previous year, with Q4 showing a slight increase in new deposits [22][47]. Non-Interest Income - Non-interest income saw a substantial increase of 123.3% year-on-year, primarily driven by improved trading income and performance in agency services [28][62]. - The bank's fee income from agency services grew by 58.3%, contributing significantly to the overall non-interest income [63]. Asset Quality - The bank's non-performing loan (NPL) ratio improved to 0.97%, while the overdue rate increased to 1.84%, indicating a need for ongoing vigilance [38][64]. - The provision coverage ratio rose to 304.17%, enhancing the bank's risk mitigation capabilities [38][64].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a 7.9% year-on-year increase in operating income and a 13.0% increase in net profit attributable to shareholders for 2023. The non-performing loan ratio decreased to 0.97%, while the provision coverage ratio increased to 304.12%. The dividend per share rose to 0.18 yuan, with a payout ratio of 20.5%. The company is characterized by a strong focus on small and micro enterprises, leading market mechanisms, and is considered a typical high-quality growth bank in Zhejiang. The strategy of investing in high-quality small banks in Zhejiang is an effective path to sustainably elevate ROE. For 2024, operating income and net profit are expected to grow by 6.4% and 10.6% respectively, with a projected PB valuation of 0.54X based on the closing price on March 27. As a high-growth bank with prominent market-oriented genes, there is considerable room for valuation uplift, making it a key recommendation [6][25][51]. Summary by Sections Financial Performance - The total loan amount increased by 10.2% compared to the beginning of the year, with a net addition of 10.5 billion yuan. The growth structure of loans focused on small and micro enterprises, with corporate loans increasing by 29.1% and personal loans decreasing by 2.4%. The deposit amount grew by 16.6% compared to the beginning of the year [6][51]. Investment Strategy - Investment income increased by 10.8%, with the acquisition of Yongkang Rural Commercial Bank contributing 0.54 billion yuan. The company continued to increase its stake in Yongkang Rural Commercial Bank and acquired a 5.0% stake in Cangnan Rural Commercial Bank, accelerating its investment strategy. This approach is expected to provide ongoing support for the company's operating income and ROE [7][25]. Asset Quality - The non-performing loan ratio decreased to 0.97%, and the provision coverage ratio increased to 304.12%. The overdue loan ratio rose to 1.84%, indicating potential fluctuations in asset quality under economic pressure. The net generation rate of non-performing loans decreased to 0.48% [47][51].

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [5][6]. Core Insights - The company's performance is relatively stable, with revenue growth showing a marginal increase. In 2023, revenue and net profit attributable to the parent company grew by 7.9% and 13.0% year-on-year, respectively [5][25]. - Loan growth is slowing down, with total assets increasing by 23.3% year-on-year, while loans grew by 10.2%. The company is actively seeking breakthroughs in inclusive finance, with a significant increase in small and micro loans [8][35]. - Asset quality continues to improve, with a non-performing loan ratio of 0.97% at the end of 2023, down by 1 basis point from the previous quarter [9][26]. Summary by Sections Loan Growth and Asset Quality - Total assets increased by 23.3% year-on-year, with loans growing by 10.2%. New credit issued in 2023 amounted to 10.5 billion, with corporate loans contributing 117% of the increase, while retail loans saw a decline of 2.4% [8][35]. - The company is focusing on inclusive finance, with small and micro loans reaching a balance of 45.2 billion yuan, a year-on-year increase of 29% [8][35]. Revenue and Profitability - The company's net interest income decreased by 4.2% year-on-year, while fee-based income surged by 83.9% due to a low base effect. Other non-interest income also saw a significant increase of 81.9% [5][25]. - The net interest margin narrowed to 1.73%, down 48 basis points year-on-year, primarily due to a decrease in loan yields [13][21]. Capital and Dividends - As of the end of 2023, the company's core Tier 1, Tier 1, and total capital adequacy ratios were 12.68%, 12.69%, and 13.88%, respectively. The dividend payout ratio increased from 14.82% to 20.45% [27][35]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are adjusted to 0.98 yuan and 1.11 yuan, respectively, with an estimated book value per share of 9.47 yuan by the end of 2024 [6][15].

2024 年 03 月 28 日 瑞丰银行 (601528) | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 8.47 | | 资产负债率 % | 91.43 | | 总股本/流通 A 股(百万 ) | 1962/790 | | 流通 B 股 /H 股（百万） | -/- | 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 联系人 冯思远 (8621)23297818× fengsy@swsresearch.com 上 市 公 司 ⚫ 投资分析意见：长期来看瑞丰银行以高效用足杠杆为导向实现扩表和参股认购驱动 ROE 稳步 提升，短期来看补贴收入逐步确认也将支撑其 2024 年营收保持好于同业的增长表现，维持"买 入 ...

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Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth prospects [3]. Core Insights - The company, Ruifeng Bank, reported a year-on-year increase in net profit attributable to shareholders of 13.04% for 2023, with operating income growth of 7.90% [3]. - The bank's rapid growth is attributed to significant asset expansion and positive contributions from non-interest income [3]. - The net interest margin for 2023 was 1.73%, showing a decrease of 48 basis points year-on-year, but the decline has narrowed compared to previous quarters [3]. - The bank's asset quality has improved, with a non-performing loan ratio of 0.97%, down 1 basis point quarter-on-quarter and 11 basis points year-on-year [3]. - The core tier 1 capital adequacy ratio at the end of 2023 was 12.68%, indicating a solid capital position for future growth [3]. Financial Performance Summary - **Revenue and Profit Growth**: - Operating income (in billion CNY): 35 in 2022, projected to grow to 53 by 2026, with a CAGR of 12.76% [2]. - Net profit attributable to shareholders (in billion CNY): 15 in 2022, projected to reach 24 by 2026, with a CAGR of 10.28% [2]. - **Earnings Per Share (EPS)**: - EPS is expected to increase from 1.01 in 2022 to 1.22 in 2026 [2]. - **Valuation Ratios**: - Price-to-Earnings (PE) ratio is projected to decrease from 4.99 in 2022 to 4.15 in 2026, indicating potential undervaluation [2]. - Price-to-Book (PB) ratio is expected to decline from 0.66 in 2022 to 0.45 in 2026 [2]. Asset Quality and Capital Position - The bank's non-performing loan ratio has decreased, with a focus on improving asset quality through effective management of non-performing loans [3]. - The provision coverage ratio improved to 304.12%, indicating strong coverage for potential loan losses [3]. - The bank's capital position is robust, supporting its growth strategy and ability to serve the real economy [3].

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank, indicating a positive outlook for the stock based on its performance and growth potential [15]. Core Insights - Ruifeng Bank is expected to achieve steady growth in return on equity (ROE) driven by efficient leverage and participation in subscription investments. Short-term subsidy income is anticipated to support revenue growth in 2024, outperforming peers [15]. - The bank's net profit for 2024-2026 is projected to grow by 12%, 14.1%, and 15.0% respectively, with adjustments made to previous profit growth forecasts due to cautious considerations regarding credit costs [15]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.54 for 2024, reinforcing the "Buy" rating [15]. Financial Performance Summary - The total operating income for Ruifeng Bank in 2023 was RMB 3,804 million, reflecting a year-on-year growth of 7.9%. The net profit attributable to shareholders was RMB 1,727 million, with a growth rate of 13.0% [35]. - The bank's net interest income decreased by 4.2% year-on-year, while non-interest income saw a significant increase of 122.8% [23]. - The bank's total assets reached RMB 196,888 million, marking a year-on-year increase of 23.3% [23]. Key Financial Ratios - The return on equity (ROE) for 2023 was 11.0%, with projections of 11.1% for 2024 [35]. - The net interest margin (NIM) has been under pressure, with a reported decrease to 1.67% in the fourth quarter of 2023 [23]. - The cost-to-income ratio for the bank was reported at 34.70% for 2023, indicating a slight increase from the previous year [23].

业绩实现较好增长。全年营收 38.04 亿元（YoY,+7.9%），归母净利润 17.27 亿元（YoY,+13.04%）。全年加权平均 ROE10.97%，同比下降 0.17 个百分点。 非利息收入高增支撑营收实现 7.9%的增长。全年净利息收入同比下降 4.2%， 非利息收入同比增长 122.8%，主要是公允价值变动收益和其他收益大幅高 增。这得益于公司投资类资产规模高增以及债券市场利率下行，期末地方政 府债券以及企业债、同业存单等债权投资规模达 572 亿元，较年初增长了 59.6%，占总资产的比重较年初提升 6.6 个百分点至 29.1%。 资产总额实现快速扩张，净息差降幅逐季收窄。期末贷款余额 1102 亿元， 较年初增长了 10.2%；资产总额 1969 亿元，较年初增长 23.35%。全年净息 差 1.73%，同比收窄 48bps，较前三季度下降 2bps，降幅逐季收窄。我们认 为公司净息差在筑底过程中，预计 2024 年全年收窄幅度降至 10bps 左右。 个人经营贷和企业贷款保持高增，异地（柯桥区以外）贷款增长强劲。期末， 企业贷款余额 543 亿元，较年初增长 29.1%；其中，普惠小微贷 ...