瑞丰银行：经营业绩稳健，拨备计提夯实

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].