Bank of RuiFeng(601528) 华安证券·2024-07-18 23:30Investment Rating - The investment rating for Ruifeng Bank (601528) is "Buy" (maintained) [14] Core Views - Ruifeng Bank has shown strong revenue and profit growth, with a year-on-year increase of 14.9% in revenue and 15.48% in net profit attributable to shareholders in the first half of 2024 [14] - The bank's asset quality remains stable, with a non-performing loan ratio of 0.97%, and the ability to absorb risks has marginally improved [15] - The bank's capital adequacy ratio is among the top tier of listed banks, and it is expected to enter an internal growth cycle through investments in peer banks [15] Financial Performance Summary - In the first half of 2024, Ruifeng Bank's total assets, loans, and deposits grew by 10.79%, 8.93%, and 11.52% year-on-year, respectively [14] - The bank's net interest income for 2024 is projected to be 3,218 million, with a year-on-year growth of 5.36% [17] - The return on equity (ROE) is expected to improve to 11.16% in 2024, up from 10.57% in 2023 [16] Revenue and Profit Forecast - Revenue is forecasted to grow by 8.43% in 2024, 8.23% in 2025, and 7.96% in 2026 [15] - Net profit attributable to shareholders is expected to increase by 12.45% in 2024, 10.44% in 2025, and 10.47% in 2026 [15] Risk and Market Conditions - The bank faces interest rate risks due to a continuous decline in market interest rates and increased competition for quality assets, leading to a narrowing interest margin [3] - The economic environment poses risks, including potential deterioration in asset quality due to significant macroeconomic and regional downturns [3]