瑞丰银行：2024年三季报点评：业绩亮眼，拨备上行

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company has shown strong performance with a revenue of 3.322 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.67%. The net profit attributable to shareholders reached 1.442 billion yuan, also up by 14.57% year-on-year [1]. - The net interest margin decline has narrowed, with a reported net interest margin of 1.52%, down 23 basis points year-on-year, but showing improvement compared to the first half of the year [1]. - Non-interest income has continued to grow significantly, achieving 1.04 billion yuan in the first three quarters, a year-on-year increase of 77.9%, accounting for 31.3% of total revenue [1]. - The company has increased its provision for credit asset impairment losses by 47.9% year-on-year, resulting in a provision coverage ratio of 330%, which is an increase from the previous period [1]. Financial Performance Summary - For the first three quarters of 2024, the annualized weighted average ROE was 11.13%, up by 0.32 percentage points year-on-year [1]. - The total assets at the end of the period were 211.3 billion yuan, with total loans of 125 billion yuan and total deposits of 157.5 billion yuan, reflecting year-on-year growth of 7.3%, 9.8%, and 8.2% respectively [1]. - The company forecasts net profits for 2024-2026 to be 1.94 billion, 2.19 billion, and 2.51 billion yuan, corresponding to year-on-year growth rates of 12.1%, 12.9%, and 14.9% [1][4]. Valuation Metrics - The current stock price corresponds to PE ratios of 5.2x, 4.6x, and 4.0x for 2024-2026, and PB ratios of 0.55x, 0.50x, and 0.45x, indicating that the valuation is at a low level [1][4].