瑞丰银行（601528）：规模增长提速，息差降幅同比收窄

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a revenue of 4.4 billion yuan in 2024, representing a year-on-year growth of 15.29%, and a net profit attributable to shareholders of 1.9 billion yuan, up 11.27% year-on-year [1][2] - The decline in net interest margin has narrowed compared to the previous year, with a net interest margin of 1.50% for 2024, down 23 basis points year-on-year [2][3] - The company has maintained a stable asset quality with a non-performing loan ratio of 0.97% and a provision coverage ratio of 320.87% as of Q4 2024 [4] Performance Summary - Revenue and net profit growth rates for 2024 were 15.29% and 11.27%, respectively, with improvements in scale growth and a decrease in credit costs contributing positively to performance [2] - Net interest income decreased by 1.65% year-on-year, while non-interest income saw a significant increase of 84.25%, primarily driven by a 100.52% rise in investment income [3][4] - The company distributed a cash dividend of 2.00 yuan per 10 shares, resulting in a dividend payout ratio of 20.42% for the year [1] Asset Quality - The non-performing loan ratio remained stable at 0.97%, with a slight decrease in the overdue rate to 1.69% [4] - The provision coverage ratio decreased by 9% compared to the previous quarter, indicating a potential improvement in asset quality [4] Asset and Liability Management - As of Q4 2024, total assets and loans reached 220.5 billion yuan and 131.0 billion yuan, respectively, with year-on-year growth rates of 11.99% and 15.50% [5] - Total deposits amounted to 162.7 billion yuan, reflecting a year-on-year increase of 12.82% [5] Investment Outlook - In the short term, the company may face pressure on performance due to weak retail and small business demand, as well as intense competition [11] - In the medium to long term, the company is expected to benefit from stable loan growth in its operating region and potential improvements in market share, alongside steady asset quality enhancements [11]