瑞丰银行（601528）：营收提速增长，异地信贷贡献更超预期

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [1]. Core Views - Ruifeng Bank achieved a revenue of 4.4 billion yuan in 2024, representing a year-on-year growth of 15.3%, and a net profit attributable to shareholders of 1.9 billion yuan, up 11.3% year-on-year [4][6]. - The bank's non-interest income saw significant growth, primarily driven by investments related to the bond market, which increased by 84.3% year-on-year [6]. - The bank's loan growth exceeded expectations, with a total loan increase of 17.6 billion yuan in 2024, marking a 15.5% year-on-year growth [6][8]. Financial Data and Profit Forecast - Revenue and profit forecasts for Ruifeng Bank are as follows: - Total revenue (million yuan): 3,803.58 (2023), 4,384.97 (2024), 4,623.53 (2025E), 4,903.84 (2026E), 5,310.38 (2027E) [5]. - Net profit (million yuan): 1,727.12 (2023), 1,921.70 (2024), 2,104.80 (2025E), 2,323.68 (2026E), 2,577.12 (2027E) [5]. - The forecasted growth rates for net profit are 9.5% (2025), 10.4% (2026), and 10.9% (2027) [9]. Loan and Asset Quality - The bank's non-performing loan (NPL) ratio remained stable at 0.97% in Q4 2024, with a provision coverage ratio of 321% [9][12]. - The bank's loan growth was driven by a strategic focus on high-quality customer segments and a significant increase in loans in the fourth quarter [6][8]. Strategic Initiatives - The "One Base and Four Arrows" strategy is showing positive results, with nearly 40% of loan contributions coming from outside the primary market [6]. - The bank's interest margin is under pressure, but there are signs of improvement in funding costs, with a projected interest margin of 1.50% for 2024 [6][10].