瑞丰银行（601528）：单季息差企稳回升，资产质量保持稳定

Investment Rating - The report maintains a "Recommended" rating for Ruifeng Bank with a target price of 6.86 CNY [2][7]. Core Views - Ruifeng Bank's Q1 2025 results show stable asset quality and a recovery in net interest margin, with a year-on-year revenue growth of 5.12% and a net profit increase of 6.69% [2][7]. - The bank's non-performing loan ratio remains stable at 0.97%, while the provision coverage ratio has increased to 326% [2][7]. - The report highlights the bank's solid growth in retail loans and an improved loan structure, despite a slight slowdown in overall loan growth [7]. Financial Performance Summary - Q1 2025 revenue reached 1.109 billion CNY, with a year-on-year increase of 5.12% [2][7]. - Operating profit for the same period was 396 million CNY, up 4.04% year-on-year [2][7]. - Net profit attributable to shareholders was 424 million CNY, reflecting a 6.69% increase year-on-year [2][7]. - The bank's interest income grew by 2.68% year-on-year, indicating a recovery in net interest income [7]. Asset Quality and Loan Growth - The bank's total interest-earning assets grew by 11.4% year-on-year, with loans increasing by 11.7% [7]. - The report notes a decrease in corporate loan growth, while retail loans continue to show strong performance [7]. - The non-performing loan ratio remained stable at 0.97%, with a slight increase in the net generation rate of non-performing loans [10][12]. Cost and Efficiency Metrics - The cost-to-income ratio improved to 27.27%, down 3.2 percentage points year-on-year [7]. - The bank successfully reduced the cost of liabilities, with the interest-bearing liability cost rate decreasing to 1.97% [7]. Future Outlook - The report projects revenue growth rates of 5.4%, 8.1%, and 11.9% for 2025, 2026, and 2027 respectively [7]. - Net profit growth is expected to be 8.4%, 10.7%, and 11.1% for the same years [7]. - The bank's valuation is currently at 0.51 times the 2025 price-to-book ratio, with a target price set at 0.67 times [7].