瑞丰银行（601528）：负债成本节约显著，风险抵补能力提升

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - Revenue and profit growth rates have slightly decreased compared to the end of 2024, but significant savings in funding costs have been achieved. As of the end of Q1 2025, the bank's revenue and net profit attributable to shareholders increased by 5.12% and 6.69% year-on-year, respectively, showing a good operational status despite a marginal decline in growth rates [4][5] - The bank's loan structure is increasingly tilted towards corporate loans, with personal fixed deposits rising in the deposit structure. Total assets, loans, and financial investments grew by 11.07%, 11.41%, and 12.81% year-on-year, respectively [5][6] - The net interest margin slightly decreased quarter-on-quarter but the year-on-year decline has narrowed significantly, primarily due to a reduction in funding costs [6][8] - Asset quality remains stable with a non-performing loan ratio of 0.97%, and the provision coverage ratio has increased to 326.08%, indicating improved risk compensation capacity [8][9] - The bank's market share in deposits and loans remains strong, particularly in the Shaoxing Keqiao area, with a favorable outlook for future growth driven by economic resilience and effective risk management [9] Financial Summary - For the fiscal year 2024, the bank's operating income is projected to be 4,385 million yuan, with a year-on-year growth of 15.29%. The net profit attributable to shareholders is expected to be 1,922 million yuan, reflecting a growth of 11.27% [11] - The bank's total assets are expected to reach 220,503 million yuan in 2024, with a steady growth trajectory anticipated through 2027 [12] - Key financial ratios such as ROAA and ROAE are projected to be 0.92% and 10.43% for 2024, respectively, indicating stable profitability [15][16]