瑞丰银行（601528）：核心营收改善，息差环比提升

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company's core revenue improved in 2025, with a quarter-on-quarter increase in net interest margin [1][3] - The annual performance growth slowed down, with operating revenue and net profit attributable to shareholders increasing by 0.5% and 2.3% year-on-year, respectively [2][6] - The non-performing loan ratio at the end of Q4 2025 was 0.99%, showing a slight increase of 1 basis point [1][4] Performance Overview - In 2025, the company's core revenue (net interest income + non-interest income) grew by 10.9% year-on-year, an increase of 2.3 percentage points compared to the first three quarters of 2025 [2] - The decline in other non-interest income was more pronounced, with a year-on-year decrease of 23% [2] - The asset impairment losses decreased by 14% year-on-year, with a narrowing decline of 4 percentage points compared to the first three quarters of 2025 [2] Margin and Cost Analysis - The cumulative net interest margin for 2025 increased by 1 basis point to 1.50%, primarily due to a greater improvement in deposit costs compared to the decline in loan yields [3] - The loan yield and deposit cost rates decreased by 22 basis points and 24 basis points to 3.60% and 1.71%, respectively, in the second half of 2025 [3] Forward-Looking Indicators - The non-performing loan ratio and attention rate increased by 1 basis point and 8 basis points to 0.99% and 1.96%, respectively, at the end of Q4 2025 [4] - The true non-performing loan generation rate increased by 25 basis points to 1.24% compared to the first three quarters of 2025 [4] - The provision coverage ratio decreased by 19 percentage points to 327% at the end of Q4 2025 [4] Shareholder Activity - At the end of Q4 2025, a new major shareholder, Hongkang Life, entered the top ten shareholders with a holding ratio of 4% [5] Profit Forecast and Valuation - The forecasted growth rates for net profit attributable to shareholders for 2026-2028 are 2.57%, 2.91%, and 3.00%, respectively [6] - The target price is set at 6.92 CNY per share, corresponding to a target valuation of 0.64x PB for 2026, indicating a potential upside of 29% from the current price [6]