规模高速扩张，不良额率双降

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth prospects [3]. Core Insights - The company, Ruifeng Bank, reported a year-on-year increase in net profit attributable to shareholders of 13.04% for 2023, with operating income growth of 7.90% [3]. - The bank's rapid growth is attributed to significant asset expansion and positive contributions from non-interest income [3]. - The net interest margin for 2023 was 1.73%, showing a decrease of 48 basis points year-on-year, but the decline has narrowed compared to previous quarters [3]. - The bank's asset quality has improved, with a non-performing loan ratio of 0.97%, down 1 basis point quarter-on-quarter and 11 basis points year-on-year [3]. - The core tier 1 capital adequacy ratio at the end of 2023 was 12.68%, indicating a solid capital position for future growth [3]. Financial Performance Summary - Revenue and Profit Growth: - Operating income (in billion CNY): 35 in 2022, projected to grow to 53 by 2026, with a CAGR of 12.76% [2]. - Net profit attributable to shareholders (in billion CNY): 15 in 2022, projected to reach 24 by 2026, with a CAGR of 10.28% [2]. - Earnings Per Share (EPS): - EPS is expected to increase from 1.01 in 2022 to 1.22 in 2026 [2]. - Valuation Ratios: - Price-to-Earnings (PE) ratio is projected to decrease from 4.99 in 2022 to 4.15 in 2026, indicating potential undervaluation [2]. - Price-to-Book (PB) ratio is expected to decline from 0.66 in 2022 to 0.45 in 2026 [2]. Asset Quality and Capital Position - The bank's non-performing loan ratio has decreased, with a focus on improving asset quality through effective management of non-performing loans [3]. - The provision coverage ratio improved to 304.12%, indicating strong coverage for potential loan losses [3]. - The bank's capital position is robust, supporting its growth strategy and ability to serve the real economy [3].