Bank of RuiFeng(SH:601528) Haitong Securities·2024-05-16 07:32Investment Rating - The investment rating for the company is "Outperform the Market" [24][26]. Core Views - The report highlights that the company's revenue growth remains strong, with a year-on-year increase of 15.32% in Q1 2024, and net profit growth of 14.69% [9][26]. - Asset quality is stable, with a non-performing loan ratio of 0.97% at the end of Q1 2024, unchanged from the end of 2023, and a slight increase in the provision coverage ratio to 304.84% [27][26]. Financial Performance Summary - In Q1 2024, the company achieved a net interest income growth of 5.57%, with a net interest margin of 1.60%, down from 1.73% at the end of 2023 [9]. - The company forecasts earnings per share (EPS) for 2024-2026 to be 0.98, 1.09, and 1.19 yuan, with net profit growth rates of 11.44%, 11.38%, and 9.18% respectively [9][26]. - The report provides a reasonable value range for the stock between 6.22 and 6.96 yuan, corresponding to a price-to-earnings (PE) ratio of 6.35-7.10 times for 2024 [9][26]. Revenue and Profitability - The company reported a significant increase in non-interest income, with net commission income of 3.23 million yuan in Q1 2024, compared to a negative figure in the same period of 2023 [4]. - The total revenue for 2024 is projected to be 3.525 billion yuan, with a year-on-year growth of 5.87% [28]. Asset Quality and Capital Adequacy - The company maintains a capital adequacy ratio of 13.88% and a core capital adequacy ratio of 12.69% [28]. - The non-performing loan coverage ratio is reported at 304.12% for 2023, indicating a strong buffer against potential loan losses [27].