证券代码：601528 证券简称：瑞丰银行 1 浙江绍兴瑞丰农村商业银行股份有限公司 投资者关系活动记录表 日期：2024 年 11 月 19 日 | --- | --- | --- | --- | |--------------|----------------------------|------------------------------------------|------------------------------------------------------------| | | | | | | 投资者关系活 | £ | 特定对象调研 □分析师会议 □媒体采访 | | | | R | 业绩说明会 □新闻发布会 □路演活动 | | | 动类别 | □ 现场参观 □其他 | | | | 参与单位名称 | | | 通过网络互动的形式参与公司本次业绩说明会的投资者 | | 时间 | 2024 年 11 月 19 | 日 上午 9:00—10:00 | | | 地点 | 上海证券交易所上证路演中心 | | | | | （网址： | http://roadshow.sseinfo.com/ | ） ...

Investment Rating - The report assigns a **Buy** rating to Ruifeng Bank (601528 SH) with a target price of **6 53 yuan** per share, compared to the current price of **5 33 yuan** [2] Core Views - Ruifeng Bank has a strong foothold in the Shaoxing Keqiao District, with its business extending to Yuecheng District, Shengzhou City, and Yiwu City in Jinhua The region's robust GDP and active private economy provide fertile ground for small and micro-enterprise (SME) business development [2] - The bank has built a deep moat in SME services through innovative models such as the "Enterprise Credit Database" and the "Three Divides, Three Looks, and Three Weights" approach, which have effectively countered competition from larger banks [2] - Ruifeng Bank's SME loans grew by **15 4% YoY** in Q2 2024, with SME loans accounting for **39 91%** of total loans, ranking second among listed rural commercial banks [2] - The bank's merger and acquisition (M&A) strategy has enhanced profitability By acquiring stakes in Yongkang and Cangnan Rural Commercial Banks, Ruifeng Bank has boosted its ROE by **0 4 PCT** and **0 3 PCT**, respectively, in 2024 [3] - The bank's ROA is at the mid-level among rural commercial banks, supported by higher interest income, non-interest income, and lower operating costs [3] - Ruifeng Bank's asset quality remains stable, with a non-performing loan (NPL) ratio of **0 97%** for four consecutive quarters and a steadily increasing provision coverage ratio [3] Regional Advantages - Ruifeng Bank is deeply rooted in the Keqiao District, which is the largest textile industry cluster in China The district's industrial transformation and the construction of SME industrial parks provide a solid foundation for sustainable credit growth [2] - The bank's business extends to Yuecheng District, Shengzhou City, and Yiwu City, with Keqiao contributing **78 86%** of operating income and **57 64%** of operating profit in H1 2024 [50] - The bank's deposit and loan market share in Keqiao reached **32 26%** and **20 34%**, respectively, in 2023, significantly higher than its average market share in Shaoxing [50] SME Business Model - Ruifeng Bank has developed a unique SME model, combining the "Enterprise Credit Database" with the "Three Divides, Three Looks, and Three Weights" approach This model ensures efficient credit assessment and loan approval for SMEs [92] - The bank has also implemented the "One Township, One City, One Market" model, which caters to the diverse financial needs of rural, urban, and market-based SMEs [92] - The "Hundred Parks Project" has established service stations in 100 SME industrial parks, providing grid-based, mobile, and professional services to fill service gaps [93] Financial Performance - Ruifeng Bank's net profit is expected to grow by **12 52%** and **10 32%** in 2024 and 2025, respectively, with EPS of **0 99 yuan** and **1 09 yuan** per share [3] - The bank's current valuation is **5 38X** and **4 88X** PE for 2024 and 2025, respectively, with a PB of **0 57X** and **0 52X** [3] - The report values Ruifeng Bank at **0 7X PB** for 2024, corresponding to a target price of **6 53 yuan** per share [3]

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-040 浙江绍兴瑞丰农村商业银行股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"）董事会及全 体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本行已于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披 露本行 2024 年第三季度报告，为便于广大投资者更全面深入地了解本行经营成 果、财务状况，本行计划于 2024 年 11 月 19 日(星期二)上午 9:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 本次投资者说明会以网络互动形式召开，本行将针对 2024 年第三季度经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 1 会议召开时间：2024 年 11 月 19 日(星期二) 上午 9:00-10:00 ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 04 年 月 日 瑞丰银行（601528.SH） 业绩维持高增，拨备安全垫增厚 事件：瑞丰银行公布 2024 年三季报，24Q1-Q3 实现营收 33 亿元，同比增速 14.7%， 归母净利润 14 亿元，同比增速 14.6%。截至 24Q3 末，公司不良率、拨备覆盖率 分别为 0.97%、329.96%，环比 24Q2 末分别持平、提升 6.2pc。 1、业绩：息差同比降幅收窄 24Q1-Q3 瑞丰银行营收、归母净利润同比增速分别为 14.7%、14.6%，分别较 24H1 增速下降 0.2pc、下降 0.8pc，业绩增速仍维持两位数，主要源自息差降幅收窄、 债市投资相关收入支撑力度较大、成本压降等，拆分来看： 1）利息净收入：24Q1-Q3 同比增速为-1.3%，较 24H1 降幅收窄 1.1pc，前三季 度净息差为 1.52%，较上半年仅下降 2bps（（年年同下下降 11bps），息差同比降幅 收窄预计主要源于高成本存款压降、存款挂牌利率调降效果逐渐显现。 2）非息收入：24Q1-Q3 同比增速为 77.9%，其中手续费及佣金净收入 ...

瑞丰银行（ [Table_StockNameRptType] 601528） 公司点评 营收增速领跑上市银行，拨备安全垫增厚 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

上 市 公 司 证 券 研 究 报 告 银行 公 司 研 究 / 公 司 点 评 -20% 0% 20% 40% 10-3111-3012-3101-3102-2903-3104-3005-3106-3007-3108-3109-3010-31 瑞丰银行 沪深300指数 (收益率) 一年内股价与大盘对比走势： | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 31 日 | | 收盘价（元） | 5.19 | | 一年内最高/最低（元） | 5.97/4.33 | | 市净率 | 0.6 | | 息率（分红/股价） | 3.47 | | 流通 A 股市值（百万元） | 8,851 | | 上证指数/深证成指 | 3,279.82/10,591.22 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 9.11 | | 资产负债率 % | 91.42 | | 总股本 ...

Investment Rating - The report maintains a "Recommend" rating for Ruifeng Bank (601528) with a target price of 6.73 yuan, compared to the current price of 5.09 yuan [1] Core Views - Ruifeng Bank achieved double-digit growth in revenue and profit, with stable net interest margins and improved asset quality in Q3 2024 [1] - The bank's revenue growth remained around 15%, driven by scale growth, stable net interest margins, and high growth in intermediate business income [1] - Despite a slight slowdown in net profit growth due to increased provisioning, the bank's asset quality improved, with the non-performing loan ratio remaining flat at 0.97% and the provision coverage ratio increasing by 6 percentage points to 330% [1] Financial Performance - In the first three quarters of 2024, Ruifeng Bank achieved operating revenue of 3.322 billion yuan, a year-on-year increase of 14.7%, and net profit attributable to the parent company of 1.442 billion yuan, a year-on-year increase of 14.6% [1] - The bank's net interest margin (NIM) slightly increased by 1 basis point to 1.52% in Q3 2024, mainly due to a significant decline in liability costs [1] - The bank's loan growth rate increased by 0.98 percentage points to 9.85% in Q3 2024, driven by improved demand for corporate and retail loans [1] Asset Quality - The non-performing loan ratio remained flat at 0.97% in Q3 2024, while the provision coverage ratio increased by 6 percentage points to 330% [1] - The bank's asset quality improved, with the non-performing loan generation rate and the attention rate declining by 55 basis points and remaining flat at 0.33% and 1.56%, respectively [1] Future Outlook - The report forecasts that Ruifeng Bank's revenue growth will be 6.7%, 6.4%, and 10.8% in 2024, 2025, and 2026, respectively, while net profit growth will be 10.8%, 9.4%, and 10.0% in the same period [1] - The bank is expected to benefit from the rapid growth of the export economy in Shaoxing's Keqiao and Yuecheng districts, optimization of loan structure, and investment in rural commercial banks in other regions [1] Valuation - The report values Ruifeng Bank at 0.67x PB for 2025, corresponding to a target price of 6.73 yuan [1] - The bank's current valuation is only 0.51x PB for 2025, indicating potential upside [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Views - The company has shown strong performance with a revenue of 3.322 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.67%. The net profit attributable to shareholders reached 1.442 billion yuan, also up by 14.57% year-on-year [1]. - The net interest margin decline has narrowed, with a reported net interest margin of 1.52%, down 23 basis points year-on-year, but showing improvement compared to the first half of the year [1]. - Non-interest income has continued to grow significantly, achieving 1.04 billion yuan in the first three quarters, a year-on-year increase of 77.9%, accounting for 31.3% of total revenue [1]. - The company has increased its provision for credit asset impairment losses by 47.9% year-on-year, resulting in a provision coverage ratio of 330%, which is an increase from the previous period [1]. Financial Performance Summary - For the first three quarters of 2024, the annualized weighted average ROE was 11.13%, up by 0.32 percentage points year-on-year [1]. - The total assets at the end of the period were 211.3 billion yuan, with total loans of 125 billion yuan and total deposits of 157.5 billion yuan, reflecting year-on-year growth of 7.3%, 9.8%, and 8.2% respectively [1]. - The company forecasts net profits for 2024-2026 to be 1.94 billion, 2.19 billion, and 2.51 billion yuan, corresponding to year-on-year growth rates of 12.1%, 12.9%, and 14.9% [1][4]. Valuation Metrics - The current stock price corresponds to PE ratios of 5.2x, 4.6x, and 4.0x for 2024-2026, and PB ratios of 0.55x, 0.50x, and 0.45x, indicating that the valuation is at a low level [1][4].

2024 年第三季度报告 1 证券代码：601528 证券简称：瑞丰银行 浙江绍兴瑞丰农村商业银行股份有限公司 2024 年第三季度报告 | --- | --- | |------------------------------------------------------------------------|-------| | | | | 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"或"公司"） | | | 董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 | | | 漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | 重要内容提示 1.公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不 存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 2.法定代表人、董事长吴智晖，行长、主管会计工作负责人陈钢梁及计划财务部总经理、会计机 构负责人（会计主管人员）胡建芳保证季度报告中财务信息的真实、准确、完整。 3.第三季度财务报表未经审计。 2024 年第三季度报告 单位：千元 币种：人民币 | --- | --- | --- ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-039 浙江绍兴瑞丰农村商业银行股份有限公司 第四届监事会第二十一次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"）监事会及全 体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担法律责任。 本行于 2024 年 10 月 18 日以电子邮件及书面方式向全体监事发出关于召开 第四届监事会第二十一次会议的通知。本次会议于 2024 年 10 月 30 日在本行以 现场和视频相结合的方式召开。会议由监事长罗妙娟主持，会议应到监事 9 人， 实到监事 9 人。本次会议符合《中华人民共和国公司法》等法律法规及本行《章 程》的有关规定。 会议审议通过了以下议案： 一、2024年第三季度报告 监事会出具如下审核意见： 浙江绍兴瑞丰农村商业银行股份有限公司监事会 2024 年 10 月 30 日 （二）本行《2024 年第三季度报告》的内容和格式符合中国证监会和上海证 券交易所的各项规定，所含信息真实、准确、完整地反映了本行报告期内的经营 成果和财务状况等事项； （三）监事会在提出本项意 ...