SRCB(601825) 海通证券·2024-08-21 00:38Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's operating income for H1 2024 increased by 0.23% year-on-year, while the net profit attributable to the parent company rose by 0.62%. The mid-term dividend payout ratio reached 33%, indicating a stable net interest margin quarter-on-quarter and a decrease in non-performing loans in the corporate real estate sector [4][6] - The mid-term dividend payout ratio has improved compared to the 2023 fiscal year, with a cash dividend of RMB 2.39 per 10 shares (before tax) [4] - The net interest margin for Q2 2024 is estimated to be 1.49%, remaining stable compared to Q1 2024, primarily due to a decrease in the cost of interest-bearing liabilities [4][6] - The non-performing loan ratio at the end of Q2 2024 was 0.97%, down 2 basis points from Q1 2024, while the proportion of loans under special attention decreased by 4 basis points to 1.23% [4][6] - The company’s loans to technology enterprises grew significantly, with a balance of RMB 108.6 billion, representing a year-on-year increase of 30% [4][6] Summary by Sections Financial Performance - The company forecasts EPS for 2024-2026 to be RMB 1.29, 1.36, and 1.44, with net profit growth rates of 2.45%, 5.31%, and 6.30% respectively [4][6] - The estimated reasonable value based on the DDM model is RMB 8.65, while the PB-ROE model gives a reasonable value of RMB 8.42, leading to a valuation range of RMB 8.42-8.65 [4][6] Dividend Policy - The mid-term dividend payout ratio for 2024 is 33.07%, an increase from 30.10% in 2023, reflecting the company's capital adequacy and moderate growth [4][6] Asset Quality - The company reported a decrease in the non-performing loan balance and ratio in the corporate real estate sector, with the non-performing loan ratio dropping to 1.73% [4][6] - The coverage ratio for provisions decreased to 372.42% from Q1 2024 [4][6] Loan Growth - The company’s loan growth rate for Q2 2024 was 6.18% year-on-year, while deposit growth was 4.94%, showing a slight slowdown compared to Q1 2024 [4][6] - The company is actively promoting innovative financing products for technology enterprises, enhancing its competitive position in the market [4][6]