SRBC(600039) 国盛证券·2024-12-05 02:12Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge (600039.SH) [3] Core Views - The company is focusing on its core construction business by transferring two new business segments to the group, which will help reduce financial and management pressure while enhancing its main operations [2] - The infrastructure demand in Sichuan is expected to remain strong, supporting the company's long-term high dividend characteristics [2] - The company is projected to maintain a dividend payout ratio of over 50% in the medium to long term, driven by stable industry demand and reduced investment pressure from the new business segment transfers [2] Summary by Sections Company Transactions - Sichuan Road and Bridge plans to transfer 20% of its mining group's shares for 650 million yuan to Shudao Group, which will also inject 2.54 billion yuan into the mining group [2] - Shudao Group will increase its stake in the clean energy group by 6.03 billion yuan, resulting in a 60%/40% ownership split between the two companies [2] Financial Performance - The net profit for the mining group, road bridge mining, and clean energy group in 2023 was -460 million yuan, 20 million yuan, and -60 million yuan respectively [2] - If the transactions are completed, the company expects an increase of 800 million yuan in net profit for the current year [2] Market Outlook - Sichuan's infrastructure demand is projected to remain robust, with plans to double the highway network by 2035 [2] - The company is expected to receive high-quality orders through integrated investment and construction models from Shudao Group, which has built 73% of Sichuan's highways [2] Earnings Forecast - The report forecasts the company's net profit for 2024-2026 to be 7.86 billion yuan, 8.75 billion yuan, and 9.60 billion yuan respectively, with year-on-year changes of -12.7%, +11.3%, and +9.8% [7] - The expected earnings per share (EPS) for the same period are projected to be 0.90 yuan, 1.00 yuan, and 1.10 yuan [7]