SRBC(600039) 天风证券·2024-12-05 05:22Investment Rating - The report maintains a "Buy" rating for the company, with a target dividend yield of 5.71% based on projected net profits and a dividend payout ratio of at least 50% for 2022-2024 [1][5]. Core Insights - The company is expected to benefit from the adjustment of equity stakes in its clean energy and mining subsidiaries, which will alleviate investment pressure and potentially improve profitability [1]. - The reduction of ownership in loss-making subsidiaries is anticipated to enhance the company's profit margins and cash flow, supporting its dividend capacity [3]. - The report forecasts net profits for 2024-2026 to be 7.53 billion, 8.28 billion, and 9.14 billion yuan respectively, with a projected growth rate of -16%, +10%, and +10% [1][4]. Financial Data Summary - Revenue for 2024 is projected at 110.52 billion yuan, with a decline of 3.93% from 2023 [4]. - The company's net profit for 2024 is estimated at 7.53 billion yuan, reflecting a decrease of 16.39% compared to 2023 [4]. - The earnings per share (EPS) for 2024 is expected to be 0.86 yuan, with a price-to-earnings (P/E) ratio of 8.76 [4][19]. - The company’s total assets are projected to be 226.13 billion yuan in 2024, with a debt-to-asset ratio of 75.89% [17][20].