SRBC(600039) 天风证券·2025-02-23 06:54Investment Rating - The investment rating for Sichuan Road and Bridge (600039) is "Buy" with a target price not specified [5]. Core Views - The company plans to maintain a cash dividend ratio of no less than 60% of the annual net profit attributable to the parent company from 2025 to 2027, an increase from the previous 50% for 2022-2024, highlighting its high dividend investment value [1]. - The collaboration between Shudao Group and Sichuan Road and Bridge has created a unique development model, with Sichuan Road and Bridge being a core contributor to Shudao's revenue and profit [2]. - Sichuan's infrastructure investment is expected to grow, with a target of 280 billion yuan in 2025, which supports the company's long-term performance [3]. Financial Data and Valuation - The projected net profit attributable to the parent company for 2024, 2025, and 2026 is 7.8 billion, 8.6 billion, and 9.2 billion yuan respectively, with corresponding dividend yields of 6.4%, 8.4%, and 9.1% based on the current stock price [1]. - The company's revenue for 2024 is estimated at 105.9 billion yuan, with a growth rate of -7.99% compared to 2023 [4]. - The earnings per share (EPS) for 2024 is projected to be 0.90 yuan, with a price-to-earnings (P/E) ratio of 7.82 [4]. Industry Insights - Sichuan Road and Bridge is positioned within the construction and infrastructure sector, which is expected to benefit from ongoing provincial infrastructure investments [5]. - The company has integrated six subsidiaries into the Shudao Maintenance Group, aiming for revenue exceeding 6 billion yuan by the end of the 14th Five-Year Plan [3].