SRBC(600039) 华源证券·2025-02-24 06:49Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has increased its dividend payout ratio to no less than 60% of the net profit attributable to shareholders, enhancing its attractiveness through high dividend yields [6][4] - The infrastructure investment in Sichuan province is expected to continue growing, with plans to exceed 280 billion yuan in transportation construction investment in 2025, which will benefit the company [6] - The company is projected to achieve steady growth in performance, supported by a favorable infrastructure environment and strong backing from its major shareholder, Shudao Group [6] Financial Summary - The company's total market capitalization is approximately 60,985.85 million yuan, with a circulating market value of 46,925.48 million yuan [2] - The company's revenue is forecasted to decline from 135,151 million yuan in 2022 to 104,590 million yuan in 2024, before recovering to 122,705 million yuan by 2026 [5] - The net profit attributable to shareholders is expected to decrease from 11,213 million yuan in 2022 to 8,018 million yuan in 2024, with a projected increase to 9,538 million yuan by 2026 [5] - The company's earnings per share (EPS) is forecasted to be 1.29 yuan in 2022, declining to 0.92 yuan in 2024, and recovering to 1.09 yuan by 2026 [5] - The company maintains a high return on equity (ROE) of 26.83% in 2022, projected to decrease to 16.32% in 2024, and stabilize around 16.39% by 2026 [5] Dividend Policy - The company has committed to a dividend payout ratio of at least 60% of net profit for the years 2025 to 2027, an increase from the previous commitment of 50% [6] - The projected dividend yields for 2024, 2025, and 2026 are expected to be 6.6%, 8.5%, and 9.4% respectively, highlighting the company's strong dividend characteristics [6]