SITI(000563) 国投证券·2025-04-03 09:05Investment Rating - The investment rating for the company is maintained at Buy-A, with a 6-month target price of 3.75 CNY [4][6]. Core Views - The company has demonstrated a solid performance in 2024, achieving a revenue of 2.928 billion CNY (up 4% year-on-year) and a net profit of 1.361 billion CNY (up 26% year-on-year) [1]. - The trust asset scale has steadily increased, with a total trust asset size reaching 599.976 billion CNY by the end of 2024, reflecting a 13% growth from the beginning of the year [2]. - Investment income has risen by 36%, amounting to 867 million CNY, primarily driven by increased interest income from debt investments and improved trading financial asset returns [3]. Financial Performance Summary - In 2024, the company reported a net commission income of 1.662 billion CNY, an increase of 8% year-on-year, with 583 new trust projects added, totaling a project scale of 15.8 trillion CNY [2]. - The company's self-owned asset scale reached 22.5 billion CNY by the end of 2024, marking a 10% increase from the start of the year [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.30 CNY, 0.34 CNY, and 0.39 CNY respectively [4][11]. Market Position and Strategy - The company is backed by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, showcasing strong capabilities in identifying quality projects within the province [4]. - The dual-driven development strategy of proprietary and trust businesses is expected to enhance growth potential and competitive advantages [4]. Valuation Metrics - The projected price-to-book (P/B) ratio for 2025 is set at 1x, with a corresponding target price of 3.75 CNY based on the company's growth trajectory [4]. - The company’s net profit margin for 2024 was reported at 46%, indicating strong profitability [11].