SITI(000563) 国投证券·2025-04-03 10:05Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 3.75 CNY for the next six months [4][6]. Core Views - The company has demonstrated a solid performance in 2024, achieving a revenue of 2.928 billion CNY, a year-on-year increase of 4%, and a net profit of 1.361 billion CNY, reflecting a 26% growth [1]. - The trust asset scale has steadily grown, with a total trust asset size reaching 599.976 billion CNY by the end of 2024, marking a 13% increase from the beginning of the year [2]. - Investment income has increased by 36% to 867 million CNY, driven by growth in interest income from debt investments and improved trading asset returns [3]. Financial Performance Summary - Revenue and Profit: In 2024, the company reported a revenue of 2.928 billion CNY and a net profit of 1.361 billion CNY, with an EPS of 0.2661 CNY [1][5]. - Trust Business Growth: The company added 583 new trust projects with a total project scale of 1.58 trillion CNY, and the net income from fees and commissions reached 1.662 billion CNY, up 8% year-on-year [2]. - Investment Returns: The company achieved an investment income of 867 million CNY, a 36% increase, and the self-owned asset scale reached 22.5 billion CNY, a 10% increase from the start of the year [3]. Future Earnings Estimates - The projected EPS for 2025, 2026, and 2027 are 0.30 CNY, 0.34 CNY, and 0.39 CNY respectively, indicating a positive growth trajectory [4][11].