SRBC(600039) 申万宏源证券·2025-04-23 05:15Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge [1] Core Views - The company's revenue and profit have reached a bottom, with a maintained dividend payout ratio of 50% [1] - The company is expected to benefit from the development of the Chengdu-Chongqing economic circle, enhancing its performance [7] - The report has adjusted profit forecasts for 2025-2026 downwards due to regional investment slowdowns but maintains a positive outlook for 2027 [7] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 115,042 million, with a year-on-year decrease of 14.9% [6] - The net profit attributable to the parent company for 2024 is expected to be 7,210 million, a decrease of 19.9% year-on-year [6] - The company’s gross margin for 2024 is forecasted to be 15.7%, down from the previous year [6] - Operating cash flow for 2024 is expected to increase by 55.45 million, with a cash collection ratio of 90.1% [7] - The company’s debt ratio is projected to be 78.9% at the end of 2024, slightly down from the previous year [7]