SRCB(601825) 申万宏源证券·2025-04-25 06:14Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Views - The company's revenue remains stable, with a notable dividend advantage, reflected in a dividend yield of 7.32% [2][10]. - The first quarter of 2025 saw a revenue decline of 7.4% year-on-year, attributed to high base effects from asset disposals in the previous year, while net profit growth remained modest at 0.3% [5][7]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.97% and a provision coverage ratio of approximately 339% [10][12]. Financial Performance Summary - For the first quarter of 2025, the company reported a revenue of 66 billion yuan, down 7.4% year-on-year, and a net profit of 36 billion yuan, up 0.3% year-on-year [5][7]. - The total revenue for 2024 is projected at 26,641.34 million yuan, with a slight growth of 0.86% compared to 2023 [6]. - The forecast for net profit growth is adjusted to 0.9% for 2025, 3.6% for 2026, and 4.2% for 2027 [10][12]. Dividend and Capital Position - The dividend payout ratio for 2024 is 33.9%, an increase of 3.8 percentage points from the previous year, indicating a strong dividend policy supported by sufficient capital [7][10]. - The core tier 1 capital adequacy ratio stands at 14.36%, suggesting a robust capital position to support future growth and dividends [10][12]. Loan Growth and Quality - Loan growth remains stable, with a year-on-year increase of 6.6% in total loans as of the first quarter of 2025 [11][12]. - The bank's focus on corporate loans, particularly in technology and green sectors, has contributed significantly to new loan growth [7][11].