SRCB(601825) 华泰证券·2025-04-25 11:30Investment Rating - The report maintains an "Accumulate" rating for the company [5][8]. Core Views - The company reported a slight increase in revenue and net profit for 2024, with year-on-year growth of 0.9% and 1.2% respectively, slightly above previous expectations [1]. - The company is focusing on steady asset expansion, particularly in the technology sector, with a notable increase in loans to technology enterprises [2]. - The report highlights an improvement in liability costs and a stable asset quality, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 339% as of Q1 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the company experienced a year-on-year decline in operating income of 7.4% and a slight increase in net profit of 0.3%, attributed to a high base from the previous year [1]. - The company plans to distribute a dividend of 0.43 RMB per share for 2024, resulting in a dividend payout ratio of 33.91%, up from 30.10% in 2023 [4]. Asset and Liability Management - As of Q1 2025, total assets, loans, and deposits increased by 6.8%, 6.6%, and 5.7% year-on-year, indicating a steady expansion of the balance sheet [2]. - The net interest margin for 2024 was reported at 1.50%, with a decrease in the cost of interest-bearing liabilities and deposit costs compared to the previous year [3]. Valuation and Forecast - The report forecasts net profits for 2025-2027 to be 12.4 billion, 12.7 billion, and 13.1 billion RMB respectively, with a projected growth rate of 0.8%, 2.3%, and 3.4% [5]. - The target price for the company is set at 9.86 RMB, reflecting a price-to-book ratio of 0.72 for 2025 [5][9].