SRCB(601825) 东方证券·2025-04-27 09:22Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The revenue growth rate is impacted by the base effect, while the dividend payout ratio continues to rise [2][9] - The company's net profit for 2025 is projected to grow by 0.3%, with a book value per share (BVPS) of 13.37 yuan [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, with a target price of 9.18 yuan per share [3] Financial Performance Summary - For 2023, the company reported an operating income of 26,414 million yuan, with a year-on-year growth of 3.1% [4] - The net profit attributable to the parent company for 2023 was 12,142 million yuan, reflecting a 10.6% increase year-on-year [4] - The company’s total assets and loan amounts grew by 6.8% and 6.0% respectively as of Q1 2025 [9] - The non-performing loan ratio remained stable, with a coverage ratio of 405% [9][12] Profitability and Valuation Metrics - The report forecasts the company's net interest income to decrease to 19,675 million yuan in 2025, with a projected net interest margin of 1.31% [12] - The price-to-earnings (P/E) ratio is expected to decline from 6.86 in 2023 to 6.54 in 2027 [12] - The price-to-book (P/B) ratio is projected to decrease from 0.74 in 2023 to 0.60 in 2027 [12] Dividend Policy - The dividend payout ratio increased from 33.1% to 33.9% in 2024, supported by strong core capital adequacy [9]