SRCB(601825) 东方证券·2025-04-27 10:25Investment 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 is expected to experience a slight increase in net profit for the years 2025, 2026, and 2027, with projected growth rates of 0.3%, 1.8%, and 1.6% respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X for 2025, 0.62X for 2026, and 0.60X for 2027, indicating potential undervaluation [3] Financial Performance Summary - For 2023, the company reported a revenue 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 year-on-year increase of 10.6% [4] - The earnings per share (EPS) for 2023 was 1.26 yuan, with projected EPS of 0.72 yuan for 2024 [4] - The company’s total assets return rate is projected to remain stable at around 0.9% for 2024 and beyond [4] Profitability and Valuation - The report predicts a slight decline in net interest income, with a forecast of 19,675 million yuan for 2025 [11] - The price-to-earnings (P/E) ratio is projected to decrease from 6.86 in 2023 to 6.54 in 2027, indicating a potential increase in market valuation [11] - The book value per share (BVPS) is expected to rise from 11.66 yuan in 2023 to 14.47 yuan in 2027 [11] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio is expected to remain stable at around 0.97% for 2024, with a slight improvement projected for subsequent years [11] - The core tier one capital adequacy ratio is forecasted to be 14.73% in 2024, indicating a strong capital position [11]