SRCB(601825) 东方证券·2025-04-27 13:23Investment 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 are projected to grow from 1,392,214 million yuan in 2023 to 1,653,004 million yuan by 2027 [12] Profitability and Valuation Metrics - The report forecasts a decline in net interest income from 20,700 million yuan in 2023 to 19,675 million yuan in 2025 [12] - The average return on equity (ROE) is expected to decrease from 11.34% in 2023 to 9.31% by 2027 [12] - 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 valuation attractiveness [12] Dividend Policy - The dividend payout ratio is expected to increase from 33.1% to 33.9% in 2024, supported by strong core capital adequacy [9]