SRCB(SH:601825) Guoxin Securities·2024-08-19 10:00Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company achieved positive growth in both revenue and net profit in the first half of 2024, with revenue reaching 13.917 billion yuan (YoY, 0.23%) and net profit attributable to shareholders at 6.971 billion yuan (YoY, 0.62%) [1] - Total assets grew by 7.02% year-on-year to 1.45 trillion yuan, with deposits increasing by 6.93% and loans by 6.18% [2] - The company has strengthened its liability advantage, with a net interest margin of 1.56%, down 16 basis points year-on-year [2] - The non-interest income increased by 8.86%, driven mainly by financial investment income [2] - Asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 372.42% [2] Financial Performance Summary - For the first half of 2024, the annualized weighted average ROE was 11.89%, a decrease of 1.18 percentage points year-on-year [1] - The mid-term dividend payout ratio increased to 33.07%, up approximately 3 percentage points from 2023 [2] - The forecast for net profit attributable to shareholders for 2024-2026 is 12.9 billion, 14 billion, and 15.1 billion yuan, with corresponding year-on-year growth rates of 6.5%, 7.9%, and 8.2% [2][6] - The diluted EPS for the same period is projected to be 1.34, 1.45, and 1.57 yuan, with current PE ratios of 4.9, 4.5, and 4.2 times, and PB ratios of 0.52, 0.48, and 0.44 times [2][6]