SRCB(SH:601825) Guoxin Securities·2024-10-27 12:18Investment Rating - The investment rating for the company is "Neutral" [3] Core Views - The company's revenue and profit growth showed slight improvement in the third quarter of 2024, with total revenue reaching 20.484 billion yuan (YoY, +0.34%) and net profit attributable to shareholders at 10.485 billion yuan (YoY, +0.81%) [1] - The annualized weighted average ROE for the first three quarters of 2024 was 11.87%, a decrease of 1.16 percentage points year-on-year [1] - Total assets grew steadily, increasing by 7.91% year-on-year to 1.48 trillion yuan, with loans rising by 6.02% to 743.3 billion yuan [1] - The net interest margin continued to narrow, measured at 1.48%, down 27 basis points year-on-year, while non-interest income grew by 11.76% [1] - The non-performing loan ratio remained stable at 0.97%, while the attention ratio increased slightly to 1.36% [1] Financial Forecasts - The company is expected to achieve net profits of 12.563 billion yuan, 13.140 billion yuan, and 13.882 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 3.5%, 4.6%, and 5.6% [2][4] - The diluted EPS is projected to be 1.30 yuan, 1.36 yuan, and 1.44 yuan for the years 2024, 2025, and 2026 respectively [2][4] - The current stock price corresponds to a PE ratio of 6.1, 5.8, and 5.5 for the years 2024, 2025, and 2026, and a PB ratio of 0.63, 0.58, and 0.54 respectively [1][2]