SRCB(601825) 东方证券·2024-11-06 05:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - Revenue and profit growth have slightly improved, with non-interest income showing marginal improvement. As of Q3 2024, the company's revenue, PPOP, and net profit attributable to the parent company have increased year-on-year by 0.3%, -3.3%, and 0.8% respectively compared to H1 2024 [1][2] - The company has accelerated its scale expansion, with individual loan growth showing positive trends. As of Q3 2024, total assets and loan growth rates have increased by 0.9% and 0.4% respectively, reaching 7.9% and 6.0%. Individual loan growth improved by 1.6% quarter-on-quarter, supported by favorable policies in real estate and consumption [2][3] - The non-performing loan ratio remains stable, and the provision coverage ratio has decreased, indicating sufficient profit space for reinvestment. As of Q3 2024, the non-performing loan ratio is 0.97%, unchanged from the previous quarter, while the provision coverage ratio has decreased by 7.4% to 365.0% [2][3] Financial Summary - The company’s revenue for 2024 is projected to be 26,631 million yuan, with a year-on-year growth of 0.8%. The net profit attributable to the parent company is expected to be 12,340 million yuan, reflecting a growth of 1.6% [4][9] - Earnings per share (EPS) for 2024 is forecasted at 1.28 yuan, with book value per share (BVPS) at 12.58 yuan. The current stock price corresponds to a price-to-book (PB) ratio of 0.62X for 2024 [3][4] - The report indicates a reasonable value of 8.64 yuan per share based on comparable companies' adjusted average PB for 2024 [3][5]