SRBC(600039) 申万宏源·2024-12-06 11:37Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge (600039) [4] Core Views - The company plans to transfer its mining and new energy segments to its controlling shareholder, Shudao Group, which will result in the exclusion of three loss-making subsidiaries from its consolidated financial statements. This is expected to enhance the company's profitability [4] - The asset restructuring is anticipated to improve the company's net profit by approximately 800 million yuan, accounting for 8.9% of the company's net profit for 2023 [4] - Shudao Group, with total assets of 1.34 trillion yuan and revenue of 250.5 billion yuan in 2023, is expected to accelerate the incubation of the mining and new energy sectors, allowing the listed company to share in the investment returns [4] - The company is refocusing on its core engineering construction business, which is expected to benefit from the development of the Chengdu-Chongqing economic circle [4] - The report revises down the profit forecasts for 2024-2026 but maintains the "Buy" rating, citing a strong dividend yield of 6.79% compared to the industry average of 3.50% [4] Summary by Sections Market Data - Closing price: 7.61 yuan - One-year high/low: 9.12/5.19 yuan - Price-to-book ratio: 1.5 - Dividend yield: 7.28% - Market capitalization: 50,988 million yuan [1] Financial Data - Net asset per share: 5.22 yuan - Debt-to-asset ratio: 79.55% - Total shares: 8,712 million, circulating A shares: 6,700 million [1] Revenue and Profit Forecasts - Total revenue for 2023: 115,042 million yuan, with a year-on-year decrease of 14.9% - Net profit for 2023: 9,004 million yuan, with a year-on-year decrease of 19.7% - Expected net profit for 2024: 7,524 million yuan, a decrease of 16.4% year-on-year [5][8]