SRBC(600039) 天风证券·2025-02-23 08:23Investment Rating - The report maintains a "Buy" rating for Sichuan Road and Bridge (600039) with a target price not specified [5]. Core Views - The company plans to increase its cash dividend payout ratio to no less than 60% of the annual net profit attributable to shareholders from 2025 to 2027, up from a previous minimum of 50% from 2022 to 2024, highlighting its high dividend investment value [1]. - The collaboration between Shudao Group and Sichuan Road and Bridge has created a unique development model, with Sichuan Road and Bridge contributing over 60% of Shudao's profits in 2023, indicating its critical role in Shudao's expansion [2]. - Sichuan's infrastructure investment is expected to grow, with a target of 280 billion yuan in 2025, representing a 7.7% increase from 260 billion yuan in 2024, which supports the company's long-term performance [3]. Financial Data and Valuation - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is 7.8 billion yuan, 8.6 billion yuan, and 9.2 billion yuan respectively, with corresponding dividend yields of 6.4%, 8.4%, and 9.1% based on the closing price as of February 21 [1]. - The company's revenue for 2024 is estimated at 105.9 billion yuan, with a decline of 7.99% from 2023, followed by a recovery in 2025 with an expected growth of 8.06% [4]. - The company's earnings per share (EPS) is projected to be 0.90 yuan in 2024, with a price-to-earnings (P/E) ratio of 7.82 [4].