SRBC(600039) 长江证券·2025-02-24 02:37Investment Rating - The investment rating for the company is "Buy" and is maintained [12]. Core Views - The company has announced a shareholder return plan for the next three years (2025-2027), prioritizing cash dividends while also allowing for stock dividends or a combination of both [2][6]. - The company aims to establish a clear and stable profit distribution mechanism, ensuring that cash dividends are distributed at least 60% of the net profit attributable to shareholders after covering losses and legal reserves [12]. - The company has consistently maintained a leading dividend payout ratio among local state-owned enterprises, with the planned increase to 60% expected to boost investor confidence [12]. - The demand for infrastructure in Sichuan province is strong, with the company participating in several highway projects, which is anticipated to support steady revenue growth [12]. - The major shareholder, Shudao Group, continues to provide substantial support, which is expected to improve the company's cash flow and fund the high dividend plan [12]. Summary by Sections Shareholder Return Plan - The company has outlined a shareholder return plan for 2025-2027, focusing on cash dividends as the primary method of profit distribution [2][6]. - The plan allows for stock dividends if the company's earnings and stock price are deemed misaligned with its capital structure [8]. Financial Performance and Projections - The company projects revenues of 80.0 billion, 87.4 billion, and 96.1 billion for the years 2024-2026, with corresponding price-to-earnings ratios of 7.6, 7.0, and 6.3 [12]. - The expected dividend yield for 2025, based on a 60% payout ratio, is approximately 8.6% [12]. Market Position and Growth Potential - The company is well-positioned to benefit from the ongoing infrastructure projects in Sichuan, with significant investments planned in the region [12]. - The company has a strong order backlog as contracts are signed, which will support future revenue growth [12].