SRCB(601825) 华泰证券·2025-04-25 02:21Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 9.86 [9][11]. Core Views - The company's revenue and net profit for 2024 are expected to grow by 0.9% and 1.2% year-on-year, slightly above previous expectations due to improved non-interest income from the bond market [1]. - The company has shown steady operational quality, with an increase in dividend payout ratio, indicating a commitment to shareholder returns [1]. - The asset quality remains stable with a non-performing loan (NPL) ratio of 0.97% and a provision coverage ratio of 339% as of Q1 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the company's revenue and net profit decreased by 7.4% and increased by 0.3% year-on-year, respectively, with a notable high base effect from property disposal income in the previous year [1]. - The company reported a net interest margin of 1.50% for 2024, a decrease from the previous year, but with an ongoing improvement in funding costs [3]. Asset and Liability Management - As of Q1 2025, total assets, loans, and deposits grew by 6.8%, 6.6%, and 5.7% year-on-year, respectively, indicating a steady expansion of the balance sheet [2]. - The company has optimized its deposit structure, with a current account ratio of 30.6% as of the end of 2024, reflecting a strategic focus on improving funding costs [2]. Dividend and Profitability - The company plans to distribute a dividend of RMB 0.43 per share for 2024, resulting in a dividend payout ratio of 33.91%, up from 30.10% in 2023 [4]. - The forecasted net profit for 2025 is RMB 12.386 billion, with a projected growth rate of 0.79% year-on-year [28]. Valuation Metrics - The report assigns a price-to-book (PB) ratio of 0.72 for 2025, reflecting a premium valuation compared to peers, which have an average PB of 0.53 [5][23]. - The estimated book value per share (BVPS) for 2025 is RMB 13.69, indicating a slight increase from previous estimates [5].