SRBC(SH:600039) Tianfeng Securities·2025-04-30 06:14Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company's revenue and profit showed steady growth in Q1 2025, with operating income reaching 22.986 billion yuan, a year-on-year increase of 3.98%, and net profit attributable to shareholders at 1.774 billion yuan, up 0.99% year-on-year. The new signed orders increased by 18.87% year-on-year, reflecting a recovery in production and operations [1][4]. - The gross margin slightly decreased to 14.51%, down 1.29 percentage points year-on-year, while the expense ratio improved, indicating enhanced cost control capabilities [2]. - The infrastructure investment in Sichuan province is expected to grow, with a target of 280 billion yuan in 2025, which supports the company's long-term performance [3][4]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 8.098 billion yuan, representing a 12.32% increase year-on-year. The expected earnings per share (EPS) for 2025 is 0.93 yuan, with a price-to-earnings (P/E) ratio of 9.58 [5][12]. - The company plans to maintain a cash dividend payout ratio of 60%, leading to a dividend yield of 6.3% for 2025 [4][5]. - The company's total assets are projected to be 235.25 billion yuan in 2025, with a debt-to-asset ratio of 77.16% [12][13].