SRCB(SH:601825) Orient Securities·2025-09-23 14:53Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.61 CNY per share, corresponding to a PB of 0.70 for 2025 [4][7]. Core Views - The company's revenue growth has shown marginal improvement, with a cumulative year-on-year growth of -3.4% for revenue, +0.6% for net profit attributable to the parent company, and a decrease in net interest income by 5.5% [11]. - The loan portfolio has expanded steadily, with a year-on-year growth of 5.2%, primarily driven by corporate loans, which increased by 7.8% [11]. - The net interest margin remains under pressure at 1.39%, but there is significant potential for improvement in funding costs as high-interest deposits are re-priced [11]. - Asset quality remains stable, with a non-performing loan ratio holding steady, while the attention ratio has increased slightly to 1.77% [11]. Financial Summary - The company's projected net profit attributable to the parent company for 2025 is 12,415 million CNY, reflecting a year-on-year growth of 1.0% [6]. - The earnings per share (EPS) for 2025 is estimated at 1.29 CNY, with a book value per share (BVPS) of 13.81 CNY [4][6]. - The total assets are projected to reach 1,583,350 million CNY by 2025, with a capital adequacy ratio of 17.73% [14].