Shenwan Hongyuan Securities·2026-03-31 14:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2025 net profit attributable to shareholders decreased by 17.9% year-on-year, which is in line with expectations. The total operating revenue for 2025 is projected to be 1.09 trillion yuan, a decline of 5.76% year-on-year [6] - The company plans to distribute a cash dividend of 0.168 yuan per share (before tax) for 2025, resulting in a dividend payout ratio of 18.10%, which is an increase of 2.31 percentage points compared to 2024 [6] - The report indicates a downward adjustment in profit forecasts for 2026 and 2027, with expected net profits of 21.6 billion yuan and 21.5 billion yuan respectively, reflecting a decline in growth rates [6] Financial Data and Profit Forecast - Total operating revenue projections for the years 2024 to 2028 are as follows: 1,160,311 million yuan (2024), 1,093,494 million yuan (2025), 1,082,061 million yuan (2026E), 1,080,013 million yuan (2027E), and 1,095,253 million yuan (2028E) [5][8] - The net profit attributable to shareholders is forecasted to be 27,887 million yuan (2024), 22,892 million yuan (2025), 21,573 million yuan (2026E), 21,520 million yuan (2027E), and 22,277 million yuan (2028E) [8] - The company's return on equity (ROE) is projected to decline from 7.9% in 2024 to 5.3% in 2028 [5]