SRBC(SH:600039) Tianfeng Securities·2024-02-05 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6]. Core Views - The negative impact from the mountain flood event is believed to have been largely cleared, allowing the company's operations to return to normal [1]. - The company is seen as having strong long-term investment value due to its high dividend yield and stable growth, despite recent challenges [2]. - The major shareholder, Shudao Group, has increased its stake in the company, reflecting confidence in its future development [2]. Summary by Sections Impact of Recent Events - The mountain flood incident was classified as a natural disaster rather than a production safety accident, with the investigation attributing the disaster to heavy rainfall and other environmental factors [1]. - Accountability measures were primarily directed at individuals rather than the company itself, allowing for a smoother transition to normal operations under new leadership [1]. Financial Performance and Valuation - The company’s revenue for 2023 is projected at 148.47 billion yuan, with a modest growth rate of 9.86% [5]. - The estimated cash dividend payout ratio for 2022-2024 is set at no less than 50% of the net profit attributable to the parent company, with a forecasted dividend yield of 8.1% for 2023 [2]. - As of February 5, 2024, the company's price-to-earnings (P/E) ratio is 5.4, and the price-to-book (P/B) ratio is 1.57, indicating a relatively low valuation compared to historical levels [2]. Market and Operational Outlook - The company’s order intake for 2023 reached 168.5 billion yuan, a year-on-year increase of 20.1%, with significant contributions from infrastructure and housing projects [3]. - The Shudao Group, as a key player in Sichuan's infrastructure investment, is expected to continue driving growth for the company [3]. - The Sichuan provincial government plans to invest over 260 billion yuan in transportation infrastructure in 2024, which is anticipated to benefit the company [3].