SRCB(SH:601825) Guoxin Securities·2024-04-26 11:00Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved stable revenue growth with operating income of 26.4 billion yuan in 2023, a year-on-year increase of 3.1%, and a net profit of 12.1 billion yuan, up 10.6% year-on-year [1][2] - Total assets grew by 8.6% year-on-year in 2023, reaching 1.44 trillion yuan by the end of Q1 2024, with deposits increasing by 7.9% and loans by 6.1% [1][2] - The net interest margin decreased to 1.67%, down 16 basis points year-on-year, primarily due to a decline in interest-earning asset yields [1] - Asset quality showed some fluctuations, with the non-performing loan ratio rising to 0.99% by the end of Q1 2024, influenced by an increase in personal loan defaults [1][2] Financial Performance Summary - Revenue and net profit for 2023 were 26.4 billion yuan and 12.1 billion yuan respectively, with projected net profits for 2024 and 2025 at 12.6 billion yuan and 13.5 billion yuan [2][5] - The diluted EPS for 2024 is expected to be 1.31 yuan, with a PE ratio of 5.4x [2][5] - The company maintained a dividend payout ratio of 30% in 2023, with a projected dividend per share of 0.39 yuan for 2024 [5] Asset Quality and Capital Adequacy - The company reported a provision coverage ratio of 382% at the end of Q1 2024, down 23 percentage points from the beginning of the year [1] - The core Tier 1 capital adequacy ratio stood at 14.49% at the end of Q1 2024, indicating a strong capital position [1][5]