SDIC Capital(SH:600061) Huachuang Securities·2024-04-30 08:02Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.9 yuan, corresponding to a 1.1 times PB valuation [3][5]. Core Views - The company experienced a significant decline in total revenue for Q1, achieving 3.19 billion yuan, a year-on-year decrease of 59.6% and a quarter-on-quarter decrease of 31.1%. However, it reported a net profit attributable to shareholders of 350 million yuan, indicating a turnaround from losses in the previous quarter [3][5]. - The report highlights that both light asset and heavy capital businesses are under pressure, with low revenue and profit margins. The self-operated business income also saw a year-on-year decline of 61.5% but a quarter-on-quarter increase of 248.6% [3][5]. - The company’s trading financial assets reached 90.76 billion yuan at the end of the reporting period, reflecting a year-on-year increase of 34.8% and a quarter-on-quarter increase of 40.6% [3][5]. - The report anticipates that the company's earnings per share (EPS) for 2024, 2025, and 2026 will be 0.46, 0.49, and 0.53 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17.99, 14.29, and 13.35 [3][5]. Financial Summary - For 2023, the company is projected to achieve total revenue of 17.46 billion yuan, with a year-on-year growth rate of 2%. The net profit attributable to shareholders is expected to be 2.36 billion yuan, reflecting a year-on-year decrease of 20% [5]. - The report provides a detailed financial forecast, indicating that total revenue is expected to grow to 19.60 billion yuan in 2024, 22.54 billion yuan in 2025, and 26.39 billion yuan in 2026 [5]. - The company’s total assets are projected to increase from 280.1 billion yuan in 2023 to 368.7 billion yuan in 2026, with total liabilities also rising correspondingly [5].