证券研究报告·公司点评报告·非银金融 中金公司（03908.HK） 2024 年一季报点评：业绩短期承压，看好公 2024年 04月 30 日 司强化竞争壁垒 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 证券分析师 葛玉翔 营业总收入（百万元） 37,398 35,446 37,112 40,304 44,063 执业证书：S0600522040002 同比（%） -8.71% -5.22% 4.70% 8.60% 9.33% 021-60199761 归母净利润（百万元） 7,598 6,156 6,240 7,129 8,261 geyx@dwzq.com.cn 同比（%） -29.51% -18.97% 1.36% 14.24% 15.89% 研究助理 罗宇康 EPS-最新摊薄（元/股） 1.57 1.28 1.29 1.48 1.71 执业证书：S0600123090002 P/E（现价&最新摊薄） 5.45 ...

[Table_Page] 季报点评|多元金融 证券研究报告 [【Table_T广itle] 发 海 外 & 非 银 】 中 金 公 司 [公Tab司le_I评nves级t] 买入 当前价格 9.80港元 （03908.HK） 合理价值 14.84港元 前次评级 买入 用表效益有所下滑，静待市场及环境回暖 报告日期 2024-04-30 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 高基数下业绩显著回撤。公司发布 2024 年一季报，2024Q1 实现营收 12% 0% 38.74亿元，同比-37.61%；实现归母净利润12.39亿元，同比-45.13%。 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -13% 加权平均ROE为1.21%，同比-1.29 pct。杠杆率有所下滑。24Q1公司 -25% 总资产6137亿元，同比-7.8%。剔除客户资金杠杆倍数4.96倍比去年 -38% -50% 同期下降0.64，较年初下降0.20。 中金公司 恒生指数 ⚫ 泛自营受市场及环境拖累大幅减少。24Q1公司投资+公允变动单 ...

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[中I Tnaf 金bol]e 公_Ti司tle]（ 3908） [评Tab级le_：Inv est] 增持 当前价格（港元）： 9.95 投资业绩承压，供给侧改革提速助推发展 2024.04.30 海 ——中金公司2024 年一季报点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 王思玥(研究助理) 52周内股价区间（港元） 8.20-18.00 当前股本（百万股） 4,827 公 021-38676647 021-38031024 当前市值（百万港元） 48,031 司 liuxinqi@gtjas.com wangsiyue028676@gtjas.com 证书编号 S0880515050001 S0880123070151 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 公司投资净收入下滑致使业绩承压；预计行业供给侧改革提速，公司资金使用效率突 国 中金公司 恒生指数 香 出，不断巩固各项业务专业化优势，有望通过内生增长与外延并购实现超预期发展。 11% 摘要： ...

Financial Performance - For the three months ended March 31, 2024, the company achieved operating revenue of RMB 3,873,747,046, representing a decrease of 37.61% year-on-year[2][4]. - The net profit attributable to shareholders of the parent company was RMB 1,238,666,240, down 45.13% compared to the previous year[2][4]. - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 1,216,702,413, reflecting a decline of 44.17% year-on-year[4]. - Basic earnings per share decreased by 48.70% to RMB 0.223[4]. - The company reported a net profit of RMB 1,430,038,591 for Q1 2024, compared to RMB 2,705,614,698 in Q1 2023, indicating a decline of 47.3%[19]. - Net profit for Q1 2024 was RMB 1,239,089,337, a decrease of 45.2% compared to RMB 2,259,717,361 in Q1 2023[20]. - Total comprehensive income for Q1 2024 was RMB 1,332,545,719, down from RMB 2,101,201,265 in Q1 2023, reflecting a decline of 36.6%[20]. - The company reported a significant decrease in other income by 73.00% to $29.99 million from $111.08 million, due to reduced tax refund income and government support funds[9]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 613,694,656,004, a decrease of 1.70% from the end of the previous year[4]. - Total liabilities as of March 31, 2024, were RMB 507,464,712,334, a decrease from RMB 519,409,188,733 as of December 31, 2023[17]. - Total assets as of March 31, 2024, were RMB 613,694,656,004, down from RMB 624,306,586,684 as of December 31, 2023[16]. - The total equity attributable to shareholders as of March 31, 2024, was RMB 106,229,943,670, compared to RMB 104,897,397,951 as of December 31, 2023[18]. - Total liabilities as of March 31, 2024, were RMB 244,833,524,480, down from RMB 247,289,260,000 at the end of 2023[26]. - The company's total assets as of March 31, 2024, were RMB 325,019,319,315, slightly down from RMB 325,426,582,506 at the end of 2023[24]. Cash Flow - The net cash flow from operating activities was RMB 12,814,865,518, with no applicable year-on-year comparison[4]. - Operating cash inflow for Q1 2024 was RMB 44,225,870,123, an increase of 6.7% from RMB 41,465,367,166 in Q1 2023[21]. - Net cash flow from operating activities for Q1 2024 was RMB 12,814,865,518, compared to a negative cash flow of RMB -1,883,112,957 in Q1 2023[21]. - Cash inflow from investment activities in Q1 2024 was RMB 43,316,119,326, up from RMB 37,340,465,784 in Q1 2023[22]. - The net cash flow from investment activities decreased to RMB 1,827,664,748 in Q1 2024 from RMB 13,853,520,963 in Q1 2023[22]. - Cash inflow from bond issuance amounted to 5 billion, while cash inflow from profit certificates was approximately 4.5 billion, resulting in a total cash inflow from financing activities of 11 billion[33]. - Cash outflow for bond repayment was 8 billion, leading to a net cash flow from financing activities of -2.23 billion, compared to -9.06 billion in the previous year[33]. - The net increase in cash and cash equivalents for the first quarter of 2024 was approximately 10.68 billion, compared to 2.86 billion in the first quarter of 2023[33]. - Cash and cash equivalents at the end of Q1 2024 totaled RMB 161,674,270,646, a decrease from RMB 167,764,339,247 at the end of Q1 2023[23]. Shareholder Information - The total number of shareholders at the end of the reporting period was 119,294, with 118,917 A-share shareholders and 377 H-share registered shareholders[10]. - The largest shareholder, Central Huijin Investment Ltd., holds 40.11% of the shares, totaling 1,936,155,680 shares[11]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 39.42% of the shares, totaling 1,902,983,804 shares[11]. Investment and Income - Investment income and fair value changes decreased by 48.95% to $1.85 billion from $3.62 billion, attributed to lower net gains from financial instruments measured at fair value[9]. - Foreign exchange gains increased to $486.03 million from a loss of $38.51 million, driven by gains from foreign exchange derivative transactions due to currency fluctuations[9]. - The company reported a foreign exchange gain of RMB 486,032,134 in Q1 2024, contrasting with a loss of RMB 38,505,834 in Q1 2023[19]. - The company reported a significant decrease in net income from investment activities, with losses of RMB -485,982,202 in Q1 2024 compared to losses of RMB -4,502,854,349 in Q1 2023[29]. - Net commission and fee income for Q1 2024 was RMB 2,086,204,582, down from RMB 2,744,765,982 in Q1 2023, reflecting a decline of 24.1%[19]. - Investment income increased to RMB 3,435,648,963 in Q1 2024, compared to RMB 2,439,587,676 in Q1 2023, representing a growth of 41%[19]. Other Financial Metrics - The company reported a significant decrease of 50.98% in borrowed funds, totaling RMB 22,044,342,418[8]. - Contract liabilities increased by 61.24% to RMB 663,142,024, driven by prepayments received from asset management and fund management businesses[8]. - Business and management expenses decreased by 31.41% to $2.39 billion from $3.49 billion, mainly due to reductions in employee costs, business development expenses, and travel costs[9]. - Cash flow from investing activities decreased by 86.81% to $1.83 billion from $13.85 billion, reflecting increased cash payments for investments[9]. - The company's interest income for Q1 2024 was RMB 2,176,301,786, while interest expenses were RMB 2,770,044,883, resulting in a net interest loss of RMB 593,743,097[19]. - The net interest income for Q1 2024 was negative at RMB -368,363,026, compared to RMB -324,922,775 in Q1 2023[29]. - The company plans to implement new accounting standards starting in 2024, which may affect the financial statements[34].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 10 billion RMB, representing a year-over-year growth of 15%[9]. - Total revenue and other income for 2023 amounted to RMB 35,446.2 million, a decrease of 5.2% compared to RMB 37,398.2 million in 2022[64]. - Net profit attributable to shareholders of the parent company for 2023 was RMB 6,156.1 million, representing a decline of 19.0% from RMB 7,597.5 million in 2022[64]. - Basic earnings per share for 2023 were RMB 1.138, a decrease of 22.0% compared to RMB 1.459 in 2022[64]. - The overall expenses increased slightly by 1.1% to RMB 28,657.8 million, indicating controlled cost management amidst declining revenues[145]. - The company achieved a net profit of RMB 6,163.6 million, down 18.8% from the previous year[145]. Market Position and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2024[9]. - The company aims to build a first-class investment bank, drawing on its 28 years of experience in the capital market[18]. - The company aims to enhance its core competitiveness and become a leading investment bank with international competitiveness, focusing on supporting the real economy and promoting capital market reforms[82]. - The company has established a strong brand image and reputation in the financial services industry, maintaining high standards and actively participating in capital market reforms[84]. Client and User Engagement - User data showed an increase in active users by 20%, reaching 5 million users in the latest quarter[9]. - The company serves nearly 7 million clients, providing professional investment advisory services to help them navigate market changes and understand economic cycles[27]. - The total number of wealth management clients increased by 17% year-on-year to 6.8038 million, with total client account assets valued at RMB 288 billion, up 4.3%[128]. Investment and Growth Initiatives - New product launches are expected to contribute an additional 1 billion RMB in revenue over the next fiscal year[9]. - Research and development investments increased by 30%, totaling 500 million RMB, focusing on innovative financial technologies[9]. - The company completed a strategic acquisition of a fintech startup for 2 billion RMB, enhancing its service offerings[9]. - The company is exploring new partnerships to enhance its investment banking services, aiming for a 10% increase in client base[9]. Sustainability and Social Responsibility - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 40% by 2025[9]. - The company emphasizes a "financial + public welfare" approach, actively engaging in social responsibility initiatives and rural revitalization projects[29]. Awards and Recognition - The company received multiple awards in 2023, including "Best Securities Company" and "Best Local Broker" in various categories[55]. - CICC ranked 1st in the Best National Fund and Best State-owned Direct Investment Institution categories in the 2023 Annual List by the Fund of Funds Research Center[58]. - CICC was awarded the ESG Pioneer Award and recognized among the Top 30 Brand Value of Listed Securities Companies in the 2023 Golden Ding Awards[59]. Financial Health and Risk Management - The total assets of the company reached RMB 624,306.6 million, with net assets amounting to RMB 104,603.3 million[20]. - The company emphasizes risk management across various dimensions, including market, credit, liquidity, operational, and compliance risks[17]. - The asset-liability ratio decreased by 1.5 percentage points to 80.6% in 2023 from 82.1% in 2022[64]. Digital Transformation and Innovation - The digital strategy has shown progress with the orderly advancement of key digital platforms, including wealth management and asset management research platforms[28]. - The company plans to strengthen its digital transformation and enhance its capabilities in the digital economy to support internationalization efforts[117]. Economic Context - China's GDP grew by 5.2% in 2023, significantly higher than the 3.0% growth in 2022, with final consumption expenditure contributing 82.5% to economic growth[73]. - The average daily trading volume of A-shares reached RMB 874.41 billion in 2023, indicating a stable market environment despite challenges[78].

公司研 究 证 券研究 报 告 非银行金融 2024年04月03日 中 金公司（03908.HK）2023年报点评 推 荐 （维持） 目标价：12.6港元 业绩符合预期，境内外市场景气度有所下行 当前价：9.35港元 事项： 华创证券研究所  中金公司发布2023年报，全年营业收入229.9亿元（同比-11.9%），归母净利 证券分析师：徐康 润61.6亿元（同比-19%），ROE为6%（同比-2.2pct）。报告期末，公司归母净 资产1046亿元（较期初+5.5%），财务杠杆倍数5.39倍（同比-0.44倍），资本 电话：021-20572556 杠杆率11.44%（同比+0.2pct）。 邮箱：xukang@hcyjs.com  执业编号：S0360518060005 评论： 联系人：刘潇伟  主营构成变动：轻资产业务收入贡献52.6%（同比-8.5pct），经纪/投行/资管收 入分别同比-13.4%/-47.2%/-11.2%；重资本业务收入贡献40.1%（同比+3.4pct）， 邮箱： liuxiaowei@hcyjs.com 自营/信用业务收入分别同比-0.5%/-30.5%。 公司基本数据 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 中金公司（03908.HK）公司年报点评 2024年03月31日 [Table_InvestInfo] 四季度业绩环比改善，投行业务龙头地位 投资评级 优于大市 维持 稳固 股票数据 [0T3a月bl2e9_日St收oc盘k价In（fo元] ） 9.28 [ 投Ta 资ble 要_S 点um ：m 投ar 行y] 业务龙头地位稳固，财富管理在迈向全面净值化的背 52周股价波动（元） 8.56-18.93 景下，依托产品、服务、模式创新及金融科技赋能实现业务规模快速 股本结构 发展。合理价值区间 14.25-16.29港元，维持“优于大市”评级。 [总T股ab本le（_C百a万p股ita）lI nfo] 4827 流通A股（百万股） 2924 ⚫ 【事件】中金公司发布2023年业绩：实现营业收入229.9亿元，同比-11.9%； B股/H股（百万股） 0/1904 归母净利润 61.6 亿元，同比-19.0%；对应 EPS 1.28 元，ROE 6.43%，同比 相关研究 -2.45pct。第四季度实现营业收入55.2亿元，同比-17.5%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the tightening of regulations has put pressure on the investment banking business, but the company is expected to maintain its long-term competitive advantages [1][4] - The company's total revenue and other income for 2023 amounted to 35.446 billion yuan, a year-on-year decrease of 5.22%, while the net profit attributable to shareholders was 6.156 billion yuan, down 18.97% year-on-year [2][3] Revenue and Profitability Summary - The investment banking business significantly dragged down the overall performance, with commission and fee income declining by 23% to 13.8 billion yuan [3] - The report notes a substantial drop in IPO fundraising amounts, with A-share and Hong Kong IPO fundraising down 39% and 56% respectively [3] - Brokerage business income fell by 15% to 5.7 billion yuan due to decreased trading activity [3] - Wealth management business maintained a positive growth trend, with total client account assets increasing by 4.3% to 28.8 trillion yuan [3] - Asset management income grew slightly by 2% to 3.3 billion yuan, driven by a 25% increase in public fund management scale [3] Interest and Investment Income Summary - Net interest expenses increased by 30% to 1.3 billion yuan due to a high-interest environment [3] - Investment income remained stable, with a slight decrease of 0.5% to 10.6 billion yuan, while equity investment income rose by 18% to 6.6 billion yuan [3] - Other income surged by 188% to 1.7 billion yuan, primarily driven by foreign exchange gains [3] Earnings Forecast and Valuation - The earnings forecast for 2024-2025 has been revised down, with expected net profits of 6.24 billion yuan and 7.13 billion yuan respectively, reflecting growth rates of 1.36% and 14.24% [4] - The company is projected to achieve a net profit of 8.26 billion yuan in 2026, corresponding to a growth rate of 15.89% [4] - Current market capitalization corresponds to price-to-book ratios of 0.42, 0.39, and 0.35 for 2024-2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.85, corresponding to a 2024 PE of 13.51x and a PB of 0.93x [3][5]. Core Views - The company's performance is under pressure due to a slowdown in IPO and refinancing activities, but it is enhancing its professional capabilities across various business lines and has a leading risk control and compliance system, which may benefit from supply-side reforms in the industry [3][4]. - The report slightly lowers the earnings forecast for 2024-2025, projecting EPS of RMB 1.33 and RMB 1.50, down from RMB 1.55 and RMB 1.89, respectively, while estimating 2026 EPS at RMB 1.63 [3][4]. Financial Summary - In 2023, the company reported revenue of RMB 22.99 billion and a net profit of RMB 6.16 billion, reflecting a year-on-year change of -11.87% and -18.97%, respectively [3][4]. - The investment banking business saw a significant decline in net income, down 47.16% to RMB 3.70 billion, primarily due to a 31.27% drop in A-share IPO financing to RMB 359 billion and a 37.56% decrease in refinancing to RMB 527.5 billion [3][4]. - The company experienced a 300.01% increase in foreign exchange gains to RMB 1.36 billion, which helped mitigate the overall performance decline [3][4]. Business Development - The company is focused on enhancing its professional capabilities across various business lines, including innovation in fixed-income products and improving merger and acquisition services [3][4]. - The ongoing supply-side reforms in the securities industry are expected to favor leading brokerages, with the company positioned to capitalize on policy opportunities [3][4].

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[中I Tnaf 金bol]e 公_Ti司tle]（ 3908） [评Tab级le_：Inv est] 增持 当前价格（港元）： 9.28 发行放缓业绩承压，专业性提升强化优势 2024.03.29 海 ——中金公司2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 王思玥(研究助理) 52周内股价区间（港元） 8.87-18.00 当前股本（百万股） 4,827 公 021-38676647 021-38031024 当前市值（百万港元） 44,797 司 liuxinqi@gtjas.com wangsiyue028676@gtjas.com 证书编号 S0880515050001 S0880123070151 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 市场 IPO 及再融资节奏放缓致使业绩承压；公司围绕功能性不断提升各项业务专业 中金公司 恒生指数 能力，且具备领先风控合规体系，更有望受益于围绕功能性推进的行业供给侧改革。 香 17% 摘要： ...