公司研究 证 券 研 究 报 告 中信证券（600030）2025 年一季报点评 推荐（维持） 业绩略超预期，自营业绩环比同比均有提升 目标价：31.9 元 事项： 中信证券发布 2025 年一季报。剔除其他业务收入后营业总收入：162 亿元， 同比+27.5%。归母净利润：65.5 亿元，同比+32%。 点评： ROE 同比提升明显，主因是自营收益率提升。公司报告期内 ROE 为 2.2%， 同比+0.4pct，杜邦拆分来看： 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益-联营合营企业 投资净收益）合计为 88.6 亿元。单季度自营收益率为 1.1%，环比+0.5pct，同 比+0.3pct。 对比来看，单季度期间主动型股票型基金平均收益率为+3.25%，环比-2.07pct， 同比+6.84pct。纯债基金平均收益率为-0.2%。环比-1.62pct，同比-1.29pct。 2）信用业务：公司利息收入为 47.6 亿元，环比-4.39 亿元。两融业务规模为 1498 亿元，环比+114.5 亿元。两融市占率为 7.81%，同比+0.61pct。 3）质押业务：买入返售金融资产余额为 545 亿 ...

2025 年 04 月 30 日 中信证券 (600030) ——经纪及自营业务带动业绩高增，投资资产规模持续稳 健增长 报告原因：有业绩公布需要点评 上 市 公 司 非银金融 | 买入（维持） | | --- | 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -50% 0% 50% 100% 中信证券 沪深300指数 (收益率) 相关研究 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 联系人 冉兆邦 (8621)23297818× ranzb@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 25.01 | | 一年内最高/最低（元） | 36.49/17.35 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 2.86 | | 流通 ...

证券研究报告 | 2025年04月29日 财富管理及资产管理：市场复苏叠加战略推进，财富管理及资产管理规模扩 张。2024 年 Q4 以来，A 股市场交投情绪显著恢复，同时公司加强精细化运 营，2024 年末财富管理客户超 1,580 万户，同比+12%；托管客户 AUM 突破 12 万亿元，同比+18%。资产管理方面，截至2024 年末，中信资管AUM15,424.46 亿元，同比+11.09%；截至2025Q1末，华夏基金管理非货币AUM合计11,282.55 亿元、居行业第 2，华夏基金 2025Q1 净利润 5.61 亿元，同比+8.4%。 风险提示：政策风险，资本市场波动，汇率波动，经济增速不及预期等。 投资建议：基于公司一季报数据及资本市场的表现，我们上调了公司经纪业 务增速、投资收益率等关键假设，并基于此将 2025-27 年归母净利润上调 5.6%、8.2%、10.6%。公司作为龙头券商，资本实力强劲、业务条线全面、 综合实力强劲、ROE 水平行业持续领先，我们对公司维持"优于大市"评级。 中信证券（600030.SH） 优于大市 投资收益高增，关注投行改善 公司发布 2025 年一季报。当季 ...

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, with target prices set at RMB 33.31 and HKD 26.91 respectively [8]. Core Insights - The company reported Q1 2025 revenue of RMB 17.761 billion, representing a year-over-year increase of 29.13% and a quarter-over-quarter increase of 0.64%. The net profit attributable to shareholders was RMB 6.545 billion, up 32.00% year-over-year and 33.44% quarter-over-quarter, aligning with performance forecasts [1][2]. - The company's total assets continued to expand, reaching RMB 17.9 trillion by the end of Q1 2025, a 4.59% increase from the beginning of the year. Financial investments grew by 7.08% to RMB 922.8 billion [2]. - Investment income for Q1 2025 was RMB 8.862 billion, accounting for 50% of total revenue, with a significant year-over-year increase of 62% and a quarter-over-quarter increase of 89% [2]. - The brokerage and asset management businesses also showed growth, with brokerage net income at RMB 3.325 billion (up 36.18% year-over-year) and asset management net income at RMB 2.563 billion (up 8.69% year-over-year) [3]. - The investment banking segment reported net income of RMB 976 million, a 12.24% increase year-over-year, with equity underwriting volume reaching RMB 34.5 billion (up 91% year-over-year) and a market share of 22.27% [4]. Summary by Sections Financial Performance - Q1 2025 revenue: RMB 17.761 billion (yoy +29.13%, qoq +0.64%) [1] - Q1 2025 net profit: RMB 6.545 billion (yoy +32.00%, qoq +33.44%) [1] - Total assets: RMB 17.9 trillion (4.59% growth from the start of the year) [2] - Investment income: RMB 8.862 billion (50% of total revenue, yoy +62%, qoq +89%) [2] Business Segments - Brokerage net income: RMB 3.325 billion (yoy +36.18%) [3] - Asset management net income: RMB 2.563 billion (yoy +8.69%) [3] - Investment banking net income: RMB 976 million (yoy +12.24%) [4] - Equity underwriting volume: RMB 34.5 billion (yoy +91%) [4] Profit Forecast and Valuation - Projected net profit for 2025-2027: RMB 24.4 billion, RMB 26.3 billion, RMB 28.1 billion [5] - Projected EPS for 2025-2027: RMB 1.65, RMB 1.77, RMB 1.90 [5] - Target price based on PB multiples: RMB 33.31 for A shares and HKD 26.91 for H shares [5].

Core Viewpoint - CITIC Securities reported strong Q1 2025 results, with net profit of 6.55 billion and revenue of 17.76 billion, reflecting year-on-year increases of 32.0% and 29.1% respectively, driven by robust brokerage and proprietary trading performance [1] Group 1: Financial Performance - In Q1 2025, CITIC Securities achieved a net profit of 6.55 billion, up 32.0% year-on-year, and revenue of 17.76 billion, up 29.1% year-on-year, with a non-annualized ROE of 2.37%, an increase of 0.49 percentage points [1] - The company's main revenue sources in Q1 2025 included brokerage (3.33 billion), investment banking (0.98 billion), asset management (2.56 billion), net interest income (-0.20 billion), and net investment income (8.94 billion), with respective year-on-year growth rates of 36.2%, 12.2%, 8.7%, -162%, and 41.2% [1] - Credit impairment losses in Q1 2025 were 0.32 billion, compared to a reversal of 0.02 billion in the same period last year, primarily due to increased impairment losses on lent funds and repurchased financial assets [1] Group 2: Investment and Brokerage Activities - As of the end of Q1 2025, CITIC Securities had a financial investment scale of 964.8 billion, reflecting a year-on-year increase of 15.2% and a quarter-on-quarter increase of 5.9%, with an operating leverage of 4.63x [2] - The company's net investment income for Q1 2025 was 8.94 billion, up 41.2% year-on-year, with an annualized investment return of 3.81%, an increase of 0.62 percentage points year-on-year [2] - Brokerage income for Q1 2025 was 3.33 billion, up 36.2% year-on-year, while the average daily trading volume of equity funds increased by 72% year-on-year [3] Group 3: Market Position and Future Outlook - CITIC Securities' market share in the refinancing underwriting segment increased significantly, with a refinancing underwriting scale of 24.1 billion, up 179% year-on-year, and a market share of 32.6%, up 14.5 percentage points [3] - The company has a strong project reserve, with 9 IPOs and 38 refinancing projects under review as of April 29, 2025, ranking second and first in the industry respectively [3] - The company is expected to benefit from industry supply-side reforms, with projected net profits of 23.81 billion, 25.96 billion, and 28.29 billion for 2025-2027, reflecting year-on-year growth rates of 10%, 9%, and 9% [4]

Core Viewpoint - The company is actively engaging with institutional investors to showcase its business strategies and future plans, particularly in the fields of smart manufacturing, electric vehicle charging networks, and virtual power plants [1][2][3]. Company Overview - The company focuses on "smart manufacturing + integrated services" and electric vehicle charging network operations, with a recent revenue of 2.102 billion yuan, a year-on-year increase of 3.46%, and a net profit of 64.78 million yuan, up 5.17% year-on-year [8]. Business Strategy - The company is expanding its international presence, targeting key regions such as the Middle East and Africa, Central Asia and Europe, Southeast Asia, and the Pacific, with a production base established in Qingdao to enhance responsiveness to overseas customer needs [2][3]. - The company aims to leverage its technological innovations and partnerships with leading global energy firms to enhance its core competitiveness and capitalize on global energy transition opportunities [3][6]. Product and Service Offerings - The company is focusing on modular substations as a core product, which significantly reduces delivery time compared to traditional substations, addressing the long construction cycles in global energy transformation [3]. - The company has established partnerships with over 70 major automotive manufacturers to enhance user charging experiences and brand value through collaborative charging station initiatives [4]. Virtual Power Plant Operations - The company has developed a virtual power plant platform that aggregates resources like electric vehicle charging networks and distributed energy sources, enabling participation in electricity market transactions [4][5]. - As of the end of 2024, the company has established online information exchanges with 38 power control centers, with over 3,400 adjustable power stations ready for integration into the virtual power plant framework [5]. Market Trends and Future Outlook - The company anticipates growth in the commercial vehicle sector, particularly in third- and fourth-tier cities, as electric vehicle adoption increases [7]. - The company is implementing a "city operator model" for residential charging stations to address challenges in charging infrastructure management and safety [7].

Investment Rating - The report assigns a "Strong Buy" rating for the company, indicating an expected stock price increase exceeding 20% compared to the benchmark index [8]. Core Insights - The company achieved a revenue of 17.8 billion with a year-on-year growth of 29% and a quarter-on-quarter growth of 0.6%. The net profit attributable to shareholders was 6.5 billion, reflecting a year-on-year increase of 32% and a quarter-on-quarter increase of 33% [1]. - The annualized ROE stands at 9.48%, up by 1.39 percentage points year-on-year, with a continued expansion of the balance sheet and an increase in operating leverage to 4.79 times [1]. - The company is expected to benefit from its leading position in investment banking, particularly with the anticipated rebound in international business due to the return of Chinese concept stocks amid US-China tensions [2][3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 17.8 billion, a 29% increase year-on-year, and a net profit of 6.5 billion, up 32% year-on-year. The total assets reached 1.79 trillion, a 5% increase from the beginning of the year [1]. - The revenue breakdown shows that proprietary trading accounted for 55%, brokerage for 21%, asset management for 16%, investment banking for 6%, and other businesses for 3% [1]. Brokerage and Investment Banking - Brokerage income was 3.33 billion, a 36% increase year-on-year, while investment banking income was 980 million, a 12% increase year-on-year. The company maintained a leading market share in refinancing and bond underwriting [2]. - The company has 39 ongoing projects in IPO and refinancing, indicating a robust pipeline for future revenue [2]. Asset Management and Proprietary Trading - Asset management income was 2.56 billion, a 9% increase year-on-year, while proprietary trading income surged to 8.86 billion, a 62% increase year-on-year [3]. - The company’s trading financial assets reached 777.2 billion, a 13% increase from the beginning of the year, reflecting strong performance in proprietary trading [3]. Financial Projections - The company is projected to achieve net profits of 24.6 billion, 28.4 billion, and 32.8 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13%, 15%, and 15% [8][9].

Core Viewpoint - CITIC Securities maintains its leading position in revenue and total assets despite mergers among domestic top brokerages [1] Financial Performance - In Q1 2025, CITIC Securities reported operating revenue of 17.76 billion yuan, ranking first in the industry, with a year-on-year growth of 29.13% [2] - The net profit for the same period was 6.55 billion yuan, reflecting a year-on-year increase of 32.00% [2] - Total assets reached 1.79 trillion yuan at the end of Q1, also ranking first in the industry [3] Revenue Growth Drivers - The revenue growth is attributed mainly to increases in wealth management and investment trading business [4] - Investment income saw a remarkable increase of 535.36% year-on-year, rising from 2.28 billion yuan in Q1 2024 to 14.50 billion yuan in Q1 2025 [5][6] Business Segment Performance - All core business segments, including brokerage, investment banking, and asset management, experienced positive year-on-year growth [7] - Specific figures include: - Brokerage net commission income of 3.33 billion yuan, up 36% year-on-year [8] - Investment banking net commission income of 976 million yuan, up 12% year-on-year [8] - Asset management net commission income of 2.56 billion yuan, up 8.69% year-on-year [8] Other Financial Metrics - Operating income from non-operating activities increased over 46 times, primarily due to increased default payments collected by subsidiaries [10] - Fair value changes were negatively impacted by market fluctuations, leading to a significant decrease in fair value gains [11] - Credit impairment losses increased significantly due to provisions for lent funds and repurchased financial assets [12] Subsidiary Performance - CITIC Securities' subsidiary, Huaxia Fund, reported a net profit of 561 million yuan in Q1 2025, continuing its profitable trend [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights stable growth across various business segments, with notable performance in investment net income [1] - The company achieved a significant increase in total revenue and net profit in Q1 2025, with total revenue reaching 17.76 billion and net profit at 6.55 billion, representing year-on-year growth of 29.1% and 32.0% respectively [8] - The brokerage business saw a substantial increase in revenue due to a surge in trading volume, while investment income also experienced significant growth [8] Financial Performance Summary - Total revenue forecast for 2023A is 60.068 billion, with a projected increase to 70.842 billion by 2025E, reflecting a year-on-year growth of 11.06% [1] - Net profit attributable to shareholders is expected to rise from 19.721 billion in 2023A to 25.669 billion in 2025E, indicating an 18.27% increase [1] - The latest diluted EPS is projected to be 1.73 for 2025E, with a P/E ratio of 15.58 [1] Business Segment Performance - Brokerage revenue increased by 36.2% year-on-year, contributing 20.5% to total revenue [8] - Investment banking revenue grew by 12.2%, with a significant increase in underwriting scale [8] - Asset management revenue rose by 8.7%, maintaining the company's leading position in the market [8] - Investment income saw a remarkable increase of 62.3% year-on-year, with adjusted net investment income up by 35.6% [8]

Group 1 - The core viewpoint of the article highlights that CITIC Securities reported strong financial performance for Q1 2025, with significant year-on-year growth in both revenue and net profit [1][2] - In Q1 2025, CITIC Securities achieved operating revenue of 17.761 billion yuan, representing a 29.13% increase year-on-year, and a net profit of 6.545 billion yuan, up 32% year-on-year [1][2] - The growth in revenue is attributed to increased income from wealth management and investment trading, with brokerage business net income reaching 3.325 billion yuan, a 36.18% increase, and investment banking business net income at 976 million yuan, a 12.24% increase [2] Group 2 - CITIC Securities disclosed a historical litigation situation in its Q1 report, involving a lawsuit filed by 11 plaintiffs against Dongxu Guangdian Technology Co., Ltd. and others, including CITIC Securities South China, for a total claim of 1.8282 million yuan [3] - The company stated that the lawsuit relates to disputes arising from projects undertaken by the former Guangzhou Securities prior to its acquisition, and potential losses have been adequately considered before the acquisition [3]