Core Viewpoint - The report outlines the ongoing supervision and compliance checks conducted by CITIC Securities on Beijing Aeronautical Materials Research Institute Co., Ltd. for the year 2024, confirming adherence to governance, internal controls, and regulatory requirements [2][3][4]. Group 1: Company Governance and Internal Control - The company has established rules for the shareholder meeting, board of directors, and supervisory board, clearly defining the roles and responsibilities of directors, supervisors, and senior management [3]. - Internal management systems for financial management, accounting, internal auditing, and major operational decisions have been implemented and are being executed [3]. Group 2: Information Disclosure - The company has set up and is executing an information disclosure system in accordance with relevant laws and regulations [4]. Group 3: Independence and Related Party Transactions - No violations regarding the misuse of company funds by controlling shareholders or related parties were found during the checks, apart from disclosed related transactions [5]. Group 4: Use of Raised Funds - The company has established and is following a management system for raised funds, with the usage of these funds aligning with the original plans and necessary decision-making procedures [6]. Group 5: Related Transactions, Guarantees, and Investments - No violations were identified in terms of related transactions, external guarantees, or significant external investments during the supervision period [6]. Group 6: Operational Status - The company is operating normally, with checks confirming satisfactory performance in terms of receivables and key operational metrics [6]. Group 7: Recommendations - The company is advised to continue improving its governance structure, fulfill information disclosure obligations timely, and ensure compliance in the use of raised funds [7].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Hunan Zhongchuang Chemical Co., Ltd.'s application for an initial public offering (IPO) and listing on the main board due to the company's withdrawal of its application [1][2]. Company Overview - Hunan Zhongchuang Chemical Co., Ltd. is a high-tech chemical enterprise focused on the production, research, and sales of new environmentally friendly solvents, with main products including butyl acetate, isopropyl acetate, and methyl ethyl ketone [2][3]. - The company's products are primarily used in various fields such as coatings, inks, adhesives, pesticides, pharmaceuticals, chemical dehydration, extraction, organic synthesis, electronic cleaning, and fragrances, and can also be used as components in gasoline blending [2]. Shareholding Structure - As of the signing date of the prospectus, the shareholders of Zhongchuang Chemical hold shares relatively dispersedly, with no single shareholder owning more than 50% of the total share capital [3]. - Major shareholders holding more than 5% of the shares include Weichuang Partnership (14.29%), Changlian New Materials (8.73%), Derui Fengyuan (8.44%), Engineering Company (5.45%), Tongyi Investment (5.33%), and Liu Liangshuai (5.02%) [3]. - No shareholder can independently exert significant influence over the resolutions of the shareholders' meeting, indicating the absence of a controlling shareholder [3]. IPO Details - The company planned to issue no more than 28 million new shares, representing at least 25% of the total share capital post-issuance, with the final number subject to approval by the China Securities Regulatory Commission [3]. - The intended fundraising amount was 65 million yuan, allocated for a 100,000 tons/year electronic-grade carbonate project [4]. Project Investment - The total investment for the 100,000 tons/year electronic-grade carbonate project is approximately 104.42 million yuan, with the planned fundraising amount being 65 million yuan [4]. - The lead underwriter for the IPO is CITIC Securities Co., Ltd., with representatives Jiang Xiang and Xie Shiqiu [4].

Core Viewpoint - Shenyang Machine Tool has received approval from the Shenzhen Stock Exchange's M&A Review Committee for its asset acquisition and fundraising plan, which involves purchasing 100% equity of Zhongjie Factory and Zhongjie Aerospace, as well as 78.45% equity of Tianjin Tianzhuan, through a share issuance [1][2]. Group 1: Transaction Details - The total transaction price for the acquired assets is 172,415.27 million yuan, with Zhongjie Factory priced at 80,238.97 million yuan, Zhongjie Aerospace at 21,575.73 million yuan, and Tianjin Tianzhuan at 70,600.57 million yuan [3]. - The independent financial advisor for this transaction is CITIC Securities, with a team of designated financial advisors [2]. - The share issuance price for the asset acquisition is set at 5.86 yuan per share, which is not lower than 80% of the average trading price over the previous 20 trading days [4]. Group 2: Fundraising and Investment Projects - The company plans to raise up to 170,000.00 million yuan through the issuance of shares to no more than 35 specific investors, with the funds allocated for various projects including high-end CNC processing center construction and technology R&D [5][6]. - The total investment for the projects funded by the raised capital includes 31,034.11 million yuan for high-end CNC processing center construction and 36,914.55 million yuan for upgrading CNC machine tool production lines [6]. Group 3: Share Issuance and Ownership - The total number of shares to be issued for the asset acquisition is 294,224,017, which represents 12.47% of the company's total share capital post-transaction [8]. - The controlling shareholder of Shenyang Machine Tool remains the General Technology Group, with the actual controller being the State-owned Assets Supervision and Administration Commission of the State Council [7]. Group 4: Compliance and Regulatory Aspects - The transaction meets the criteria for a major asset restructuring as defined by the relevant regulations, with the acquired assets meeting over 50% of the company's corresponding indicators [9]. - The transaction is classified as a related party transaction due to the involvement of companies controlled by the same parent group [9].

Group 1: Macro Policy Insights - The macro policy focuses on capital replenishment for financial institutions, with monetary policy aimed at reducing overall financing costs and stabilizing bank interest margins [1] - Coordinated policies are expected to enhance consumption momentum and support high-quality economic operation and safety [1] - The implementation of a comprehensive policy package is anticipated to release economic vitality and boost market confidence, creating investment opportunities across various financial sub-sectors [1] Group 2: Banking Sector Outlook - Current monetary policy indicates stable interest margin expectations, with risk mitigation policies aiding in the improvement of bank credit risks [2] - The banking sector is expected to see a slight recovery in growth rates for 2025, with narrowing declines in interest margins and stable asset quality [2] - Overall, listed banks are projected to experience slight improvements in revenue and profit growth year-on-year [2] Group 3: Securities Market Developments - The acceleration of the implementation plan for promoting long-term capital market entry is a key aspect of capital market reforms since September 2024 [3] - The reforms aim to enhance the willingness of long-term capital to enter the market, stabilize returns, and expand the base of long-term funds [3] - Long-term capital is expected to play a significant role in the healthy development of the capital market [3] Group 4: Insurance Sector Trends - The insurance market is experiencing a rebalancing of supply and demand, with a shift towards a slow bull market [4] - Supply-side adjustments are leading to a concentration of life insurance business among leading companies, while demand is shifting towards fixed-income-like products [4] - Leading insurance companies are adopting differentiated competitive strategies to leverage their strengths in the market [4] Group 5: Investment Strategies - For banks, absolute return potential is expected, with a positive credit issuance strategy and stable asset pricing anticipated for Q1 2025 [5] - In the securities sector, long-term positioning around supply-side reforms and strong fundamentals is recommended, particularly for undervalued stocks [5] - The insurance sector is expected to enter a prolonged low-interest-rate phase, with opportunities for growth among leading companies [5]

Core Viewpoint - CITIC Securities has established itself as a leading player in the domestic securities industry, achieving significant growth over the past decade, but still faces challenges in comparison to international investment banks like Goldman Sachs [1][7][17]. Financial Performance - In 2024, CITIC Securities reported revenues of approximately 640 billion yuan and a net profit attributable to shareholders of over 217 billion yuan, marking a growth of about 118.47% and 91.44% respectively since 2014 [2][3]. - The company's net capital increased by 221.50% to 1,424.86 billion yuan, while total assets grew by 256.68% to 17,107.11 billion yuan over the same period [2]. - The net income from asset management surged by 144.45%, reaching 105.06 billion yuan, indicating a strong performance in this segment [2]. Business Segments - The securities investment income saw a notable increase, generating 240.4 billion yuan in 2024, a year-on-year growth of 23.95% [4]. - Despite a decline in IPO activities affecting the investment banking sector, CITIC Securities maintained its leading position in underwriting, with a market share of 26.25% and an underwriting amount of 548.07 billion yuan [5][6]. - The brokerage business showed signs of recovery, achieving a revenue of 165.57 billion yuan in 2024, an increase of 8.92% compared to the previous year [4]. Market Position and Competition - CITIC Securities' international revenue reached 109.48 billion yuan in 2024, accounting for 17.16% of total revenue, reflecting progress in its internationalization efforts [12]. - The company faced increased competition from consolidating peers, such as the merger of Guotai Junan and Haitong Securities, which could narrow the gap between CITIC Securities and its competitors [22][23]. - The net assets of CITIC Securities grew to 2,931.09 billion yuan, but the gap with major banks remains significant, indicating ongoing challenges in scaling compared to the banking sector [20][21].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 31.93 CNY per share, compared to the previous forecast of 30.32 CNY [6][12]. Core Insights - The company's performance aligns with expectations, showing robust growth driven by supply-side reforms in the industry. The leading position in the market is expected to strengthen further, benefiting from ongoing industry reforms [3][12]. - The company is projected to achieve a revenue of 63.79 billion CNY and a net profit of 21.70 billion CNY in 2024, reflecting year-on-year growth of 6.2% and 10.1%, respectively [12][13]. - The report highlights that the company's investment income has improved significantly, contributing to overall profit growth, with investment income increasing by 18% to 26.46 billion CNY [12][13]. Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue 60.07 billion CNY, Net Profit 19.72 billion CNY - 2024A: Revenue 63.79 billion CNY, Net Profit 21.70 billion CNY - 2025E: Revenue 69.50 billion CNY, Net Profit 23.45 billion CNY [5][13]. - **Earnings Per Share (EPS)**: - 2023A: 1.33 CNY - 2024A: 1.46 CNY - 2025E: 1.58 CNY [5][13]. - **Return on Equity (ROE)**: - 2023A: 7.8% - 2024A: 8.3% - 2025E: 8.4% [5][13]. - **Market Data**: - Current Price: 26.90 CNY - Market Capitalization: 398.67 billion CNY - 52-week Price Range: 17.50 - 34.88 CNY [7][12]. Industry Context - The report emphasizes that the supply-side reform remains a key theme in the industry, with the company positioned to accelerate its transformation and enhance its capabilities as a leading investment bank [12][13]. - The ongoing capital market reforms are expected to create new demands for high-quality investment banking services, which the company is well-equipped to meet [12][13].

Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Insights - The company reported a total revenue of 63.8 billion yuan for 2024, representing a year-on-year increase of 6.2%, with a notable acceleration in growth compared to the previous quarters [4]. - The net profit attributable to shareholders reached 21.7 billion yuan, up 10.1% year-on-year, indicating a strong performance in the fourth quarter [4]. - The brokerage and asset management revenues showed significant improvement, while investment banking revenues experienced a reduced decline [5]. Revenue Breakdown - For 2024, the revenue from various business segments was as follows: proprietary trading (26.3 billion yuan, +21%), brokerage (10.7 billion yuan, +5%), asset management (10.5 billion yuan, +7%), investment banking (4.2 billion yuan, -34%), and credit business (1.1 billion yuan, -73%) [5]. - The brokerage business saw a recovery, with net income from brokerage fees in Q4 reaching 3.6 billion yuan, a 48.9% increase year-on-year [6]. - Asset management revenue accelerated, with Q4 net income of 3 billion yuan, up 23.5% year-on-year [7]. Investment Banking Performance - The investment banking segment showed signs of recovery, with Q4 revenues of 1.3 billion yuan, a year-on-year increase of 29.5% [9]. - The company achieved a record domestic bond underwriting scale exceeding 2 trillion yuan, while overseas equity underwriting also saw significant growth [9]. Credit Business Insights - The credit business reported a net interest income of 200 million yuan in Q4, down 78.1% year-on-year, but the balance of sell-back agreements reached a historical high of 390.2 billion yuan, up 37.7% [10]. Financial Metrics - The company's total assets reached 1.71 trillion yuan, a 17.7% increase year-on-year, with a return on equity (ROE) of 8.1% [11]. - The projected revenues for 2025-2027 are 69.5 billion yuan, 74.9 billion yuan, and 80.7 billion yuan, respectively, with corresponding net profits of 23.1 billion yuan, 25 billion yuan, and 27.1 billion yuan [12].

Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Views - The company reported a total revenue of 63.8 billion yuan for 2024, representing a year-on-year increase of 6.2%, with a notable acceleration compared to the previous quarters [4]. - The net profit attributable to shareholders reached 21.7 billion yuan, up 10.1% year-on-year, indicating a strong performance in the fourth quarter [4]. - The brokerage and asset management revenues showed significant improvement, while investment banking revenues experienced a reduced decline [5]. - The company is expected to maintain steady growth in revenue and net profit over the next few years, with projections of 69.5 billion yuan in revenue and 23.1 billion yuan in net profit for 2025 [12]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 63.8 billion yuan, with a quarterly revenue of 17.6 billion yuan in Q4, reflecting a 23.7% year-on-year increase [4]. - The net profit for Q4 was 4.9 billion yuan, showing a 48.3% increase year-on-year [4]. - The company's annual revenue breakdown includes self-operated income of 26.3 billion yuan, brokerage income of 10.7 billion yuan, asset management income of 10.5 billion yuan, investment banking income of 4.2 billion yuan, and credit business income of 1.1 billion yuan [5]. Business Segments - The brokerage business saw a significant recovery, with net income from brokerage fees reaching 3.6 billion yuan in Q4, a 48.9% increase year-on-year [6]. - Asset management income grew by 23.5% year-on-year in Q4, with total assets under management reaching 1.54 trillion yuan, an 11.1% increase [8]. - Investment banking revenues showed a reduced decline, with Q4 income of 1.3 billion yuan, a 29.5% increase year-on-year [9]. Future Projections - The company forecasts revenues of 69.5 billion yuan, 74.9 billion yuan, and 80.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 23.1 billion yuan, 25 billion yuan, and 27.1 billion yuan [12]. - The projected PE ratios for the next three years are 17, 16, and 15 times respectively, indicating a stable valuation outlook [12].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved operating revenue and net profit attributable to shareholders of 63.79 billion and 21.70 billion yuan in 2024, representing year-on-year growth of 6.2% and 10.1% respectively, with ROE increasing by 0.28 percentage points to 8.09% [4][7] - In Q4 2024, the company's operating revenue reached 17.65 billion yuan, with a quarter-on-quarter increase of 10.6% and a year-on-year increase of 23.7%, while net profit attributable to shareholders was 4.91 billion yuan, showing a year-on-year increase of 48.3% [4][7] Summary by Relevant Sections Financial Performance - The company reported a total operating revenue of 63.79 billion yuan in 2024, with a net profit of 21.70 billion yuan, marking a year-on-year increase of 6.2% and 10.1% respectively [4][6] - The company's Q4 2024 brokerage income was 3.56 billion yuan, up 48.9% year-on-year and 56.4% quarter-on-quarter, with total annual brokerage income of 10.71 billion yuan, a 4.8% increase year-on-year [7] - Investment income and fair value changes in Q4 2024 amounted to 4.63 billion yuan, showing a significant decline from 9.88 billion yuan in Q3 2024 [7] International Business Development - The company has strengthened its international strategy in 2024, with significant investments in Southeast Asia, India, and Japan, leading to a notable increase in revenue contribution from international business, which rose to 17.2% [7] - The net profit from the company's international platform reached 530 million USD in 2024, a year-on-year increase of 115.5% [7] Profitability and Cost Management - The company’s management expense ratio decreased by 1.1 percentage points to 47.2%, and it reversed credit impairment losses of 1.11 billion yuan [7] - The company plans to distribute a total dividend amounting to 36.88% of the net profit attributable to ordinary shareholders, an increase of 0.21 percentage points from the previous year [7] Future Earnings Forecast - The company is expected to achieve net profits of 24.67 billion, 26.48 billion, and 28.79 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 13.6%, 7.4%, and 8.7% respectively [7][9]

证券研究报告 | 公司点评报告 2025 年 03 月 28 日 中信证券（600030.SH） 国际业务亮眼，整体稳健 总量研究/非银行金融 2024 年中信证券实现营业收入 638 亿，同比+6%；归母净利润 217 亿，同比 +10%。ROE 为 8.09%，同比+0.3pct；杠杆倍数 4.67 倍，持续抬升。 ❑ 总体概览：整体稳健。2024 年公司实现营业收入 638 亿，同比+6%；Q4 单 季度营收 176 亿，同比+24%，环比+11%。归母净利润 217 亿，同比+10%； Q4 单季度归母净利润 49 亿，同比+48%，环比-21%。24 年底，公司总资产 1.71 万亿，较年初+18%；归母净资产 2931 亿，较年初+9%。ROE 为 8.09%， 同比+0.3pct；杠杆倍数 4.67 倍，持续抬升。自营/经纪/资管/投行/信用/其他 占主营业务比重分别为 49.1%/20.0%/19.6%/7.8%/2.0%/1.5%，分别同比为 +8/+1/+1/-4/-5/-1pct。 ❑ 收费类业务：市场复苏，财管和资管恢复性增长。 （1）经纪显著改善。2024 年经纪收入 107 亿，同 ...