浙商证券：营收下滑10%，期货、投资银行业务业绩下滑

Core Insights - Zhejiang Securities reported a total operating revenue of 15.816 billion yuan for 2024, a year-on-year decrease of 10.33%, while the net profit attributable to shareholders increased by 10.17% to 1.932 billion yuan [1][4] - The company's revenue is heavily reliant on its futures business, which accounted for over 60% of total revenue, but saw a decline of 17.89% in 2024 [6][7] - The investment banking segment also faced challenges, with revenue dropping by 20.93% [7] Revenue and Profit Analysis - For 2024, Zhejiang Securities achieved operating revenue of 15.816 billion yuan, down 10.33% year-on-year, while net profit attributable to shareholders was 1.932 billion yuan, up 10.17% [1][4] - The total assets of the company at the end of 2024 reached 154.086 billion yuan, reflecting a year-on-year growth of 5.88% [1] Quarterly Performance - In Q4 2024, the company reported revenue of 3.92 billion yuan, a decline of 21.86% year-on-year but a slight increase of 0.6% quarter-on-quarter [4] - The net profit for Q4 was 667 million yuan, showing a significant year-on-year increase of 57.61% and a quarter-on-quarter rise of 38.78% [4] Business Segment Performance - The futures business generated revenue of 10.365 billion yuan in 2024, down 17.89% from the previous year [6] - The investment banking business reported revenue of 677 million yuan, a decrease of 20.93%, with a gross margin of 33.84%, down 5.89 percentage points [7] - The company's net commission income was 3.611 billion yuan, accounting for 22.83% of total revenue, which represents a year-on-year decrease of 6.21% [7] Dividend Distribution - Zhejiang Securities proposed a cash dividend of 0.1 yuan per share, totaling 454 million yuan, which, combined with mid-year dividends, brings the total cash dividends for 2024 to 680 million yuan, representing 35.21% of the net profit attributable to shareholders [8][9]