CMS(600999) 证券之星·2025-04-25 05:49Core Viewpoint - The report highlights that China Merchants Securities has shown strong performance in proprietary trading and wealth management, supporting overall earnings growth, and maintains a "hold" rating for the stock [1][8]. Financial Performance - In 2024, the company achieved revenue of 20.891 billion yuan (+5.40%) and a net profit attributable to shareholders of 10.386 billion yuan (+18.51%), with a basic earnings per share of 1.13 yuan (+20.21%) [2]. Wealth Management Progress - The company reported net income from brokerage business of 6.183 billion yuan (+11.79%) and securities trading income of 6.779 billion yuan (+18.29%). The wealth management client base reached 627,500 (+16.66%), with high-net-worth clients totaling 34,700 (+9.46%) [3]. Investment Banking Performance - Investment banking revenue decreased to 856 million yuan (-34.25%), with equity underwriting down to 9.126 billion yuan (-54.84%). However, bond underwriting showed strong growth, reaching 426.524 billion yuan (+30.91%) [4]. Asset Management Trends - The asset management business generated net income of 717 million yuan (+0.56%), but the total asset management scale slightly declined to 267.392 billion yuan (-9.31%) [5]. Credit Business Overview - The credit business revenue fell to 1.134 billion yuan (-21.90%), with a financing balance of 90.879 billion yuan (+9.81%) [6]. Proprietary Trading and Derivatives - Proprietary trading income surged to 9.527 billion yuan (+41.56%), with financial assets totaling 378.822 billion yuan (+1.13%). The company leads in the number of derivatives market-making qualifications [7]. Future Outlook - The company is expected to enhance overall performance as wealth management transformation deepens, with projected earnings per share of 1.32 yuan, 1.36 yuan, and 1.45 yuan for 2025-2027 [8].