CSC(601066) 申万宏源证券·2025-03-28 05:43Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a revenue of 21.13 billion yuan for 2024, a year-on-year decrease of 9.1%, while the net profit attributable to shareholders was 7.22 billion yuan, an increase of 2.7% year-on-year. In Q4 2024, revenue reached 6.81 billion yuan, showing a year-on-year increase of 40.2% and a quarter-on-quarter increase of 42.4%. The net profit for Q4 2024 was 2.93 billion yuan, with a year-on-year increase of 117.81% and a quarter-on-quarter increase of 103.23% [5][7]. - The company's weighted average ROE for 2024 was 8.22%, an increase of 0.37 percentage points compared to the previous year [5]. - The brokerage business saw a revenue of 5.82 billion yuan, a year-on-year increase of 4.6%, with Q4 2024 revenue at 2.07 billion yuan, up 67.3% year-on-year and 69.2% quarter-on-quarter. The number of new clients in 2024 was 1.99 million, a growth of 62.73% [7]. - The investment banking business generated 2.49 billion yuan in revenue, a year-on-year decrease of 48.1%, but Q4 2024 revenue was 0.99 billion yuan, reflecting a year-on-year increase of 9.9% and a quarter-on-quarter increase of 100.8% [7]. - The company's self-operated investment net income was 7.80 billion yuan, a year-on-year increase of 13.14%, with Q4 2024 net income at 2.43 billion yuan, up 38.2% year-on-year and 34.29% quarter-on-quarter [7]. - The management fee for 2024 was 10.03 billion yuan, a decrease of 12.6% year-on-year, with Q4 2024 management fees at 2.32 billion yuan, down 22.6% year-on-year and 9.5% quarter-on-quarter [7]. Financial Data and Profit Forecast - The company’s projected net profit for 2025-2027 is 8.27 billion yuan, 8.91 billion yuan, and 9.93 billion yuan, representing year-on-year growth rates of 14.5%, 7.8%, and 11.4% respectively [6][7]. - The company’s latest closing price corresponds to a dynamic PB of 2.25x for 2025 [7].