CSC(601066) 招商证券·2025-03-28 07:01Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock price increase exceeding 20% compared to the benchmark index [11]. Core Insights - The company achieved a total revenue of 21.1 billion, a year-on-year decrease of 9.1%, while the net profit attributable to shareholders was 7.2 billion, reflecting a year-on-year increase of 2.7% [1]. - The retail brokerage segment showed strong performance, with a significant increase in new customer accounts and revenue growth in Q4 [2][3]. - The investment banking segment faced challenges, with a notable decline in underwriting revenue due to market conditions [3]. - Asset management remained stable, with a slight increase in revenue and a significant growth in assets under management [4]. - The self-operated business saw an increase in revenue, attributed to strategic asset allocation [5]. Summary by Sections Overall Performance - In 2024, the company reported total assets of 566.4 billion, a year-on-year increase of 8.4%, and net assets of 106.5 billion, up 9.2% [1]. Brokerage Business - The brokerage revenue reached 5.8 billion, a year-on-year increase of 5%, with Q4 showing a 67% increase compared to the previous year [2]. - The company opened 1.99 million new retail accounts, a 63% increase year-on-year, and ranked 7th in monthly active users for its trading app [2]. Investment Banking - Investment banking revenue dropped to 2.5 billion, a year-on-year decrease of 48%, with a significant decline in IPO underwriting [3]. - The company ranked first in the number of IPOs and second in refinancing projects [3]. Asset Management - Asset management revenue was 1.3 billion, a year-on-year increase of 2%, with total assets under management reaching 142.2 billion, a 52% increase [4]. Self-Operated Business - Self-operated revenue increased to 7.7 billion, a year-on-year growth of 13%, with a focus on diversifying investment strategies [5]. Financial Metrics - The company reported a return on equity (ROE) of 8.22%, a slight decrease of 0.4 percentage points year-on-year [1]. - The operating leverage was 4.2 times, showing a slight decline compared to previous years [1].