中信证券（600030）：整体业绩稳健增长，国际业务净利润同比翻倍

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]