中信证券（600030）：2024年年报点评：经纪资管收入提速，国际业务持续拓宽

Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Views - The company reported a total revenue of 63.8 billion yuan for 2024, representing a year-on-year increase of 6.2%, with a notable acceleration compared to the previous quarters [4]. - The net profit attributable to shareholders reached 21.7 billion yuan, up 10.1% year-on-year, indicating a strong performance in the fourth quarter [4]. - The brokerage and asset management revenues showed significant improvement, while investment banking revenues experienced a reduced decline [5]. - The company is expected to maintain steady growth in revenue and net profit over the next few years, with projections of 69.5 billion yuan in revenue and 23.1 billion yuan in net profit for 2025 [12]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 63.8 billion yuan, with a quarterly revenue of 17.6 billion yuan in Q4, reflecting a 23.7% year-on-year increase [4]. - The net profit for Q4 was 4.9 billion yuan, showing a 48.3% increase year-on-year [4]. - The company's annual revenue breakdown includes self-operated income of 26.3 billion yuan, brokerage income of 10.7 billion yuan, asset management income of 10.5 billion yuan, investment banking income of 4.2 billion yuan, and credit business income of 1.1 billion yuan [5]. Business Segments - The brokerage business saw a significant recovery, with net income from brokerage fees reaching 3.6 billion yuan in Q4, a 48.9% increase year-on-year [6]. - Asset management income grew by 23.5% year-on-year in Q4, with total assets under management reaching 1.54 trillion yuan, an 11.1% increase [8]. - Investment banking revenues showed a reduced decline, with Q4 income of 1.3 billion yuan, a 29.5% increase year-on-year [9]. Future Projections - The company forecasts revenues of 69.5 billion yuan, 74.9 billion yuan, and 80.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 23.1 billion yuan, 25 billion yuan, and 27.1 billion yuan [12]. - The projected PE ratios for the next three years are 17, 16, and 15 times respectively, indicating a stable valuation outlook [12].