中信证券：2024年年报点评：经纪资管收入提速，国际业务持续拓宽-20250328

Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Insights - 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 in growth 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]. Revenue Breakdown - For 2024, the revenue from various business segments was as follows: proprietary trading (26.3 billion yuan, +21%), brokerage (10.7 billion yuan, +5%), asset management (10.5 billion yuan, +7%), investment banking (4.2 billion yuan, -34%), and credit business (1.1 billion yuan, -73%) [5]. - The brokerage business saw a recovery, with net income from brokerage fees in Q4 reaching 3.6 billion yuan, a 48.9% increase year-on-year [6]. - Asset management revenue accelerated, with Q4 net income of 3 billion yuan, up 23.5% year-on-year [7]. Investment Banking Performance - The investment banking segment showed signs of recovery, with Q4 revenues of 1.3 billion yuan, a year-on-year increase of 29.5% [9]. - The company achieved a record domestic bond underwriting scale exceeding 2 trillion yuan, while overseas equity underwriting also saw significant growth [9]. Credit Business Insights - The credit business reported a net interest income of 200 million yuan in Q4, down 78.1% year-on-year, but the balance of sell-back agreements reached a historical high of 390.2 billion yuan, up 37.7% [10]. Financial Metrics - The company's total assets reached 1.71 trillion yuan, a 17.7% increase year-on-year, with a return on equity (ROE) of 8.1% [11]. - The projected revenues for 2025-2027 are 69.5 billion yuan, 74.9 billion yuan, and 80.7 billion yuan, respectively, with corresponding net profits of 23.1 billion yuan, 25 billion yuan, and 27.1 billion yuan [12].