Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company continues to solidify its wealth management business while maintaining its leading position in investment banking despite facing pressure across various business lines. The long-term outlook remains positive due to its strong fee-based services and balance sheet management capabilities, which are expected to enhance ROE steadily through client-driven and wealth management businesses [2][10]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 21.33 billion and a net profit attributable to shareholders of 5.69 billion, reflecting year-on-year declines of 7.2% and 7.5% respectively. The weighted average return on equity (ROE) decreased by 0.91 percentage points to 5.52% [6][10]. - Revenue breakdown by business lines includes brokerage at 4.26 billion, investment banking at 3.09 billion, asset management at 1.21 billion, and proprietary trading at 10.11 billion, with year-on-year changes of -5.9%, -16.4%, -0.3%, and -4.5% respectively [10]. Wealth Management and Client Base - The company has nearly 8.5 million wealth management clients, with client account assets reaching 3.18 trillion, a year-on-year increase of 10.4%. The product scale of wealth management has seen continuous growth over five years, now nearing 370 billion [10]. - The company’s financial product distribution scale and revenue were 274.755 billion and 8.90 billion respectively, showing declines of 19.2% and 29.1% year-on-year [10]. Cross-Border Business and Market Position - The influence of cross-border business continues to grow, with the company maintaining the top market share for QFII clients for 21 consecutive years. It also leads in the Hong Kong stock trading market among Chinese brokers [10]. - The company was recognized as one of the first market makers in the "HKD-CNY dual counter model" and received the "Most Active RMB Counter Market Maker" award from the Hong Kong Stock Exchange, contributing to RMB internationalization [10]. Underwriting and Asset Management - The company remains a leader in equity and bond underwriting, with A-share equity financing of 15.939 billion, down 83% year-on-year, while Hong Kong equity financing reached 5.08 billion USD, up 197% year-on-year [10]. - The domestic bond underwriting scale was 711.224 billion, a slight increase of 0.4% year-on-year, while the overseas bond underwriting scale was 5.266 billion USD, up 61.5% year-on-year [10]. Asset Expansion and Investment Returns - The company’s financial asset scale increased by 3.9% year-on-year to 363.877 billion, with an estimated investment return rate of 2.78%, down 0.25 percentage points [10]. - Long-term prospects remain optimistic, with expected net profits for 2025 and 2026 at 6.547 billion and 7.303 billion respectively, corresponding to H-share P/E ratios of 10.32 and 9.25, and P/B ratios of 0.55 and 0.52 [10].
中金公司（03908）：2024年报点评：持续夯实财富管理业务，投行业务维持行业领先地位