中信证券（600030）：自营业务贡献显著，行业龙头地位稳固

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 29.94 yuan [6]. Core Insights - The company reported a total revenue of 63.8 billion yuan for 2024, representing a year-on-year increase of 6.20%. The net profit attributable to shareholders was 21.7 billion yuan, up 10.06% year-on-year, with a weighted average ROE of 8.09% [1]. - The company's self-operated business significantly contributed to its revenue, accounting for 50% of the total net income across five major business lines [3]. - The brokerage business saw a slight growth, with net income reaching 10.7 billion yuan, a 5% increase year-on-year, driven by a 22% rise in average daily trading volume in the market [2]. - The asset management business also showed steady growth, with net income of 10.5 billion yuan, up 7% year-on-year, and the company maintained the leading market share in private asset management at 13.43% [2]. - The investment banking segment faced challenges, with net income declining by 34% to 4.2 billion yuan, although it maintained the top position in both equity and bond underwriting in the domestic market [3]. - The company expects EPS for 2025 to be 1.80 yuan, with projections of 2.02 yuan and 2.22 yuan for 2026 and 2027, respectively [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 63.8 billion yuan and a net profit of 21.7 billion yuan, with an EPS of 1.41 yuan [1]. - The brokerage business generated 10.7 billion yuan in net income, while the asset management business brought in 10.5 billion yuan [2]. - The investment banking segment's net income was 4.2 billion yuan, and the self-operated business generated 26.3 billion yuan [3]. Business Segments - Brokerage: Net income of 10.7 billion yuan, up 5% YoY, with a significant increase in securities trading revenue [2]. - Asset Management: Net income of 10.5 billion yuan, with a leading market share in private asset management [2]. - Investment Banking: Net income of 4.2 billion yuan, down 34% YoY, but maintained top rankings in underwriting [3]. - Self-Operated Business: Net income of 26.3 billion yuan, up 21% YoY, contributing significantly to overall revenue [3]. Future Projections - The company projects EPS of 1.80 yuan for 2025, with further increases expected in subsequent years [3].