证券代码：601995 证券简称：中金公司 公告编号：临 2024-039 中国国际金融股份有限公司 关于召开 2024 年半年度业绩说明会的公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 业绩说明会将于 2024 年 9 月 20 日（星期五）16:00-17:00 在上证路演中心 以网络互动形式召开，投资者可在前述时间登录上证路演中心，在线参与业绩说 明会。 预征集提问安排：投资者可于 2024 年 9 月 11 日（星期三）至 9 月 19 日 （星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 investorrelations@cicc.com.cn 进行提问 中国国际金融股份有限公司（以下简称"公司"）已于上海证券交易所网站 （www.sse.com.cn）披露了《2024 年半年度报告》。为便于广大投资者更加全面 深入地了解公司 2024 年半年度业绩和经营情况，公司计划召开 2024 年半年度业 绩说明会（以下简称"业绩说明会"）与投资 ...

上 市 公 司 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 公 司 研 究 / 公 司 点 评 | --- | --- | |-------------------------------------------|-------------------------------| | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 18.48 | | 资产负债率 % 总股本/流通 A 股(百万) | 82.32 4,827/2,924 | | 流通 B 股/H 股（百万） | -/1,904 | | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 28.59 | | 一年内最高 / 最低（元） | 45.30/26.33 | | 市净率 | 1.5 | | 息率（分红/股价） | 0.63 | | 流通 A 股市值（百万元） | 83,584 | | 上证指数 ...

2024 年 9 月 2 日 公司研究 债券投资规模扩张，境外投行业务优势显著 ——中金公司（601995.SH）2024 年中报业绩点评 事件： 8月30日，中金公司公布2024年半年报。公司上半年实现营收89.1亿元，同比下降 28.3%；归母净利润22.3亿元，同比下降37.4%；上半年加权平均ROE为2.12%，较 上年同期下降1.67pct；基本每股收益0.394元/股。24H1公司宣告中期分红方案， 每10股派发现金红利0.9元（含税），拟派发现金红利4.3亿元（含税），分红比例 为19.5%。 要点 点评： 24Q2公司营收单季环比Q1显著提升。24H1公司实现营收89.1亿元，同比-28.3%， Q2单季营收50.4亿元环比Q1增加30%；24H1公司归母净利润22.3亿元，同比 -37.4%，Q2单季归母净利润为9.9亿元环比Q1下降20.1%，主要系Q2单季费用端支 出增大影响净利润环比下滑。24H1公司自营/经纪/投行/资管业务营收占比分别为 47.8%/19.9%/14.4%/6.2%，同比分别+12.2/-0.2/-1.7/+1.0pct，公司营收结构较 上年同期变化显著，自营贡献主 ...

公司名稱: 中國國際金融股份有限公司 呈交日期: 2024年9月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03908 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,903,714,428 | RMB | | 1 RMB | | 1,903,714,428 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,903,714,428 | RMB | | 1 RMB | | 1,903,714,428 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][11] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 8.911 billion yuan, down 28.26% year-on-year, and net profit at 2.228 billion yuan, down 37.43% year-on-year [1] - The investment banking business is under pressure due to a sluggish equity financing market, with a notable drop in IPO underwriting and refinancing projects [1] - The company is focusing on expanding its wealth management business, with a stable scale of wealth management products exceeding 340 billion yuan [1] - The leverage ratio has decreased to 4.97x, marking the first time it has fallen below 5.0x in recent years, indicating limited capacity for balance sheet expansion [1] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 8.911 billion yuan, a year-on-year decrease of 28.26%, and a net profit of 2.228 billion yuan, a decrease of 37.43% [1] - The second quarter of 2024 saw revenue of 5.037 billion yuan, down 18.92% year-on-year but up 30.02% quarter-on-quarter, with net profit at 1.748 billion yuan, down 0.33% year-on-year and up 6.07% quarter-on-quarter [1] - The breakdown of revenue growth by segment shows significant declines across brokerage, investment banking, asset management, and other areas [1] Future Earnings Forecast - The company's projected net profit for 2024-2026 has been revised down to 5.302 billion yuan, 5.936 billion yuan, and 6.416 billion yuan, reflecting a downward adjustment of 22.9%, 22.7%, and 22.6% respectively [1][11] - The forecast for operating revenue for 2024 is set at 19.912 billion yuan, with a projected decline of 13.4% [2][12]

公 司 报 告 中金公司(601995.SH) 非银行金融 2024 年 09 月 01 日 业绩承压不改业务优势，中期派息率提升 推荐（维持） 事项： 股价：28.59 元 | --- | --- | --- | |------------------------|----------|----------------------------------| | | | | | | | | | 行业 | | 非银行金融 | | 公司网址 | | www.cicc.com | | 大股东 / 持股 | | 中央汇金投资有限责任公司 /40.11% | | 实际控制人 | | | | 总股本 ( 百万股 ) | | 4,827 | | 流通 A 股 ( 百万股 | ) | 2,924 | | 流通 B/H 股 ( | 百万股 ) | 1,904 | | 总市值（亿元） | | 982 | | 流通 A 股市值 ( | 亿元 ) | 836 | | 每股净资产 ( 元 ) | | 18.48 | | 资产负债率 (%) | | 82.3 | | 行情走势图 | | | 中金公司 == 沪深300指数 相关研究报告 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 12.7, compared to the current price of HKD 8.37 [1]. Core Views - The company's total revenue for the first half of 2024 was HKD 8.9 billion, a year-on-year decrease of 28.3%, but a quarter-on-quarter increase of HKD 1.17 billion [1]. - The net profit attributable to shareholders was HKD 2.23 billion, a year-on-year decrease of 37.4%, with a quarterly profit of HKD 0.99 billion, down 2.5% [1]. - The company's return on equity (ROE) for the reporting period was 2.1%, a decrease of 1.4 percentage points year-on-year, with a quarterly ROE of 0.9%, down 0.2 percentage points [1]. - The report highlights a decrease in financial leverage and asset turnover, with the financial leverage ratio at 4.6 times, down 0.34 times year-on-year [1]. - The report anticipates earnings per share (EPS) for 2024, 2025, and 2026 to be HKD 1.51, HKD 1.85, and HKD 2.16 respectively, with corresponding price-to-book ratios (PB) of 0.39, 0.37, and 0.34 for the Hong Kong market [1][2]. Summary by Sections Financial Performance - Total revenue for the first half of 2024 was HKD 8.9 billion, down 28.3% year-on-year, with a quarterly revenue of HKD 5 billion, up 11.7% [1]. - Net profit attributable to shareholders was HKD 2.23 billion, down 37.4% year-on-year, with a quarterly profit of HKD 0.99 billion, down 2.5% [1]. - The company's financial leverage ratio was 4.6 times, down 0.34 times year-on-year, and the asset turnover rate was 1.8%, down 0.6 percentage points year-on-year [1]. Business Segments - The report indicates that the company's heavy capital business net income was HKD 3.44 billion, with a quarterly income of HKD 2.18 billion, up HKD 0.913 billion [1]. - Brokerage business revenue showed a significant quarter-on-quarter increase of 13.1%, reaching HKD 1.77 billion [1]. - Investment banking revenue remained stable at HKD 1.28 billion, with a quarterly revenue of HKD 0.83 billion, up HKD 0.38 billion [1]. Future Outlook - The report projects total revenue for 2024, 2025, and 2026 to be HKD 22.99 billion, HKD 27.18 billion, and HKD 33.79 billion respectively, with year-on-year growth rates of 18.2% and 24.3% [2]. - The anticipated net profit for the same years is HKD 6.16 billion, HKD 7.28 billion, and HKD 8.93 billion, with corresponding growth rates of 18.3% and 22.6% [2].

证券研究报告 金融公司|公司点评|中金公司（601995） 业绩短期有所承压，投资下滑为主要拖累 glzqdatemark1 证券研究报告 |报告要点 中金公司发布 2024 半年报，2024H1 公司累计实现营业收入 89.1 亿，yoy-28%；归母净利润 22.3 亿，yoy-37%；加权平均 ROE 2.12%，较去年同期减少 1.67pct。其中 2024Q2 实现营收 50.4 亿元，yoy-19%/qoq+30%;归母净利润 9.9 亿元，yoy-24%/qoq-20%。 |分析师及联系人 SAC：S0590522100001 刘雨辰 耿张逸 请务必阅读报告末页的重要声明 1 / 6 中金公司(601995) 业绩短期有所承压，投资下滑为主要拖累 股价相对走势 -40% -23% -7% 10% 2023/8 2023/12 2024/4 2024/8 中金公司 沪深300 相关报告 1、《中金公司（601995）：投行业务阶段承压， 投资波动拖累业绩》2024.05.09 2、《中金公司（601995）：衍生品业务稳步扩 张，费类业务有所承压》2024.04.01 扫码查看更多 事件 中金公司 ...

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of HKD 19.85, corresponding to a 0.95x PB for 2024 [3][5]. Core Insights - The company's profit declined by 37% in the first half of 2024, but there are signs of improvement on a quarter-on-quarter basis. The company is expected to strengthen its professional capabilities and establish itself as a leading international investment bank [5]. - The report highlights that the company's international business and specialized capabilities are prominent, which may help it consolidate its advantages in various business segments [5]. - The report anticipates that the supply-side reform in the industry may accelerate, which could benefit the company [5]. Financial Summary - For the first half of 2024, the company's revenue and net profit attributable to shareholders were HKD 89.1 billion and HKD 22.3 billion, respectively, representing year-on-year declines of 28.3% and 37.3% [5]. - The weighted average ROE decreased by 1.67 percentage points to 1.21%, aligning with expectations [5]. - The report projects EPS for 2024-2026 to be RMB 1.10, 1.27, and 1.40, respectively, down from previous estimates of RMB 1.33, 1.50, and 1.63 [5][7]. - The company's revenue from wealth management, brokerage, investment banking, asset management, net interest, and other business segments saw declines of 21%, 20%, 36%, 4%, 11%, and 39%, respectively [5]. Market Data - The current stock price is HKD 8.37, with a market capitalization of HKD 40.404 billion and a total share count of 4,827 million [6]. - The stock has traded within a range of HKD 7.87 to HKD 16.16 over the past 52 weeks [6]. Future Outlook - The report suggests that the company's wealth management capabilities are improving, with a stable product retention scale of over HKD 340 billion, although the market environment has impacted certain revenue streams [5]. - The investment banking segment has faced challenges, with a revenue drop of 36% year-on-year in the first half of 2024 [5]. - The report emphasizes the potential for the company to achieve better-than-expected growth through innovation in fixed-income products and enhanced merger and acquisition services [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's investment banking business is under significant pressure, with a notable decline in revenue and net profit in the first half of 2024. The report anticipates a recovery in market conditions [1][4] - The company reported a total revenue and other income of 14.892 billion yuan, a year-on-year decrease of 20.0%, and a net profit attributable to shareholders of 2.228 billion yuan, down 37.4% year-on-year [2][3] Summary by Relevant Sections Revenue and Profit Forecast - The company’s total revenue is projected to be 32.064 billion yuan in 2024, with a year-on-year decline of 9.54%. The net profit attributable to shareholders is expected to be 5.158 billion yuan, reflecting a decrease of 16.22% [2][4] - The earnings per share (EPS) for 2024 is estimated at 1.07 yuan, with corresponding price-to-earnings (P/E) ratios of 7.12 for 2024, 5.42 for 2025, and 4.64 for 2026 [2][4] Business Segment Performance - The company's fee-based income has significantly declined, with a 25% drop in commission and fee income to 5.462 billion yuan in the first half of 2024. The investment banking segment saw a drastic reduction in underwriting and sponsorship income, down 52% to 900 million yuan [3][4] - The brokerage business also faced challenges, with a 25% decrease in income to 2.3 billion yuan, attributed to a decline in average daily trading volumes in both A-shares and Hong Kong stocks [3] - Asset management income decreased by 8% to 1.5 billion yuan, influenced by a drop in management fee rates despite an increase in fund sizes [3] Long-term Outlook - The report has adjusted the profit forecast for 2024-2026, with net profits expected to be 5.158 billion yuan in 2024, 6.770 billion yuan in 2025, and 7.919 billion yuan in 2026, indicating a recovery in growth rates in subsequent years [4] - The company is expected to leverage its competitive advantages in investment banking and wealth management once market activity and conditions improve [4]