Investment Rating - The investment rating for the company is "Outperform the Market" [3] Core Views - The company maintains a solid leadership position in the investment banking sector, with wealth management rapidly expanding through product, service, and model innovation, supported by financial technology [3] - The reasonable value range for the company's stock is estimated to be between 14.25 and 16.29 HKD, maintaining the "Outperform the Market" rating [3] Financial Performance Summary - In Q1 2024, the company reported operating revenue of 3.87 billion CNY, a year-on-year decrease of 37.6%, and a net profit attributable to shareholders of 1.24 billion CNY, down 45.1% [3] - The earnings per share (EPS) for Q1 2024 is 0.22 CNY, with a return on equity (ROE) of 1.2%, a decline of 1.3 percentage points year-on-year [3] - The brokerage business faced pressure, with revenue of 830 million CNY in Q1 2024, down 32.8% year-on-year, accounting for 21.4% of total revenue [3] - The investment banking business remains strong, with a bond underwriting scale that continues to rise and a rich IPO pipeline [3] Business Segment Performance - The investment banking revenue in Q1 2024 was 450 million CNY, a decrease of 25.0% year-on-year, with equity underwriting down 81.5% and bond underwriting down 5.6% [3] - The company has a strong position in the equity underwriting market, ranking second with a total equity underwriting scale of 9.48 billion CNY, including 3 IPOs raising 1.2 billion CNY [3] - The asset management business saw a revenue decline of 17.9% year-on-year in Q1 2024, with total assets under management at 552.6 billion CNY [3][8] Future Earnings Projections - The projected net profit for 2024 is 5.716 billion CNY, with expected earnings per share of 1.18 CNY [8] - The company anticipates a gradual recovery in revenue, with estimates of 34.91 billion CNY for 2024, 37.14 billion CNY for 2025, and 38.50 billion CNY for 2026 [8] Valuation Comparison - The company's stock is currently valued at 33.74 HKD, with a projected PE ratio of 26.5 for 2023 and a PB ratio of 1.8 for 2024 [10]

Summary of the Conference Call Company and Industry Involved - The conference call pertains to CICC (China International Capital Corporation) and its performance in the investment banking sector in 2023 [1] Core Points and Arguments - The meeting serves as an investor and analyst presentation for CICC's 2023 annual performance [1] Other Important but Possibly Overlooked Content - All participants are in a muted state, indicating a controlled environment for the presentation [1]

大家好欢迎参加中金公司2023年度业绩投资者及分析师推荐会目前所有参会者均处于静状态下面开始播报声明本次会议仅服务于邀请参会的广大投资者 会议PPT因评及文字记录的内容仅供参会者内部使用不得公开发布中金公司未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权中金公司将保留追究其法律责任的权利中金公司不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前 我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间下面有请公司管理层发言谢谢各位尊敬的投资者分析师大家下午好欢迎大家参加中金公司2023年度业绩发布会我是中金公司办公室主任黄明浩首先要向大家说声抱歉 由于公司成梁董事长和五国总裁在海外出差和重要公务安排时间冲突不能参加今天的业绩发布会受公司管理层委托今天出席发布会的管理层代表有公司管委会成员习一诚先生易成总啊分管公司的财务和战略工作还有公司管委会成员董事会秘书申楠先生 下面我简要介绍一下今天发布会的安排发布会分两个环节第一个环节是由易成总和深蓝总分别向大家介绍公司2023年的业绩情况第二个是问答环节我们在现场设置了一条电话线问答环节开始后大家可以通过 ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 海外市场观察 证券研究报告2024.05.12 美国二次通胀风险有多大？ 2024年5月6日～12日 刘刚，CFA 分析员 SAC 执证编号：S0080512030003 SFC CE Ref: AVH867 kevin.liu@cicc.com.cn 李雨婕分析员 SAC 执证编号：S0080523030005 SFC CE Ref: BRG962 yujie.li@cicc.com.cn 更多一 去年底以来，市场对美联储降息预期的“折返跑”很大程度上来自通胀的波动。可以说，接下来的一两个通胀数据如何， 基本就决定了年内的降息节奏，毕竟当前降息不是为了应对经济的恶化（《美联储降息的门槛》）。一季度美国经济数据如 就业、通胀和PMI均持续超预期，加上同期大宗商品价格大涨，不仅导致降息预期回落，甚至在二次通胀担忧下，加息的 声音也再度出现。然而进入4月，利率走高的反身性逐渐显现，房地产、PMI、非农等数据又接连放缓，降息预期也再度 升至年内两次（9月和12 月)周这种正反两个方向超预期数据“扎推”且来回摇摆的现象其实并不奇怪，恰恰是我们此 前提到的金融条件 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 中金公司全球研究——全球区域行业市场动态 杨鑫 陈健恒等 中金点睛 ： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 纪 研 调 手 一 多 更 ： s h u i n u 9 8 7 0 加 V 中金研究 数 据 报 研 和 要 纪 研 全球研究月度手概调览每月汇总全球各区域经济市场变动、行业动态及重点关注 ...

证券代码：601995 证券简称：中金公司 公告编号：临 2024-022 中国国际金融股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩暨 现金分红说明会的公告 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： 召开地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com） 召开方式：上证路演中心视频直播和网络互动 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提问，公司将 在业绩说明会上对投资者普遍关注的问题进行回答。 三、参加人员 召开时间：2024 年 5 月 17 日（星期五）下午 15:00-16:30 预征集提问安排：投资者可于 2024 年 5 月 10 日（星期五）至 5 月 16 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. ...

证券研究报告 公 2024年05月09日 司 报 告 中金公司(601995) │ 行 业： 非银金融/证券Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 33.13元 - 投行业务阶段承压，投资波动拖累业绩 公 目标价格： 45.05元 司 季 基本数据 报 事件： 点 总股本/流通股本(百万股) 4,827.26/4,827.26 中金公司发布2024年一季报，1Q24公司累计实现营业总收入38.7亿元， 评 同比-38%；归母净利润 12.4亿元，同比-45%；ROE为 1.21%，较去年同期 流通A股市值(百万元) 96,856.96 减少1.29pct。 每股净资产(元) 18.55 ➢ 收费类业务：各项业务均随市波动有所承压 资产负债率(%) 82.69 1）1Q24 公司经纪业务手续费净收入 8.3 亿元，同比-33%/环比-18.2%， 一年内最高/最低(元) 47.73/29.51 占证券主营收入（剔除大宗商贸和政府补助）比重为21.7%，同比+3.2pct。 2）1Q24公司资管业务实现手续费净收入2.7亿元，同比-18%/环比 股价相对走势 +2%。公司控股中金基金截至1Q24末非货基 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has faced pressure across various business lines, with a significant decline in revenue and net profit for Q1 2024. Revenue decreased by 37.6% year-on-year to 3.87 billion HKD, and net profit fell by 45.1% to 1.24 billion HKD. The weighted average return on equity (ROE) dropped by 1.29 percentage points to 1.21% [5][6]. - Despite the challenges, the long-term outlook remains positive due to the company's strong fee-based business and balance sheet management capabilities, which are expected to enhance competitive advantages in brokerage, investment banking, asset management, and trading [6]. Summary by Sections Financial Performance - For Q1 2024, the company reported revenues of 3.87 billion HKD, a decrease of 37.6% year-on-year, and a net profit of 1.24 billion HKD, down 45.1%. The weighted ROE was 1.21%, reflecting a decline of 1.29 percentage points. The leverage ratio, excluding client funds, was 4.96x, down 11.7% year-on-year [5][6]. - The breakdown of net income by business lines showed declines in brokerage, investment banking, asset management, and proprietary trading, with respective revenues of 0.83 billion, 0.45 billion, 0.27 billion, and 1.85 billion HKD, reflecting year-on-year changes of -32.8%, -25.0%, -17.9%, and -49.0% [5][6]. Business Development - The company is leveraging financial technology to enhance business development and customer acquisition, with online assets under management (AUM) nearing 10 billion HKD. The app has transitioned from a functional to an operational model, supporting business growth [5]. - The average daily trading volume in the two markets for Q1 2024 was 895.37 billion HKD, an increase of 1.89% year-on-year. Although brokerage revenue decreased by 32.8%, the agency trading volume increased by 4.9% to 86.34 billion HKD, indicating a potential recovery in brokerage business [5]. International Expansion - The company is intensifying its internationalization efforts, having received approval to become one of the first "HKD-RMB" dual-counter market makers. It has also been approved as a market maker for the Beijing Stock Exchange and the Shanghai Stock Exchange's Sci-Tech Innovation Board, enhancing its international competitiveness [5][6]. - The company is expanding its cross-border derivatives business, focusing on interest rate, credit, and foreign exchange products, and is ranked among the top in the market for key commodities [5]. Underwriting and Market Position - The scale of equity underwriting has decreased by 76.1% year-on-year to 9.48 billion HKD, with a market share of 11.3%, maintaining the second position in the industry. The scale of bond underwriting in Q1 2024 decreased by 8.7% year-on-year to 221.40 billion HKD, with a market share of 8.1%, ranking fourth in the industry [5][6]. Asset Quality - The income from funding-related businesses fell by 62.9% year-on-year to 1.25 billion HKD in Q1 2024. The financial asset scale decreased by 8.0% year-on-year to 320.22 billion HKD, leading to a decline in static investment returns [6]. - The company reported a net interest income of -0.59 billion HKD, down from the previous year, primarily due to a decrease in income and an increase in costs [6]. Future Projections - The company is expected to achieve net profits of 6.29 billion HKD and 6.93 billion HKD for 2024 and 2025, respectively, with corresponding H-share price-to-earnings (PE) ratios of 7.49 and 6.81, and price-to-book (PB) ratios of 0.43 and 0.40 [6].

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4月30日 狀態: 新提交 備註： 第 1 頁 共 7 頁 v 1.0.2 致：香港交易及結算所有限公司 公司名稱: 中國國際金融股份有限公司 呈交日期: 2024年5月6日 I. 法定/註冊股本變動 | 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 | 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 | | 1,903,71 ...

证券研究报告·公司点评报告·非银金融 中金公司（03908.HK） 2024 年一季报点评：业绩短期承压，看好公 2024年 04月 30 日 司强化竞争壁垒 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 证券分析师 葛玉翔 营业总收入（百万元） 37,398 35,446 37,112 40,304 44,063 执业证书：S0600522040002 同比（%） -8.71% -5.22% 4.70% 8.60% 9.33% 021-60199761 归母净利润（百万元） 7,598 6,156 6,240 7,129 8,261 geyx@dwzq.com.cn 同比（%） -29.51% -18.97% 1.36% 14.24% 15.89% 研究助理 罗宇康 EPS-最新摊薄（元/股） 1.57 1.28 1.29 1.48 1.71 执业证书：S0600123090002 P/E（现价&最新摊薄） 5.45 ...