本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 30 日 中 金公司(601995.SH) 证券研究报告 Q1 业绩表现承压，自营、投行表现有待修复 证券Ⅲ 投资评级 买入-A ■事件：公司披露 2024 年一季报，2024Q1 实现营业收入 38.7 亿元 维持评级 （YoY-37.6%），归母净利润12.39 亿元（YoY-45.1%），加权平均 ROE 为 1.21%（YoY-1.29pct），EPS 为 0.223 元（YoY-48.7%）。对比各业 6 个月目标价 38.31元 务条线业绩表现来看，自营业务承压较为显著，Q1 净收入同比-17.6 股价 (2024-04-30) 33.34元 亿元/-49%；此外投行业务净收入受监管因素影响同比-25%。 交易数据 ■经纪投行降幅明显。1）经纪：2024Q1 市场日均股基成交额同比+3% 总市值(百万元) 160,940.74 至 10217 亿元，同期公司实现经纪业务净收入同比-33%至 8.3 亿元， 流通市值(百万元) 97,470.90 预计公司经纪业务市占率及费率水平均有一定程度滑落。2）投行： 总股 ...

公 非银行金融 司 2024年04月 30日 报 中金公司(601995.SH) 告 自营拖累短期业绩，头部券商做优做强导向明确 推荐（维持） 事项： 中金公司发布2024年一季报，营业收入38.74亿元（YoY-37.6%），归母净利 股价：34.48 元 润12.39亿元（YoY-45.1%）。总资产6137亿元（YoY-8%），归母净资产1059 亿元（YoY+5%），EPS（摊薄）0.26元/股，BVPS为18.55元/股。 公 主要数据 平安观点： 司  主营业务均承压、杠杆倍数下滑。24Q1 经纪/投行/资管/自营净收入分别 行业 非银行金融 季 公司网址 www.cicc.com 同比-33%/-25%/-18%/-49%，利息净收入-5.9亿元（23Q1为-2.4亿元）， 大股东/持股 中央汇金投资有限责任公司/40.11% 经纪/投行/资管/自营/利息净收入分别占比21%/12%/7%/48%/-15%，五大 报 实际控制人 业务表现均有所承压。而受汇率波动影响，汇兑收益 4.9 亿元（23Q1 为 点 总股本(百万股) 4,827 -0.4亿元）。费用端相对刚性，24Q1管理费用23.9 ...

董 事 会 2024 年 4 月 30 日 根据该无异议函，公司面向专业投资者非公开发行总额不超过 100 亿元的公 司债券（以下简称"本次债券"）符合上交所的挂牌转让条件，上交所对本次债 券挂牌转让无异议。该无异议函自出具之日起 12 个月内有效，公司可在无异议 函有效期及上述额度内分期发行本次债券并办理债券挂牌转让手续。 公司将按照有关规定、无异议函要求及公司股东大会的授权，办理本次面向 专业投资者非公开发行公司债券相关事宜。 特此公告。 中国国际金融股份有限公司 证券代码：601995 证券简称：中金公司 公告编号：临 2024-021 中国国际金融股份有限公司 关于收到非公开发行公司债券挂牌转让无异议函的公告 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。 中国国际金融股份有限公司（以下简称"公司"）近日收到上海证券交易所 （以下简称"上交所"）出具的《关于对中国国际金融股份有限公司非公开发行 公司债券挂牌转让无异议的函》（上证函〔2024〕1228 号，以下简称"无异议 函"）。 1 ...

[Table_Page] 季报点评|多元金融 证券研究报告 [【Table_T广itle] 发 海 外 & 非 银 】 中 金 公 司 [公Tab司le_I评nves级t] 买入 当前价格 9.80港元 （03908.HK） 合理价值 14.84港元 前次评级 买入 用表效益有所下滑，静待市场及环境回暖 报告日期 2024-04-30 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 高基数下业绩显著回撤。公司发布 2024 年一季报，2024Q1 实现营收 12% 0% 38.74亿元，同比-37.61%；实现归母净利润12.39亿元，同比-45.13%。 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -13% 加权平均ROE为1.21%，同比-1.29 pct。杠杆率有所下滑。24Q1公司 -25% 总资产6137亿元，同比-7.8%。剔除客户资金杠杆倍数4.96倍比去年 -38% -50% 同期下降0.64，较年初下降0.20。 中金公司 恒生指数 ⚫ 泛自营受市场及环境拖累大幅减少。24Q1公司投资+公允变动单 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.85, corresponding to a 2024 PE of 13.51x and a PB of 0.93x [3][4]. Core Views - The company's investment net income has declined, leading to pressure on performance. However, the acceleration of supply-side reforms in the industry is expected to enhance the company's growth prospects through improved capital efficiency and specialized business advantages, potentially achieving better-than-expected growth through organic growth and external mergers and acquisitions [3][6]. Financial Summary - For Q1 2024, the company reported revenue of RMB 38.74 billion and a net profit attributable to shareholders of RMB 12.39 billion, reflecting a year-on-year change of -37.61% and -45.13% respectively. The weighted average ROE decreased by 1.29 percentage points to 1.21%, indicating performance below expectations [3][6]. - The investment business net income fell by 48.95% year-on-year to RMB 18.47 billion, accounting for -75.85% of the adjusted revenue increment. This decline was primarily due to a decrease in investment yield and a contraction in the scale of off-exchange derivatives and other businesses, with financial assets down 7.99% year-on-year to RMB 320.22 billion [3][6]. - The company maintains its earnings forecast for 2024-2026, projecting EPS of RMB 1.33, RMB 1.50, and RMB 1.63 respectively [3][6]. Industry Outlook - The report anticipates that the acceleration of supply-side reforms in the industry will enhance the company's capital efficiency, allowing it to consolidate its specialized business advantages. The wealth management business is expected to continue improving asset allocation and advisory service capabilities, while the investment banking sector is innovating fixed-income products and enhancing merger and acquisition service capabilities [3][6].

Financial Performance - For the three months ended March 31, 2024, the company achieved operating revenue of RMB 3,873,747,046, representing a decrease of 37.61% year-on-year[2][4]. - The net profit attributable to shareholders of the parent company was RMB 1,238,666,240, down 45.13% compared to the previous year[2][4]. - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 1,216,702,413, reflecting a decline of 44.17% year-on-year[4]. - Basic earnings per share decreased by 48.70% to RMB 0.223[4]. - The company reported a net profit of RMB 1,430,038,591 for Q1 2024, compared to RMB 2,705,614,698 in Q1 2023, indicating a decline of 47.3%[19]. - Net profit for Q1 2024 was RMB 1,239,089,337, a decrease of 45.2% compared to RMB 2,259,717,361 in Q1 2023[20]. - Total comprehensive income for Q1 2024 was RMB 1,332,545,719, down from RMB 2,101,201,265 in Q1 2023, reflecting a decline of 36.6%[20]. - The company reported a significant decrease in other income by 73.00% to $29.99 million from $111.08 million, due to reduced tax refund income and government support funds[9]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 613,694,656,004, a decrease of 1.70% from the end of the previous year[4]. - Total liabilities as of March 31, 2024, were RMB 507,464,712,334, a decrease from RMB 519,409,188,733 as of December 31, 2023[17]. - Total assets as of March 31, 2024, were RMB 613,694,656,004, down from RMB 624,306,586,684 as of December 31, 2023[16]. - The total equity attributable to shareholders as of March 31, 2024, was RMB 106,229,943,670, compared to RMB 104,897,397,951 as of December 31, 2023[18]. - Total liabilities as of March 31, 2024, were RMB 244,833,524,480, down from RMB 247,289,260,000 at the end of 2023[26]. - The company's total assets as of March 31, 2024, were RMB 325,019,319,315, slightly down from RMB 325,426,582,506 at the end of 2023[24]. Cash Flow - The net cash flow from operating activities was RMB 12,814,865,518, with no applicable year-on-year comparison[4]. - Operating cash inflow for Q1 2024 was RMB 44,225,870,123, an increase of 6.7% from RMB 41,465,367,166 in Q1 2023[21]. - Net cash flow from operating activities for Q1 2024 was RMB 12,814,865,518, compared to a negative cash flow of RMB -1,883,112,957 in Q1 2023[21]. - Cash inflow from investment activities in Q1 2024 was RMB 43,316,119,326, up from RMB 37,340,465,784 in Q1 2023[22]. - The net cash flow from investment activities decreased to RMB 1,827,664,748 in Q1 2024 from RMB 13,853,520,963 in Q1 2023[22]. - Cash inflow from bond issuance amounted to 5 billion, while cash inflow from profit certificates was approximately 4.5 billion, resulting in a total cash inflow from financing activities of 11 billion[33]. - Cash outflow for bond repayment was 8 billion, leading to a net cash flow from financing activities of -2.23 billion, compared to -9.06 billion in the previous year[33]. - The net increase in cash and cash equivalents for the first quarter of 2024 was approximately 10.68 billion, compared to 2.86 billion in the first quarter of 2023[33]. - Cash and cash equivalents at the end of Q1 2024 totaled RMB 161,674,270,646, a decrease from RMB 167,764,339,247 at the end of Q1 2023[23]. Shareholder Information - The total number of shareholders at the end of the reporting period was 119,294, with 118,917 A-share shareholders and 377 H-share registered shareholders[10]. - The largest shareholder, Central Huijin Investment Ltd., holds 40.11% of the shares, totaling 1,936,155,680 shares[11]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 39.42% of the shares, totaling 1,902,983,804 shares[11]. Investment and Income - Investment income and fair value changes decreased by 48.95% to $1.85 billion from $3.62 billion, attributed to lower net gains from financial instruments measured at fair value[9]. - Foreign exchange gains increased to $486.03 million from a loss of $38.51 million, driven by gains from foreign exchange derivative transactions due to currency fluctuations[9]. - The company reported a foreign exchange gain of RMB 486,032,134 in Q1 2024, contrasting with a loss of RMB 38,505,834 in Q1 2023[19]. - The company reported a significant decrease in net income from investment activities, with losses of RMB -485,982,202 in Q1 2024 compared to losses of RMB -4,502,854,349 in Q1 2023[29]. - Net commission and fee income for Q1 2024 was RMB 2,086,204,582, down from RMB 2,744,765,982 in Q1 2023, reflecting a decline of 24.1%[19]. - Investment income increased to RMB 3,435,648,963 in Q1 2024, compared to RMB 2,439,587,676 in Q1 2023, representing a growth of 41%[19]. Other Financial Metrics - The company reported a significant decrease of 50.98% in borrowed funds, totaling RMB 22,044,342,418[8]. - Contract liabilities increased by 61.24% to RMB 663,142,024, driven by prepayments received from asset management and fund management businesses[8]. - Business and management expenses decreased by 31.41% to $2.39 billion from $3.49 billion, mainly due to reductions in employee costs, business development expenses, and travel costs[9]. - Cash flow from investing activities decreased by 86.81% to $1.83 billion from $13.85 billion, reflecting increased cash payments for investments[9]. - The company's interest income for Q1 2024 was RMB 2,176,301,786, while interest expenses were RMB 2,770,044,883, resulting in a net interest loss of RMB 593,743,097[19]. - The net interest income for Q1 2024 was negative at RMB -368,363,026, compared to RMB -324,922,775 in Q1 2023[29]. - The company plans to implement new accounting standards starting in 2024, which may affect the financial statements[34].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,873,747,046, a decrease of 37.61% compared to the same period last year[4]. - Net profit attributable to shareholders of the parent company was CNY 1,238,666,240, down 45.13% year-on-year[4]. - Basic earnings per share decreased by 48.70% to CNY 0.223[4]. - The total comprehensive income for Q1 2024 was CNY 2,048,472,329, compared to CNY 295,499,590 in Q1 2023, reflecting strong performance[22]. - The company's total equity increased to CNY 80,185,794,835 from CNY 78,137,322,506, representing an increase of approximately 2.6%[21]. - The total operating revenue for Q1 2024 was CNY 2,657,226,516, an increase of 32.4% compared to CNY 2,008,675,885 in Q1 2023[22]. - Net profit for Q1 2024 reached CNY 1,986,970,103, compared to a net profit of CNY 264,236,220 in Q1 2023, representing a significant increase[22]. - The total comprehensive income for Q1 2024 was RMB 1.33 billion, a decrease of 36.67% from RMB 2.10 billion in Q1 2023[17]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 613,694,656,004, a decrease of 1.70% from the end of the previous year[4]. - Total liabilities decreased to RMB 507.46 billion, down 2.00% from RMB 519.41 billion at the end of 2023[15]. - The total assets as of March 31, 2024, amounted to CNY 325,019,319,315, slightly down from CNY 325,426,582,506 at the end of 2023[20]. - The total liabilities decreased to CNY 244,833,524,480 from CNY 247,289,260,000, showing a reduction of about 1.8%[20]. Cash Flow - The net cash flow from operating activities was CNY 12,814,865,518, with significant cash inflow from financial instruments held for trading purposes[4][9]. - The net cash flow from financing activities was CNY 28,925,515,579, down from CNY 37,624,616,765 in the previous year, indicating a decrease of about 23.0%[19]. - Cash and cash equivalents at the end of Q1 2024 were CNY 52,052,365,913, down from CNY 57,414,922,076 at the end of Q1 2023[24]. - The company's cash and cash equivalents increased to CNY 161,674,270,646 from CNY 167,764,339,247, reflecting a decrease of approximately 3.0%[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 119,294, with 118,917 registered shareholders and 377 priority shareholders[10]. - Central Huijin Investment Ltd. holds 1,936,155,680 shares, accounting for 40.11% of the total shares[10]. - The top five shareholders collectively hold 1,936,155,680 shares (40.11%), 1,902,983,804 shares (39.42%), 157,636,300 shares (3.27%), 103,129,646 shares (2.14%), and 36,047,922 shares (0.75%) respectively[10]. - The total number of shares held by the top ten shareholders is 4,136,953,350, which is approximately 85.56% of the total shares[10]. Operational Insights - The company has not reported any significant changes in operational conditions during the reporting period[13]. - The company did not provide any audited financial statements for the quarter[13]. - There were no new strategies or significant developments mentioned in the report[13]. - The company reported a significant increase in receivables, which rose to RMB 36.87 billion, up 8.49% from RMB 34.01 billion at the end of 2023[14].

本次会议审议通过了《关于 2024 年度经营计划的议案》。董事会同意公司拟 定的《2024 年度经营计划》。 表决结果：8 票赞成，0 票反对，0 票弃权。 特此公告。 中国国际金融股份有限公司 第二届董事会第四十二次会议决议公告 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。 中国国际金融股份有限公司（以下简称"公司"）于 2024 年 4 月 17 日以书 面方式发出第二届董事会第四十二次会议（以下简称"本次会议"）通知，并于 2024 年 4 月 19 日完成本次会议的书面投票并形成会议决议。本次会议应参与表 决董事 8 名，实际参与表决董事 8 名。全体董事同意豁免本次会议的通知期限。 本次会议的召集、召开及表决程序符合有关法律法规和《中国国际金融股份有限 公司章程》的规定。 董 事 会 2024 年 4 月 19 日 证券代码：601995 证券简称：中金公司 公告编号：临 2024-020 中国国际金融股份有限公司 1 ...

Core Viewpoint - Himalaya is making its fourth attempt to go public by submitting a prospectus to the Hong Kong Stock Exchange, having previously faced challenges in its IPO journey, including two failed attempts after shifting from the U.S. market to Hong Kong [1]. Financial Performance - Himalaya has transitioned from losses to profitability, reporting an adjusted net profit of 224 million yuan in 2023, a significant improvement compared to previous years where losses ranged from 296 million yuan to 749 million yuan [1][2]. - The company's revenue for 2023 was 6.163 billion yuan, showing a modest year-on-year increase of 1.7%, indicating stagnation in growth compared to previous high-growth periods [5]. User Metrics - The monthly active user count has increased from 268 million in 2021 to 303 million in 2023, but the average daily listening time on mobile has decreased from 144 minutes to 130 minutes, suggesting a dilution of user engagement [2][4]. - The membership payment rate has declined from 12.9% in 2022 to 11.9% in 2023, reflecting challenges in monetizing the user base [4]. Market Challenges - The online audio market is experiencing a slowdown in growth, with competition intensifying from platforms like Tencent Music and ByteDance's Tomato Listening, which are encroaching on Himalaya's market share [6]. - Himalaya faces difficulties in converting its user base into paying customers, as many users prefer to support content creators directly rather than paying for platform memberships [4][5]. Content Strategy - To enhance content quality and user engagement, Himalaya is focusing on partnerships with publishers and content creators while also investing in user-generated content (UGC) [3]. - The company is exploring new revenue models, including bundling its membership services with other platforms, to address the weak appeal of its membership offerings [4][5]. Innovation Efforts - Himalaya is attempting to leverage AI technology to improve content production efficiency and has introduced initiatives like the "珠峰音频AI模型" and "喜莱坞计划" to tap into the short drama market [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國國際金融股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2024年4月29日召 開董事會會議，藉以（其中包括）審議和批准刊發本公司及其附屬公司截至2024年3月31日 止三個月的業績公告。 承董事會命 中國國際金融股份有限公司 China International Capital Corporation Limited 03908 董事會會議通告 董事會秘書 孫男 中國，北京 2024年4月17日 於本公告日期，本公司執行董事為陳亮先生；非執行董事為張薇女士、孔令岩先生及 段文務先生；以及獨立非執行董事為吳港平先生、陸正飛先生、彼得•諾蘭先生及 周禹先生。 ...