Financial Performance - For the nine months ending September 30, 2024, the company achieved operating revenue of RMB 13,449,224,301, a decrease of 23.00% year-on-year[2]. - The net profit attributable to shareholders of the parent company for the same period was RMB 2,858,163,486, reflecting a year-on-year decline of 37.97%[4]. - In Q3 2024, the operating revenue was RMB 4,538,713,771, down 10.03% compared to the same period last year[4]. - The basic earnings per share for Q3 2024 was RMB 0.093, a decrease of 49.01% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 was RMB 13,449,224,301, a decrease of 23.0% compared to RMB 17,465,549,953 in the same period of 2023[22]. - Net income for the first three quarters of 2024 was RMB 2,859,922,871, down 38.3% from RMB 4,630,626,560 in the first three quarters of 2023[23]. - The company’s total profit for the first three quarters of 2024 was RMB 3,077,442,737, a decrease of 40.4% from RMB 5,160,254,718 in the same period of 2023[23]. Assets and Liabilities - The company's total assets as of September 30, 2024, amounted to RMB 655,379,857,305, representing a 4.98% increase from the end of the previous year[4]. - As of September 30, 2024, total assets reached RMB 655.38 billion, an increase from RMB 624.31 billion as of December 31, 2023, representing a growth of approximately 5.2%[19]. - Total liabilities rose to RMB 546.28 billion from RMB 519.41 billion, marking an increase of around 5.2%[20]. - Total liabilities increased to RMB 252,136,581,096 as of September 30, 2024, compared to RMB 247,289,260,000 at the end of 2023, marking a rise of 2.9%[28]. Cash Flow - The net cash flow from operating activities was CNY 24.37 billion, a significant recovery from a negative CNY -26.03 billion in the previous year[12]. - The net cash flow from operating activities for the first three quarters of 2024 was RMB 24,372,784,200, a significant improvement compared to a net outflow of RMB 26,026,053,869 in the same period of 2023[24]. - The company reported a net decrease in cash from investment activities of RMB 10,301,514,980 for the first three quarters of 2024, compared to a net inflow of RMB 9,768,831,026 in the same period of 2023[25]. - The company reported a net cash inflow from operating activities of RMB 13.28 billion in the first three quarters of 2024, a turnaround from a net outflow of -RMB 5.24 billion in the same period of 2023[32]. Shareholder Information - The total number of shareholders at the end of the reporting period was 118,332, with 117,958 A-share holders and 374 H-share holders[13]. - The largest shareholder, Central Huijin Investment Ltd., holds 40.11% of shares, totaling 1.94 billion shares[13]. Investment and Financing - The company’s net profit attributable to shareholders decreased primarily due to a reduction in operating revenue, leading to a decline in operating profit margins[9]. - The company’s investment income for the first three quarters of 2024 was RMB 1,956,317,218, down from RMB 2,375,189,899 in the same period of 2023, reflecting a decrease of 17.6%[29]. - The total cash inflow from financing activities for the first three quarters of 2024 was RMB 68,255,871,744, compared to RMB 78,397,650,191 in the same period of 2023[25]. - The company reported a net cash outflow from financing activities of -RMB 3.12 billion in the first three quarters of 2024, improving from -RMB 13.97 billion in the same period of 2023[34]. Other Financial Metrics - The liquidity coverage ratio improved to 271.91% from 201.13% year-on-year, indicating enhanced liquidity management[6]. - The risk coverage ratio decreased to 180.11% from 192.32% year-on-year, reflecting changes in risk management strategies[6]. - The company reported a total of RMB 19,215,765 in non-recurring gains and losses for the year-to-date period[7]. - The company experienced a decrease in foreign exchange gains/losses, reporting a loss of CNY -88.50 million compared to a gain of CNY 2.06 billion in the previous year[12].

Financial Performance - The company reported a significant increase in revenue, reaching RMB 10 billion, representing a 15% year-over-year growth[2]. - Total revenue and other income for the six months ended June 30, 2024, was RMB 14,892.4 million, a decrease of 20.0% compared to RMB 18,606.7 million for the same period in 2023[17]. - Profit before tax decreased by 40.5% to RMB 2,456.7 million from RMB 4,129.9 million year-on-year[17]. - Net profit attributable to shareholders was RMB 2,228.1 million, a decline of 37.4% compared to RMB 3,560.6 million in the previous year[17]. - Basic earnings per share decreased by 41.2% to RMB 0.394 from RMB 0.670[17]. - The net profit attributable to the parent company for the first half of 2024 was RMB 3,560.6 million, compared to RMB 2,228.1 million for the same period in 2023, representing an increase of 60%[22]. - The company achieved a net profit of RMB 2,229.1 million, a year-on-year decrease of 37.8%[95]. - Total revenue for the first half of 2024 was RMB 14,136.3 million, down 14.8% from RMB 16,594.0 million in the same period of 2023[95]. Market and Business Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 12% to 15%[2]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of the fiscal year[2]. - The company anticipates that the overall industry profitability will decline year-on-year due to pressures from trading volume and commission rates[29]. - The company aims to become a leading investment bank with international competitiveness, focusing on supporting the real economy and promoting capital market reforms[32]. - The company plans to enhance its service capabilities and strengthen its market position by focusing on key industry M&A opportunities and supporting the high-quality development of the real economy in the second half of 2024[62]. Strategic Initiatives - New product launches are expected to contribute an additional RMB 1 billion in revenue over the next six months[2]. - The company completed a strategic acquisition of a fintech startup for RMB 500 million, enhancing its service offerings[2]. - The company is exploring partnerships with international firms to enhance its global footprint[2]. - The company aims to strengthen cooperation with local governments and industry groups to leverage patient capital for new quality productivity development[79]. - The company plans to enhance its digital trading services and risk management capabilities while continuing to support national strategic initiatives in the second half of 2024[66]. Research and Development - Research and development investments increased by 30%, focusing on innovative financial technologies[2]. - The research team has been recognized for its excellence, winning multiple awards for its analysis and insights, enhancing the company's reputation as a leading research provider[39]. - The company published over 8,000 research reports in the first half of 2024, enhancing its reputation as a "China expert" among clients[87]. Risk Management - The company has implemented a comprehensive risk management framework, ensuring effective control over market, credit, liquidity, operational, and compliance risks, with no significant impact on current or future performance[136]. - The company actively promotes a risk management culture and continuously enhances its risk management capabilities, integrating business planning with risk preferences[136]. - The company has established a risk value (VaR) limit for its total investment portfolio, with daily calculations and monitoring to ensure compliance within set limits[139]. - The company has not experienced any major risk events or significant losses during the reporting period, indicating that overall risk is controllable and manageable[136]. Corporate Governance - The third board of directors was established on June 28, 2024, consisting of 8 members, including 1 executive director and 4 independent non-executive directors[169]. - The company has undergone several management changes, including the appointment of a new non-executive director and the resignation of the chief operating officer due to reaching retirement age[171]. - The company has established a strategic and ESG committee and a risk control committee as part of its board structure[169]. Sustainability and Social Responsibility - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 40% by 2025[2]. - The company completed green-related project transactions worth approximately RMB 200 billion in the first half of 2024, including assisting various companies with listings and bond issuances[186]. - The company invested RMB 27 million in 12 poverty alleviation projects, focusing on industry, education, and healthcare to consolidate poverty alleviation results[189]. - The company organized 12 spring tree planting activities, with nearly 1,400 volunteers planting over 1,500 saplings in Beijing[187]. Employee and Talent Management - As of June 30, 2024, the group has 15,081 employees, with 13,967 located in mainland China, accounting for 93% of the total[184]. - Approximately 42% and 56% of the employees hold bachelor's and master's degrees or higher, respectively[184]. - The company has maintained its salary policy and training programs without significant changes during the reporting period[184]. Dividend and Shareholder Information - The company plans to distribute a total cash dividend of RMB 434,453,118.12, amounting to RMB 0.90 per share, subject to shareholder approval[10]. - The company's undistributed profits as of the reporting period amount to RMB 9,364,304,207[175]. - The company will pay dividends in RMB to A-share shareholders and in HKD to H-share shareholders, with the HKD amount calculated based on the average exchange rate published by the People's Bank of China[175].

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].

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]

Financial Performance - China International Capital Corporation reported its unaudited interim results for the six months ending June 30, 2024[1]. - Total revenue and other income decreased by 20.0% to RMB 14,892.4 million compared to RMB 18,606.7 million[18]. - Total expenses decreased by 14.0% to RMB 12,448.8 million from RMB 14,478.8 million[18]. - Profit before tax decreased by 40.5% to RMB 2,456.7 million from RMB 4,129.9 million[18]. - Net profit attributable to shareholders decreased by 37.4% to RMB 2,228.1 million from RMB 3,560.6 million[19]. - Basic earnings per share decreased by 41.2% to RMB 0.394 from RMB 0.670[19]. - Total assets decreased by 4.0% to RMB 599,104.4 million from RMB 624,306.6 million[20]. - Total liabilities decreased by 5.1% to RMB 493,177.8 million from RMB 519,409.2 million[20]. - The company reported a net profit of RMB 2,229.1 million for the first half of 2024, representing a year-on-year decline of 37.8%[88]. - The company achieved total revenue and other income of RMB 14,892.4 million, a decrease of RMB 3,714.2 million or 20.0% year-on-year[84]. Corporate Governance - The board of directors has confirmed the accuracy and completeness of the interim report, with no objections raised during the board meeting[10]. - The company held its annual general meeting on June 28, 2024, where several key resolutions were passed, including amendments to the articles of association and the profit distribution plan for 2023[160]. - The third board of directors was established on June 28, 2024, consisting of 8 members, including 1 executive director and 4 independent non-executive directors[161]. - The company has adhered to all provisions of the Corporate Governance Code, except for a temporary arrangement regarding the presidency[170]. - The company is actively promoting the appointment of a new president to comply with corporate governance codes[170]. Risk Management - The company is subject to various risks including market risk, credit risk, liquidity risk, operational risk, and compliance risk, which are managed through a comprehensive risk management framework[12]. - The company employs a comprehensive risk management framework that integrates risk management across subsidiaries and branches[131]. - The company has established a risk limit system based on various risk indicators, including market risk limits and stress testing limits[133]. - The company has not experienced any significant risk events or large losses during the reporting period, indicating overall risk is controllable and manageable[131]. - The company closely monitors interest rate risks and manages fixed income investment portfolios using tools such as government bond futures and interest rate swaps[137]. Business Strategy and Development - The company aims to become a globally recognized, innovation-driven leading investment bank[2]. - The company aims to strengthen its core competitiveness and become a leading investment bank with international competitiveness, focusing on serving the national development strategy and promoting capital market reforms[30]. - The company is actively pursuing supply-side reforms and industry consolidation through both organic growth and mergers and acquisitions, enhancing its competitive edge[29]. - The company is focusing on new business areas such as asset management, private equity, and wealth management, while maintaining its advantages in traditional businesses like investment banking and fixed income[34]. - The company aims to enhance its global market influence by building a multi-currency, multi-market global market-making platform in the second half of 2024[64]. Dividend and Shareholder Information - The total cash dividend proposed for the 2024 interim dividend is RMB 434,453,118.12, which translates to RMB 0.90 per share based on the total share count of 4,827,256,868 shares[10]. - The company will announce the specific dates for the dividend distribution after the shareholders' meeting approves the interim profit distribution plan[166]. - As of the end of the reporting period, the company's undistributed profits amounted to RMB 9,364,304,207[166]. Compliance and Regulatory Issues - The company received warning letters from regulatory authorities in January 2024 for compliance issues, which have since been rectified[186][187]. - The Beijing Securities Regulatory Commission issued a warning letter to China International Capital Corporation (CICC) for compliance management issues, including hiring unqualified personnel and employees engaging in stock trading[188]. - CICC has implemented measures to strengthen employee qualification management and monitor trading behaviors, addressing the compliance issues identified by the regulatory authority[190]. - The company has a mechanism for internal accountability regarding violations of laws and regulations by employees[154]. Employee and Social Responsibility - As of June 30, 2024, the company has a total of 15,081 employees, with 93% located in mainland China and 7% in Hong Kong, Singapore, the United States, the United Kingdom, and Germany[172]. - The company invested RMB 27 million in 12 poverty alleviation projects in Gansu Province in the first half of 2024, focusing on industry, education, and healthcare[175]. - The company organized 47 volunteer activities in the first half of 2024, with a total of 1,740 participants contributing 6,342 hours of volunteer service[178]. - The company has developed multiple green-themed funds and invested in high-quality enterprises in sectors such as new energy and new materials[173]. Market Conditions and Industry Trends - The overall economic growth in China for the first half of 2024 was 5.0% year-on-year, with exports increasing by 6.9%[26]. - In the first half of 2024, the average daily trading volume of A-shares decreased by 8% year-on-year to CNY 862.7 billion, and the margin financing and securities lending balance at the end of the period fell by 10% from the beginning of the year to CNY 1.48 trillion[28]. - The investment banking business revenue is under pressure due to a significant year-on-year decline in A-share IPO and refinancing scale, while the credit bond issuance scale increased by 5% year-on-year to CNY 8.96 trillion[28]. - The securities industry is expected to see a year-on-year decline in overall profitability, with brokerage income anticipated to decrease due to lower trading volumes and marginal declines in commission rates[28].

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]

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].

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 ...

[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 ...