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 信证券(600030.SH) 证券研究报告 业绩整体相对稳健，投行业务承压明显 证券Ⅲ 投资评级 买入-A ■事件：公司发布2024 年一季报，Q1 实现营业收入137.5 亿元(YoY- 维持评级 10.4%），归母净利润 49.6 亿元（YoY-8.5%），EPS 为 0.32 元(YoY- 11.1%），加权平均 ROE 为 1.88%(YoY-0.19pct）。公司各业务条线均 6 个月目标价 23.97元 同比呈现不同程度滑落，投行及自营业务的同比下滑影响相对较大。 股价 (2024-04-29) 19.38元 但相较于行业整体营收/净利润同比-21%/-30%，公司业绩仍较稳健。 交易数据 ■投行业务大幅承压，经纪资管小幅滑落。1）经纪：2024Q1 公司实 总市值(百万元) 287,222.20 现经纪业务净收入同比-6%至 24.4 亿元，同期市场日均股基交易额 流通市值(百万元) 220,286.32 同比+3%至10217 亿元，预计公司佣金费率及代销收入一定程度承压。 总股本(百万股) ...

公 非银行金融 司 2024年04月 28日 报 中信证券(600030.SH) 告 业绩具备韧性，资金使用和经营效率进一步提升 推荐（维持） 事项： 中信证券发布2024年一季报，实现营业收入137.55亿元（YoY-10.4%），归母 股价：19.16 元 净利润49.59亿元（YoY-8.5%）。总资产15673亿元，归属母公司净资产2809 亿元。EPS（摊薄）0.33元，BVPS为17.35元。 公 主要数据 平安观点： 司  业绩具备韧性，资金使用效率和经营效率有所提升。24Q1公司经纪/投行 行业 非银行金融 季 公司网址 www.citics.com /资管/利息/自营/其他净收入分别同比-6%/-56%/-6%/-44%/-17%/+122%， 大股东/持股 中国中信金融控股有限公司/19.46% 占比分别 18%/6%/17%/2%/40%/17%。其他收入增长较多主要是大宗商 报 实际控制人 品贸易销售收入低基数下同比增长和汇率波动导致汇兑收益增长，去除其 点 总股本(百万股) 14,821 他业务收入后，五大业务营收115亿元（YoY-19.7%）。支出端费用控制有 流通A股(百万股 ...

证券研究报告 公 2024年04月28日 司 报 告 中信证券(600030) │ 行 业： 非银金融/证券Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 19.16元 - 利润环比改善，投行龙头地位稳固 公 目标价格： 27.57元 司 季 基本数据 报 事件： 14,820.55/13,986. 点 总股本/流通股本(百万股) 中信证券发布 2024 年一季报，公司累计实现营业收入 137.6 亿，同比- 76 评 10.4%/环比-4%；归母净利润 49.6 亿，同比-8.5%/环比+50%，低基数下公 流通A股市值(百万元) 217,785.65 司1Q24归母净利润环比大幅改善。ROE1.88%，较去年同期减少0.19pct。 每股净资产(元) 17.35 ➢ 收费类业务：投行持续巩固龙头地位，机构业务优势尽显 资产负债率(%) 81.76 1）公司1Q24 累计实现经纪业务收入24.4 亿，同比-6%/环比+2%，占证 一年内最高/最低(元) 26.10/17.26 券主营收入（剔除大宗商贸和政府补助）比重为19.4%。主因 1Q24 新发 基金规模减少，以及佣金率调降拖累公司经纪业务收入。 股 ...

上 市 公 司 非银金融 2024年04月26日 中信证券 (600030) 公 司 研 究 ——投行风险逐步释放，资管业务凸显韧性 公 司 点 报告原因：有业绩公布需要点评 评 事件：中信证券公布2024年一季报，业绩符合预期。1Q24公司实现营收137.5亿/yoy-10%； 买入 （维持） 归母净利润49.6亿/yoy-8%。1Q24加权ROE（未年化）1.88%/yoy-0.19pct。 ⚫ 收入拆分：各业务均有下滑，投行业务大幅降6成；单季管理费用为21年以来新低。1） 证 市场数据： 2024年04月26日 公司利润增速（-8%）好于证券主营收入（不含其他收入和其他收益）增速（-15%）主 券 因：①报告期减值冲回0.2亿（ vs1Q23计提减值2.4亿）；②压降管理费用：1Q24管 收盘价（元） 19.16 研 一年内最高/最低（元） 26.1/17.26 理费用61.8亿元/yoy-16%，单季管理费为21年以来各季新低。2）营收拆分：1Q24经 究 市净率 1.0 纪、投行、资管、净利息、净投资收入分别为24.4、8.7、23.6、3.3、63.3亿元，收入占 报 息率（分红/股价） - 比 ...

股 票 研 究 [Table_industryInfo] 综合金融/金融 [ Table_Main[中ITnaf 信bol]e 证_Ti券tle]( 600030) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q1 业绩承压，有望受益供给侧改革提速 目标价格： 35.04 上次预测： 35.04 公 ——中信证券2024 年一季报点评 当前价格： 19.16 司 刘欣琦(分析师) 王思玥(研究助理) 2024.04.27 更 021-38676647 021-38031024 [交Ta易bl数e_M据a rket] liuxinqi@gtjas.com wangsiyue028676@gtjas.com 新 52周内股价区间（元） 17.63-25.20 证书编号 S0880515050001 S0880123070151 报 总市值（百万元） 283,962 本报告导读： 总股本/流通A股（百万股） 14,821/11,367 告 流通 B股/H股（百万股） 0/2,620 投资、投行业务收入同比下滑致使业绩下滑；公司行业领先优势不断巩固，投资端各 流通股比例 94% 项服务专业化能力以及 ...

证券研究报告 | 2024年04月27日 中信证券（600030.SH） 买入 扩表持续，投行承压，结构调整 核心观点 公司研究·财报点评 中信证券发布2024年一季度报告。2024年一季度，公司实现营业收入137.55 非银金融·证券Ⅱ 亿元，同比下降10.38%；实现归母净利润49.59亿元，同比下降8.47%；实 证券分析师：孔祥 证券分析师：陈莉 现基本每股收益0.32元/股，同比下降11.11%；加权平均净资产收益率 021-60375452 0755-81981575 kongxiang@guosen.com.cn chenli@guosen.com.cn 1.88%，同比减少0.19pct。营收下降主因系投行业务受周期影响大幅下滑。 S0980523060004 S0980522080004 投行业务承压，自营投资拖累。公司一季度实现投行业务收入8.69亿元， 基础数据 同比下降近五成。受上市政策影响，公司股权融资金额从641亿元下滑至192 投资评级 买入(维持) 合理估值 亿元，下滑高于同业；从债券融资来看，公司总承销金融小幅提升4%，市占 收盘价 19.16元 率提升0.5pct至14.3 ...

[Table_Page] 季报点评|证券Ⅱ 证券研究报告 [中Table_信Title] 证券(600030.SH/06030.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 19.16元/12.32港元 投行业务静待恢复，整体业绩较为稳健 合理价值 25元/16.08港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-26 ⚫ 24Q1业绩较稳健，成本压降见效。公司2024年一季度实现营收137.55 [相Tab对le_P市icQ场uote表] 现 亿元，同比-10.38%；实现归母净利润 49.59 亿元，同比-8.47%。（公司 2023Q1/2/3/4归母净利润分别同比+3.6%/-1.3%/-4.9%/-30.4%，Q1相对 22% 14% 高基数）。Q1 加权ROE 为 1.88%。扩表能力稳步恢复。2024Q1 总资产 5% 1.57万亿元，同比+8.8%；剔除客户资金杠杆率4.44倍，较去年年底+0.17， -3%04/23 06/23 08/23 10/23 12/23 02/24 04/24 较去年同期+0.11。 ...

证券研究报告·公司点评报告·证券Ⅱ 中信证券（600030） 2024 一季报点评：整体业绩优于行业，头部 2024 年 04月 27日 优势显著 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 营业总收入（百万元） 65,109 60,068 63,179 71,485 82,166 股价走势 同比（%） -14.92% -7.74% 5.18% 13.15% 14.94% 中信证券 沪深300 归母净利润（百万元） 21,317 19,721 20,844 24,022 29,278 20% 同比（%） -7.72% -7.49% 5.69% 15.25% 21.88% 11 26 %% 8% EPS-最新摊薄（元/股） 1.44 1.33 1.41 1.62 1.98 4% 0% -4% P/E（现价&最新摊薄） 13.32 14.40 13.62 11.82 9.70 -8% -12% [ [事TT aa 件b ...

Financial Performance - Revenue for the first quarter of 2024 was RMB 13.75 billion, a decrease of 10.38% year-over-year[5] - Net profit attributable to parent company shareholders was RMB 4.96 billion, down 8.47% year-over-year[5] - Total revenue for Q1 2024 was RMB 13.75 billion, a decrease of 10.4% compared to RMB 15.35 billion in Q1 2023[22] - Net interest income for Q1 2024 was RMB 325.35 million, down 44.2% from RMB 582.83 million in Q1 2023[22] - Net fee and commission income for Q1 2024 was RMB 5.90 billion, a decrease of 19.5% compared to RMB 7.33 billion in Q1 2023[22] - Investment income for Q1 2024 was RMB 2.28 billion, a significant drop of 60.8% from RMB 5.82 billion in Q1 2023[22] - Net profit attributable to shareholders of the parent company for Q1 2024 was RMB 4.96 billion, down 8.5% from RMB 5.42 billion in Q1 2023[23] - Total revenue for Q1 2024 was RMB 8.67 billion, a decrease of 16.2% compared to RMB 10.34 billion in Q1 2023[29] - Net interest income for Q1 2024 was RMB 197.84 million, a significant drop of 71.8% from RMB 702.96 million in Q1 2023[29] - Net fee and commission income for Q1 2024 was RMB 2.65 billion, down 40.2% from RMB 4.42 billion in Q1 2023[29] - Investment income for Q1 2024 was RMB 1.12 billion, a decrease of 68.9% compared to RMB 3.59 billion in Q1 2023[29] - Net profit for Q1 2024 was RMB 4.33 billion, a decline of 9.2% from RMB 4.77 billion in Q1 2023[29] Cash Flow and Liquidity - Operating cash flow surged by 3,296.98% to RMB 70.50 billion[5] - Cash flow from financing activities decreased by 105.93% due to increased debt repayments[9] - Operating cash flow increased significantly to RMB 70.5 billion, compared to a negative RMB 2.2 billion in the same period last year[24] - Net cash from financing activities decreased to a negative RMB 1.39 billion, down from RMB 23.53 billion in the previous year[25] - Net cash flow from operating activities was RMB 48.83 billion in Q1 2024, a significant improvement from a negative RMB 9.57 billion in Q1 2023[31] - Net cash flow from investing activities was negative RMB 35.17 billion in Q1 2024, compared to negative RMB 385.78 million in Q1 2023[31] - Net cash flow from financing activities was negative RMB 2.20 billion in Q1 2024, compared to positive RMB 24.48 billion in Q1 2023[31] - Net cash flow from financing activities was -2,202,906,915.55, compared to 24,482,414,061.48 in the previous period[32] - The impact of exchange rate changes on cash and cash equivalents was -112,348,189.91, compared to 71,491,022.83 in the previous period[32] - Net increase in cash and cash equivalents was 11,346,281,802.15, compared to 14,598,532,663.96 in the previous period[32] - Beginning cash and cash equivalents balance was 198,831,772,784.15, increasing to 210,178,054,586.30 at the end of the period[32] - Ending cash and cash equivalents balance was 223,332,621,509.69, up from 208,734,088,845.73 in the previous period[32] Asset and Liability Management - Total assets increased by 7.84% to RMB 1.57 trillion compared to the end of the previous year[6] - Equity attributable to parent company shareholders rose by 4.49% to RMB 280.90 billion[6] - Total assets increased to RMB 1,567.33 billion as of March 31, 2024, up from RMB 1,453.36 billion at the end of 2023[20] - Client funds deposits grew to RMB 214.35 billion, compared to RMB 205.91 billion at the end of 2023[20] - Trading financial assets rose to RMB 673.00 billion, up from RMB 625.05 billion at the end of 2023[20] - Total liabilities as of Q1 2024 were RMB 1.28 trillion, an increase of 8.7% compared to RMB 1.18 trillion at the end of Q1 2023[21] - Total equity attributable to shareholders of the parent company as of Q1 2024 was RMB 280.90 billion, up 4.5% from RMB 268.84 billion at the end of Q1 2023[21] - Total assets increased to RMB 1.134 trillion, up from RMB 1.047 trillion at the end of the previous year[26] - Client funds deposits rose to RMB 110.17 billion, compared to RMB 103.63 billion at the end of the previous year[26] - Trading financial assets grew to RMB 489.48 billion, up from RMB 446.32 billion at the end of the previous year[26] - Short-term financing liabilities decreased to RMB 44.83 billion, down from RMB 55.75 billion at the end of the previous year[26] - Total liabilities increased to RMB 901.96 billion in Q1 2024, up 9.2% from RMB 826.19 billion in Q1 2023[28] - Total equity rose to RMB 232.33 billion in Q1 2024, a 5.2% increase from RMB 220.77 billion in Q1 2023[28] Market and Investment Activities - Fair value change gains increased by 256.77% due to market fluctuations[8] - Exchange gains surged by 481.81% due to currency exchange rate changes[8] - Other business income grew by 138.65% driven by increased commodity trade sales[8] - Credit impairment losses decreased by 108.92% due to the reversal of impairment provisions[8] - Investment activities resulted in a net cash outflow of RMB 36.66 billion, compared to a net inflow of RMB 492 million in the previous year[24] Shareholder and Ownership Structure - Total shareholders as of March 31, 2024: 544,164, including 544,007 A-share shareholders and 157 H-share shareholders[10] - China CITIC Financial Holdings holds 2,939,832,712 shares, accounting for 19.84% of the total shares[10] - Guangzhou Yuexiu Capital Holdings Group holds 1,325,267,966 shares, accounting for 8.94% of the total shares[10] Bond Issuance and Financing - Issued short-term corporate bonds in January 2024 with a total issuance of RMB 3 billion and a coupon rate of 2.53%[12] - Issued corporate bonds in January 2024 with a total issuance of RMB 3.8 billion across two tranches, with coupon rates of 2.68% and 2.74% respectively[12] - Issued perpetual subordinated bonds in January 2024 with a total issuance of RMB 3 billion and a coupon rate of 3.01%[12] - Issued corporate bonds in February 2024 with a total issuance of RMB 3 billion and a coupon rate of 2.75%[12] - Issued perpetual subordinated bonds in March 2024 with a total issuance of RMB 4 billion and a coupon rate of 2.84%[12] - Issued corporate bonds in March 2024 with a total issuance of RMB 4 billion and a coupon rate of 2.69%[12] Operational and Organizational Changes - Established 1 new securities branch and relocated 4 existing branches during the reporting period[13] - The company transferred 21 branches in five southern provinces to CITIC Securities South China[18] - CITIC Securities (Shandong) completed the relocation of 3 securities branches during the reporting period[14] Legal and Regulatory Matters - The company received a warning letter from the China Securities Regulatory Commission regarding the Hengyi Petrochemical convertible bond project[17] - The company concluded a lawsuit against Julihui Investment for RMB 100.85 million in unpaid principal, interest, and penalties[15] - The company is involved in ongoing legal disputes with Zhengyuan Real Estate and related parties over bond defaults[16] Subsidiary Performance - Huaxia Fund, a subsidiary, reported a net profit of RMB 517.76 million for Q1 2024[19] Employee Compensation and Benefits - Employee compensation and benefits paid amounted to RMB 4.45 billion, slightly lower than the previous year's RMB 4.84 billion[24] Interest and Commission Income - Interest and commission income received in cash was RMB 12.73 billion, down from RMB 16.52 billion in the same period last year[24] Comprehensive Income - Total comprehensive income for Q1 2024 was RMB 5.45 billion, a decrease of 3.9% compared to RMB 5.67 billion in Q1 2023[23] - Other comprehensive income after tax for Q1 2024 was RMB 288.65 million, a significant increase from RMB 41.68 million in Q1 2023[23] Earnings Per Share - Basic earnings per share for Q1 2024 were RMB 0.32, down 11.1% from RMB 0.36 in Q1 2023[23]

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