[Table_Page] 年报点评|证券Ⅱ 证券研究报告 [中Table_信Title] 证券(600030.SH/06030.HK) 公[Ta司ble评_In级vest ] 买入-A/买入-H 当前价格 19.60元/13.24港元 市场变化扰动业绩，综合优势凸显韧性 合理价值 25元/16.89港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-03-27 ⚫ 2023年整体较为稳健，杠杆提升维持扩表。公司发布2023年年报， [相Tab对le_P市icQ场uote表] 现 2023年营业收入600.68亿元，同比-7.74%；归母净利润197.21亿元， 同比-7.49%。分季度归母净利润Q1/Q2/Q3/Q4同比分别为+3.6%/ 22% 13% -1.3%/-4.9%/-30.4%，2023年加权ROE 为7.81%，减少0.86pct，调 4% 整后杠杆率为4.27倍，提升0.34。 -4%03/23 05/23 07/23 09/23 11/23 01/24 03/24 ⚫ 综合优势及境内外协同助力轻资产业务凸显韧性。2023 年①经纪业务 -13% -2 ...

公 非银行金融 司 2024年03月 27日 报 中信证券(600030.SH) 告 财富管理与自营业务保持稳健，领先优势仍显著 推荐（维持） 事项： 中信证券发布2023年年报，实现营业收入600.68亿元（YoY-7.7%），归母净 股价：19.60 元 利润197.21亿元（YoY-7.5%）。总资产14534亿元，归属母公司净资产2688 亿元。EPS（摊薄）1.33元，BVPS为17.01元。拟每10股派发现金分红4.75 公 主要数据 元（税前），对应股利支付率35.70%。 司 平安观点： 行业 非银行金融 年 公司网址 www.citics.com  业绩符合预期，整体凸显韧性。在2023年投资活跃度低迷、股权融资放 大股东/持股 中国中信金融控股有限公司/19.46% 缓的背景下，公司归母净利润同比下滑7.5%，较为稳健，其中23Q4单季 报 实际控制人 度营业收入143亿元（QoQ-0.3%），环比基本持平，净利润33亿元（QoQ- 点 总股本(百万股) 14,821 35%），预计系年末费用集中释放影响。分业务来看，2023年经纪/投行/资 流通A股(百万股) 11,367 管/利息/ ...

证券研究报告 公 2024年03月27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： 19.60元 机构业务维持优势，扩表速度加快 - 公 目标价格： 27.69元 司 年 事件： 基本数据 报 点 中信证券发布 2023 年报，公司累计实现营业收入 601 亿，同比-7.7%；归 总股本/流通股本(百万股) 14,820.55/13,865. 28 评 母净利润197.2亿，同比-7.5%；ROE7.81%，较去年同期减少0.86pct。 流通A股市值(百万元) 220,405.98 ➢ 收费类业务：投行持续巩固龙头地位，机构业务优势尽显 每股净资产(元) 17.01 1）公司 2023 年累计实现经纪业务收入 102.2 亿，同比-8.5%，占证券主 资产负债率(%) 81.13 营收入（剔除大宗商贸和政府补助）比重为18.8%。23Q4单季度实现经纪 一年内最高/最低(元) 26.10/18.78 业务收入23.9亿元，同比+1%/环比-6%，主因23年股基成交量有所下滑 以及新发基金规模减少，拖累公司经纪业务收入。 股价相对走势 ...

证券研究报告·公司点评报告·证券Ⅱ 中信证券（600030） 2023 年报点评：强者恒强，综合优势依旧 2024 年 03月 27日 买入（维持） 证券分析师 胡翔 执业证书：S0600516110001 [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 hux@dwzq.com.cn 营业总收入（百万元） 65,109 60,068 63,179 71,485 82,166 证券分析师 葛玉翔 同比 -14.92% -7.74% 5.18% 13.15% 14.94% 执业证书：S0600522040002 归母净利润（百万元） 21,317 19,721 20,844 24,022 29,278 021-60199761 同比 -7.72% -7.49% 5.69% 15.25% 21.88% geyx@dwzq.com.cn EPS-最新摊薄（元/股） 1.44 1.33 1.41 1.62 1.98 研究助理 罗宇康 P/E（现价&最新摊薄） 13.45 14.54 13.76 11.94 9.80 执业证书：S060012 ...

上 市 公 司 非银金融 2024年03月27日 中信证券 (600030) 公 司 研 究 ——投行为业绩主拖累，公募业务保持韧性 / 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2023年报，与业绩快报一致。1）2023年公司实现营业收入600.7亿元 买入 （维持） /yoy-7.7%，归母利润197.2亿元/yoy-7.5%。加权ROE 7.81%/yoy-0.86pct。2）单季度看， 4Q23营收143亿/yoy-7%/qoq+0%，归母利润33亿/yoy-30%/qoq-35%。3）2023年分 红计划：每股派息0.475元，现金分红比例36.7%。 证 市场数据： 2024年03月26日 ⚫ 收入拆分：投行、净利息业务为公司营收主拖累，投资业务为唯一正增业务：2023 年净 券 收盘价（元） 19.6 投资224亿/yoy+21%，经纪收入102亿/yoy-8%，投行收入63亿/yoy-27%；净利息 研 一年内最高/最低（元） 26.1/18.78 40.3亿/yoy-31%，主因利息成本增加：2023年负债成本4.55%/yoy+1.2pct；资管收入 究 市净率 1. ...

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 投行拖累业绩，政策利好专业化龙头 目标价格： 35.04 上次预测： 35.04 公 ——中信证券 2023 年年报点评 当前价格： 19.60 司 刘欣琦(分析师) 王思玥(研究助理) 2024.03.27 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） 19.13-25.20 证书编号 S0880515050001 S0880123070151 报 总市值（百万元） 290,483 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 投行业务收入同比下滑致使业绩下滑；公司龙头地位不断巩固，业务专业化能力持续 流通股比例 94% 提升，有望受益于围绕功能性 ...

Financial Performance - Revenue for 2023 reached RMB 60.068 billion, with a net profit attributable to shareholders of RMB 19.721 billion, and total assets amounted to RMB 1.45 trillion[7] - Revenue for 2023 decreased by 7.74% to RMB 60,067,992,766.11 compared to 2022[70] - Net profit attributable to parent company shareholders in 2023 was RMB 19,720,547,412.84, a decrease of 7.49% from 2022[70] - Total assets increased by 11.06% to RMB 1,453,359,126,043.71 at the end of 2023 compared to 2022[70] - Basic earnings per share (EPS) for 2023 was RMB 1.30, down 8.45% from 2022[71] - Weighted average return on equity (ROE) for 2023 was 7.81%, a decrease of 0.86 percentage points from 2022[71] - Net capital at the end of 2023 was RMB 139,615,490,534.95, an increase from RMB 135,851,886,858.17 at the end of 2022[72] - Risk coverage ratio at the end of 2023 was 187.21%, down from 203.44% at the end of 2022[72] - Revenue for Q4 2023 was RMB 14,261,256,130.53, the lowest among the four quarters[73] - Net profit attributable to parent company shareholders in Q4 2023 was RMB 3,306,599,974.28, the lowest among the four quarters[73] - Operating cash flow in Q3 2023 was negative RMB 64,904,942,795.49, the lowest among the four quarters[73] - Non-recurring gains and losses amounted to 333,644,205.97 yuan in 2023, a decrease from 369,102,108.88 yuan in 2022[74] - Government subsidies contributed 389,241,294.35 yuan to non-recurring gains in 2023, up from 350,815,924.53 yuan in 2022[74] - Trading financial assets increased by 94,124,082,942.00 yuan to 625,046,775,091.83 yuan at the end of 2023, impacting profits by 32,248,668,884.77 yuan[75] - Other debt investments grew by 11,068,208,919.55 yuan to 81,183,382,445.21 yuan, contributing 2,010,001,316.92 yuan to profits[75] - Derivative financial instruments decreased by 7,518,005,038.58 yuan, resulting in a negative impact of 12,328,724,857.60 yuan on profits[75] - Net interest income decreased by 30.60% to RMB 4,029,090,716.02 due to increased interest expenses on repurchase agreements and short-term financing bonds[140] - Investment income decreased by 40.84% to RMB 18,913,561,707.79 due to reduced returns from financial instruments[140] - Net profit attributable to shareholders decreased by 7.49% to RMB 19.721 billion, with basic earnings per share down 8.45% to RMB 1.30[141] - Brokerage business revenue decreased by 7.81% to RMB 15.201 billion, while asset management revenue fell by 10.99% to RMB 10.846 billion[145] - Securities investment business revenue increased by 22.97% to RMB 19.395 billion, while securities underwriting revenue decreased by 26.61% to RMB 6.246 billion[145] - Operating cash flow was negative RMB 40.837 billion, a significant decline from RMB 78.523 billion in the previous year[140] - Financing cash flow increased to RMB 48.281 billion, driven by higher proceeds from borrowings and bond issuances[140] - Brokerage business operating expenses decreased by 6.69% to RMB 11.693 billion, while securities investment expenses increased by 30.83% to RMB 6.407 billion[146] - Overseas revenue increased by 14.78% to RMB 9.404 billion, with a gross margin improvement of 9.71 percentage points[144] - Net cash outflow from operating activities in 2023 was RMB -408.37 billion, a significant increase in outflow compared to RMB 785.23 billion in 2022, primarily due to increased cash outflows from financial assets held for trading and funds lent[147] - Net cash outflow from investing activities in 2023 was RMB -181.98 billion, a substantial increase from RMB -7.92 billion in 2022, mainly due to increased cash payments for investments[148] - Net cash inflow from financing activities in 2023 was RMB 482.81 billion, a significant increase from RMB -418.60 billion in 2022, primarily due to increased cash inflows from borrowings and bond issuances[148] - Total assets as of December 31, 2023, were RMB 1,453.359 billion, an increase of RMB 144.756 billion or 11.06% compared to the previous year[150] - Total liabilities as of December 31, 2023, were RMB 1,179.160 billion, an increase of RMB 128.929 billion or 12.28% compared to the previous year[150] - Equity attributable to shareholders of the parent company as of December 31, 2023, was RMB 268.840 billion, an increase of RMB 15.722 billion or 6.21% compared to the previous year[150] Business Operations and Market Position - The company's equity and bond underwriting scale totaled RMB 2.2 trillion, ranking first in the market for underwriting scale on the STAR Market, ChiNext, and Beijing Stock Exchange[8] - The company invested nearly RMB 10 billion through its own funds and private equity funds, focusing on key areas such as new materials, new energy, and information technology[8] - The company's pension financial investment management services reached a scale of over RMB 730 billion, earning an "A" rating in the National Social Security Fund Council's evaluation[8] - The company underwrote 150 green bonds (including carbon-neutral bonds) totaling RMB 71.6 billion and facilitated a major asset restructuring of RMB 80.5 billion for China Yangtze Power[9] - The company completed the first-ever carbon asset repurchase transaction and created the first carbon asset pledge loan risk mitigation tool in China[9] - The company donated and invested a total of RMB 55.17 million in social welfare and rural revitalization initiatives[9] - The company's MSCI ESG rating improved to "A" for two consecutive years[9] - The company's registered capital remained unchanged at RMB 14,820,546,829.00 compared to the previous year[16] - The company's net capital increased to RMB 139,615,490,534.95 from RMB 135,851,886,858.17 in the previous year[16] - The company holds multiple business qualifications, including QDII, stock index futures trading, and cross-border business pilot qualifications[17] - The company has obtained various business qualifications including market maker for fixed income platform, warrant trading, stock pledge repurchase, and more[18] - Additional qualifications include treasury bond underwriting, foreign exchange business license, and social security fund investment management[19] - The company's registered address is in Shenzhen, with offices in Beijing and Hong Kong[21] - The company's A-shares are listed on the Shanghai Stock Exchange (600030) and H-shares on the Hong Kong Stock Exchange (6030)[23] - Founded in 1995 with a registered capital of RMB 300 million, the company has undergone multiple capital increases and share issuances[24][25][27][29][30][33][35][38] - In 2020, the company completed the acquisition of Guangzhou Securities, increasing total shares to 12,926,776,029[37] - In 2022, the company completed an A+H share placement, raising approximately RMB 27.33 billion and increasing total shares to 14,820,546,829[38] - The company's largest shareholder changed to CITIC Financial Holdings in August 2023, holding 2,299,650,108 A shares and 434,311,604 H shares, totaling 2,733,961,712 shares, accounting for 18.45% of the total issued shares[40] - The company has 53 branches and 313 securities business departments in mainland China, with 47 branches and 4 futures business departments under CITIC Futures[64] - The company's securities business departments are distributed across various regions, with the highest number in Zhejiang (60), Shandong (52), and Guangdong (50)[66] - The company was included in multiple major indices, such as the SSE 180 Index, CSI 300 Index, and MSCI China A50 Index, enhancing its market reputation[39] - In 2023, CITIC Securities Asset Management obtained a securities and futures business license and commenced operations, inheriting key business qualifications[63] - The company has 7 major wholly-owned subsidiaries, including CITIC Securities (Shandong) and CITIC Securities International, and 1 major controlled subsidiary, China Asset Management[60] - The company was among the first to obtain qualifications for stock underwriting, comprehensive securities business, and stock mortgage loans in 1999[42] - In 2014, the company obtained qualifications for internet securities business, new三板 market making, and securities investment fund custody[53] - The company obtained qualifications for stock option market making and SSE 50ETF option market making in 2015[54] - In 2022, the company obtained qualifications for listed securities market making and pilot科创板 stock market making[62] - The company received multiple awards including "Best Equity Derivatives Institution" by Asia Risk and "Top 50 Best Brands in China" by Interbrand in 2023[76] - Recognized as "Best Equity Financing Investment Bank" and "Best IPO Investment Bank" by New Wealth in 2023[76] - Awarded "Best ESG Financial Services Institution" by Hong Kong Ta Kung Wen Wei Media Group in 2023[79] - Named "Best Fund Administration Service Provider" by Hong Kong Limited Partnership Fund Association in 2023[80] - Recognized as "Best Futures Company" by Futures Daily and Securities Times in 2023[81] - A股IPO发行规模同比下降39.26% to RMB 356.539 billion, with 313 companies completing IPOs, down 26.87% year-over-year[84] - A股再融资发行规模同比下降29.26% to RMB 777.891 billion, with cash-based private placements down 18.58% to RMB 449.581 billion[84] - 公司A股主承销规模达RMB 277.913 billion, maintaining a 24.50% market share and ranking first in the market[85] - 公司完成A股IPO项目34单,主承销规模RMB 50.033 billion,市场份额14.03%,排名市场第一[85] - 公司完成A股再融资项目106单,主承销规模RMB 227.880 billion,市场份额29.29%,排名市场第一[85] - 公司境外股权融资承销规模合计$1.782 billion,完成32单项目,其中香港市场IPO承销规模$153 million[88] - 公司债务融资业务承销规模同比增长21.01% to RMB 1.909992 trillion,占全市场承销总规模的6.85%,排名市场第一[91] - 公司中资离岸债券业务承销规模$2.418 billion,市场份额3.55%,排名中资证券公司第一[93] - 公司完成A股重大资产重组交易规模RMB 118.070 billion,排名市场第一[96] - 公司完成涉及中国企业的全球并购交易规模$51.795 billion,排名中资证券公司第二[96] - New Third Board added 326 listed companies in 2023, a year-on-year increase of 23.48%, with over 30% being national-level "Little Giants" specialized and innovative SMEs[98] - The company completed 7 listing projects as the sponsor for the New Third Board, assisting listed companies in raising RMB 561 million through private placements[99] - The company's wealth management business had 14.2 million clients by the end of 2023, with client assets under custody maintaining at RMB 10 trillion level, a 4% YoY increase[102] - Non-money market public fund assets under custody reached RMB 190.2 billion, ranking first in the industry[102] - Overseas high-net-worth client base expanded in 2023, with wealth management product sales revenue doubling year-on-year[102] - QFI trading clients increased to 293 in 2023, ranking first in the market[104] - Key private fund account opening rate reached 63%[104] - S&P 500 index rose 24.23% and NASDAQ index surged 43.42% in 2023[106] - China bond market's new composite wealth index increased by 4.75% in 2023[106] - The company's interest rate product sales scale has ranked first in the industry for multiple consecutive years[107] - The company's asset management scale reached RMB 13,884.61 billion, with market share of private asset management business (excluding pension business, public fund products, and asset securitization products) at 13.71%, ranking first in the industry[112] - The company's asset management scale for collective asset management plans, single asset management plans, and special asset management plans were RMB 2,977.04 billion, RMB 8,417.15 billion, and RMB 2,490.42 billion respectively[113] - The company's total asset management scale decreased from RMB 16,930.63 billion in 2022 to RMB 13,884.61 billion in 2023, with management fee income decreasing from RMB 29.46 billion to RMB 20.93 billion[113] - Huaxia Fund's total asset management scale reached RMB 18,235.64 billion, including public fund management scale of RMB 13,176.44 billion and institutional and international business asset management scale of RMB 5,059.20 billion[115] - The company provided asset custody services for 15,014 products and fund outsourcing services for 16,983 products[118] - In 2023, China's equity investment market raised RMB 18,244.71 billion, a year-on-year decrease of 15.5%, with investment cases totaling 9,388, a year-on-year decrease of 11.8%[120] - The disclosed investment amount in China's equity investment market in 2023 was RMB 6,928.26 billion, a year-on-year decrease of 23.7%[120] - In 2023, China's equity investment market had 3,946 exits, a year-on-year decrease of 9.6%, with A-share IPO cases of invested companies totaling 1,348, a year-on-year decrease of 38.3%[120] - The company's asset management business will focus on improving investment research capabilities, forming portfolio management models that match fund attributes, and enhancing investor experience[114] - Huaxia Fund will continue to improve product layout, enhance core investment research and asset allocation capabilities, and expand institutional and international business[116] - Jin Shi Investment completed new fund filings of RMB 16.79 billion in 2023[123] - Jin Shi Investment's subsidiary, CITIC Jin Shi Fund, has established real estate private funds totaling approximately RMB 34.982 billion since 2014[123] - Research business covered 2,400 listed companies and 1,000 unlisted companies domestically, and 1,300 listed companies internationally in 2023[125] - Research business added over 3,000 institutional clients in 2023, with cumulative coverage reaching 15,000 institutional clients[125] - A-share market saw over 5,300 listed companies by the end of 2023, with IPO fundraising totaling RMB 350 billion for the year[127] - The company has over 1.4 million retail clients and more than 100,000 corporate and institutional clients[134] - The company operates over 400 domestic branches and 12 investment banking regional divisions[134] - The company has branches in 13 countries, covering over 95% of the global stock market capitalization[135] - The company serves over 2,000 of the world's largest institutional investors[135] - The company is the first Chinese securities firm with total assets exceeding RMB 1 trillion[133] Subsidiaries and Regional Operations - CITIC Securities (Shandong) achieved a total revenue of RMB 18.19 billion and a net profit of RMB 4.85 billion in 2023, with 65 securities branches and 2,719 employees[157] - CITIC Securities International reported a total revenue of USD 1.60 billion and a net profit of USD 246.11 million in 2023, operating 6 branches in Hong Kong with 1,884 employees[158] - Goldstone Investment recorded a total revenue of RMB 19.11 billion and a net profit of RMB 11.14 billion in 2023, with 120 employees[158] - CITIC Securities Investment achieved a total revenue of RMB 14.94 billion and a net profit of RMB 11.44 billion in 2023, with 39 employees[159] - CITIC Futures reported a total revenue of RMB 78.25 billion and a net profit of RMB 8.73 billion in 2023, operating 51 futures branches with 2,085 employees[160] - CITIC Securities South China achieved a total revenue of RMB 8.31 billion and a net profit of RMB 2.85 billion in 2023, with 32 securities branches and 1,030 employees[160] - CITIC Securities Asset Management recorded a total revenue of RMB 1.68 billion and a net profit of RMB 736.5 million in 2023, with 303 employees[161] - China Asset Management, in which the company holds a 62.20% stake, reported a total revenue of RMB 73.27 billion and a net profit of

中信证券2023年第三季度报告 证券代码：600030 证券简称：中信证券 中信证券股份有限公司 2023年第三季度报告 本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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 本报告期比上 年初至报告期末 项目 本报告期 年同期增减变 年初至报告期末 比上年同期增减 动幅度(%) 变动幅度(%) 营业收入 14,306,776,611.64 -4.21 45,806,736,635.58 -8.06 归属于母公司股东的净利润 5,108,176,481.67 -4.90 16,413,947,438.56 -0.93 归属于母公司股东的扣除非经常 5,030,319,5 ...

重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、本报告经公司第八届董事会第十次会议审议通过。公司全体董事出席董事会会议，未有董事对本报告提出异议。 三、本半年度报告未经审计。毕马威华振会计师事务所（特殊普通合伙）和毕马威会计师事务所分别根据中国和国际审阅 准则出具了审阅意见。 四、公司负责人张佑君先生、主管会计工作负责人史本良先生及会计机构负责人西志颖女士声明：保证半年度报告中财务 报告的真实、准确、完整。 2023 五、本公司 年上半年度无利润分配或公积金转增股本方案。 六、前瞻性陈述的风险声明 本报告所涉及的未来计划、发展战略等前瞻性描述不构成本公司对投资者的实质承诺，敬请投资者注意投资风险。 七、本公司不存在被控股股东及其他关联方非经营性占用资金情况。 八、本公司不存在违反规定决策程序对外提供担保的情况。 九、本公司不存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性的情况。 十、重大风险提示 本集团的业务高度依赖于中国及其他业务所处地区的整体经济及市场状况 ...

中信证券2023年第一季度报告 ...