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投行业务静待恢复,整体业绩较为稳健
广发证券· 2024-04-28 01:32
[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。 ...
2024一季报点评:整体业绩优于行业,头部优势显著
东吴证券· 2024-04-27 23:30
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 ...
中信证券(600030) - 2024 Q1 - 季度财报
2024-04-26 08:44
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]
2023年年报点评:自营搭建多元业务框架,利润总额维
中原证券· 2024-04-07 16:00
证券Ⅱ 分析师:张洋 登记编码:S0730516040002 自营搭建多元业务框架,利润总额维持高位 z hangyang-yjs@ccnew.com 021-50586627 ——中信证券(600030)2023 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-03) 发布日期:2024年04月07日 收盘价(元) 19.16 2023年年报概况: 中信证券2023年实现营业收入600.68亿元,同 一年内最高/最低(元) 25.20/19.13 比-7.74%;实现归母净利润197.21亿元,同比-7.49%;基本每股收益 沪深300指数 3,567.80 1.30元,同比-8.45%;加权平均净资产收益率7.81%,同比-0.86个百 市净率(倍) 1.13 分点。2023年拟10派4.75元(含税)。 总市值(亿元) 2,839.62 点评:1. 2023年公司投资收益(含公允价值变动)占比出现提高,经纪、 流通市值(亿元) 2,656.59 投行、资管、利息、其他收入占比出现下降。2.财富管理业务与机构经纪业 基础数据(2023-12-31) 务保持行业领先,合并口径经纪 ...
自营亮眼投行承压,龙头优势持续突出
国投证券· 2024-04-01 16:00
本报告仅供 Choice 东方财富 使用,请勿传阅。 公司快报 2024 年 04 月 02 日 中 信证券(600030.SH) 证券研究报告 自营亮眼投行承压,龙头优势持续突出 证券Ⅲ 投资评级 买入-A ■事件:公司披露 2023 年报,全年实现营业收入 601 亿元(YoY- 维持评级 7.74%),归母净利润 197 亿元(YoY-7.49%),加权平均 ROE 为 7.81% (YoY-0.86pct),EPS 为 1.30 元(YoY-8.45%)。分业务来看,公司 6 个月目标价 23.97元 2023 年经纪、投行、资管、信用、自营业务分别实现净收入 102 亿 股价 (2024-04-01) 19.41元 元、63亿元、98 亿元、40 亿元、218 亿元,同比-8%、-27%、-10%、 -31%、+24%。 交易数据 ■代买收入随市承压,拖累经纪业务表现。公司 2023年实现经纪业 总市值(百万元) 287,666.81 务净收入102 亿元,同比-8%。其中,代理买卖证券业务收入同比-14% 流通市值(百万元) 220,627.32 至 89 亿元,预计主要受制于交易量下滑(全年日均 ...
龙头地位稳固,境外业务布局加速
财信证券· 2024-03-28 16:00
证券研究报告 公司点评 中信证券(600030.SH) 非银金融| 证券Ⅱ 龙头地位稳固,境 外业务布局加速 2024年 03月 27日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入(亿元) 651.09 600 .68 648.09 710.89 763.91 净利润(亿元) 213.17 197.21 222.64 248.63 273.81 评级变动 维持 每股收益(元) 1.44 1.33 1.50 1.68 1.85 交易数据 每股净资产(元) 17.08 18.14 19.64 21.32 23.17 当前价格(元) 19.35 P/E 13.63 14.73 13.05 11.68 10.61 52周价格区间(元) 19.13-25.20 P/B 1.15 1.08 1.00 0.92 0.85 总市值(百万) 267542.07 资料来源:wind,财信证券 流通市值(百万) 219945.33 投资要点: 总股本(万股) 1482054.70  事件:中信证券公布 2023 年业绩报告,2023 年公司实现营业收入 流通股(万股) 139867 ...
公司年报点评:自营表现出色,优势地位稳固
海通证券· 2024-03-27 16:00
[Table_MainInfo] 公司研究/金融/券商 证券研究报告 中信证券(600030)公司年报点评 2024年03月28日 [Table_InvestInfo] 投资评级 优于大市 维持 自营表现出色,优势地位稳固 股票数据 [投Ta资ble要_S点um:m公ar司y] 2023 年自营业务表现出色,经纪业务、资管业务及 [0T3a月ble27_日St收oc盘k价In(fo元] ) 19.35 投行业务优势显著。受益于监管“扶优限劣”的政策导向,我们预计 52周股价波动(元) 18.78-26.10 公司未来继续保持龙头地位。合理价值区间 23.41-25.36 元/股,维持 股本结构 “优于大市”评级。 [总Ta股b本le(_C百a万p股ita)lI nfo] 14821 流通A股(百万股) 11367 【事件】中信证券发布2023年年度业绩:2023年公司实现营业收入600.7亿元, B股/H股(百万股) 0/2620  相关研究 同比-7.7%;归母净利润197.2亿元,同比-7.5%;对应EPS 1.33元,ROE 7.8%。 [《Ta三b季le度_R自e营p表or现tI出nf色o], 整体 ...
2023年报点评:业务增长稳健,低基数下自营增速亮眼
华创证券· 2024-03-27 16:00
公司研 究 证 券研究 报 告 证券Ⅲ 2024年03月28日 中 信证券(600030)2023年报点评 推 荐 (维持) 目标价:27.3元 业务增长稳健,低基数下自营增速亮眼 当前价:19.35元 事项: 华创证券研究所  中信证券发布年报,全年实现营业收入600.68亿元(同比-7.74%),归母净利 证券分析师:徐康 润197.21亿元(同比-7.49%);报告期末,归母净资产2688.40亿元(较期初 +6.21%),财务杠杆倍数4.64倍(同比+0.33倍)。 电话:021-20572556 邮箱:xukang@hcyjs.com Q4实现营业收入142.61亿元(同比-6.71%,环比-0.32%),归母净利润33.07 执业编号:S0360518060005 亿元(同比-30.38%,环比-35.26%)。 联系人:刘潇伟 评论: 邮箱: liuxiaowei@hcyjs.com  受市场景气度影响,轻资产业务有所承压。(1)受市场影响,经纪业务下滑: 全年 A 股日均成交额 8772 亿元(同比-5.23%),公司经纪业务手续费净收入 公司基本数据 102.23 亿元(同比-8.47% ...
2023年报点评:盈利韧性彰显龙头优势,强监管下格局改善可期
长江证券· 2024-03-27 16:00
%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中信证券( ) 600030.SH [中Ta信b证le_券Ti2tl0e2] 年报点评:盈利韧性彰显龙头优 3 势,强监管下格局改善可期 报告要点 [2T0a2b3le年_S资um本m市a场ry整] 体震荡,中信证券在弱市中经营稳健,盈利韧性优于同业。分业务来看,公 司经纪业务客户基础夯实,投行业务优势稳固,自营资产扩表加速、杠杆回升,贡献稳定业绩 支撑。我们持续看好公司作为综合化券商龙头在当前市场背景和监管环境下的成长性,公司在 机构服务和财富管理领域持续发力并保持领先地位,同时率先完成了资本补充为后续增长打下 ...