净利润创近三年新高，中信证券业绩回暖

Core Viewpoint - CITIC Securities reported a strong recovery in performance, achieving a net profit of 21.704 billion yuan, the highest in nearly three years, driven by a rebound in the securities investment business and increased market activity [1][3]. Financial Performance - The company achieved operating revenue of 63.789 billion yuan and a net profit of 21.704 billion yuan, representing year-on-year growth of 6.2% and 10.06% respectively [1][3]. - Total assets increased to 1.71 trillion yuan, reflecting a year-on-year growth of over 17% [1]. - The securities investment business generated revenue of 24.04 billion yuan, a nearly 24% increase, contributing to nearly 40% of total revenue [1][3]. - Brokerage and asset management businesses also saw revenue growth, with brokerage revenue reaching 16.557 billion yuan and asset management revenue at 11.473 billion yuan, growing by 8.92% and 5.78% respectively [3]. Market Conditions - The second half of 2023 saw a significant market recovery, particularly after the "924 market" began, leading to increased trading activity and improved performance for brokerages [3]. - However, the IPO market remains tight, impacting the underwriting business, which saw a 35.43% decline in revenue to 4.033 billion yuan [4]. International Business - CITIC Securities International reported impressive results, with operating revenue of 2.26 billion USD and net profit of 530 million USD, marking year-on-year growth of 41% and 116% respectively [5]. - The contribution of international business revenue increased to 17.2%, with notable growth in markets outside Hong Kong [5]. Dividend and Shareholder Returns - The company announced a cash dividend plan of "10 for 2.8 yuan," totaling 4.15 billion yuan, leading to an annual cash dividend of 7.707 billion yuan [6]. - CITIC Securities has maintained a cash dividend payout ratio of over 30% in recent years, with cumulative dividends exceeding 84.5 billion yuan since its listing in 2003 [6]. Strategic Outlook - The company aims to enhance its investment banking capabilities and expand its international business, focusing on cross-border collaboration and product innovation [6].