Mei Ri Jing Ji Xin Wen·2025-03-26 15:17Core Insights - CITIC Securities reported a significant increase in total assets and net profit for 2024, with total revenue reaching RMB 637.89 billion, a year-on-year growth of 6.20%, and net profit attributable to shareholders at RMB 217.04 billion, up 10.06% [1] Group 1: Financial Performance - The company proposed a cash dividend of RMB 5.20 per 10 shares, totaling RMB 77.07 billion, which represents 36.88% of the net profit attributable to shareholders, an increase of 0.21 percentage points from the previous year [1] - CITIC Securities International achieved a record net profit of USD 530 million in 2024, marking a 116% year-on-year increase, with total revenue of USD 2.26 billion, up 41% [2] - The company's total assets reached RMB 17,107.11 billion, reflecting a 17.71% increase year-on-year, while net assets attributable to shareholders grew by 9.03% to RMB 2,931.09 billion [1] Group 2: Revenue Breakdown - Securities investment business became the largest revenue source, contributing RMB 240.40 billion, a 23.95% increase, accounting for approximately 38% of total revenue [3] - Brokerage business revenue was RMB 165.57 billion, up 8.92%, while asset management revenue reached RMB 114.73 billion, a growth of 5.78% [3] - Securities underwriting and other business revenues declined, with underwriting revenue down 35.43% to RMB 40.33 billion, and other business revenue decreasing by 8.29% to RMB 76.86 billion [3] Group 3: Structural Changes - The company optimized its branch structure by transferring 21 branches to its subsidiary CITIC Securities South China and closing 8 branches, reflecting a trend towards streamlining operations in the brokerage industry [7][9] - As of December 31, 2024, CITIC Securities had 38 subsidiaries and 201 brokerage offices, indicating a focus on efficiency and strategic positioning [8] Group 4: Investment Strategy - CITIC Securities significantly increased its investment in other equity instruments, which rose to RMB 906.68 billion, an increase of 853% from RMB 95.14 billion the previous year [14] - The company reported dividend income from these investments amounting to RMB 21.90 billion, indicating a preference for high-dividend stocks [18]