“券商一哥”中信证券2024年业绩止跌，高管薪酬缩水近七成

Core Viewpoint - The performance of CITIC Securities in 2024 shows growth in revenue and net profit, despite challenges from industry consolidation and regulatory pressures [1][8]. Financial Performance - CITIC Securities reported a total revenue of 63.789 billion yuan in 2024, an increase of 6.20% year-on-year; net profit attributable to shareholders was 21.704 billion yuan, up 10.06% [1]. - In Q4 2024, revenue reached 17.648 billion yuan, a year-on-year growth of 23.76%, with net profit of 4.905 billion yuan, marking a significant increase of 48.34% [1]. - Total assets at the end of 2024 were 1.710711 trillion yuan, a 17.71% increase year-on-year, while total liabilities grew by 19.74% to 1.411944 trillion yuan [1]. Executive Compensation - The total pre-tax compensation for directors, supervisors, and senior management was 28.7573 million yuan in 2024, a decrease of 69.61% compared to the previous year [2]. - Chairman Zhang Youjun's pre-tax compensation was 2.3033 million yuan, down 54.36% year-on-year [2]. Business Segments - The growth in CITIC Securities' 2024 performance was primarily driven by the securities investment business, which generated 24.040 billion yuan, a year-on-year increase of 23.95, accounting for nearly 40% of total revenue [3]. - The underwriting revenue from IPOs and refinancing decreased by 35.43% to 4.033 billion yuan due to tightened regulations [5]. Market Position and Challenges - CITIC Securities completed 55 A-share underwriting projects in 2024, a decrease of 85 projects year-on-year, with an underwriting scale of 70.359 billion yuan, down 74.68% [7]. - The market share for underwriting fell from 24.50% in 2023 to 21.87% in 2024 [7]. - Despite challenges, the company saw a 100.95% increase in overseas equity projects, completing 47 projects with an underwriting scale of 3.581 billion USD, including a 205.62% increase in Hong Kong market equity financing [7]. Industry Trends and Future Outlook - The securities industry is experiencing a wave of consolidation, with major firms like Guotai Junan and Haitong Securities merging, prompting CITIC Securities to reassess its strategic positioning [8]. - The company aims to enhance its competitiveness in overseas markets, particularly in Hong Kong, and improve cross-border financial services [9]. - Management indicated a commitment to stable and predictable dividend policies, considering future development and shareholder interests [9].