中信证券(600030)：业绩稳健增长 多元经营熨平波动

Core Insights - The company reported a revenue of 63.789 billion yuan for 2024, representing a year-on-year increase of 6.20%, and a net profit attributable to shareholders of 21.704 billion yuan, up 10.06% year-on-year [1] - The fourth quarter saw a revenue of 17.648 billion yuan, a year-on-year increase of 23.75%, and a net profit of 4.905 billion yuan, which is up 48.32% year-on-year [1] - The company experienced significant growth in its brokerage and investment banking segments in Q4, with brokerage revenue increasing by 56.40% quarter-on-quarter [1] Financial Performance - The weighted average ROE for the year was 8.09%, an increase of 0.28 percentage points year-on-year [1] - In Q4, the revenue breakdown was as follows: brokerage 22.13%, investment banking 8.34%, asset management 18.83%, interest income 1.02%, and investment 29.12% [1] Investment Strategy - The company increased its bond allocation significantly in its TPL account, with bonds totaling 339 billion yuan, accounting for 49.07% of the portfolio by year-end [2] - The OCI equity account saw substantial growth, with holdings reaching 90.668 billion yuan, a year-on-year increase of 853% [2] International Business - The company's overseas business revenue reached 10.948 billion yuan, accounting for 17.16% of total revenue, driven by business expansion and high foreign exchange gains [2] - The company ranked second in Hong Kong stock underwriting with a total of 2.717 billion USD completed, and first in underwriting offshore bond projects with a scale of 5.048 billion USD [2] Capital Management - The company reported a significant increase in wealth management and asset management scale, with over 15.8 million wealth management clients, a year-on-year increase of 12% [3] - The effective leverage ratio increased to 4.72 times by year-end, up 0.25 times from the beginning of the year, primarily due to financial asset investments [3]