CSC(SH:601066) Di Yi Cai Jing·2025-03-28 01:06Core Viewpoint - The fourth quarter performance recovery significantly contributed to the overall annual growth rate of CITIC Securities in 2024 [1] Financial Performance - CITIC Securities reported a revenue decline of 9.10% in 2024, with total revenue reaching 21.13 billion yuan, while net profit increased by 2.68% to 7.22 billion yuan [2] - The company's total assets at the end of 2024 amounted to 566.42 billion yuan, reflecting an 8.35% year-on-year growth [2] Business Segment Analysis - The investment banking segment was the main drag on overall revenue growth, with a revenue drop of over 48% [2][3] - Wealth management business showed recovery with an 8.97% year-on-year growth, generating 6.61 billion yuan in revenue [4] - The securities brokerage business saw a 62.73% increase in new clients, reaching a five-year high in high-net-worth clients [4] - The trading and institutional client services segment generated 8.05 billion yuan, a slight increase of 0.46% [4] - The asset management segment reported a revenue decline of 14.17%, totaling 1.26 billion yuan [4] Cost Management - Operating expenses decreased by 10.18%, with a significant reduction in employee salaries by approximately 27% to 4.57 billion yuan [5] - The company’s total compensation for directors, supervisors, and senior management fell by over 57% to 20.15 million yuan [5][6] - The decline in operating expenses was attributed to reduced business and management fees, as well as a significant drop in extraordinary expenses [5][6] Dividend Distribution - CITIC Securities plans to distribute a total cash dividend of approximately 1.28 billion yuan (including tax) to shareholders, which, combined with the interim dividend, totals 1.98 billion yuan, representing 32.13% of the net profit attributable to shareholders for 2024 [6]