CSC(601066) 21世纪经济报道·2025-03-28 10:34Core Viewpoint - CITIC Securities (中信建投) has reported its 2024 annual results, showcasing resilience in a challenging market, with notable achievements in investment banking and wealth management despite a decline in overall industry performance [1][3]. Investment Banking Performance - CITIC Securities achieved significant rankings in investment banking, including first in A-share IPO underwriting and leading in the number of IPOs and underwriting amounts in the Beijing Stock Exchange [1][6][7]. - The firm completed 27 A-share equity financing projects, ranking second in the industry, with a total underwriting amount of 150.60 billion yuan, while IPOs accounted for 12 projects, with an underwriting amount of 61.77 billion yuan, both ranking first [6][7]. - Despite a 48.14% decline in investment banking revenue to 24.91 billion yuan due to a broader market downturn, CITIC's performance was relatively strong compared to the overall market [6]. Wealth Management Transformation - The wealth management segment generated 66.10 billion yuan in revenue, reflecting an 8.97% year-on-year increase, with a notable 62.73% increase in new client accounts [1][3][4]. - High-net-worth client numbers reached a five-year high, indicating successful client acquisition strategies [3][4]. - The firm has enhanced its advisory services and online platforms, contributing to improved client engagement and service delivery [4][5]. Financial Performance - CITIC Securities reported a net profit of 72.23 billion yuan, marking a 2.68% increase year-on-year, with a return on equity of 8.22% [3]. - The firm has shown a recovery trend in profitability compared to the declines experienced in 2022 and 2023 [3]. Dividend Policy - The company has significantly increased its dividend distribution, announcing a cash dividend of 1.65 yuan per 10 shares, with a total dividend payout of 19.78 billion yuan for 2024, representing 32.13% of the net profit [2][10]. - CITIC Securities has implemented a three-year dividend plan, committing to distribute at least 10% of the annual distributable profits in cash each year [10].