CMS(600999) 新浪财经·2025-03-29 00:28Core Viewpoint - The company is actively seizing opportunities in both equity and bond markets in 2024, driving significant performance growth [1][3]. Financial Performance - The company maintains a "Buy" rating with a target price of 21.09 CNY per share, corresponding to a PE ratio of 16.93x and a PB ratio of 1.49x [2]. - Projected revenue and net profit for 2024 are 20.891 billion CNY and 10.386 billion CNY, respectively, reflecting year-on-year growth of 5.4% and 18.51% [2]. - The weighted average ROE is expected to increase by 0.91 percentage points to 8.82%, aligning with performance expectations [2]. - The EPS forecast for 2025-2026 has been slightly adjusted to 1.26 CNY and 1.30 CNY, respectively, with a new EPS estimate of 1.36 CNY for 2027 [2]. Investment Business - The net income from the investment business increased by 33.23% to 11.01 billion CNY, contributing 108.16% to the adjusted revenue growth, marking it as the primary driver of performance improvement [3]. - The investment business growth is attributed to favorable market conditions in the bond market, with a year-on-year investment return increase of 0.57 percentage points to 2.57% [3]. - In Q4 2024, the company reported investment income of 2.361 billion CNY, showing a quarter-on-quarter decrease of 2.16%, indicating stable investment performance [3]. Brokerage Business - The brokerage business is expected to significantly contribute to profitability, with a projected share of 30% in adjusted revenue for 2024, positioning the company favorably within the industry [4]. - The brokerage business saw a year-on-year increase of 11.79% to 6.183 billion CNY, contributing 25.69% to the adjusted revenue growth [3][4]. - The company is enhancing user engagement through content operations and increasing support for ETF products, which is expected to strengthen its competitive advantage in the brokerage sector [4]. Market Activity - The stock market is experiencing sustained trading activity, which is anticipated to support the performance of brokerage firms [5].