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中国银河(601881):利润迈入百亿梯队 轻资本条线全面增长 投资亮眼
Xin Lang Cai Jing·2025-03-31 00:26

Core Viewpoint - China Galaxy's 2024 annual report meets expectations, showing growth in revenue and net profit, with significant performance in its securities business [1] Group 1: Financial Performance - In 2024, China Galaxy achieved operating revenue of 35.47 billion, a year-on-year increase of 5.4% [1] - The net profit attributable to shareholders reached 10.03 billion, reflecting a year-on-year growth of 27.3% [1] - The weighted average ROE for 2024 was 8.30%, up by 0.78 percentage points year-on-year [1] Group 2: Revenue Breakdown - The company's main revenue from securities was 22.66 billion, a year-on-year increase of 23.3% [1] - Revenue from brokerage, investment banking, asset management, net interest, and net investment income were 6.19 billion, 0.61 billion, 0.49 billion, 3.85 billion, and 11.44 billion respectively, with year-on-year changes of +12.5%, +10.6%, +6.1%, -7.5%, and +49.5% [1] - In Q4, the company recorded a provision for impairment of 0.6 billion, but still achieved a quarter-on-quarter profit growth [1] Group 3: Asset Management and Investment - By the end of 2024, total assets were 737.5 billion, an increase of 11.2% from the beginning of the year [2] - The net asset value was 140.5 billion, up 7.7% year-on-year [2] - Investment assets totaled 386.7 billion, a year-on-year increase of 7.6%, with trading bonds at 138.3 billion, up 26.8% [2] Group 4: Brokerage and Market Position - The number of clients surpassed 17.3 million, an increase of 11.6% from the beginning of the year [3] - The total market value of client-held securities reached 5.09 trillion, up 21.8% year-on-year [3] - The company achieved net income from brokerage services of 5.29 billion, reflecting a year-on-year increase of 18.4% [3] Group 5: Underwriting and Investment Banking - The bond underwriting scale reached 481.6 billion, a year-on-year increase of 34.4%, with a market share of 3.5% [4] - The company is expanding its project reserves in A-share equity financing, currently holding seven refinancing projects [4] - The investment banking team increased from 564 to 633 personnel from the end of 2023 to the end of 2024 [4] Group 6: Future Projections - Expected net profits for China Galaxy in 2025, 2026, and 2027 are projected to be 11.16 billion, 11.56 billion, and 12.22 billion respectively, with year-on-year growth rates of +11%, +4%, and +6% [4]