CSC(601066) 北京商报·2025-03-31 15:18Core Viewpoint - CITIC Securities reported a decline in operating revenue for 2024, marking the third consecutive year of revenue decrease since 2021, primarily due to a significant drop in investment banking income and a reduction in margin financing business scale and fees [1][3][4]. Financial Performance - In 2024, CITIC Securities achieved operating revenue of 21.129 billion yuan, a year-on-year decrease of 9.1%, while net profit attributable to shareholders increased by 2.68% to 7.223 billion yuan [3][4]. - The investment banking segment generated revenue of 2.491 billion yuan, down 48.14% year-on-year, largely due to a decrease in equity underwriting scale [3][4]. Investment Banking Business - In 2024, CITIC Securities completed 27 domestic equity financing projects, with a total underwriting amount of 15.06 billion yuan, representing a year-on-year decrease of 59.7% and 84.11% respectively [2][3]. - The number of initial public offerings (IPOs) and refinancing issuances also saw significant declines, with 12 IPOs and 15 refinancing issuances in 2024, down from 33 and 34 in 2023 [2][3]. Employee Compensation - The average employee salary at CITIC Securities fell to 468,300 yuan in 2024, a decrease of 17.05% from 2023, continuing a downward trend since 2021 [6][7]. - Executive compensation also saw a significant reduction, with total annual compensation for executives dropping by 57.15% to 20.1468 million yuan in 2024 [7]. Future Development Goals - The new leadership team at CITIC Securities aims to enhance the company's comprehensive strength within five years and achieve first-class status in the industry by 2030, with a focus on internationalization and sustainable growth [8][9]. - The company plans to leverage digital transformation and financial technology, including AI applications, to improve its service offerings and operational efficiency [8][9].