中泰证券年报：子公司投资业务收入减少，利润降超四成

Core Viewpoint - Zhongtai Securities reported a significant decline in both revenue and net profit for the year 2024, primarily due to reduced investment income from subsidiaries and the absence of previous year's gains from equity revaluation [1][5]. Financial Performance - In 2024, Zhongtai Securities achieved operating revenue of 10.891 billion yuan, a year-on-year decrease of 14.66%, and a net profit attributable to shareholders of 937 million yuan, down 47.92% compared to the previous year [1][5]. - The fourth quarter of 2024 saw revenue of 3.467 billion yuan, a slight decline of 0.54% year-on-year but a significant increase of 49.11% quarter-on-quarter. Net profit for the same quarter was 435 million yuan, marking a year-on-year increase of 565.13% and a quarter-on-quarter increase of 328.86% [4]. Asset and Capital Metrics - As of the end of 2024, Zhongtai Securities reported total assets of 224.693 billion yuan, reflecting a year-on-year growth of 14.84%. Core net capital stood at approximately 21.632 billion yuan, up 7.64% year-on-year [5]. - Key risk indicators showed an increase in risk coverage ratio (232.68%), capital leverage ratio (16.39%), and net stable funding ratio (167.95%), while liquidity coverage ratio decreased by 9.69 percentage points compared to the end of 2023 [5]. Business Segment Performance - Investment income from subsidiaries fell by 45.73% to 1.018 billion yuan, with a gross margin of 79.47%, down 11.85 percentage points year-on-year [6][7]. - Wealth management business revenue increased by 10.46% to 3.643 billion yuan, with a gross margin of 27.58%, up 17.38 percentage points year-on-year [6][7]. - Investment banking, international, and other business segments also experienced notable declines, with investment banking revenue down 30.61% and a gross margin decrease of 6.1 percentage points to 16.93% [6][7]. Dividend Distribution - Zhongtai Securities announced a cash dividend distribution plan for 2024, proposing a cash dividend of 0.025 yuan per share (before tax), totaling 174 million yuan (before tax). Including mid-year dividends, the total cash dividends for 2024 will amount to 244 million yuan (before tax), representing 26.02% of the net profit attributable to shareholders [8][9].