变中求稳！中原证券2024年减员7%、金融投资减少28%

Core Viewpoint - Zhongyuan Securities reported a decline in operating revenue for 2024, but net profit increased due to strong brokerage performance and effective cost control [2][8]. Revenue Performance - The company achieved operating revenue of 1.69 billion yuan, a year-on-year decrease of 14.13% [2]. - Brokerage business revenue was particularly strong, reaching 815 million yuan, an increase of 163 million yuan or 25% year-on-year, driven by active trading in the A-share market [8][9]. - Investment banking revenue significantly declined to 48 million yuan, down 43.65% year-on-year, resulting in an operating loss of 62.59 million yuan [9][10]. - The proprietary trading segment also underperformed, with revenue dropping to -84.49 million yuan, a sharp decline from 2023 [9][10]. - Credit business revenue remained stable at approximately 412 million yuan, while investment management revenue improved to 154 million yuan, a significant recovery from a loss in 2023 [10]. Asset and Liability Structure - Total assets at the end of 2024 were 51.614 billion yuan, showing a slight decrease from the beginning of the year [11]. - The proportion of liquid assets increased, with cash and equivalents rising to 39.04% of total assets, up from 28.07% in 2023 [16]. - Financial investment assets were reduced by about 28%, indicating a strategic shift towards lower-risk assets [15]. - Total liabilities decreased slightly to 37.332 billion yuan, with a notable reduction in reliance on short-term funding [18]. Cost Control and Efficiency - Operating expenses decreased to 1.486 billion yuan, a reduction of 15.5%, which outpaced the decline in revenue [20]. - Management expenses were cut significantly from 1.382 billion yuan to 1.143 billion yuan, a decrease of nearly 17% [20]. - The company reduced its workforce by approximately 7%, resulting in an increase in per capita net profit by 25% to 96,700 yuan [20][22]. Compensation Strategy - Total employee compensation decreased to 720 million yuan, an 18.7% decline, reflecting the company's performance [22]. - The average salary per employee fell to 272,500 yuan, down from 335,000 yuan in 2023 [22].