CMS(SH:600999) Xin Lang Cai Jing·2025-04-10 10:58Core Insights - The company achieved operating revenue of 20.891 billion yuan in 2024, a year-on-year increase of 5.40% [1] - The net profit attributable to shareholders reached 10.386 billion yuan, up 18.51% year-on-year [1] - Basic earnings per share (EPS) was 1.13 yuan, reflecting a 20.21% increase year-on-year [1] - The weighted average return on equity (ROE) was 8.82%, an increase of 0.91 percentage points year-on-year [1] - A year-end dividend of 3.77 yuan (before tax) is proposed [1] Business Performance - The net income from brokerage business and investment income (including fair value changes) increased, while the net income from investment banking and asset management decreased [1] - The overall trading volume of equity funds in the market saw a slight increase, but the company's market share declined, with net income from brokerage fees increasing by 11.79% year-on-year [1] - The scale of equity financing decreased due to market conditions, while debt financing continued to grow, leading to a 34.25% year-on-year decline in net income from investment banking fees [1] - The asset management business improved in quality and efficiency, with stable public fund operations, resulting in a 0.56% year-on-year increase in net income from asset management fees [1] - Both equity and fixed income directional businesses achieved good investment returns, with investment income (including fair value changes) increasing by 33.23% year-on-year [1] - The margin financing balance slightly rebounded, while the scale of stock pledges significantly decreased, leading to a 21.90% year-on-year decline in net interest income [1] Investment Outlook - Despite a decline in market share for equity fund trading volume, the company's key indicators in brokerage business remain among the top five in the industry [2] - The decline in equity financing scale was significantly influenced by market conditions, but the company improved its ranking, and the growth in debt financing partially offset the decline in investment banking net income [2] - The strong performance in equity and fixed income directional businesses, along with record investment income, has laid a solid foundation for the company's net profit attributable to shareholders to exceed 10 billion yuan [2] - As the largest securities firm within the State-owned Assets Supervision and Administration Commission system, the company is expected to benefit from policies aimed at promoting strong firms and eliminating weak ones [2] - EPS forecasts for 2025 and 2026 are 1.16 yuan and 1.22 yuan, respectively, with BVPS estimates of 14.00 yuan and 14.79 yuan, leading to corresponding P/B ratios of 1.22 and 1.15 based on the closing price of 17.07 yuan on April 9 [2]