东吴证券：利润涨超18%，去年收多张监管罚单

Core Points - Dongwu Securities reported a revenue of 11.534 billion yuan for 2024, an increase of 2.24% year-on-year, and a net profit attributable to shareholders of 2.366 billion yuan, up 18.19% year-on-year [1][4] - The company plans to distribute a cash dividend of 2.37 yuan per 10 shares, totaling 1.55 billion yuan, which represents 65.52% of the net profit for 2024 [1][4][5] - Dongwu Securities faced multiple regulatory fines in 2024 related to issues in non-public bond issuance and stock underwriting [1][7][8] Financial Performance - Revenue growth was driven by three main segments: wealth management (up 2.30%), investment trading (up 6.38%), and asset management (up 10.26%), while investment banking revenue declined by over 30% [4] - In Q4 2024, the company achieved a revenue of 3.092 billion yuan, a year-on-year increase of 38.95%, and a net profit of 980 million yuan, up 114.86% year-on-year [4] - Total assets at the end of 2024 reached 177.805 billion yuan, reflecting a year-on-year growth of 12.9% [1] Dividend Distribution - The proposed cash dividend distribution includes 1.178 billion yuan planned for the year, in addition to the mid-year distribution, totaling 1.55 billion yuan [4][5] - The cumulative cash dividends distributed from 2022 to 2024 amount to 3.269 billion yuan [4] Regulatory Issues - Dongwu Securities received several regulatory penalties in 2024, including warnings for not adhering to regulations regarding branch office operations and for inadequate diligence in bond issuance projects [7][8] - Specific fines included a total of 4.136 million yuan for issues related to the underwriting of Guomei Communications and 2.068 million yuan for the underwriting of Zixin Pharmaceutical [8]