中信股份：“多元化”价值再发现

Core Viewpoint - CITIC Limited is positioned to attract global capital due to its strong dividend yield exceeding 5%, a dividend payout ratio nearing 30%, a price-to-earnings ratio below 6, and a price-to-book ratio of only 0.4, amidst the recovery of the Hong Kong stock market and the revaluation of Chinese assets [1][8] Financial Performance - As of June 30, CITIC Limited reported total assets of CNY 12,495.33 billion and equity attributable to ordinary shareholders of CNY 764.68 billion, reflecting year-on-year growth of 3.5% and 0.9% respectively [1] - The company achieved operating revenue of CNY 368.76 billion and net profit of CNY 31.23 billion in the first half of the year, with significant contributions from advanced materials and comprehensive financial services [1] Business Diversification and Synergy - CITIC Limited's diversified business model and collaborative advantages are highlighted as unique values in the current complex environment [3] - The company has established deep partnerships with top international bearing manufacturers, showcasing its capabilities in high-end special steel technology [4] Strategic Initiatives - The company is launching two major initiatives: the "Strong Core" in finance and "Star Chain" in industry, aimed at enhancing comprehensive financial service capabilities and promoting industrial transformation [6] - CITIC Limited's financial investment alliance manages over CNY 320 billion, supporting the rapid development of over 1,100 technology enterprises [6] Market Engagement and Value Management - The company emphasizes the importance of market value management, with a commitment to increasing shareholder returns and enhancing communication with investors [8][11] - CITIC Limited's dividend payout ratio has consistently remained above 25%, with plans to increase it to no less than 27% in 2024 and 28% in 2025 [8] Growth Potential - The company has seen a significant increase in institutional investor holdings, rising from 1.29% at the beginning of 2024 to 4.45% recently, indicating improved market recognition [9] - CITIC Limited's stock price has appreciated approximately 25% year-to-date and around 180% since 2021, reflecting its strong performance and strategic positioning [9]