中信证券：业绩稳健龙头地位稳固，均衡发展国际化优势突出

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" with a current price of 18.43 CNY / 11.18 HKD and a fair value of 23.08 CNY / 14 HKD [2]. Core Views - The company reported stable performance in its 2024 mid-year report, with revenue of 30.183 billion CNY, down 4.18% year-on-year, and a net profit attributable to shareholders of 10.570 billion CNY, down 6.51% year-on-year. The net assets increased by 8.23% year-on-year to 284.5 billion CNY, and the leverage ratio (excluding agency funds) rose from 4.27 times at the end of 2023 to 4.43 times in H1 2024 [3][10][12]. - The business is developing in a balanced manner, with the proportion of heavy assets increasing to 48%. Key revenue components include net investment income of 11.949 billion CNY (up 0.4% year-on-year), investment banking revenue of 1.735 billion CNY (down 54.6%), brokerage business revenue of 4.880 billion CNY (down 7.8%), and asset management revenue of 4.914 billion CNY (down 1.1%) [3][4][14]. - The company is focusing on high-quality development in light asset wealth management, leveraging its leading position in investment banking and deepening internationalization. The asset management business saw a decline in revenue, while the fund management business experienced strong growth [3][16][17]. Summary by Sections 1. Revenue and Profit Stability - Revenue decreased by 4.18% year-on-year to 30.183 billion CNY, and net profit decreased by 6.51% to 10.570 billion CNY. The annualized ROE increased to 7.92%, and the leverage ratio slightly improved [10][12][11]. 2. Balanced Business Development - The revenue structure is balanced, with heavy asset business proportion rising to 47.8%. Investment income accounted for 43.8% of total revenue, while brokerage and asset management contributed 18% each [14][15]. 3. Wealth Management and Internationalization - The company is enhancing its wealth management services and expanding its global footprint, with a focus on high-net-worth clients and institutions. The number of clients reached 14.7 million, and the total managed assets remained above 10 trillion CNY [16][19]. 4. Asset Management Performance - The asset management business reported a revenue decline of 4%, while the fund management business grew by 19.8%. The company maintains a leading market share in private asset management [17][19]. 5. Investment Banking Performance - The investment banking segment faced challenges, with revenues down 54.6%. However, the company remains a leader in the market, completing numerous A-share underwriting projects [20][22]. 6. Profit Forecast and Investment Recommendations - The company is expected to benefit from institutionalization and internationalization trends. The estimated net asset per share for 2023-2024 is projected to be 19.23 CNY and 20.58 CNY, respectively, with a fair value of 23.08 CNY per share for A-shares and 14 HKD for H-shares [4][28].