CMS(600999) 财通证券·2024-08-31 05:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has demonstrated significant advantages in wealth management, with investment business driving steady growth in performance. In the first half of 2024, the company achieved operating revenue and net profit attributable to shareholders of 9.595 billion and 4.748 billion yuan, respectively, with year-on-year changes of -11.1% and +0.4% [4][5] - The company is expected to achieve net profits attributable to shareholders of 9.139 billion, 10.228 billion, and 11.362 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of +13.21%, +11.92%, and +11.09% respectively [5] Summary by Sections Financial Performance - In Q2 2024, the company reported operating revenue and net profit attributable to shareholders of 5.296 billion and 2.590 billion yuan, with year-on-year changes of -12.2% and +5.0%, and quarter-on-quarter changes of +23.2% and +20.1% [4] - The company's revenue from brokerage, investment banking, asset management, interest, and investment for the first half of 2024 was 2.577 billion, 285 million, 340 million, 467 million, and 4.753 billion yuan, with year-on-year changes of -12.1%, -36.3%, -8.5%, -50.0%, and +21.3% respectively [4] Wealth Management and Investment Business - The company has deepened its wealth management transformation, achieving positive growth in financial product distribution. The revenue from agency buying, trading seats, and distribution in the first half of 2024 was 2.628 billion, 322 million, and 227 million yuan, with year-on-year changes of -14.2%, -30.7%, and +5.8% respectively [4] - The company’s self-operated investment performance was driven by fixed-income investments, with investment income and fair value changes (excluding equity method investments) increasing by 21.3% year-on-year to 4.753 billion yuan [5] Future Projections - The company’s financial asset scale at the end of the first half of 2024 decreased by 2.1% year-on-year to 359.3 billion yuan, while the investment income increased by 21.3% year-on-year [5] - The current stock price corresponds to a price-to-book (PB) ratio of 1.11 times for 2024, maintaining the "Accumulate" rating [5]