CMS(600999) 华创证券·2024-09-03 01:39Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 18.49 CNY, compared to the current price of 14.55 CNY [1]. Core Views - The company's performance shows positive growth, with a total revenue of 9.5 billion CNY in the first half of 2024, a year-on-year decrease of 2.9%. The net profit attributable to shareholders is 4.75 billion CNY, reflecting a year-on-year increase of 0.4% [1]. - The return on equity (ROE) improved slightly to 3.8%, with a net profit margin of 49.7%, indicating a stable profitability despite market challenges [2]. - The company’s capital-intensive business has seen a recovery, primarily driven by self-operated growth, with net income from capital-intensive operations reaching 5.22 billion CNY [2]. - The brokerage business has been affected by market downturns, with brokerage income at 2.58 billion CNY, a decrease of 4.7% [2]. - Investment banking revenue showed positive growth, with total income of 280 million CNY, reflecting a quarter-on-quarter increase [2]. - The asset management business generated 340 million CNY in revenue, indicating a stable performance [2]. Financial Summary - Total revenue for 2024 is projected to be 20.89 billion CNY, with a year-on-year growth rate of 5.4%. The net profit is expected to reach 9.64 billion CNY, with a growth rate of 10% [6]. - Earnings per share (EPS) are forecasted to be 1.11 CNY for 2024, with a price-to-earnings (P/E) ratio of 13.1 [6]. - The company’s total assets are reported at 490.4 billion CNY, with a debt-to-asset ratio of 80.52% [4].