CMS(600999) 国泰君安·2024-10-29 15:07Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 21.09 CNY per share, which corresponds to a PE ratio of 19.28x and a PB ratio of 1.60x [2][3]. Core Insights - The company's investment income has significantly increased year-on-year, driving performance growth. Improved market liquidity is beneficial for the brokerage sector's performance and valuation enhancement. The company is leveraging its shareholder background to enhance quality and efficiency, aiming to build a top-tier investment bank, which is expected to boost its valuation [3][7]. - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 142.79 billion CNY and 71.50 billion CNY, respectively, representing year-on-year growth of 3.98% and 11.68%. The weighted average ROE increased by 0.30 percentage points to 6.12%, slightly exceeding expectations [7][8]. - The company actively seized investment opportunities in the bond market, with net investment income increasing by 41.37% year-on-year to 82.88 billion CNY, contributing 342.77% to the adjusted revenue growth. The investment yield improved by 0.43 percentage points to 2.26% [7][8]. Financial Summary - The company’s total market capitalization is 168,626 million CNY, with a total share capital of 8,697 million shares, of which 7,422 million are circulating A shares [4]. - The company’s net assets amount to 124,452 million CNY, with a net asset value per share of 14.31 CNY and a current PB ratio of 1.4 [5]. - The company’s financial forecasts indicate a projected revenue of 19,221 million CNY for 2024, with a net profit of 9,511 million CNY, reflecting a growth rate of 8.5% [8][11]. Market Performance - The stock price has fluctuated between 12.83 CNY and 22.84 CNY over the past 52 weeks, with a current price of 19.39 CNY [4]. - The stock has shown an absolute increase of 10% over the past month, 34% over the past three months, and 41% over the past year [7]. Investment Composition - The revenue composition indicates that self-operated income accounts for 35%, while brokerage commissions contribute 34%, and underwriting and asset management account for 7% and 4%, respectively [10]. Financial Ratios - The company’s net profit margin is projected to improve, with a net profit growth rate of 8.6% for 2023 and 8.5% for 2024. The return on equity (ROE) is expected to stabilize around 7.3% to 7.4% in the coming years [11][12].