CMS(600999) 华创证券·2024-11-02 09:42Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 24.02 CNY, compared to the current price of 19.09 CNY [1][2]. Core Insights - The company's performance in the third quarter of 2024 met expectations, with total operating revenue (excluding other business income) of 14.2 billion CNY, a year-on-year increase of 5.6%. The net profit attributable to shareholders was 7.15 billion CNY, up 11.7% year-on-year [1]. - The report highlights a decline in self-operated income rates, with net income from capital-intensive businesses totaling 7.85 billion CNY, down 4.26 billion CNY quarter-on-quarter [1]. - The report indicates a decrease in the company's return on equity (ROE) to 5.7%, with a quarterly ROE of 1.9%, reflecting a slight decline [1]. Financial Performance Summary - Total operating revenue for 2024 is projected to be 19.82 billion CNY, with a year-on-year growth rate of 5.4% [2]. - The net profit attributable to shareholders is expected to reach 8.76 billion CNY in 2025, with a growth rate of 10% [2]. - Earnings per share (EPS) are forecasted to be 1.01 CNY in 2025, increasing to 1.32 CNY by 2026 [2][4]. Business Segment Performance - Brokerage business revenue was reported at 3.67 billion CNY for the quarter, down 12.9% quarter-on-quarter, with the average daily trading volume in the market at 678.74 billion CNY, a decrease of 18.4% [1]. - Investment banking revenue was 420 million CNY for the quarter, reflecting a slight decline [1]. - Asset management revenue was reported at 500 million CNY, with a quarterly revenue of 160 million CNY, showing a minor decrease [1]. Regulatory Metrics - The company's risk coverage ratio stands at 211.4%, significantly above the warning line of 120%, indicating a strong capital position [1].