中信证券：“出海”将是行业龙头新增长引擎

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][21] Core Views - The company's international business development is becoming a new growth engine, with a significant contribution from overseas operations. As of the end of H1 2024, the company's overseas asset scale reached 303.002 billion, accounting for 20.27% of total assets, and overseas business revenue was 6.086 billion, contributing 22.28% to total revenue [2][3][21] - The company is leading in the overseas investment banking sector, with a market share of 5.56% in Hong Kong equity underwriting and 3.25% in the issuance of Chinese dollar bonds as of 2024 [2][6][21] - The ongoing dual opening of capital markets presents numerous business opportunities, driven by increasing demand for overseas investments from residents and the declining yield of domestic assets [2][14][21] Summary by Sections International Business Development - The company has been actively exploring cross-border business, with overseas assets and revenue steadily increasing. By the end of H1 2024, overseas assets were 303.002 billion, and overseas revenue was 60.86 billion [2][3][21] - The company is well-positioned in the overseas investment banking market, with leading market shares in both equity and debt financing [6][21] Financial Performance and Forecast - The company maintains its earnings per share (EPS) forecasts for 2024-2026 at 1.39, 1.53, and 1.64 respectively, reflecting stable growth expectations [2][21] - The financial outlook indicates a gradual recovery in revenue growth, with a projected increase of 3.12% in 2024 and 10.01% in 2025 [29] Market Opportunities - The report highlights the growing demand for cross-border wealth management and investment services, with China's overseas investment compound annual growth rate reaching 28% from 2008 to 2022, significantly outpacing other investment categories [14][16][21] - The company is expanding its product offerings across various regions and asset classes, enhancing its ability to meet diverse client needs [20][21]