中信证券：业绩符合预期，综合优势凸显

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company's performance in 2024 aligns with expectations, with revenue reaching 63.8 billion and net profit at 21.7 billion, reflecting year-on-year growth of 6% and 10% respectively [1][7]. - The report highlights the company's strong position in the investment banking sector, with a leading market share in IPOs and refinancing [7]. - The company's brokerage, credit, and proprietary trading businesses are expected to be the main catalysts for revenue growth [7]. Financial Data and Profit Forecast - Revenue and net profit projections for 2024-2026 are as follows: - 2024E Revenue: 63.5 billion, Net Profit: 21.7 billion - 2025E Revenue: 70.8 billion, Net Profit: 24.4 billion - 2026E Revenue: 78.8 billion, Net Profit: 26.9 billion - Year-on-year growth rates for net profit are projected at 9.9%, 12.5%, and 10.3% for 2024, 2025, and 2026 respectively [2][8]. Business Segments Performance - Brokerage business shows significant growth with a market average daily trading volume of 1.85 trillion, up 122% year-on-year [7]. - The company's asset management segment, particularly through 华夏基金, is expected to outperform peers, with substantial growth in fund sizes [7]. - The investment banking segment remains robust, with a market share exceeding 20% in IPOs and 32.8% in refinancing [7].