NCI(601336) 申万宏源·2025-01-21 14:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a significant year-on-year increase in net profit attributable to shareholders for 2024, estimated between 239.58 billion to 257.00 billion yuan, representing a growth of 175% to 195% compared to 2023 [3] - The company's performance in the stock and bond markets has been strong, with the Shanghai Composite Index and other indices showing improved performance compared to the previous year [4] - The company has a high allocation in stocks and funds, with 18.1% of its assets in these categories, which is above the industry average [5] - The expected dividend yield for 2024 is projected to be between 4.8% to 5.2% for A shares and 10.3% to 11.1% for H shares, indicating a stable dividend payout [5] Financial Data and Profit Forecast - The company's projected revenue for 2024 is approximately 91.54 billion yuan, with a year-on-year growth rate of 27.95% [7] - The net profit attributable to shareholders for 2024 is forecasted at around 24.60 billion yuan, reflecting a substantial increase of 182.35% compared to 2023 [7] - The earnings per share (EPS) for 2024 is estimated to be 7.89 yuan, with a projected increase in subsequent years [7] - The price-to-earnings (P/E) ratio for 2024 is expected to be 5.97, indicating a favorable valuation [7]