中信证券（600030）：2024年报点评：业绩符合预期，维持行业龙头地位

Investment Rating - The report maintains a "Recommendation" rating for CITIC Securities, with a target price of 31.9 CNY [2][11]. Core Views - The company's performance meets expectations, maintaining its leading position in the industry. The report highlights a year-on-year increase in ROE and improvements in leverage and profit margins [2][11]. - The report projects EPS for 2025, 2026, and 2027 to be 1.82, 1.96, and 2.14 CNY respectively, with corresponding PB ratios of 1.44, 1.36, and 1.29 [11][12]. Financial Performance Summary - ROE for the reporting period is 7.4%, with a year-on-year increase of 0.1 percentage points. The quarterly ROE is 1.7%, down 0.5 percentage points quarter-on-quarter but up 0.4 percentage points year-on-year [2]. - The financial leverage ratio at the end of the reporting period is 4.17 times, an increase of 0.14 times year-on-year but a decrease of 0.1 times quarter-on-quarter [2]. - The asset turnover ratio is 4.7%, down 0.4 percentage points year-on-year, while the net profit margin is 37.8%, up 1.8 percentage points year-on-year [2][9]. Revenue Breakdown - Proprietary business revenue totaled 263.5 billion CNY, with a quarterly figure of 46.8 billion CNY, down 52.5 billion CNY quarter-on-quarter [3]. - Interest income from credit business reached 199.4 billion CNY, with a quarterly figure of 52 billion CNY, reflecting a quarter-on-quarter increase of 7.75 million CNY [3]. - Brokerage business revenue increased significantly, reaching 107.1 billion CNY, with a quarterly figure of 35.6 billion CNY, up 56.4% quarter-on-quarter and 48.9% year-on-year [10]. Market Position and Valuation - The total market capitalization of CITIC Securities is approximately 399.86 billion CNY, with a circulating market value of about 328.52 billion CNY [5]. - The company has a debt-to-asset ratio of 83.14% and a net asset value per share of 17.59 CNY [5]. - The report anticipates a robust recovery in the investment banking sector, with significant increases in IPO underwriting amounts and refinancing amounts [10].