中信证券（600030）：手续费业务环比改善，投资业务结构优化

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 63.79 billion yuan for 2024, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 21.70 billion yuan, up 10.1% year-on-year [5][8] - The brokerage business showed a net income from commissions of 10.71 billion yuan in 2024, reflecting a year-on-year growth of 4.8% [7] - The investment banking business remains the largest in the industry, with an IPO market share exceeding 20% [7] - The asset management business revenue reached 10.51 billion yuan in 2024, a year-on-year increase of 6.7% [7] - The self-operated investment net income was 29.77 billion yuan, up 33.0% year-on-year [7] - The company is expected to benefit from capital market reforms and an improved competitive landscape, with projected net profits for 2025-2027 of 24.13 billion yuan, 28.05 billion yuan, and 31.23 billion yuan respectively [7] Financial Data and Profit Forecast - The company achieved a weighted average ROE of 8.09% for 2024, an increase of 0.28 percentage points year-on-year [5] - The projected revenue for 2025 is 70.15 billion yuan, with a year-on-year growth rate of 9.97% [6] - The projected net profit for 2025 is 24.13 billion yuan, reflecting an 11.17% year-on-year increase [6] - The company’s P/E ratio is projected to decrease from 20.49 in 2023 to 16.98 in 2025 [6]