中信证券（600030）：境内外龙头优势显著，业绩回暖杠杆提升

Investment Rating - The report maintains a "Buy-A/Buy-H" rating for the company [3] Core Views - The company demonstrates significant advantages as a domestic and international leader, with a recovery in performance and an increase in leverage [1] Financial Performance Summary - The company reported a revenue of CNY 63.79 billion for 2024, reflecting a year-on-year growth of 6.20%, and a net profit attributable to shareholders of CNY 21.70 billion, up 10.06% year-on-year [11] - The total asset scale reached CNY 1.71 trillion, an increase of 17.71% compared to the previous year [11] - The weighted average ROE for 2024 was 8.09%, with an adjusted leverage ratio of 4.51 times, up by 0.24 [1][13] Business Segment Analysis Investment Business - The self-operated investment income for 2024 was CNY 19.46 billion, a year-on-year increase of 12% [23] - The company has enhanced its product structure and strategy to attract long-term capital into the market [23] Wealth Management - The brokerage business generated a net income of CNY 10.70 billion, a 5% increase year-on-year, with a 12% growth in customer numbers [28][32] - The overseas wealth management product sales and income doubled in 2024 [32] Asset Management - The asset management business achieved an income of CNY 2.32 billion, up 5% year-on-year, while the fund business generated CNY 8.18 billion, a 7% increase [36] - The total asset management scale reached CNY 1.54 trillion, an 11% increase year-on-year [36] Investment Banking - The investment banking segment reported a revenue of CNY 4.16 billion, down 34% year-on-year, but maintained a market share of 22% in domestic equity underwriting [50] - The company completed 55 A-share underwriting projects with a total scale of CNY 70.36 billion, ranking first in the market [52] Capital Intermediation - The capital intermediation income was CNY 8.16 billion, a decrease of 7% year-on-year, with financing and securities lending interest income down 14% [56] Earnings Forecast and Investment Recommendation - The company is expected to benefit from cyclical recovery and increased market stability, with projected EPS of CNY 1.98 and CNY 2.20 for 2025 and 2026 respectively [60] - The report assigns a reasonable value of CNY 32.93 per share for A-shares and HKD 26.36 for H-shares, maintaining a "Buy" rating for both [60]