CMS(600999) 国信证券·2025-03-28 08:15Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a revenue of 20.891 billion yuan in 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 10.386 billion yuan, up 18.51% year-on-year. The return on equity (ROE) was 8.82%, an increase of 0.91 percentage points, and earnings per share (EPS) rose by 20.21% to 1.13 yuan [1][4]. - The company's brokerage business net income from fees reached 6.183 billion yuan, an increase of 11.79% year-on-year, with a significant growth in wealth management and institutional business [2][4]. - Investment income, including fair value changes, was 9.527 billion yuan, a 41.57% increase year-on-year, driven by favorable market conditions and active trading [3][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 20.891 billion yuan, with a year-on-year growth of 5.4%. The net profit attributable to shareholders was 10.386 billion yuan, reflecting an 18.51% increase. The EPS was 1.13 yuan, up 20.21% [1][5]. - The company’s financial assets totaled 378.8 billion yuan, a 1.13% increase year-on-year, supported by favorable capital market policies [3]. Wealth Management and Institutional Business - The company’s wealth management assets reached 4.27 trillion yuan, a 14.78% increase year-on-year, with a notable rise in the number of high-net-worth clients [2]. - The institutional business saw a significant increase in outsourced custody scale, reaching 3.46 trillion yuan, with a market share of 21.72% in private fund product custody [2]. Investment and Asset Management - The company’s investment income was 9.527 billion yuan, a 41.57% increase year-on-year, attributed to improved market conditions and successful equity investments [3]. - The asset management business showed steady growth, with net income from asset management fees reaching 717 million yuan, a slight increase of 0.61% year-on-year [3]. Future Earnings Forecast - The earnings forecast for 2025 and 2026 has been adjusted upwards by 7.8% and 5.0%, respectively, with projected net profits of 10.814 billion yuan and 11.638 billion yuan for those years [4][5].