中信证券（600030）：国际业务亮眼，整体稳健

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock price increase exceeding 20% compared to the benchmark index [10]. Core Insights - The company demonstrated robust overall performance in 2024, achieving a revenue of 63.8 billion, a year-on-year increase of 6%, and a net profit of 21.7 billion, up 10% year-on-year [1]. - The company's international business showed significant growth, contributing 17.2% to total revenue, with a revenue of 2.26 billion USD, a 41% increase year-on-year [9]. - The investment banking segment remains a stronghold, with a market-leading position in A-share underwriting and a notable increase in bond underwriting [3][10]. Summary by Sections Overall Overview - In 2024, the company achieved total revenue of 638 billion, a 6% increase year-on-year, with Q4 revenue reaching 176 billion, up 24% year-on-year and 11% quarter-on-quarter [1]. - The net profit for 2024 was 217 billion, reflecting a 10% year-on-year growth, with Q4 net profit at 49 billion, a 48% increase year-on-year [1]. - The company's total assets reached 1.71 trillion, an 18% increase from the beginning of the year, and the return on equity (ROE) was 8.09%, up 0.3 percentage points year-on-year [1]. Brokerage Business - The brokerage income for 2024 was 10.7 billion, a 4.8% increase year-on-year, with Q4 income at 3.6 billion, a 49% increase year-on-year [2]. - The number of clients exceeded 15.8 million, a 12% increase from the beginning of the year, and the assets under custody surpassed 12 trillion, an 18% increase [2]. Asset Management - The asset management income for 2024 was 10.5 billion, a 6.7% increase year-on-year, with Q4 income at 3 billion, a 23% increase year-on-year [2]. - The total assets under management (AUM) reached 1.5 trillion, an 11% increase year-on-year, maintaining the highest market share in private asset management [2]. Investment Banking - The investment banking income for 2024 was 4.2 billion, a 34% decrease year-on-year, but Q4 income showed a recovery with a 29% increase year-on-year [3]. - The company led the market with a 21.9% share in A-share underwriting and a 7.1% share in bond underwriting, with a total bond underwriting volume of 2.1 trillion, a 9.5% increase year-on-year [3]. Proprietary Trading and Credit Business - Proprietary trading income for 2024 was 26.3 billion, a 21% increase year-on-year, although Q4 showed a decline [4]. - The credit business faced challenges, with net interest income dropping 73% year-on-year, but overall asset quality improved [4]. International Business - The international business segment achieved a revenue of 2.26 billion USD, a 41% increase year-on-year, with a net profit of 530 million USD, up 116% [9]. - The company completed significant international transactions, including 72 global M&A projects totaling 30 billion USD, ranking second in the market [9]. Financial Projections - The company forecasts net profits of 24.6 billion, 28.4 billion, and 32.8 billion for 2025, 2026, and 2027, respectively, indicating a growth rate of 13%, 15%, and 15% year-on-year [10].