CMS(600999) 申万宏源证券·2025-03-28 13:50Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 20.89 billion yuan for 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 10.39 billion yuan, up 18.5% year-on-year [5] - The company's brokerage business revenue reached 6.18 billion yuan, growing 11.8% year-on-year, with a significant increase in the number of normal trading clients [7] - The investment banking business showed resilience, with a focus on enhancing its service capabilities and expanding its market presence [7] - The asset management business remained stable, with contributions from joint ventures like Bosera and China Merchants Fund [7] - The self-operated investment net income increased by 42.15% year-on-year, reflecting a stable growth strategy [7] - The company is expected to benefit from a recovering capital market, with adjusted profit forecasts for 2025-2027 showing net profits of 11.68 billion yuan, 13.45 billion yuan, and 15.19 billion yuan respectively [7] Financial Data and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 24.01 billion yuan, 27.09 billion yuan, and 29.89 billion yuan respectively, with corresponding net profits of 11.68 billion yuan, 13.45 billion yuan, and 15.19 billion yuan [6][8] - The return on equity (ROE) is expected to improve from 8.84% in 2024 to 10.47% by 2027 [6] - The price-to-earnings (P/E) ratio is projected to decrease from 15.83 in 2024 to 10.63 in 2027, indicating potential value appreciation [6]