CMS(600999) 华创证券·2025-03-29 09:34Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 22.37 CNY, compared to the current price of 18.17 CNY [5][11]. Core Insights - The company's ROE has shown significant improvement, with a reported ROE of 8%, up by 0.8 percentage points year-on-year. The quarterly ROE stands at 2.5%, reflecting a 0.6 percentage point increase quarter-on-quarter and a 0.5 percentage point increase year-on-year [2]. - The total revenue for the reporting period, excluding other business income, reached 20.7 billion CNY, marking a 14.1% increase year-on-year. The net profit attributable to the parent company was 10.39 billion CNY, up 18.5% year-on-year [8][11]. - The company has demonstrated a robust performance in its brokerage business, with revenues of 6.18 billion CNY, which is a 100.5% increase year-on-year and a 128.9% increase quarter-on-quarter [10]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period was 3.96 times, a decrease of 0.41 times year-on-year [2]. - The asset turnover ratio improved to 4%, with a quarterly turnover of 1.3%, reflecting a 0.3 percentage point increase quarter-on-quarter [2]. - The net profit margin for the reporting period was 50.1%, an increase of 1.9 percentage points year-on-year [2]. - The company's interest income from credit business was 10.02 billion CNY, with a quarterly income of 2.68 billion CNY, showing a quarter-on-quarter increase of 3.75 billion CNY [3][10]. Regulatory Indicators - The company's risk coverage ratio stands at 216.7%, an increase of 39.5 percentage points from the previous period, indicating a strong regulatory position [4]. - The net capital is reported at 87.4 billion CNY, reflecting a 10.1% increase from the previous period [4].