CICC(601995) 国投证券·2025-04-01 14:28Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company reported a total revenue of 21.3 billion yuan for 2024, a year-on-year decrease of 7.21%, with a net profit attributable to shareholders of 5.7 billion yuan, down 7.50% year-on-year [1]. - The company is expected to benefit as a leading brokerage in a competitive industry, with projected EPS for 2025-2027 at 1.26 yuan, 1.51 yuan, and 1.72 yuan respectively [4]. Revenue Breakdown - The company's revenue from brokerage, investment banking, asset management, credit, and proprietary trading for 2024 was 4.3 billion yuan, 3.1 billion yuan, 1.2 billion yuan, -1.4 billion yuan, and 10.1 billion yuan respectively, showing declines of 6%, 16%, 0.3%, 4%, and 4% year-on-year [1]. - The stock business revenue fell by 15% to 4.4 billion yuan, while the profit margin increased by 1.72 percentage points to 74.76% [2]. - Fixed income revenue increased by 47% to 3.7 billion yuan, with a profit margin of 73.59%, driven by higher returns from debt investments [2]. Asset Management and Wealth Management - The asset management department's business scale reached 552 billion yuan by the end of 2024, with a total of 783 products managed [2]. - The company's wealth management product scale grew to nearly 370 billion yuan, with a total customer base of approximately 8.5 million, reflecting a 25% increase year-on-year [3]. IPO and Underwriting Performance - The domestic IPO business faced challenges, with the main underwriting IPO scale dropping to 3.59 billion yuan, a decrease of 89% year-on-year [3]. - In contrast, the company maintained a leading position in overseas underwriting, with a total of 3.835 billion USD in Hong Kong IPOs [3]. Financial Projections - The report projects total revenue for 2025 to be 26.5 billion yuan, with net profit expected to reach 7.3 billion yuan [12]. - The company's total assets are forecasted to grow from 674.7 billion yuan in 2024 to 708.5 billion yuan in 2025 [12].