CGS(SH:601881) Zhongyuan Securities·2025-04-09 13:53Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company achieved a revenue of 35.471 billion yuan in 2024, a year-on-year increase of 5.43%, and a net profit attributable to shareholders of 10.031 billion yuan, up 27.31% year-on-year [5][8] - The company continues to strengthen its retail customer base and consolidate its traditional advantages, with net income from brokerage business increasing by 12.49% year-on-year [6][12] - The company set a historical record in debt financing, with net income from investment banking business increasing by 10.58% year-on-year [14] - Investment income (including fair value changes) saw a significant increase of 50.20% year-on-year, contributing significantly to the company's performance [20] - The international business maintained a competitive edge, with revenue from international operations increasing by 8.29% year-on-year [26] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 35.471 billion yuan, with a net profit of 10.031 billion yuan and basic earnings per share of 0.81 yuan [5][8] - The weighted average return on equity was 8.30%, an increase of 0.78 percentage points year-on-year [5][8] Business Segments - The brokerage, investment banking, and asset management businesses saw an increase in net income, while interest income and other income decreased [6][9] - The company achieved a net income from brokerage fees of 6.189 billion yuan, up 12.49% year-on-year [12] - The investment income (including fair value changes) accounted for 32.4% of total net income, a significant increase from the previous year [9] Debt and Equity Financing - The company achieved a record in debt financing with a total underwriting amount of 483.343 billion yuan, up 34.65% year-on-year [14] - The company completed one refinancing project with a main underwriting amount of 200 million yuan, a decrease of 94.69% year-on-year [14] Asset Management - The asset management business saw a slight decrease in scale, with net income from asset management fees increasing by 6.13% year-on-year [19] - The total asset management scale was 85.190 billion yuan, down 9.92% year-on-year [19] International Business - The international business revenue reached 2.172 billion yuan, an increase of 8.29% year-on-year, with a strong presence in Southeast Asia [26]