CMS(600999) 中原证券·2024-04-09 16:00Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase in stock price relative to the market index [2][18][23]. Core Insights - The company achieved a revenue of 19.82 billion yuan in 2023, reflecting a year-on-year growth of 3.13%, and a net profit of 8.764 billion yuan, up 8.60% year-on-year [4][6]. - The company's performance in the brokerage, investment banking, and asset management sectors showed a decline in net income proportions, while net interest income and investment income increased [4][7]. - The company continues to develop its neutral investment business and fixed-income investments, which significantly outperformed benchmark indices [4][14]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.94 yuan, a 9.30% increase year-on-year, and a return on equity (ROE) of 7.91%, up 0.37 percentage points [4][6][21]. - The company plans to distribute a dividend of 2.52 yuan per share, which represents 25.01% of the net profit attributable to shareholders [6][18]. Brokerage and Trading - The company's brokerage business saw a slight decline in trading volume, with a market share of 5.23%, marking a 0.01 percentage point increase year-on-year [9][10]. - The total trading volume for equity funds was 25.18 trillion yuan, down 2.67% year-on-year, while the number of active trading clients increased by 8.03% to approximately 17.76 million [9][10]. Investment Banking - The company experienced a significant decline in equity financing, with a 50.74% drop in underwriting amounts, while bond underwriting amounts increased by 18.49% [10][11]. - The investment banking segment's net income from fees decreased by 6.53% year-on-year [10][11]. Asset Management - The asset management business saw a decrease in both scale and net income, with a 13.99% decline in net income from asset management fees [13][14]. - The company’s total asset management scale was 294.85 billion yuan, down 7.03% year-on-year [13][14]. Investment Strategy - The company has adopted a "large and stable" asset allocation strategy, focusing on optimizing investment structures and enhancing the stability of investment returns [14][15]. - The fixed-income investment returns significantly outperformed the benchmark index, contributing to improved overall investment income [14][15]. Future Projections - The company is expected to have EPS of 0.86 yuan and 0.96 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 12.96 yuan and 13.70 yuan [4][18][21].