CMS(600999) 中航证券·2024-04-22 02:00Investment Rating - The investment rating for the company is "Hold" [4] Core Views - The company achieved a revenue of 19.82 billion yuan in 2023, representing a growth of 3.13%, and a net profit attributable to shareholders of 8.764 billion yuan, up by 8.60% [1] - The company is steadily advancing its wealth management transformation, with a notable increase in the scale of public funds, ranking fifth in the industry [1] - The company’s investment banking revenue decreased by 6.53%, with a significant drop in equity underwriting, while bond underwriting, particularly financial bonds, saw substantial growth [2] - The asset management business experienced a decline, with net income down by 13.99% and total assets under management slightly decreasing [3] - The self-operated business showed strong performance, with revenue increasing by 31.57%, driven by significant growth in derivative products [8] - The company is expected to continue its development under supportive policies, with projected earnings per share of 1.11 yuan, 1.21 yuan, and 1.39 yuan for 2024-2026 [9] Financial Performance Summary - In 2023, the company reported a net income of 8.764 billion yuan, with a growth rate of 8.60% compared to the previous year [1] - The company’s return on equity (ROE) for 2022 was 7.91%, an increase of 0.37 percentage points year-on-year [1] - The company’s total assets reached 695.85 billion yuan in 2023, with a slight increase in total liabilities [14] - The company’s financial ratios include a price-to-earnings (P/E) ratio of 14.11 and a price-to-book (P/B) ratio of 1.16 [4]