Caitong Securities(SH:601108)2024-04-26 08:32Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 6.52 billion yuan in 2023, a year-on-year increase of 35%, and a net profit of 2.25 billion yuan, up 48% year-on-year [6] - In Q1 2024, the company experienced a revenue decline of 21% year-on-year to 1.41 billion yuan, with a net profit of 456 million yuan, down 7.7% year-on-year [6][8] - The asset management business showed resilience, contributing 21% to the group's profit, with a management scale of 276.5 billion yuan, up 12% year-on-year [7] Summary by Sections Market Data - Closing price: 7.3 yuan - One-year high/low: 9.29/6.67 yuan - Price-to-book ratio: 1.0 - Dividend yield: 0.68 - Circulating A-share market value: 33.899 billion yuan [3] Financial Performance - Q1 2024 revenue breakdown: brokerage (300 million yuan, +8%), investment banking (140 million yuan, -8%), asset management (320 million yuan, +2%), net interest (120 million yuan, +4%), net investment (430 million yuan, -39%), long-term stock investment (50 million yuan, -60%) [6] - 2023 revenue breakdown: brokerage (1.2 billion yuan, +1%), investment banking (760 million yuan, +68%), asset management (1.55 billion yuan, +6%), net interest (540 million yuan, -28%), net investment (1.76 billion yuan, +1038%), long-term stock investment (550 million yuan, -24%) [6] Profitability Metrics - The company’s weighted ROE for 2023 was 6.67%, an increase of 1.71 percentage points year-on-year [6] - Q1 2024 annualized net investment return rate was approximately 2.36%, down 1.94 percentage points year-on-year [7] Future Projections - Expected net profit for 2024-2026: 2.375 billion yuan (2024), 2.611 billion yuan (2025), 2.789 billion yuan (2026), representing year-on-year growth of 5.5%, 9.9%, and 6.8% respectively [8][9]