2024-04-28 02:32Investment Rating - The report maintains a "Buy" rating for CITIC Securities [6][7]. Core Views - The investment banking risks are gradually being released, and the asset management business demonstrates resilience [6]. - The company's Q1 2024 performance met expectations, with revenue of 13.75 billion yuan, down 10% year-on-year, and a net profit of 4.96 billion yuan, down 8% year-on-year [6][7]. - The report highlights a significant decline in investment banking revenue, down 60% year-on-year, while management expenses reached a new low since 2021 [6][7]. Summary by Sections Market Data - Closing price: 19.16 yuan - One-year high/low: 26.1/17.26 yuan - Market capitalization: 217,786 million yuan [3]. Financial Performance - Q1 2024 revenue breakdown: brokerage (2.44 billion), investment banking (870 million), asset management (2.36 billion), net interest (330 million), net investment income (6.33 billion) [6]. - Total assets at the end of Q1 2024: 1.57 trillion yuan, up 8% quarter-on-quarter [6]. - Annualized investment return for Q1 2024: 3.19%, down 0.77 percentage points year-on-year [6]. Business Segments - Asset management revenue showed the smallest decline among all segments, with a net profit of 520 million yuan for Huaxia Fund, down 5.8% year-on-year [7]. - Investment banking faced strict regulatory measures, with a 60% year-on-year decline in revenue, and the company was fined 70 million yuan due to regulatory issues [7]. Profit Forecast - The report maintains profit forecasts for 2024-2026, expecting net profits of 18.19 billion, 19.60 billion, and 20.66 billion yuan, respectively [7][9].