CMS(600999) 华创证券·2024-04-29 08:32Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 18.5 CNY, while the current price is 15.24 CNY [1]. Core Views - The company's Q1 performance met expectations, with total revenue of 4.3 billion CNY (down 9.7% year-on-year and down 13.2% quarter-on-quarter) and a net profit attributable to shareholders of 2.16 billion CNY (up 4.5% year-on-year and down 8.7% quarter-on-quarter) [1]. - The brokerage and investment businesses are the main contributors to the company's performance, with investment business revenue showing resilience [1]. - The self-operated investment yield remains stable, with Q1 self-operated business income of 2.05 billion CNY (up 18.8% year-on-year and up 1.9% quarter-on-quarter) [1]. - The company has slightly adjusted its earnings forecast upwards due to the increased proportion of self-operated business and stable investment performance, projecting EPS of 1.11 CNY for 2024 [1][2]. Financial Summary - Q1 revenue breakdown: brokerage, investment banking, asset management, credit, and investment business revenues were 1.32 billion CNY, 90 million CNY, 160 million CNY, 120 million CNY, and 2.05 billion CNY respectively, contributing 30.7%, 2%, 3.6%, 2.8%, and 47.7% to total revenue [1]. - The financial leverage ratio at the end of Q1 was 4.57 times, with a financial investment scale of 361.41 billion CNY (up 18.2% year-on-year) [1]. - The company’s net commission income for Q1 was 1.71 billion CNY (down 12.3% year-on-year) [1]. - The projected total revenue for 2024 is 19.82 billion CNY, with a year-on-year growth rate of 5.4% [2].