Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a revenue of 21.33 billion yuan for 2024, a decrease of 7.2% year-on-year, and a net profit of 5.694 billion yuan, also down by 7.5% year-on-year. However, Q4 showed a strong recovery with a revenue of 7.884 billion yuan, up 42.7% year-on-year and 73.7% quarter-on-quarter, and a net profit of 2.836 billion yuan, up 83.2% year-on-year and 350.2% quarter-on-quarter [1] - The company maintains a leading position in investment banking and international business, with a focus on transforming wealth management and a solid leverage level [1][2] - The wealth management segment has seen an increase in managed assets, reaching 3.18 trillion yuan, with innovative products leading the industry [3] - The company has successfully expanded its international business, with overseas revenue accounting for 24.88% of total income [3] Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 21.33 billion yuan, down 7.2% from the previous year, and a net profit of 5.694 billion yuan, also down 7.5% year-on-year. The Q4 performance was significantly better, with a revenue of 7.884 billion yuan, marking a 42.7% increase year-on-year and a 73.7% increase quarter-on-quarter [1][5] - The company’s financial assets totaled 371.7 billion yuan at year-end, with a diversified investment structure [2] Investment Banking - The company led the market in serving Chinese enterprises for global IPOs, completing 28 deals and raising 4.424 billion USD, ranking first in the market. It also ranked fourth in domestic bond underwriting [2] Wealth Management - The wealth management product scale increased to 370 billion yuan, with innovative products such as "China 50" and "Public Fund 50" reaching 87 billion yuan, maintaining a leading position in the industry [3] International Business - The company has established a matrix management structure to enhance its international business, with overseas revenue contributing significantly to overall income [3] Future Outlook - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 6.062 billion yuan and 6.520 billion yuan, respectively, reflecting confidence in its business innovation and market position [4]

资管业务为公司传统优势业务，在权益市场稳定上行和财富管理转型的行业趋势下，看好公司凭借大资 管业务优势兑现长期成长。预计公司2025-2027 年归母净利润分别为37.93、40.98、44.76 亿元，同比分 别+13.2%、+8.0%、+9.2%，对应3 月28 日收盘价的PB 估值分别1.03、0.98、0.93 倍，维持"买入"评 级。 风险提示：政策风险、市场大幅波动、经营及业务风险。 公司其他债权投资、其他权益工具投资规模分别同比+21.7%、+211.8%。 事件：东方证券发布2024 年年报，2024 年分别实现营业收入和归母净利润191.90、33.50 亿元，同比分 别+12.3%、+21.7%；四季度分别实现营业收入和归母净利润51.11、0.48 亿元，环比分 别-7.2%、-96.0%，净利润环比大幅下降系Q4 计提管理费用大幅提升。加权平均ROE 同比+0.7pct 至 4.1%，剔除客户资金后经营杠杆较年初增加8.1%至3.74 倍。 投行资管有所承压，客户基础不断扩大。2024 年公司实现经纪、投行和资管净收入分别为25.11、 11.68、13.41 亿元，同比分别-9.7% ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [1]. Core Insights - The company achieved a total revenue of 20.89 billion yuan in 2024, representing a year-on-year growth of 5.4%. The net profit attributable to shareholders reached 10.39 billion yuan, up 18.5% year-on-year, with an EPS of 1.13 yuan and a ROE of 8.8%, an increase of 0.9 percentage points year-on-year [9]. - The wealth management transformation has entered a new phase, with brokerage business revenue of 6.18 billion yuan, a year-on-year increase of 11.8%, accounting for 29.9% of total revenue. The company’s market share in brokerage decreased by 0.7 percentage points to 4.51% [9]. - Investment banking revenue declined by 34.2% to 860 million yuan, with a significant drop in equity underwriting scale by 42% to 13.84 billion yuan, ranking 6th in the industry. However, bond underwriting increased by 30.9% to 426.5 billion yuan, ranking 8th [9]. - The asset management business saw a slight revenue increase of 0.6% to 720 million yuan, with total asset management scale at 267.4 billion yuan, a decrease of 9.3% [9]. - The company’s investment strategy remains stable, with net investment income (including fair value) increasing by 41.6% to 9.53 billion yuan [9]. - The forecast for net profit attributable to shareholders for 2025-2027 is 12.3 billion, 13.1 billion, and 14 billion yuan, respectively, with expected year-on-year growth rates of 18%, 7%, and 7% [9]. Financial Summary - Total revenue for 2023 is projected at 19.82 billion yuan, with a year-on-year growth of 3.13%. The net profit for 2023 is estimated at 8.76 billion yuan, reflecting an 8.57% increase [1]. - The company’s P/E ratio is expected to decrease from 19.33 in 2023 to 11.30 by 2027, indicating a potentially undervalued stock as earnings grow [1]. - The company’s total assets are projected to grow from 721.16 billion yuan in 2024 to 821.19 billion yuan by 2027 [15].

Core Viewpoint - CITIC Securities (中信建投) has reported its 2024 annual results, showcasing resilience in a challenging market, with notable achievements in investment banking and wealth management despite a decline in overall industry performance [1][3]. Investment Banking Performance - CITIC Securities achieved significant rankings in investment banking, including first in A-share IPO underwriting and leading in the number of IPOs and underwriting amounts in the Beijing Stock Exchange [1][6][7]. - The firm completed 27 A-share equity financing projects, ranking second in the industry, with a total underwriting amount of 150.60 billion yuan, while IPOs accounted for 12 projects, with an underwriting amount of 61.77 billion yuan, both ranking first [6][7]. - Despite a 48.14% decline in investment banking revenue to 24.91 billion yuan due to a broader market downturn, CITIC's performance was relatively strong compared to the overall market [6]. Wealth Management Transformation - The wealth management segment generated 66.10 billion yuan in revenue, reflecting an 8.97% year-on-year increase, with a notable 62.73% increase in new client accounts [1][3][4]. - High-net-worth client numbers reached a five-year high, indicating successful client acquisition strategies [3][4]. - The firm has enhanced its advisory services and online platforms, contributing to improved client engagement and service delivery [4][5]. Financial Performance - CITIC Securities reported a net profit of 72.23 billion yuan, marking a 2.68% increase year-on-year, with a return on equity of 8.22% [3]. - The firm has shown a recovery trend in profitability compared to the declines experienced in 2022 and 2023 [3]. Dividend Policy - The company has significantly increased its dividend distribution, announcing a cash dividend of 1.65 yuan per 10 shares, with a total dividend payout of 19.78 billion yuan for 2024, representing 32.13% of the net profit [2][10]. - CITIC Securities has implemented a three-year dividend plan, committing to distribute at least 10% of the annual distributable profits in cash each year [10].