Caitong Securities(601108)2024-05-21 11:02Business Performance and Strategy - The company's performance in 2023 significantly outperformed the industry average, demonstrating sustainable development capabilities [2] - In 2024 Q1, 43 listed securities companies achieved total revenue and net profit of 1,058.74 billion yuan and 291.50 billion yuan respectively, representing year-on-year decreases of 21.7% and 32.7% [4] - The company's net profit attributable to shareholders in 2024 Q1 decreased by 7.7% year-on-year, which was 25 percentage points lower than the industry average [4] Investment Banking and Talent Development - The company adheres to the fundamental purpose of "financial services serving the real economy" and aims to build a first-class modern investment bank [1] - In 2024, the company continues to strengthen the construction of "three teams", including investment banking personnel, optimizing personnel structure and enhancing professional capabilities [1] - The company considers talent as valuable strategic resources and will not conduct large-scale layoffs in the investment banking sector [1] Self-operated Investment Business - In 2023, the company's self-operated investment business contributed significantly, with optimized asset allocation structure and stable performance [3] - The company maintains a low-risk, low-position operation strategy in equity investment, ensuring net value performance exceeds benchmark indices [4] - Fixed income investment continues to leverage the company's advantages, expanding bond investment scale while strengthening asset allocation [4] - Derivative business shows steady development, with significant growth in new OTC derivative notional principal and signed clients [4] Industry Outlook and Strategic Focus - The securities industry faces challenges from market regulation changes and technological innovation, but policy support provides growth opportunities [3] - The company focuses on the "137N" innovation development strategy and aims to build "Four Types of Caitong" [3] - The company integrates investment banking, investment, and wealth management resources to serve new quality productivity and future industry leaders [3] Risk Management and Future Development - The company maintains good asset liquidity and reasonable debt structure, with no redemption risk [2] - The self-operated investment business will implement a cross-cycle sustainable growth strategy, focusing on risk reduction, direction elimination, and stable growth [4] - The company aims to optimize existing business models, expand new business types, and enhance digital empowerment for business development [4]