中信证券(600030)外部市场挑战下、彰显稳健运营和扩表趋势

中金公司04-28

1Q24业绩符合我们预期中信证券公布1Q24业绩：营收同比-10.4%/环比-3.6%至138亿元，归母净利润同比-8.5%/环比+50%至50亿元，年化ROAE同比-1.3ppt/环比+2.2ppt至7.2%，业绩符合我们预期。公司调整后业务及管理费率同比-0.4ppt至48.7%；期末总资产同比+8.8%/环比+7.8%，自有资金杠杆率同比+0.08x/环比+0.17x至4.52x，保持稳健...

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公布1Q24业绩：营收同比-10.4%/环比-3.6%至138亿元，归母净利润同比-8.5%/环比+50%至50亿元，年化ROAE同比-1.3ppt/环比+2.2ppt至7.2%，业绩符合我们预期。公司调整后业务及管理费率同比-0.4ppt至48.7%；期末总资产同比+8.8%/环比+7.8%，自有资金杠杆率同比+0.08x/环比+0.17x至4.52x，保持稳健扩表趋势。发展趋势收费类业务：手续费收入合计同比-19%、收入占比同比-5ppt至43%；投行随市调整、经纪/资管相对稳健。1)1Q24经纪业务收入同比-5.8%/环比+2.2%至24亿元，对应：A股市场股基ADT同比+1.3%/环比+4.7%、港股ADT同比-22%/环比+9%、权益型基金新发规模同比-42%/环比-14%。2)投行业务收入同比-56%/环比-16%至8.7亿元，Wind统计1Q24公司IPO规模同比-50%/环比+72%至51亿元、再融资规模同比-87%/环比-76%至108亿元、债券承销规模同比+5%/环比-19%至3,946亿元。3)资管业务收入同比-5.6%/环比-3.8%至24亿元，其中华夏基金(持股62.2%)1Q24末非货基AUM同比+29%/较年初+12%至9,195亿元、净利润同比-5.8%至5.2亿元。资本类业务：资本类收入合计同比-10%、收入占比小幅+0.2ppt至49%；债市向好有效平衡权益投资波动。1)1Q24综合投资收入同比-7.1%/环比+36%至64亿元、母公司投资业务收入同比+12%/环比+68%至57亿元，1Q24末公司交易性金融资产同比+6.6%/较年初+7.7%至6,730亿元、对应年化投资收益率同比-0.8ppt/环比+1.0ppt至3.9%，1Q24股市波动、但债市整体向好(中证全净指数+1.6%)。2)1Q24利息净收入同比-44%/环比-57%至3.3亿元，其中利息收入同比-1.5%/环比-1%至52亿元，对应融出资金规模同比+2.1%/较年初-3.8%至1,143亿元；利息支出同比+3.9%/环比+8.3%至49亿元，主因扩表带来的负债规模增长。盈利预测与估值维持2024/25年盈利预测不变。公司A/H当前交易于2024e1.1x/0.6xP/B、2025e1.0x/0.6xP/B(均剔除永续债)；维持A股跑赢行业评级以及目标价26元，对应1.5x/1.4x2024/25eP/B和36%的上行空间；维持H股跑赢行业评级以及目标价18.2港元，对应0.9x/0.8x2024/25eP/B和48%的上行空间。风险交易额萎缩、市场大幅波动、监管不确定性。\n\n股市回暖，抄底炒股先开户！智能定投、条件单、个股雷达……送给你>>\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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