The Zhitong Finance App learned that CICC released a research report stating that it will maintain CITIC Securities (06030)'s “outperform the market” rating and lower its profit forecast for next year by 11% and 11% to 21.9 billion yuan and 25.4 billion yuan, respectively, based on the recent market conditions of each business, and the target price will be lowered by 12% to HK$18.2.

According to the report, CITIC Securities's revenue in 2023 fell 7.7% year on year to 60.1 billion yuan, net profit fell 7.5% year on year to 19.7 billion yuan, and annualized average net asset return fell 0.86 percentage points to 7.8% year on year, in line with performance forecasts and market expectations.