2）2024H1 公司资管业务实现手续费净收入5.6 亿元，yoy-15%。其中2024Q2 资管业务收入2.9 亿元，yoy-12%/qoq+8%。公司控股中金基金截至2024H1 末非货基AUM 713 亿元，yoy+23%。中金基金2024H1 实现净利润3649 万元，yoy+887.4%。occurrences
CICC released its 2024 semi-annual report. 2024H1 achieved cumulative operating income of 8.91 billion yuan, yoy -28%; net profit to mother of 2.23 billion, yoy -37%; and a weighted average ROE of 2.12%, a decrease of 1.67 pct compared to the same period last year. Among them, 2024Q2 achieved revenue of 5.04 billion yuan, yoy -19% /qoq +30%; net profit to mother 0.99 billion yuan, yoy -24% /qoq -20%.
Fee business: Investment banks continued to consolidate their leading position, and CICC Fund's profit continued to grow 1) 2024H1's net brokerage fee revenue was 1.77 billion yuan, yoy -29%, accounting for 20.1% of the main securities revenue (excluding bulk commerce and government subsidies), yoy-0.4 pct, of which the 2024Q2 net brokerage fee revenue was 0.94 billion yuan, yoy -26% /qoq +13%.
2) 2024H1's asset management business achieved net handling fee revenue of 0.56 billion yuan, YOY -15%. Among them, the 2024Q2 asset management business revenue was 0.29 billion yuan, yoy -12% /qoq +8%. The company held CICC Fund as of the end of 2024H1 with a non-ship-based AUM of 71.3 billion yuan, yoy +23%. CICC Fund achieved net profit of 36.49 million yuan in 2024H1, yoy +887.4%.
3) The investment bank of 2024H1 achieved net transaction fee revenue of 1.28 billion yuan, yoy -36%, accounting for 14.5% of the main securities revenue (excluding bulk commerce and government subsidies). Among them, the 2024Q2 investment banking business fee net revenue was 0.83 billion yuan, yoy -40% /qoq +85%. (1) The domestic lead underwriting amount of 2024H1's IPO was 1.571 billion, YOY -93%, ranking 8th in the market; (2) A-share refinancing issuance scale was 8.655 billion, YOY -83%, ranking second in the industry. (3) Domestic debt is 312.5 billion, yoy +1.7%.
Capital business: The rate of table expansion has slowed down, and the scale of financial investment has shrunk 1) We estimate that the 2024H1 company's operating leverage was 4.9 times, down 0.49 times from the previous year; the investment leverage was 3.22 times, down 0.32 times from the previous year.
2) 2024H1's net investment income (including exchange earnings) was 4.91 billion yuan, yoy -21%. The net investment income of the 2024H1 company accounted for 55.7% of the main securities revenue (excluding bulk commerce and government subsidies), yoy+4.7pct.
As of the end of 2024H1, the company's financial asset investment scale was 340.2 billion yuan, yoy -6%, of which transactional financial assets were 260 billion yuan, yoy -15%. The estimated 2024H1 company's annualized return on investment was 2.92%, qoq+0.23pct.
Profit Forecasts, Valuations, and Ratings
Considering that short-term equity market shocks affect the company's investment income, we expect the company's 2024-2026 revenue to be 21.1/21.8/22.7 billion, respectively, -8.2%/+3.1%/+4.2%, respectively; 2024-2026 net profit to mother will be 5.2/5.6/6 billion, respectively, -15.9%/+7.5% YoY; and EPS 1.07/1.15/1.24 yuan/share, respectively. We believe that the company's international business is leading, and the wealth management business is expected to recover as the equity market recovers, and maintain a “buy” rating based on the company's historical situation.
Risk warning: Market recovery falls short of expectations, liquidity is tight, the process of entering the market for residents' capital is slowing down, and the risk of policy changes
