受市场震荡影响，公司各项业务均有所承压。2024 年上半年，中金公司实现营收、归母净利润分别为89.1、22.3 亿元，同比分别-28.3%、-37.4%，加权ROE 为2.12%，同比-1.68pct，剔除客户资金后杠杆为4.88x，同比-9.2%。分业务条线来看，经纪、投行、资管、自营收入分别为17.7、12.8、5.6、42.6 亿元，同比分别-29.1%、-35.7%、-15.0%、-3.8%。Description of the event
CICC released its 2024 mid-year report. During the reporting period, it achieved operating income of 8.91 billion yuan, -28.3% year on year, net profit to mother of 2.23 billion yuan, or -37.4% year on year. The weighted average return on net assets was -1.68 pct to 2.12% year on year.
Incident comments
Affected by market shocks, the company's various businesses are under pressure. In the first half of 2024, CICC achieved revenue and net profit of 8.91 and 2.23 billion yuan, respectively, of -28.3% and -37.4% year over year, weighted ROE of 2.12% and -1.68pct year on year. After excluding customer funds, the leverage was 4.88x, or -9.2% year-on-year. By business line, brokerage, investment banking, asset management, and proprietary revenue were 17.7, 1.28, 0.56, and 4.26 billion yuan respectively, or -29.1%, -35.7%, -15.0%, and -3.8% year-on-year respectively.
AI empowers wealth management businesses and continuously optimizes customer service. 1) As of the end of the first half of 2024, the total number of the company's wealth management customers was 7.7333 million, +19.7%, with customer account assets of 2.76 trillion yuan, or -12.1%; 3) The wealth management business's product holdings stabilized at more than 340 billion yuan; 4) The scale and revenue of the company's consignment financial products were 112.141 and 0.381 billion yuan, respectively; 5) Investment platform “E-Space” Continuously optimize the four-stage service experience to enable investment to continuously create value for customers. The RITAS platform continues to improve the digital buyer investment solutions and service experience.
The influence of cross-border business continues to grow, providing first-class global capital market services. 1) As one of the first “HKD-RMB Dual Counter Model” market makers, it won the Hong Kong Exchange's “Most Active RMB Counter Market Maker” award to help the internationalization of RMB; 2) Overseas teams cooperate to implement multiple primary and secondary market projects to introduce overseas strategies and cornerstone investors to actively attract long-term capital into the market; 3) The company focuses on expanding emerging markets and customers in “Belt and Road” countries to help CICC expand overseas business and improve the level of comprehensive customer service.
Stock and bond underwriting is still in a leading position in the industry, and the scale of bond underwriting has increased. 1) In the first half of 2024, the company's A-share IPO was 1.571 billion yuan, ranking eighth in the market; the refinancing scale was 8.655 billion yuan, ranking second in the market. The company's Hong Kong stock IPO was 0.101 billion US dollars; the refinancing scale was 0.85 billion US dollars, ranking first in the market. 2) In the first half of 2024, the underwriting scale of corporate bonds was 312.479 billion yuan, +1.7% year on year; the underwriting scale of overseas bonds was 2.199 billion US dollars, +24.2% year over year.
The expansion of proprietary assets has slowed down, and it has strong risk control capabilities. By the end of the first half of 2024, the company's financial assets were -4.9% year-on-year to 326.947 billion yuan, and the company's inventory expansion rate was slowing down. According to estimates, the return on the company's 2024H static investment was 1.30%, +0.02pct year-on-year. The company's net stable capital ratio was +11.72pct to 144.14% at the end of the previous year, and it has strong risk resilience.
Over the long term, we will continue to be optimistic that CICC will establish competitive advantages in brokerage, investment banking, asset management and trading with its excellent charging business and balance sheet utilization capabilities, and achieve a steady increase in ROE through customer demand business and wealth management business. The company's corresponding net profit for 2024-2025 is estimated to be 63.19 billion yuan and 7.304 billion yuan, corresponding H share PE is 5.56 and 4.81 times, respectively, and PB is 0.32 and 0.30 times, respectively, maintaining the purchase rating.
Risk warning
1. A sharp correction in the equity market;
2. Regulatory policies have been tightened.
