Kin'go Finance News | Changjiang Securities has issued a research report stating that CITIC Securities (03908) has announced its third quarter results for 2023, with operating income and net profit attributable to the parent company of CNY 17.47 billion and CNY 4.61 billion, respectively, for the first three quarters of the year, a year-on-year decrease of 9.9% and 23.4%, respectively; the weighted average return on net assets declined by 2.27 percentage points year-on-year to 4.84%; and the operating leverage after excluding customer funds decreased by 11.0% year-on-year to 5.21 times. Affected by market fluctuations, all business lines of the company are under pressure.
The bank believes that in the long run, the bank continues to be optimistic about CITIC Securities, which has established competitive advantages in brokerage, investment banking, asset management, and trading through excellent fee-based businesses and asset-liability management capabilities, and has steadily increased its ROE through client demand businesses and wealth management businesses. The bank expects the company's corresponding net profit attributable to the parent company to be CNY 6.261 billion and CNY 7.258 billion in 2023-2024, with corresponding H-share PE ratios of 9.90 and 8.54 times, and PB ratios of 0.59 and 0.55 times, and maintains a buy rating.