Jinwu Financial News | According to the Changjiang Securities Research Report, CICC (03908) released its 2024 three-quarter report. During the reporting period, it achieved operating income of 13.45 billion yuan, -23.0% year over year, and realized net profit to mother of 2.86 billion yuan, or -38.0% year over year. The weighted average return on net assets was -2.20pct to 2.64% year over year. Other than its own business, the company is under pressure. According to the bank, the influence of cross-border business continued to increase; the market share of the company's credit business increased year-on-year; the share share of equity and debt underwriting increased; the expansion of proprietary assets continued, and the return on investment increased significantly.
Over the long term, the bank continues 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 70.40 billion yuan and 8.313 billion yuan. The PE corresponding to H shares is 8.89 and 7.53 times, and the PB is 0.56 and 0.52 times, respectively, maintaining the purchase rating.
