Jinwu Financial News | According to the Changjiang Securities Research Report, CICC (03908) released its 2024 quarterly report. During the reporting period, it achieved operating income of 3.87 billion yuan, -37.6% year on year, and realized net profit to mother of 1.24 billion yuan, -45.1% year on year. The weighted average return on net assets was -1.29pct to 1.21% year over year. All of the company's businesses are under pressure.
According to the bank, in the long run, the bank will continue to be optimistic that CICC will establish competitive advantages in brokerage, investment banking, asset management, and transactions 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 62.94 billion yuan and 6.926 billion yuan. The PE corresponding to H shares is 7.49 and 6.81 times, respectively, and the PB is 0.43 and 0.40 times, respectively, maintaining the purchase rating.