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【券商聚焦】长江证券维持中金公司(03908)买入评级 指长期跨境和财富管理优势仍显著

[Broker Focus] Changjiang Securities maintains CICC's (03908) buying rating, indicating that long-term cross-border and wealth management advantages are still remarkable

金吾資訊 ·  11/22/2023 15:21

Jinwu Financial News | According to the Changjiang Securities Research Report, CICC (03908) released its 2023 three-quarter report. In the first three quarters, it achieved operating income and imputed net profit of 17.47 billion yuan and 4.61 billion yuan respectively, down 9.9% and 23.4% year-on-year respectively; the weighted average return on net assets fell 2.27pct to 4.84% year on year; and operating leverage after excluding customer capital fell 11.0% to 5.21 times compared to the same period last year. Affected by market shocks, all business lines of the company are under pressure.

According to the bank, in the long run, the bank will continue to be optimistic that CICC will build a competitive advantage in brokerage, investment banking, asset management and trading with its excellent fee-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 net profit attributable to 2023-2024 is estimated to be 62.61 billion yuan and 7.258 billion yuan, the corresponding H share PE is 9.90 and 8.54 times, respectively, and PB is 0.59 and 0.55 times, respectively, maintaining the buying rating.

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