In a complex market environment, CSC experienced a decline in revenue last year, with investment banking revenue nearly halved, but the wealth management business remained strong, resulting in overall robust financial performance. A strong recovery trend was observed in the fourth quarter, with revenue increasing by 40.2% year-on-year and net profit soaring by 117.81% year-on-year.
On Thursday, the 27th, CSC announced its 2024 performance report, with the following key points:
<blockquote>
Revenue Performance: In 2024, operating revenue was 21.129 billion yuan, a year-on-year decrease of 9.1%; among them, fourth-quarter revenue was 6.814 billion, a year-on-year increase of 40.2% and a quarter-on-quarter increase of 42.35%.
Profitability: The annual net profit attributable to shareholders was 7.223 billion yuan, a year-on-year increase of 2.68%; among them, fourth-quarter net profit attributable to shareholders was 2.926 billion, a year-on-year increase of 117.81% and a quarter-on-quarter increase of 103.23%.
Business Highlights: Annual investment banking revenue decreased by 48.14% year-on-year, asset management revenue decreased by 14.17% year-on-year, while the wealth management segment's revenue increased by 8.97% year-on-year.
Asset Situation: Total assets were 566.418 billion yuan, a year-on-year increase of 8.35%. As of the end of the reporting period, the company's entrusted asset management scale reached 494.858 billion yuan, an increase of 25.458 billion yuan compared to the end of the previous year.
Shareholder Returns: It is proposed to distribute a cash dividend of 1.65 yuan (tax included) for every 10 shares to all shareholders.
</blockquote>
<h2>Investment Banking Revenue Halved, Wealth Management Shines</h2>
CSC's business segments showed significant differentiation, with wealth management performing well while investment banking revenue was halved:
Investment Banking Business: Affected by the market environment, annual operating revenue was 2.491 billion yuan, a significant year-on-year decrease of 48.14%.
However, in niche areas, the company maintained a competitive advantage. The company's debt financing business continued to develop well, completing 4,021 main underwriting projects for the year, with a main underwriting amount of 1,647.159 billion yuan, ranking second in the industry. Among them, the company underwrote 1,130 corporate bond projects, with a main underwriting amount of 448.101 billion yuan, maintaining its second position in the industry.
Wealth Management Business: Against the backdrop of pressure on investment banking, CSC actively promoted business transformation, and the wealth management business performed excellently. The wealth management segment achieved annual revenue of 6.610 billion yuan, a year-on-year increase of 8.97%. As of the end of the reporting period, the company's margin financing and securities lending balance was 62.820 billion yuan, with a market share of 3.37%; the number of newly developed clients reached 1.9902 million, a year-on-year increase of 62.73%, with the number of high-net-worth clients reaching a five-year high.
Asset Management Business: Although revenue decreased by 14.17% year-on-year to 1.256 billion yuan, the management scale continued to expand. As of the end of the reporting period, the company's entrusted asset management scale reached 494.858 billion yuan, an increase of 25.458 billion yuan compared to the end of the previous year, with specialized asset management and single asset management scales increasing by 7.94% and 11.96%, respectively. The asset management scale of the subsidiary CSC Fund reached 142.179 billion yuan, a significant increase of 51.64% compared to the end of the previous year, reflecting the company's improvement in large asset allocation capabilities
In terms of equity financing business, although the annual financing scale has decreased, the company still completed 27 A-share equity financing projects, with a lead underwriting amount of 15.06 billion yuan. The performance in the Beijing Stock Exchange sector is particularly outstanding, having sponsored 4 IPO projects on the Beijing Stock Exchange, with a lead underwriting amount of 889 million yuan, ranking first in the industry, reflecting the company's competitiveness in the segmented market

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Affected by the market environment, the investment banking business had an annual operating income of 2.491 billion yuan, a significant decrease of 48.14% year-on-year. The wealth management business performed excellently, achieving annual revenue of 6.610 billion yuan, a year-on-year increase of 8.97%. The company plans to distribute a cash dividend of 1.65 yuan (including tax) for every 10 shares to all shareholders

- In 2024, CITIC Securities reported a revenue decline of 9.1% to 21.13 billion yuan, with a significant drop in investment banking revenue by 48.14%, while wealth management grew by 8.97%.  
- The fourth quarter showed a strong recovery, with revenue increasing by 40.2% year-on-year and net profit soaring by 117.81%.  
- The company maintained a competitive edge in debt financing, completing 4,021 projects, while total assets rose by 8.35% to 566.42 billion yuan.

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CSC's Q4 revenue increased by 40.2% year-on-year, net profit surged by 117.8% year-on-year, and asset management scale grew to 494.86 billion yuan | Financial Report Insights