券商板块行业2024年年报综述：4Q24业绩同比96%，重视自营配置股债平衡国际业务发力趋势.pptxVIP

证券研究报告4Q24业绩同比+96%，重视自营配置股债平衡国际业务发力趋势——券商板块2024年年报综述

主要内容概况：业绩向好，自营及经纪为核心增量边际变化：自营配置股债再平衡国际业务发力投资方向：并购重组业绩弹性投资分析意见估值3

证券研究报告41.1板块业绩稳健扩表，业绩整体向好资料来源：Wind，申万宏源研究资产情况：2024年，已披露业绩的24家券商合计总资产9.80万亿元，归母净资产1.87万亿元/较上年末+7%，除东方证券外无个股大幅计提减值损失。业绩表现：2024年，已披露业绩的24家券商合计实现营收入3,974亿元/yoy+8%，合计实现归母净利润1,183亿元/yoy+15%（19家券商净利润实现正增）。4Q24，24家券商合计实现归母净利润324亿元/yoy+94%/qoq-5%。表1：24家券商2024年业绩表现券商yoy利润率 减值损失管理费率费用率yoy费用率排名(倒序)1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24单季表现-24家券商数据中信证券3,9746388%6%1,183217.015%10%97,97717,10718,6782,9317% -9% 8.1%0.3pct30%34%24-9.646% 10.3pct47% -1.1pct31654.230158.924051.116833.123549.628056.134362.332449.0华泰证券9.2%1268.1%-4.6pct-5.6pct48.8%118.3%2.1pct1.3pct国泰海通招商证券中国银河广发证券41543420935527213%20%5%5%17%153.5130.2103.9100.396.420%39%19%27%38%8,14310,4777,2127,3757,5871,9171,7081,3021,4051,4767%2%7%8%9%7.4%1.1pct2.1pct0.9pct0.8pct1.8pct37%30%50%28%35%2.52.9-1.14.4-0.642%38%46%32%54%-5.2pct31632.530.422.622.521.633.127.024.726.923.830.328.916.716.612.731.77.523.612.811.722.924.921.616.315.430.225.325.927.628.225.824.028.335.032.430.728.78.2%5.5%-1.9pct-1.8pct5.1%13217中信建投中金公司申万宏源东方证券4.1%-6.3pct-4.2pct光大证券21121324719296-9%-7%15%12%-4%72.256.952.133.530.63%-8%13%22%-28%5,6646,7476,9764,1772,9301,0651,1531,0488146849%10%5%3%2%-0.4pct-0.9pct0.4pct0.7pct-2.3pct34%27%21%17%32%6.80.047%67%43%41%61%-2.5pct51824.322.618.713.017.44.714.313.810.56.09.619.713.415.52.6(1.0)(0.9)12.312.46.329.328.413.60.510.74.6%4.7%-6.4pct6.8%4.9pct5.6%-23.0pct方正证券浙商证券东兴证券华安证券7715894458%-10%98%24%22.119.315.414.93%10%88%17%2,5561,5411,0521,0304823522842256%30%5%6%6.8%-0.2pct0.1pct2.5pct0.6pct29%12%16%33%-0.165%25%23%45%1.7pct20216.03.47.2%0.3pct5.7%7.7%-6.3pct-4.6pct2.1%10.3pct信达证券南京证券首创证券中泰证券红塔证券33312410920-6%27%25%-15%68%13.610.0-7%48%40%-48%145%1,0696984692,24759123817913242724434%4%7%7%6%3.2%-1.5pct1.7pct2.0pct-2.6pct1.9pct41%32%41%9%38%2.80.351%44%51%73%43%-28.5pc41.0(0.8)(0.9)1.02.71.02.04.31.1425962212.0%-0.2pct17.%.pct国海证券国联民生华