China A-share · SSE · 600030
CITIC Securities (600030) stock analysis: valuation and financials
资本市场服务
¥25.01 -2.3% Price as of Oct 21, 2026
Full-license leader with FY2025 revenue of RMB 74.85 billion and a net margin of 40.2%, but highly cyclical with surging receivables (DSO 580 days); PE 9.85x, risk-reward neutral to slightly positive.
- Market cap
- ¥390.8B
- P/E
- 9.9x
- EV/Sales
- —
- FCF yield
- —
- 52-week range
- ¥23.54 – ¥29.51
Research as of Oct 21, 2026 · Translated from the Chinese report
Business quality scorecard
- Growth72
- Capital allocation61
- Valuation100
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Revenue comes from proprietary investment, brokerage commissions, asset management and underwriting fees, with clients comprising institutional and retail investors; the securities investment business accounts for 36.9% of revenue and is the largest source of both revenue and profit, with an FY2025 net margin of 40.2%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥76.5B | ¥65.1B | ¥60.1B | ¥58.1B | ¥74.9B |
| Revenue growth | +40.7% | -14.9% | -7.7% | -3.2% | +28.8% |
| Net income | ¥23.1B | ¥21.3B | ¥19.7B | ¥21.7B | ¥30.1B |
Amounts in CNY · What is free cash flow?
Margins Net margin rose from 37.3% to 40.2% (FY2025), TTM 43.4%; the reason is that revenue grew 28.8% while administrative expenses grew only 10.1%, with the expense ratio falling about 750bps, which constitutes the main driver; gross margin was not disclosed.
- Cash flow WatchOperating cash flow, free cash flow, equity incentives and capital expenditure were all not disclosed, so cash conversion and FCF margin cannot be verified.
- Debt ManageableInterest-bearing debt, net debt, net debt/EBITDA, interest coverage and maturity structure were all not disclosed, so the leverage level cannot be quantified.
Management and track record
- Management Adequate2025 revenue of RMB 74.85 billion and net profit of RMB 30.08 billion, with net margin rising to 40.2% and EPS up 39.0% YoY, marking a strong earnings recovery.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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