CITIC Securities Company Limited CIIHY

FinancialsInvestment Banking & Investment ServicesChina

Last close 26.95 USD on Nov 2, 2026, −22.3% year to date

Quant rating

Quant rating C Rank 136 of 304 in Financials

Growth B 100 of 304
Valuation A 19 of 304
Quality A 23 of 304
Revisions D 236 of 304
Momentum D 261 of 304

Wall Street consensus Buy (1.60)Average target 5.26 USD −80.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 56.0B
Enterprise value: 82.9B
52-week range: 25.41 – 38.79
3-year range: 13.52 – 40.25
Dividend yield: 3.95%
Beta (5 years): 0.64
Shares outstanding: 15,624M
Next earnings: Mar 24, 2027

About the company

CITIC Securities Co Ltd is a China-based company principally engaged in financial services business. The Company operates its businesses through five segments. The Investment Banking segment engages in securities placement, underwriting activities and financial advisory services. The Brokerage segment engages in securities and futures dealing and brokerage, and the sale of financial products as agent. The Trading segment engages in equity, fixed income, derivatives trading and market-making, margin financing and securities lending and alternative investment activities. The Asset Management segment engages in asset management services to asset management plans, fund management and other investment account management. The Other segment engages in private equity investment, principal investment, bulk commodity trading and other financial activities. The Company mainly operates its businesses in the domestic and overseas markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,374	9,942	9,369	10,307	13,045	–
Revenue growth	24.5%	6.1%	−9.1%	−21.0%	43.4%	6.3%
EPS (basic, normalized)	0.28	0.19	0.18	0.21	0.26	–
EPS growth	46.0%	5.9%	−13.8%	−19.8%	–	–
Gross margin	86.5%	87.9%	90.2%	91.6%	92.3%	89.7%
Net margin	33.6%	28.8%	28.9%	29.3%	27.7%	29.6%
ROE	–	8.1%	7.8%	8.7%	12.1%	9.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	84,590
Current ratio	–
Long-term debt (mil)	31,903
Net debt (mil)	26,548
Total equity (mil)	54,800
Net debt / equity	0.48x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	12,374	+24.5%	6.7x	2.73	+3.3%	9.9x	0.28	+46.0%	95.9x
2026	13,589	+9.8%	6.1x	3.34	+22.6%	8.1x	0.38	+36.8%	70.1x
2027	14,544	+7.0%	5.7x	3.62	+8.5%	7.4x	0.41	+7.1%	65.4x
2028	15,794	+8.6%	5.2x	3.96	+9.4%	6.8x	0.45	+10.4%	59.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,589	−5.1%	−3.0%	+0.9%	0.38	−5.1%	−3.2%	+6.5%
2027	14,544	−5.5%	−2.7%	−0.7%	0.41	−5.7%	−3.4%	+3.9%
2028	15,794	−5.9%	−1.5%	+0.2%	0.45	−6.1%	−4.2%	+5.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	13,755	16,429	15,958	17,648	17,761	15,278	22,775	19,015	23,155	26,537
Sales mean (mil)	19,146	14,873	15,797	18,750	18,942	19,239	19,007	19,799	20,747	23,547
Surprise	−28.2%	+10.5%	+1.0%	−5.9%	−6.2%	−20.6%	+19.8%	−4.0%	+11.6%	+12.7%
EPS reported	0.32	0.37	0.40	0.32	0.42	0.47	0.62	0.45	0.67	0.86
EPS mean	0.44	0.37	0.38	0.37	0.48	0.46	0.47	0.51	0.55	0.69
Surprise	−26.5%	−0.9%	+6.7%	−12.9%	−12.4%	+2.3%	+30.4%	−11.4%	+22.2%	+23.8%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CIIHY CITIC Securities Company Limited	56.0B	–	33.6%	1.09x	70.1x	65.4x	–	–
MQBKY Macquarie Group Ltd	67.8B	–	–	–	19.2x	18.2x	–	–
DBOEY Deutsche Boerse AG	64.5B	–	26.9%	5.07x	27.5x	25.3x	18.3x	17.3x
LSEGY London Stock Exchange Group PLC	61.2B	–	13.4%	2.49x	19.7x	17.3x	11.5x	10.7x
NDAQ Nasdaq Inc	60.3B	2.69x	21.6%	5.06x	26.3x	23.0x	19.4x	17.4x
HKXCY Hong Kong Exchanges and Clearing Limited	60.3B	−14.15x	61.5%	7.79x	23.9x	23.6x	5.9x	5.8x
Mean		−5.73x	31.4%	4.30x	31.1x	28.8x	13.8x	12.8x
Median		−5.73x	26.9%	5.06x	25.1x	23.3x	14.9x	14.0x

Technical analysis

1M−17.9%
3M−22.8%
1Y−28.4%
3Y+37.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CITIC Securities Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,374	9,942	9,369	10,307	13,045	9,100
Cost of revenue	1,665	1,205	922	870	1,004	774
Gross profit	10,708	8,738	8,447	9,437	12,041	8,326
Selling, general & administrative expenses	4,582	3,955	3,936	3,989	4,258	2,942
Research & development	–	–	–	–	–	–
Depreciation/amortization	222	237	221	242	261	230
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	124	−154	−67.8	−58.0	470	1,026
Other operating expenses	36.4	794	678	1,087	1,948	964
Operating income	5,744	3,905	3,679	4,177	5,105	3,163
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−49.0	−12.0	10.1	20.3	−83.7	−25.7
Net income before taxes	5,695	3,893	3,689	4,197	5,021	3,137
Provision for taxes	1,261	799	795	983	1,242	759
Minority interest	−133	−121	−115	−123	−143	−94.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,301	2,973	2,778	3,091	3,637	2,284
Extraordinary items	–	–	–	–	–	–
Net income	4,301	2,973	2,778	3,091	3,637	2,284
EBIT, normalized	5,867	3,751	3,611	4,119	5,575	4,189
EBITDA, normalized	6,154	4,023	3,871	4,359	5,861	4,449
Basic EPS, normalized	0.28	0.19	0.18	0.21	0.26	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CITIC Securities Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	65,127	49,477	41,411	45,850	44,009	35,815
Receivables	17,252	10,055	9,728	8,340	5,846	6,432
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	1,585	1,430	1,578	1,482	1,526	1,425
Goodwill	1,206	1,157	1,189	1,222	1,366	1,652
Intangibles	463	455	472	496	566	438
Long-term investments	176,050	144,514	127,822	108,778	125,972	99,911
Note receivable	–	–	–	–	–	–
Other long-term assets	118,405	86,810	73,701	77,751	71,868	57,948
Total assets	297,708	234,366	204,762	189,730	201,298	161,374
Liabilities
Accounts payable	36,118	27,151	27,905	29,764	27,692	18,230
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,600	3,106	2,845	2,874	3,059	2,800
Short-term debt	76,899	67,467	56,636	38,497	48,466	34,599
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	22,771	19,881	20,668	18,803	28,927	26,757
Minority interest	843	775	755	762	730	639
Other liabilities	228,345	173,555	145,462	133,466	138,712	106,129
Total liabilities	251,959	194,211	166,885	153,031	168,368	133,525
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,119	2,030	2,088	2,149	2,035	1,981
Additional paid-in capital	12,981	12,439	12,796	13,185	10,331	10,058
Retained earnings (accumulated deficit)	25,024	21,291	20,477	19,342	18,987	15,761
Treasury stock	–	–	–	–	–	–
Other equity	5,626	4,395	2,515	2,023	1,577	48.6
Total equity	45,749	40,156	37,876	36,699	32,929	27,849
Total liabilities & shareholders' equity	297,708	234,366	204,762	189,730	201,298	161,374

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CITIC Securities Company Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−23,514	−7,913	−4,092	−2,031	3,912	−2,799
Cash from operations	10,597	23,641	−5,753	11,385	4,480	15,605
Investing activities
Capital expenditures	−214	−177	−223	−189	−113	−93.4
Other investing cash flows	−786	−9,997	−2,341	74.3	−975	−958
Cash from investing	−999	−10,174	−2,564	−115	−1,089	−1,051
Financing activities
Financing cash flow items	804	1,715	172	4,132	1,550	−683
Cash dividends paid	−1,671	−2,462	−1,946	−2,184	−1,904	−2,103
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	8,743	−1,358	8,576	−8,017	1,883	4,625
Cash from financing	7,877	−2,105	6,802	−6,069	1,529	1,839
Foreign exchange effects	−88.3	33.6	56.2	80.7	−250	−296
Net change in cash	17,386	11,396	−1,459	5,282	4,670	16,097
Free cash flow	10,383	23,464	−5,976	11,196	4,367	15,512

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.