Ruida Futures(002961) 国泰君安·2024-08-27 01:23Investment Rating - The report maintains a "Buy" rating for Ruida Futures with a target price of 21.20 CNY per share, corresponding to a PE ratio of 35.18x and a PB ratio of 3.64x [4]. Core Views - The company's adjusted revenue for H1 2024 increased by 65.44% year-on-year to 100.2 million CNY, while net profit attributable to shareholders rose by 16.6% to 13.7 million CNY [4]. - The growth in investment net income, which surged by 1663.82% to 12.6 million CNY, was a significant driver of the revenue increase, primarily due to the realization of gains from financial instruments with improved valuations [4]. - The report highlights the company's continuous enhancement of its risk management services, which is expected to contribute to high-quality development [2][4]. Financial Summary - For H1 2024, the company reported revenue of 100.2 million CNY and a net profit of 13.7 million CNY, reflecting a year-on-year growth of 65.44% and 16.6%, respectively [4]. - The weighted average ROE increased by 0.5 percentage points to 5.05% [4]. - The financial forecast indicates a projected EPS of 0.60, 0.65, and 0.72 CNY for 2024, 2025, and 2026, respectively, with previous estimates being 0.57, 0.64, and 0.70 CNY [4][5]. Business Performance - The report notes a decline in net income from the futures brokerage business, which fell by 27.76% to 15.9 million CNY, negatively impacting overall performance [4]. - The company is actively expanding its risk management capabilities and coverage, which is expected to meet the growing demand from industrial clients [4].