Ruida Futures(002961) 华创证券·2024-08-28 00:03Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 13.71 yuan [1]. Core Insights - The company achieved total operating revenue of 1 billion yuan in H1, a year-on-year increase of 65.4%, and a net profit attributable to the parent company of 140 million yuan, up 16.6% year-on-year [1]. - The company's net profit market share increased to 3.6%, up 1.2 percentage points year-on-year, despite a decline in the overall market [1]. - The growth in risk management business significantly contributed to revenue, with the nominal principal of off-exchange derivatives trading reaching 53.99 billion yuan, a year-on-year increase of 37.83% [1]. - The company's agency transaction volume reached 47 trillion yuan, a year-on-year increase of 37.1%, with market share rising to 0.84% [1]. - The report projects EPS for 2024, 2025, and 2026 to be 0.69, 0.78, and 0.92 yuan respectively, with corresponding PE ratios of 14.97, 13.08, and 11.13 [1]. Financial Summary - Total operating revenue for 2024E is projected at 2,073 million yuan, with a year-on-year growth rate of 124% [2]. - Net profit for 2024E is estimated at 305 million yuan, reflecting a year-on-year growth of 25% [2]. - The company’s total assets are expected to reach 15,164 million yuan by 2024E, with a debt-to-asset ratio of 81.75% [3][6].