Ruida Futures(002961) 兴业证券·2024-08-29 02:14Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" recommendation based on expected performance relative to market indices [5]. Core Insights - The company has shown a significant increase in its brokerage business, with a 37.1% year-on-year growth in agency trading volume, leading to a market share increase of 0.18 percentage points to 0.84% [1][2]. - The asset management scale has rebounded, with a 3.5% increase year-on-year to 20.53 billion yuan, indicating potential for performance elasticity due to increased volatility in commodity markets [1][2]. - Risk management and overseas business have emerged as key profit growth areas, with overseas business revenue increasing by 160.1% year-on-year to 0.11 billion yuan [2][3]. - The company is expected to benefit from the growth in asset management scale and increased commodity market volatility, with projected net profits of 2.75 billion yuan and 3.12 billion yuan for 2024 and 2025, respectively, reflecting year-on-year growth of 12.9% and 13.5% [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of 1.00 billion yuan and net profit of 0.37 billion yuan, representing year-on-year increases of 65.4% and 16.6%, respectively [3]. - The company achieved a weighted average ROE of 5.05%, up by 0.50 percentage points year-on-year [3]. - Investment income has been a major contributor to profit growth, with investment income increasing by 1663.8% year-on-year to 1.26 billion yuan, primarily due to the appreciation of derivative financial instruments [3]. Cost and Expenses - Management expenses increased by 27.3% year-on-year to 1.70 billion yuan, driven by a 32.8% rise in employee compensation [3]. - The net profit margin decreased by 0.97 percentage points to 36.7% due to rising costs [3]. Business Segments - The company has focused on high-margin market-making and over-the-counter derivatives businesses, with OTC derivatives trading nominal principal increasing by 37.83% year-on-year to 539.89 billion yuan [3]. - The company’s market share in market-making reached 12.13%, contributing to a turnaround in the profitability of the risk management segment, which reported a profit of 0.66 billion yuan [3].