Ruida Futures(002961) 国泰君安·2024-10-28 19:11Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 21.20 CNY per share, corresponding to a PE ratio of 27.89x and a PB ratio of 3.33x [4][9]. Core Insights - The company's investment income has significantly increased due to the rise in derivative financial instrument earnings, leading to a substantial growth in overall investment returns. The company is expected to benefit from policies that promote high-quality development in the industry, leveraging its comprehensive service capabilities [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 1.669 billion CNY and 271 million CNY, respectively, representing year-on-year increases of 104.66% and 51.15%. The weighted average ROE increased by 2.89 percentage points to 9.86%, indicating better-than-expected performance [9][10]. - The investment business net income turned profitable at 267 million CNY, a year-on-year increase of 285 million CNY, contributing 169.81% to the adjusted revenue growth. This was primarily due to increased earnings from structured derivative financial instruments included in the consolidation scope [9][10]. Market Environment and Policy Impact - The company is positioned to benefit from policies aimed at fostering high-quality development in the futures industry. The issuance of guidelines to strengthen regulation and prevent risks is expected to promote stable operations and high-quality growth in the futures market [9][10]. - As a leading futures company engaged in comprehensive services, the company is enhancing its customer acquisition capabilities and client retention through risk management and asset management services [9][10]. Financial Projections - The report projects revenue growth for the company, with expected revenues of 2.068 billion CNY in 2024, reflecting a year-on-year growth of 123.3%. The net profit is projected to be 336 million CNY, a growth of 37.9% [10][11]. - The company’s earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 0.76 CNY, 0.67 CNY, and 0.74 CNY, respectively [9][10].