Ruida Futures(002961) 华创证券·2024-10-29 16:06Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 19.11 CNY, compared to the current price of 15.53 CNY [1]. Core Insights - The company's performance exceeded expectations, with total revenue of 1.67 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 104.7%, and a net profit of 270 million CNY, up 51.2% year-on-year [1]. - In Q3 2024, the company achieved total revenue of 670 million CNY, a year-on-year increase of 217.7%, while net profit reached 130 million CNY, up 116.3% year-on-year [1]. - The company's net profit market share increased to 4.1%, up 1.7 percentage points year-on-year, indicating a strong performance relative to the industry [1]. - Investment income was a significant contributor to the company's performance, with investment revenue turning from a loss of 20 million CNY to a profit of 270 million CNY [1]. - The overall activity in the futures market has rebounded, with a year-on-year increase in trading volume and value of 11.86% and 3.75%, respectively, for the first nine months of 2024 [1]. Financial Summary - The company reported total revenue of 2.244 billion CNY for 2024E, with a projected year-on-year growth rate of 142% [2]. - The net profit for 2024E is estimated at 359 million CNY, reflecting a year-on-year increase of 47% [2]. - The earnings per share (EPS) for 2024E is projected to be 0.81 CNY, with corresponding price-to-earnings (PE) ratios of 19.24 for 2024E, 17.06 for 2025E, and 15.68 for 2026E [2][5].