Nanhua Futures(603093) 华创证券·2025-03-12 04:20Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures (603093) [1] Core Views - Interest income supports performance growth, and the competitive advantage of overseas business remains solid [1] - The company achieved total operating revenue of 5.71 billion yuan in 2024, a year-on-year decrease of 8.6%, while net profit attributable to shareholders was 457.97 million yuan, an increase of 14.0% year-on-year [7][8] - The report highlights the significant contribution of its subsidiary, Honghua International, which generated 6.5 billion yuan in revenue and 4.2 billion yuan in net profit, making it the main source of profit for the company [7] - The high interest rate environment has led to steady growth in overseas interest income, with overseas financial services revenue reaching 6.5 billion yuan, a year-on-year increase of 15.3% [7] - The report anticipates continued strong performance in overseas interest income, contributing significantly to profit growth in the coming years [7] Financial Summary - Main operating revenue (million yuan): 2024A: 5,711.61, 2025E: 7,351.52, 2026E: 8,049.95, 2027E: 8,841.05 [2] - Year-on-year growth rate (%): 2024A: -8.6%, 2025E: 28.7%, 2026E: 9.5%, 2027E: 9.8% [2] - Net profit attributable to shareholders (million yuan): 2024A: 457.97, 2025E: 534.93, 2026E: 576.07, 2027E: 644.75 [2] - Earnings per share (yuan): 2024A: 0.75, 2025E: 0.88, 2026E: 0.94, 2027E: 1.06 [2] - Price-to-earnings ratio (PE): 2024A: 16.19, 2025E: 13.85, 2026E: 12.86, 2027E: 11.49 [2] - Price-to-book ratio (PB): 2024A: 1.80, 2025E: 1.59, 2026E: 1.43, 2027E: 1.28 [2] Target Price - The target price for Nanhua Futures is set at 15.78 yuan, with the current price at 12.14 yuan [3]