Nanhua Futures(603093) 国泰君安·2025-03-11 12:02Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 15.23, which corresponds to a 2025 PE of 17.92x and a PB of 2.37x [2][3][16]. Core Insights - The company's performance met expectations, driven by a significant increase in net interest income, which rose by 25.01% year-on-year to 682 million yuan in 2024. This contributed 239.48% to the adjusted revenue growth [3][16]. - The company is planning to list on the Hong Kong Stock Exchange, which is expected to enhance its overall strength and risk resilience [3][16]. - The company has seen a substantial increase in client equity scale, with futures margin deposits growing by 69% compared to the end of 2023, indicating effective client acquisition strategies [16]. Financial Summary - Revenue for 2023 was 6,247 million yuan, with a projected decline to 5,712 million yuan in 2024, reflecting an 8.4% decrease. However, net profit attributable to shareholders is expected to rise from 402 million yuan in 2023 to 458 million yuan in 2024, marking a 63.3% increase [5][16]. - The earnings per share (EPS) is projected to increase from 0.66 yuan in 2023 to 0.75 yuan in 2024, with further growth expected in subsequent years [5][16]. - The return on equity (ROE) is anticipated to improve from 10.8% in 2023 to 11.1% in 2024 [5][16]. Market Data - The company's current stock price is 12.57 yuan, with a 52-week price range of 8.32 to 14.54 yuan [6][16]. - The total market capitalization is 7,669 million yuan, with a total share capital of 610 million shares [6][16]. Future Projections - The report projects a gradual decline in revenue from 5,712 million yuan in 2024 to 5,503 million yuan in 2027, while net profit is expected to grow steadily from 458 million yuan in 2024 to 634 million yuan in 2027 [5][16]. - The company aims to enhance its capital strength through the planned H-share listing, which will support its independent clearing system and global strategic layout [16].