证券研究报告 | 2024年05月02日 永安期货（600927.SH） 增持 一季度收益下滑，衍生品投行待发力 核心观点 公司研究·财报点评 永安期货公布2023年报与2024年一季度报告。2023年，公司实现营业收入 非银金融·多元金融 238.23亿元，同比下滑31.5%；归母净利润7.29亿元，同比提升8.3%；扣除 证券分析师：孔祥 证券分析师：林珊珊 非经常性损益后的净利润为7.12亿元，同比提升5.87%；ROE为5.97%，同比 021-60375452 0755-81981576 kongxiang@guosen.com.cn linss@guosen.com.cn 提升0.26pct。2024年一季度，公司实现营业收入43.38亿元，同比下滑19.1%； S0980523060004 S0980518070001 实现归母净利润0.78亿元,同比下滑62.6%，对应EPS0.05元，同比下滑64%； 基础数据 ROE为0.63%，同比减1.1pct。业绩下滑主要因股票市场波动导致金融产品和 投资评级 增持(维持) 股权投资收益下降，叠加交易所减收政策调整等影响，公司后续有望持续提高 合理估 ...

[Table_MainInfo] 公司研究/金融/综合金融服务 证券研究报告 永安期货（600927）公司年报点评 2024年05月02日 2023 年境外业务大幅增长，投资下滑与 政策调整导致 24Q1 净利润承压 [投Tab资le要_Su点mm：ar y]  【事件】永安期货发布 2023 全年及 2024Q1 业绩：1）2023 年营业收入 238 亿元，同比-31.5%。归母净利润7.3亿元，同比+8.3%。归母净资产较年初+3.7%， 较Q3末+0.4%。每股分红0.15元，同比微升，分红率约30.2%，保持稳定。 2）23Q4单季营收50亿元，同比-17.8%，归母净利润1.7亿元，同比-15.2%。 3）24Q1营业收入43亿元，同比-19.1%。归母净利润0.8亿元，同比-62.6%。 归母净资产较年初+0.6%。  2023 年业绩：手续费净收入及投资收益下滑，境外业务盈利大幅提升。1） 公司利息净收入 6.8 亿元，同比+5.5%；手续费及佣金净收入 7.6亿元，同比 -3.8%，主要是资管与基金销售业务下滑所致；而投资收益为-0.29亿元，上年 同期为3.4亿元，主要为金融资产投资收 ...

公司研 究 证 券研究 报 告 其他非银金融 2024年04月28日 永 安期货（600927）2023年报及 2024年一季报点评 推 荐 （维持） 目标价：15.3元 基差业务拖累业绩，境外业务增速亮眼 当前价：13.16元 事项： 华创证券研究所  23年实现营业收入238.2亿元（同比-31.5%），以净额法计算（扣减其他业务 证券分析师：徐康 成本）营业收入18.7亿元（同比-20.4%），归母净利润7.3亿元（同比+8.3%）。 24Q1实现营业收入43.4亿元（同比-19.1%），以净额法计算营业收入4.4亿元 电话：021-20572556 （同比-15.5%），归母净利润 0.8 亿元（同比-62.6%），归母净资产 124.7亿元 邮箱：xukang@hcyjs.com （较期初+0.6%，较22年底+4.4%）。 执业编号：S0360518060005 评论： 联系人：刘潇伟  基差贸易业务拖累业绩。公司风险管理业务以基差贸易为主（22~23年平均收 邮箱： liuxiaowei@hcyjs.com 入贡献比99.8%），23年销售货物收入大幅下降至221.4亿元（同比-32.8%） ...

股 票 研 究 [Table_industryInfo] 综合金融/金融 [ T able_Main[ 永ITnaf 安bol]e 期_Ti 货tle] ( 600927) [评Tab级le_：Inv est] 增持 上次评级： 增持 风险管理业绩承压，夯实能力抢抓机遇 目 标 价 19.94 格： 上次预测： 19.94 ——永安期货2023年报及2024年一季报点评 公 当前价格： 13.16 司 刘欣琦(分析师) 王思玥(研究助理) 2024.04.28 更 021-38676647 021-38031024 liuxinqi@gtjas.com wangsiyue028676@gtjas.com [交Ta易bl数e_M据a rket] 新 证书编号 S0880515050001 S0880123070151 52周内股价区间（元） 12.32-19.39 报 总市值（百万元） 19,403 本报告导读： 总股本/流通 A股（百万 1,456/528 告 高波动市场环境中，风险管理业务拖累业绩；预计公司将持续巩固并提升对产业客 股流）通 B 股/H 股（百万 0/0 户需求的满足能力，抢抓实体企业风险管 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 多元金融 ＃investSuggestion＃ ＃ ＃d 永yCo 安mp 期any＃货 （ 600927 ） investSu ggestion 000009风 险 管理拖累利 润＃t，itle境＃ 外业 务贡献增量 增持 ( 维持 ） Change ——永安期货 2023 年报及 2024 年一季报点评 ＃ ＃ createTime1＃ 2024年 4月 26日 公 相关报告 投资要点 司 《永安期货 2023 年三季报点 ＃⚫ sum永ma安ry＃期 货发布 2023 年报及 2024 年一季报，2023 年分别实现营业收入及 点 评：风险管理拖累业绩，看好衍 归母净利润238.23、7.29亿元，同比分别-31.5%、+8.3%，加权平均ROE 生品投行增长潜力》2023-10-27 评 同比+0.26pct 至 5.97%；2024 年一季度分别实现营业收入及归母净利润 《永安期货2023年中报点评： 报 投资收益提振业绩，期货龙头综 43.38、0.78亿元，同比分别-19.1%、-62.6%。 合实力领先》2023- ...

2024 年第一季度报告 证券代码：600927 证券简称：永安期货 永安期货股份有限公司 2024 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | --- | --- | --- | |-----------------------------------------------|--------------------|-------------------------------------| | 项目 | 本报告期 | 本报告期比上年同期增 减变动幅度 (%) | | 营业收入 | 4,338,090,650.68 | ...

Dividend Distribution - The company's total share capital is 1,455,555,556 shares, and the total cash dividend distributed for 2023 is RMB 117,900,000.04, with RMB 0.81 per 10 shares (including tax)[4] - The cash dividend distributed for the first three quarters of 2023 is RMB 101,888,888.92, with RMB 0.70 per 10 shares (including tax)[4] - The total cash dividend distributed for 2023 accounts for 30.17% of the net profit attributable to the parent company's shareholders in the consolidated financial statements[4] - The company's total share capital is 1,455,555,556 shares, and it distributed a cash dividend of RMB 0.81 per 10 shares, totaling RMB 117,900,000.04 for the year 2023[171] - The total cash dividends distributed in 2023, including the RMB 0.70 per 10 shares distributed in the first three quarters, amounted to RMB 219,788,888.96, representing 30.17% of the net profit attributable to the parent company's shareholders[171][175] - The company's net profit attributable to the parent company's shareholders in 2023 was RMB 728,579,065.99[175] - The company's cash dividend policy requires that the cash dividend ratio should be at least 80% for mature companies without major capital expenditure plans, 40% for mature companies with major capital expenditure plans, and 20% for growth-stage companies with major capital expenditure plans[170] - The company's cash dividend policy ensures that the cumulative cash dividends distributed in the past three years are no less than 30% of the average annual distributable profits for the same period[169] Financial Performance - Revenue for 2023 decreased by 31.50% to RMB 23,822,683,408.79 compared to RMB 34,775,401,676.38 in 2022[48] - Net profit attributable to the parent company's shareholders increased by 8.34% to RMB 728,579,065.99 in 2023 from RMB 672,485,200.22 in 2022[48] - Net cash flow from operating activities was negative RMB 5,303,754,078.67 in 2023, compared to negative RMB 558,614.43 in 2022[48] - Total assets increased by 3.24% to RMB 70,419,300,597.02 at the end of 2023 from RMB 68,207,237,787.91 at the end of 2022[48] - Basic earnings per share increased by 8.70% to RMB 0.50 in 2023 from RMB 0.46 in 2022[49] - Weighted average return on equity (ROE) increased by 0.26 percentage points to 5.97% in 2023 from 5.71% in 2022[49] - Net capital increased to RMB 4,098,037,646.09 at the end of 2023 from RMB 3,905,144,080.89 at the end of 2022[51] - The ratio of net capital to risk capital preparation increased to 313% in 2023 from 299% in 2022[51] - Revenue in Q4 2023 was RMB 5,030,748,407.81, a decrease compared to RMB 6,825,900,016.39 in Q3 2023[53] - Net profit attributable to the parent company's shareholders in Q4 2023 was RMB 169,497,830.09, an increase compared to RMB 146,987,069.15 in Q3 2023[53] - Non-recurring profit and loss items for 2023 totaled RMB 16,695,207.36, a significant increase from RMB 82,812.34 in 2022[56] - Government subsidies in 2023 amounted to RMB 29,187,530.20, a substantial increase from RMB 9,756,659.10 in 2022[54] - The company's revenue for 2023 was RMB 23.823 billion, a decrease of 31.50% year-over-year[59] - Net profit attributable to the parent company in 2023 was RMB 729 million, an increase of 8.34% year-over-year[59] - The weighted average return on equity (ROE) for 2023 was 5.97%[59] - The company's strategic investments in 2023 amounted to RMB 678 million, focusing on key industries such as pig farming and new energy[59] - The domestic futures market's client equity scale at the end of 2023 was RMB 1.42 trillion, a decrease of 3.92% year-over-year[60] - The company's trading financial assets increased by RMB 2.206 billion in 2023, reaching RMB 11.052 billion[57] - The company's trading financial liabilities decreased by RMB 540.8 million in 2023, totaling RMB 1.166 billion[57] - The company's other equity instrument investments decreased by RMB 5.018 million in 2023, amounting to RMB 18.658 million[57] - Domestic futures agency trading volume reached 234 million hands, with a transaction amount of 15.92 trillion yuan, and client equity at the end of the reporting period was 45.732 billion yuan[61] - Fund sales business revenue for 2023 was 61 million yuan, with the company optimizing asset selection and expanding asset categories, forming a distinctive asset pool[64] - Asset management business revenue for 2023 was 14.1378 million yuan, with the company launching 11 active management series products and 7 FOF series products[66] - Risk management business revenue for 2023 was 22.332 billion yuan, with a net profit industry share of 20%, ranking among the top in the industry[69] - Overseas financial services business revenue reached 285 million yuan, a year-on-year increase of 39%, with operating profit of 137 million yuan, up 163% year-on-year, and a net asset return rate exceeding 14%[70] - The company's overseas futures brokerage business saw a 20.45% increase in client equity, reaching 583 million USD by the end of the reporting period[70] - The company sold 23 fund products overseas, a 53.33% increase year-on-year, with fund sales amounting to 84.54 million USD and capital introduction scale of 80 million USD[70] - Total assets of the company reached 70.419 billion yuan, an increase of 3.24% compared to the end of the previous year[94] - Revenue for the year was 23.823 billion yuan, a decrease of 31.50% year-on-year[94] - Net profit attributable to shareholders of the listed company was 729 million yuan, an increase of 8.34% year-on-year[94] - Operating cash flow was -5.304 billion yuan, compared to -0.5586 million yuan in the same period last year[95] - Investment cash flow was 111.856 million yuan, an increase of 110.67% year-on-year[95] - Financing cash flow was -609.695 million yuan, compared to -1.884 billion yuan in the same period last year[95] - Revenue from futures brokerage business was 1.141 billion yuan, an increase of 23.09% year-on-year[98] - Revenue from overseas business (gross method) was 284.727 million yuan, an increase of 38.77% year-on-year[98] - R&D investment totaled 20.723 million yuan, accounting for 0.09% of total revenue[102] - The company has 32 R&D personnel, accounting for 2.72% of the total workforce[103] - Net increase in cash and cash equivalents for 2023 was -5.781 billion yuan, compared to -1.748 billion yuan in the same period last year, mainly due to increased payments related to operating activities[104] - Settlement reserves increased by 2,390.59% to 28,134,920.44 yuan, accounting for 0.04% of total assets[105] - Receivables from pledged deposits decreased by 59.76% to 1,399,980,752.00 yuan, accounting for 1.99% of total assets[105] - Accounts receivable decreased by 46.60% to 168,682,463.45 yuan, accounting for 0.24% of total assets[105] - Other receivables decreased by 51.07% to 1,060,013,018.13 yuan, accounting for 1.51% of total assets[105] - Inventory increased by 40.35% to 1,144,637,300.56 yuan, accounting for 1.63% of total assets[105] - Overseas assets amounted to 6,047,079,100.00 yuan, accounting for 8.59% of total assets[106] - Restricted assets totaled 2,497,312,661.43 yuan, including 1,397,602,592.43 yuan in monetary funds and 949,775,400.23 yuan in trading financial assets[107] - Long-term equity investments at the end of the reporting period amounted to 863,027,970.61 yuan, including 832,441,745.64 yuan in Yongan Guofu[109] - Yongan Capital achieved total assets of 143.58 billion yuan and net profit of 158.12 million yuan in 2023[112] - Zhongbang Industrial reported a net loss of 8.22 million yuan in 2023[112] - New Yongan Financial Holdings generated revenue of 284.73 million yuan and net profit of 136.96 million yuan in 2023[112] - Yongan Guofu recorded total assets of 34.21 billion yuan and net profit of 149.63 million yuan in 2023[112] - China's GDP exceeded 126 trillion yuan in 2023, with a year-on-year growth of 5.2%[114] Risk Management - The company faces risks including market risk, credit risk, operational risk, liquidity risk, reputational risk, compliance and legal risk, and IT risk[6] - The company has a comprehensive risk management system, including a clear organizational structure, a series of risk control compliance systems, and a risk control process covering pre-event, in-event, and post-event stages[83] - The company has established a comprehensive risk management system, including customer identity verification, credit assessment, and risk control measures to ensure the effectiveness of internal controls[125] - The company has developed a stock scoring and bond credit evaluation system, and maintains a continuously graded and tracked investment pool for stocks and bonds[125] - The company has strengthened cooperation with banks, expanded credit lines, and implemented daily liquidity tracking and large fund demand reservation management to optimize its asset-liability structure[127] - The company has established a reputation risk management framework, including a 7*24-hour public opinion monitoring system and regular training to enhance employee awareness of reputation risks[128] - The company has implemented a compliance management system linked to performance evaluation, ensuring legal and regulatory compliance through internal supervision and continuous optimization of internal controls[129] - The company has invested in IT infrastructure, including hardware and software, and established a complete set of IT-related systems to ensure the stable operation of its information technology systems[130] - The company has a well-established corporate governance structure, including a board of directors with specialized committees, to ensure the long-term stable development of the company[132] - The company maintains independence in assets, personnel, finance, organization, and business operations, with no interference from its actual controller, the Zhejiang Provincial Department of Finance[133][134][135][136] - The company reviewed over 300 internal control systems and formulated or revised more than 50 systems in 2023, covering areas such as corporate governance, anti-money laundering, IT, compliance auditing, and employee management[176] - The company's internal control systems are fully managed online, enhancing the effectiveness and granularity of internal control management[176] - The company's subsidiary, Yong'an Capital, focuses on risk management business, including spot trading, OTC derivatives, market making, and customer management, with a comprehensive internal control system in place[177] - The company's subsidiary, New Yong'an Financial Holdings, is located in Hong Kong and aims to expand overseas markets, with a focus on futures brokerage, securities brokerage, and asset management businesses[177] - The company has established a comprehensive internal control system across its subsidiaries, ensuring compliance with regulatory requirements and effective risk management[177] - The company has been recognized for its internal control practices, receiving a standard unqualified opinion from Da Hua Certified Public Accountants for its 2023 internal control audit[178] Business Operations and Expansion - The company holds a total of 31 branches and 13 business departments, all licensed for securities and futures business[16] - The company's subsidiary, Yong'an Capital, is engaged in risk management businesses including basis trade, OTC derivatives, and market-making[16] - The company's Hong Kong subsidiary, New Yong'an Financial Holdings, covers overseas futures brokerage, asset management, securities, and lending businesses[16] - The company has been approved for various business qualifications including futures brokerage, financial futures brokerage, and asset management since 1994[17] - Yong'an Capital has been approved for market-making business and holds a valid Food Business License and Hazardous Chemicals Business License[18] - New Yong'an Futures holds licenses for futures contract trading and advisory services in Hong Kong[19] - New Yong'an Securities and New Yong'an Asset Management hold licenses for securities trading and asset management in Hong Kong[19] - The company and its subsidiaries hold memberships in multiple exchanges and industry associations, including Shanghai Futures Exchange and China Futures Association[20] - As of the end of the reporting period, the company had established 31 branches and 13 business departments, with 16 branches in Zhejiang province[39] - The company's branch distribution includes 6 branches in Shandong, 3 in Liaoning, 2 in Fujian, Guangdong, Hebei, and Jiangsu, and 1 in Beijing, Henan, Hunan, Jilin, Jiangxi, Shaanxi, Shanghai, Sichuan, Tianjin, and Chongqing[42] - The company has a total of 31 branches and 2 business departments, with the earliest branch established in December 2000 (Wenzhou Branch) and the latest branch established in September 2021 (Hangzhou Yuhang Branch)[43][44][45] - The branches are distributed across 15 provinces and cities in China, with the highest concentration in Zhejiang Province (12 branches)[43][44] - The company has expanded its presence in key financial hubs such as Beijing, Shanghai, Shenzhen, and Guangzhou, with branches established between 2001 and 2011[43][44] - The company has established branches in major cities in Northeast China, including Shenyang (2007), Changchun (2011), and Dalian (2014)[43][44] - The company has expanded its presence in the Yangtze River Delta region, with branches in cities such as Ningbo (2002), Jiaxing (2003), and Shaoxing (2003)[43] - The company has established branches in key cities in Shandong Province, including Zibo (2010), Weifang (2012), and Jinan (2015)[43][44] - The company has expanded its presence in the Pearl River Delta region, with branches in Guangzhou (2011) and Shenzhen (2012)[43][44] - The company has established branches in major cities in Central China, including Zhengzhou (2014) and Xi'an (2019)[44] - The company has expanded its presence in the Fujian Province, with branches in Fuzhou (2001) and Xiamen (2014)[43][44] - The company has established branches in key cities in Jiangsu Province, including Nanjing (2017) and Wuxi (2007)[44][45] - The company plans to focus on stabilizing existing business and expanding new business in 2024, leveraging multi-business synergies and enhancing research capabilities[62] - In 2024, the company aims to promote high-quality transformation of wealth business, focusing on asset quality and quantity, and enhancing customer experience[65] - The company plans to deepen the integration of production, investment, and research in 2024, strengthening investment team building and expanding multi-asset research capabilities[67] - Risk management business added 1,400 new clients in 2023, a 65% year-on-year increase, with new nominal principal of over 160 billion yuan, a 22% year-on-year increase[69] - The company's market-making business saw a significant increase in 2023, with trading volume reaching 38 million hands, a 216% year-on-year increase, and trading value of approximately 1.7 trillion yuan, a 243% year-on-year increase[69] - The company plans to actively embrace transformation opportunities in 2024, focusing on deepening parent-subsidiary collaboration and enhancing digital and intelligent construction in risk management business[69] - The company plans to explore the creation of an online integrated trading platform in 2024 to enhance the efficiency of overseas financial services[71] - The company's overseas financial services business is conducted through Xin Yong'an Financial Holdings and its subsidiaries, covering futures brokerage, asset management, securities, fund sales, and lending businesses[80] - The company has a diversified business layout, including futures brokerage, fund sales, asset management, risk management, and overseas financial services, forming a synergistic business ecosystem[81] - The company's asset management business has won multiple industry awards, including "China's Excellent Futures Asset Management Brand" and "Best Futures Asset Management Award"[81] - The company's risk management subsidiary, Yong'an Capital, has established a comprehensive business model including basis trade, OTC derivatives, and market-making, and is a leading enterprise in the industry[81] - The company's overseas subsidiary, Xin Yong'an Financial Holdings, has a strong presence in the Asian market and serves cross-border development needs and high-net-worth clients' global asset allocation[82] - The company's headquarters is located in Hangzhou, with a nationwide network layout centered in Zhejiang Province, covering major cities and industrial clusters across China, including the central and western regions[91] - In 2023, Zhejiang Province's GDP reached 8,255.3 billion yuan, a year-on-year increase of 6%, and the province's futures brokerage business customer equity totaled 140.51 billion yuan, accounting for nearly one-tenth of the national total[91] - The company upgraded 3 branches to subsidiaries during the reporting period, enhancing service capabilities and competitiveness. By the end of the reporting period, the company had 31 subsidiaries and 13 branches in China[92] - The company conducted 421 investor education activities during the reporting period, a year-on-year increase of 36.

证券代码：600927 证券简称：永安期货 永安期货股份有限公司 投资者关系活动记录表 （2023年11月） 编号：2023-010 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 投资者关系活动类别 现场参观 其他（线下交流会） 参与单位名称 东兴证券、大成基金 会议时间 2023年11月7日 14:00-16:00 浙江省杭州市上城区新业路200号华峰国际商务大厦21 会议地点 楼会议室 副总经理、董事会秘书兼财务总监，证券事务代表及董 上市公司接待人员姓名 ...

证券代码：600927 证券简称：永安期货 永安期货股份有限公司 投资者关系活动记录表 编号：2023-009 特定对象调研 分析师会议 媒体采访 业绩说明会 投资者关系活动类别 新闻发布会 路演活动 现场参观 其他（请文字说明其他活动内容） 参与单位名称及人员 线上参与公司2023年第三季度业绩说明会的投资者 姓名 2023年11月15日 10:00-11:00 会议时间 价值在线（https://www.ir-online.cn/） 会议地点 董事长 葛国栋 总经理 黄志明 副总经理、董事会秘书、财务总监 黄峥嵘 上市公司接待人员姓名 ...

2023 年第三季度报告 单位：元 币种：人民币 证券代码：600927 证券简称：永安期货 永安期货股份有限公司 2023 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|-----------------------------------------|-------------------|------------------------------ ...