证券代码：600927 证券简称：永安期货 公告编号：2024-045 永安期货股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 12 日(星期二)上午 10:00- 11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 投 资 者 可 于 2024 年 11 月 12 日 前 访 问 网 址 https://eseb.cn/1j2Jd5UBUnm 或扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资 者普遍关注的问题进行回答。 永安期货股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布 2024 年第三季度报告，为便于广大投资者更全面深 入地了解公司的财务状况以及经营成果，公司定于 2024 年 11 月 12 日上午 10:00-11:00 召开 2024 年第三季度业绩说明会，就投 资者关心的问题进行交流 ...

[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）公司季报点评 2024 年 11 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 01 日收盘价（元） ] | 14.07 | | 52 周股价波动（元） | 10.50-16.60 | | 总股本 / 流通 A 股（百万股） | 1456/528 | | 总市值 / 流通市值（百万元） | 20480/7422 | | 相关研究 | | | [Table_ReportInfo] 《 Q2 净利润增速显著好转，上半年投资收益 | | | 明显提升》 2024.08.30 | | | 《 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》 | 2024.05.02 | 市场表现 [T ...

Investment Rating - The report maintains a "Recommend" rating for the company [1][3]. Core Views - The company achieved a total operating revenue of 18.67 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 0.6%. However, the net profit attributable to the parent company decreased by 25% to 4.2 billion yuan [1]. - The investment business revenue saw significant growth, with investment income increasing by 141.1% year-on-year, while other income sources such as commission and interest income faced declines [1]. - The report highlights the challenges faced by the futures brokerage business, with a year-on-year decrease in trading volume and a 34.9% drop in commission income in Q3 2024 [1]. Financial Summary - Total operating revenue for 2023 is projected at 23,822.68 million yuan, with expected growth rates of 5.1% in 2024, 17.1% in 2025, and 16.7% in 2026 [2]. - The net profit attributable to the parent company is forecasted to be 728.58 million yuan in 2023, with a decline of 24.9% expected in 2024, followed by a recovery to 714.85 million yuan in 2025 and 800.15 million yuan in 2026 [2]. - Earnings per share (EPS) are expected to be 0.50 yuan in 2023, decreasing to 0.38 yuan in 2024, and gradually increasing to 0.55 yuan by 2026 [2]. - The price-to-earnings (PE) ratio is projected to be 29.52 in 2024, 39.25 in 2025, and 30.05 in 2026 [2]. Valuation and Price Target - The target price for the company is set at 18.17 yuan, based on a 37 times PE valuation for the 2025 earnings [1][3]. - The current price is noted at 14.76 yuan, indicating potential upside based on the target price [3]. Market Position - The company is positioned as a leader in the futures brokerage industry and is expected to benefit from favorable policies aimed at enhancing the quality of the futures market [1]. - The report emphasizes the long-term positive outlook for the futures industry, particularly following the introduction of new trading products and regulatory support [1].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——永安期货 2024 年三季报点评 股票研究 /[Table_Date] 2024.10.30 [table_Authors]刘欣琦(分析师) 021-38676647 liuxinqi@gtjas.com 登记编号S0880515050001 | --- | --- | --- | --- | --- | |---------------------------|---------------------------|--------|-------|-------| | | | | | | | 王思 玥 ( 研究助理 ) | 吴浩东 ( | 分析师 | ) | | | 021-38031024 | 010-83939780 | | | | | wangsiyue028676@gtjas.com | wuhaodong029780@gtjas.com | | | | | S0880123070151 | S08805 ...

Leadership Changes - Huang Zhiming has been elected as the new Chairman of Yongan Futures, effective immediately, and will also serve as the legal representative and Chairman of the Strategic Development Committee [1] - Huang Zhiming, born in 1976, holds a postgraduate degree from the Central Party School and is a senior economist with extensive experience in financial institutions including Zhejiang Financial Holding Co, Ltd, Zheshang Bank, and Caitong Securities [1] - Huang Zhiming's salary for 2023 is RMB 2.8 million, a 19.15% increase from the previous period [1] Financial Performance - In Q3 2024, Yongan Futures reported revenue of RMB 6.563 billion, a 3.86% YoY decrease, and net profit of RMB 111 million, a 24.17% YoY decrease [2] - For the first three quarters of 2024, the company achieved revenue of RMB 18.673 billion, a 0.63% YoY decrease, and net profit of RMB 419 million, a 25.04% YoY decrease [2] - Net income from fees and commissions was RMB 379 million, a 34.88% YoY decrease, while net interest income was RMB 371 million, a 23.51% YoY decrease [2] - Other income, including risk management and overseas financial services, was RMB 17.347 billion, a slight 0.69% YoY decrease [2] Business Strategy and Development - Yongan Futures plans to establish a Network Finance Department to enhance financial technology applications, expand brokerage channels, and improve digital research capabilities [2] - The company aims to integrate service systems, strengthen brokerage business management platforms, and drive the transformation and upgrading of business units [2] - Risk management business remains a key driver of performance, with H1 revenue of RMB 11.299 billion and operating profit of RMB 114 million, ranking among the industry leaders [3] - Overseas financial services, primarily through New Yongan Financial Holdings, generated H1 revenue of RMB 301 million and operating profit of RMB 69.9729 million, a 9.74% YoY increase [3] Overseas Expansion - New Yongan Financial Holdings is currently focused on Hong Kong, holding most of its regulated activity licenses there, but is considering expanding to other countries with cost-effective licenses that better meet customer needs [4] Shareholder Returns - Yongan Futures announced a semi-annual cash dividend of RMB 0.05 per share (tax inclusive), totaling RMB 72.78 million [1]

Financial Performance - Total revenue for Q3 2024 was CNY 6,562,557,521.70, a decrease of 3.86% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 111,456,719.10, down 24.17% year-on-year[2] - Basic earnings per share for the quarter was CNY 0.08, reflecting a decline of 20.00% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses was CNY 111,957,046.12, down 19.40% year-on-year[2] - Total operating revenue for the first three quarters of 2024 was CNY 18,673,144,356.55, a decrease of 0.63% compared to CNY 18,791,935,000.98 in the same period of 2023[14] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 419,073,039.37, down 25% from CNY 559,081,235.90 in 2023[14] - Basic earnings per share for the first three quarters of 2024 were CNY 0.29, down from CNY 0.38 in 2023[15] - The net investment loss for the first three quarters was CNY -160,605,258.31, compared to a gain of CNY 186,119,261.31 in the same period last year[14] - The company’s other comprehensive income showed a net loss of CNY -8,826,359.25, contrasting with a gain of CNY 35,956,660.56 in the previous year[15] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 64,887,388,887.46, a decrease of 7.86% from the end of the previous year[3] - Total assets as of September 30, 2024, amounted to CNY 64,887,388,887.46, a decrease from CNY 70,419,300,597.02 at the end of 2023, reflecting a decline of approximately 7.6%[12] - The total liabilities decreased to CNY 52,272,541,132.27 from CNY 58,024,338,245.59 year-over-year[15] - The company’s financial liabilities related to margin deposits decreased to CNY 39,352,065,937.52 from CNY 44,166,730,790.90[15] - Short-term borrowings decreased to CNY 527,427,323.01 from CNY 881,872,150.03, a decline of about 40.1%[12] Cash Flow - The company reported a net cash flow from operating activities of CNY -8,726,653,831.01 year-to-date[2] - The company reported a net cash inflow from operating activities of CNY 23,207,911,428.41, slightly down from CNY 23,883,590,542.28 in the previous year[16] - The net cash outflow from operating activities was approximately -$8.73 billion, compared to -$6.92 billion in the previous period, indicating a decline in operational cash flow[17] - Total cash outflow from investing activities was $365.49 million, significantly higher than $21.71 million in the previous period, reflecting increased investment expenditures[17] - The net cash inflow from financing activities was -$298.07 million, an improvement from -$553.19 million in the previous period, suggesting better management of financing cash flows[17] - The total cash and cash equivalents at the end of the period decreased to approximately $14.68 billion from $22.44 billion, indicating a significant reduction in liquidity[17] - The company reported a total cash outflow from operating activities of $31.93 billion, up from $30.80 billion in the previous period, highlighting increased operational costs[17] Capital and Equity - The company's net capital increased to CNY 4,243,339,343.91, up from CNY 4,098,037,646.09 at the end of the previous year[4] - The ratio of net capital to risk capital reserves was 368%, an increase from 313% at the end of the previous year[4] - The total equity attributable to shareholders was CNY 12,614,847,755.19, an increase of 1.77% from the previous year[3] - The company’s cash and cash equivalents increased to CNY 20,124,833,173.75 from CNY 19,865,063,793.58, indicating a growth in liquidity[16] Market and Strategic Focus - The company has not reported any changes in major shareholders or significant shareholding activities during the reporting period[10] - The company continues to focus on maintaining its financial stability amid market fluctuations and has not indicated any new product launches or technological advancements in this report[11] - The company has not disclosed any new strategies related to market expansion or mergers and acquisitions in the current report[11]

证券代码：600927 证券简称：永安期货 公告编号：2024-039 永安期货股份有限公司 二、董事会会议审议情况 本次会议审议并通过如下议案： （一）审议通过《关于选举董事长的议案》 表决结果：10 票赞成，0 票反对，0 票弃权。 会议选举黄志明先生为公司第四届董事会董事长，任期自本 次董事会审议通过之日起至第四届董事会成员任期届满之日止。 具体内容详见公司同日披露的《永安期货股份有限公司关于 董事长任职的公告》（公告编号：2024-041）。 第四届董事会第九次会议决议公告 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。 一、董事会会议召开情况 永安期货股份有限公司（以下简称"公司"）第四届董事会 第九次会议于 2024 年 10 月 29 日在杭州市新业路 200 号华峰国 际商务大厦 2219 会议室以现场结合通讯表决方式召开。会议通 知及变更通知分别于 2024 年 10 月 24 日、10 月 25 日以书面和 电子邮件等方式发出。本次会议应参加表决董事 10 人，实际参 加表决董事 10 人，会议由黄志明先 ...

证券代码：600927 证券简称：永安期货 公告编号：2024-042 永安期货股份有限公司 关于变更会计师事务所的公告 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： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普 通合伙）（以下简称"立信事务所"） 立信事务所由潘序伦于 1927 年在上海创建，1986 年复办， 2010 年成为全国首家完成改制的特殊普通合伙制会计师事务所， 注册地址为上海市，首席合伙人为朱建弟先生。立信事务所是国 际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实 施前具有证券、期货业务许可证及 H 股审计资格，并已向美国公 众公司会计监督委员会（PCAOB）注册登记。 截至 2023 年 12 月 31 日合伙人数量：278 人 截至 2023 年 12 月 31 日注册会计师人数：2,533 人，其中： 签署过证券服务业务审计报告的注册会计师人数：693 人 原聘任的会计师事务所名称：大华会计师事务所（特殊普 通合伙）（以下简称"大华事务所"） 变更会计师事务所的简 ...

本公司监事会及全体监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。 一、监事会会议召开情况 永安期货股份有限公司（以下简称"公司"）第四届监事会 第九次会议于 2024 年 10 月 29 日在杭州市新业路 200 号华峰国 际商务大厦 2219 会议室以现场结合通讯表决方式召开。会议通 知于 2024 年 10 月 24 日以书面和电子邮件等方式发出。本次会 议应参加表决监事 6 人，实际参加表决监事 6 人，会议由韩伟锋 先生主持。会议的召集、召开符合《公司法》和《公司章程》的 有关规定，会议决议合法有效。 二、监事会会议审议情况 证券代码：600927 证券简称：永安期货 公告编号：2024-040 永安期货股份有限公司 第四届监事会第九次会议决议公告 监事会认为：公司 2024 年第三季度报告的编制和审议程序 符合法律法规、《公司章程》等相关制度的规定，内容真实、 准确、完整。报告的内容和格式符合中国证监会和上海证券交易 所的有关规定，所包含的信息真实反映了公司第三季度末的财务 状况以及报告期内的经营成果和现金流量，未发现参与季报编制 ...

证券代码：600927 证券简称：永安期货 公告编号：2024-044 永安期货股份有限公司 关于召开 2024 年第二次临时股东大会的通知 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开的日期时间：2024 年 11 月 19 日 14 点 30 分 召开地点：浙江省杭州市新业路 200 号华峰国际商务大厦 2219 会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 19 日 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： 一、 召开会议的基本情况 至 2024 年 11 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投 ...