Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5]. Core Insights - The company reported a revenue of 999.7 million yuan for the first three quarters of 2024, representing a year-on-year increase of 7.20%. The net profit attributable to shareholders was 358 million yuan, up 20.07% year-on-year [1]. - The company's total assets reached 45.64 billion yuan, a growth of 25.64% since the beginning of the year, driven by the expansion of overseas business and increased margin deposits [1]. - Interest income remains a key driver of performance, supported by a high-interest environment overseas and the deepening of the company's international business layout [1]. - Recent regulatory changes are expected to promote high-quality development in the domestic futures market, benefiting the company's domestic operations in the long term [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 999.7 million yuan and a net profit of 358 million yuan, with a return on equity (ROE) of 9.33%, an increase of 0.77 percentage points year-on-year [1]. - The company’s revenue and profit projections for 2024-2026 are 5,954.46 million yuan, 6,372.55 million yuan, and 6,926.19 million yuan for revenue, and 482.70 million yuan, 563.94 million yuan, and 628.87 million yuan for net profit, respectively [2]. Business Expansion - The company’s overseas subsidiary has been approved as a clearing member of ICE-US, enhancing its trading and clearing capabilities [1]. - Margin deposits and receivables have significantly increased, with futures margin deposits at 25.65 billion yuan and receivables at 12.69 billion yuan, both showing substantial growth since the beginning of the year [1]. Market Outlook - The report anticipates that the company's domestic business will benefit from new regulatory measures aimed at enhancing the quality of the futures market, with a focus on improving service quality and promoting gradual opening [1].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 15.17 CNY per share, indicating an expected upside from the current price of 12.75 CNY [4]. Core Insights - The company reported a Q3 2024 revenue of 1.82 billion CNY, a year-over-year increase of 7.08%, while the net profit attributable to shareholders was 130 million CNY, a decrease of 1.48% year-over-year. For the first three quarters of 2024, total revenue reached 4.46 billion CNY, down 7.99% year-over-year, but net profit increased by 20.07% to 356 million CNY [1][2]. - The company's margin income from futures trading has increased, contributing to net profit growth despite a decline in other business revenues [1]. - The company's margin scale continued to grow, reaching 38.99 billion CNY by the end of September 2024, a 34.8% increase compared to the end of 2023 [1]. - The company has implemented several capital measures to enhance its operations and market value, including a convertible bond issuance of up to 1.2 billion CNY and a share buyback plan of 50 to 100 million CNY [1][2]. Financial Summary - The company expects a revenue of 5.84 billion CNY and a net profit of 460 million CNY for the full year 2024, representing a year-over-year growth of 15% [2]. - The report forecasts an EPS of 0.76 CNY for 2024, with a price-to-earnings (P/E) ratio of 20x, leading to a reasonable valuation of 15.17 CNY per share [2][4]. - The financial projections indicate a decline in revenue for the next few years, with expected revenues of 5.83 billion CNY in 2024, 5.63 billion CNY in 2025, and 5.45 billion CNY in 2026, reflecting a decreasing growth rate [3][8]. Business Development - The company has established a stable presence in international financial services, covering major global markets and offering various financial products [2]. - The asset management business has shown steady growth, with a management scale of 21.42 billion CNY as of June 2024, a 1.5% increase from the end of 2023 [2]. - The company is innovating in the OTC derivatives market, developing new products to help manage market risks [2].

证 券 研 究 报 告 南华期货（603093）2024 年三季报点评 推荐（维持） 业绩符合预期，境外业务支撑业绩增长 目标价：16.1 元 当前价：12.75 元 事项： ❖ 南华期货发布 2024 年三季报，Q1~Q3 营业总收入 44.6 亿元（同比-8%），以 净额法计算的营业总收入 10 亿元（同比+7.2%），归母净利润 3.6 亿元（同比 +20.1%）。 ❖ Q3 单季度营业总收入 18.2 亿元（同比+7.1%/环比+10.8%），归母净利润 1.3 亿元（同比-1.5%/环比-11.4%）。 评论： ❖ 收入端：利息净收入支撑业绩增长。24Q1~Q3 利息净收入/手续费及佣金净收 入/自营收入/其他业务收入（净额法）分别为 5.2/4.0/0.1/0.4 亿元，同比 +25%/-9%/-86%/-39%。Q3 利息净收入/手续费及佣金净收入/自营收入/其他业 务收入（净额法）分别为 1.7/1.3/-0.03/0.2 亿元，同比+14%/-18%/-106%/-0.1%， 环比-1%/-6%/-106%/+43%。 ❖ 美联储开启降息周期，预计今年利率将维持高位。美联储开启降息周期，9 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 15.23 CNY, corresponding to a PE ratio of 21.28x and a PB ratio of 2.6x [3][5]. Core Views - The company's performance is driven by an increase in net interest income due to rising US dollar interest rates, with a year-on-year growth of 25.28% in net interest income to 520 million CNY, contributing 135.24% to adjusted revenue growth [5]. - The introduction of new regulations is expected to promote high-quality development in the industry, enhancing the company's competitive advantage in overseas financial services [4][5]. - The company has strengthened its self-clearing system and obtained clearing qualifications from ICE-US, which is anticipated to lead to better service for the real economy and improved risk management capabilities [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 446.1 million CNY and 35.8 million CNY, respectively, representing year-on-year growth of 7.99% and 20.07% [5]. - The weighted average ROE increased by 0.77 percentage points to 9.33% [5]. Revenue Composition - The revenue composition shows that interest income accounted for 34% in 2023, increasing to 43% in 2024E, indicating a growing reliance on interest income [12]. Market Data - The company's current stock price is 12.75 CNY, with a 52-week price range of 8.32 to 14.54 CNY and a total market capitalization of 7.778 billion CNY [6].

Investment Rating - The report maintains a "Buy" rating for Nanhua Futures, indicating a positive outlook for the company's performance [2][5]. Core Insights - Nanhua Futures' net interest income has become the main support for performance growth, with net interest income increasing by 25.3% year-on-year to 5.20 million yuan in the first three quarters of 2024 [1]. - The company is expected to benefit from favorable policies in the domestic futures market, which is projected to enhance trading activity and support long-term growth [1]. - The company’s net profit for 2024 and 2025 is forecasted to be 4.79 billion yuan and 5.30 billion yuan, respectively, representing year-on-year growth of 19.2% and 10.7% [1]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, Nanhua Futures achieved total revenue of 44.61 million yuan, a decrease of 8.0% year-on-year, while net profit rose by 20.1% to 3.58 million yuan [3]. - The weighted average return on equity (ROE) increased by 0.77 percentage points to 9.33% [3]. Income Breakdown - The company reported net income from fees and commissions of 4.00 million yuan, down 9.4% year-on-year, while net interest income was 5.20 million yuan, up 25.3% [1]. - Investment income and fair value changes were significantly lower, at 0.10 million yuan, down 86.8% year-on-year [1]. Future Projections - The forecast for operating income in 2024 is 63.59 million yuan, with net profit projected at 4.79 million yuan, corresponding to a price-to-earnings (PE) ratio of 16.2 times based on the closing price on October 18 [4]. - For 2025, net profit is expected to reach 5.30 million yuan, with a PE ratio of 14.7 times [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total operating revenue of 4.461 billion yuan for the first three quarters of 2024, a year-on-year decrease of 7.99%, while the net profit attributable to shareholders was 358 million yuan, a year-on-year increase of 20.07% [1] - The significant increase in net interest income is attributed to the continuation of a high-interest environment overseas and the deepening of the company's overseas layout [1][2] - The company is expected to benefit from new regulatory frameworks aimed at promoting high-quality development in the futures market, which may enhance its service capabilities and industry positioning [2] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company's revenue decreased by 8% to 4.461 billion yuan, while net profit increased by 20.07% to 358 million yuan [1] - The breakdown of net income includes net commission income of 400 million yuan (down 9%), net interest income of 520 million yuan (up 25%), and other business income of 40 million yuan (down 39%) [1][2] Regulatory Environment - The new regulatory framework introduced by the State Council aims to enhance risk prevention and promote high-quality development in the futures market, which is expected to benefit the company as a leading player in the industry [2] Earnings Forecast and Valuation - The earnings forecast for the company has been slightly adjusted, with net profits projected to be 472 million yuan, 570 million yuan, and 619 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 17.53%, 20.72%, and 8.60% [2] - The current market valuation corresponds to a P/E ratio of 16.47, 13.64, and 12.56 for the years 2024 to 2026 [2]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,823,675,128.93, representing a year-on-year increase of 7.08%[2] - The net profit attributable to shareholders for the same period was CNY 128,147,029.13, showing a decrease of 1.48% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was CNY 127,502,001.20, down by 2.34% year-on-year[2] - Total operating revenue for the first three quarters of 2024 was CNY 4,461,180,318.64, a decrease of 8.0% compared to CNY 4,848,452,662.56 in the same period of 2023[13] - The company reported a net profit of CNY 358,330,786.81, compared to CNY 298,427,365.55 in the same period last year, representing a growth of 20.1%[14] - The total comprehensive income for the period was CNY 356,646,937.63, compared to CNY 339,471,884.83, an increase of 5.1%[15] Assets and Liabilities - The total assets at the end of the reporting period reached CNY 45,640,007,387.01, an increase of 25.64% compared to the end of the previous year[4] - The company's total assets as of September 30, 2024, amount to RMB 45,640,007,387.01, an increase from RMB 36,325,522,383.33 at the end of 2023[12] - The total liabilities include a significant amount of payable margin deposits, which stands at RMB 37,974,381,016.51, compared to RMB 27,098,743,408.91 in the previous year[12] - Total liabilities increased to CNY 41,660,804,823.03, up from CNY 32,612,603,010.07, indicating a growth of 27.5%[13] Equity and Shareholder Information - The total equity attributable to shareholders increased by 7.19% year-on-year, reaching CNY 3,969,474,105.21[4] - The total equity attributable to shareholders reached CNY 3,969,474,105.21, an increase from CNY 3,703,377,667.90, reflecting a growth of 7.2%[13] - The total number of common shareholders at the end of the reporting period is 26,929, with the largest shareholder, Hengdian Group Holdings Co., Ltd., holding 425,120,900 shares, representing 69.68% of the total[9] - The company has no significant changes in the top ten shareholders or their shareholding status due to margin trading activities[10] - The company maintains a stable financial position with no significant changes in shareholder relationships among the top ten shareholders[10] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 6,762,648,557.60, reflecting a significant increase of 162.82%[2][8] - In the first three quarters of 2024, the net cash flow from operating activities reached CNY 6,762,648,557.60, compared to CNY 2,573,105,443.03 in the same period of 2023, indicating a significant increase[18] - Total cash inflow from operating activities amounted to CNY 15,485,928,114.76, up from CNY 10,412,820,153.45 year-on-year[16] - Cash outflow from operating activities was CNY 8,723,279,557.16, compared to CNY 7,839,714,710.42 in the previous year, reflecting a rise in operational expenses[16] - The net cash flow from investment activities was CNY 228,188,805.85, a recovery from a negative cash flow of CNY -627,359,292.59 in the same period last year[18] - Cash inflow from investment activities totaled CNY 34,706,810,917.44, significantly higher than CNY 7,961,472,213.59 in the previous year[18] - The company reported a net cash flow from financing activities of CNY -348,941,450.66, a decrease from CNY 1,101,251.50 in the same period of 2023[18] - The ending balance of cash and cash equivalents was CNY 15,021,878,474.54, compared to CNY 5,896,739,549.47 at the end of the previous year[18] Expenses - The company's total operating expenses decreased to CNY 4,046,904,641.47 from CNY 4,504,778,209.61, a reduction of 10.2%[14] - Research and development expenses were CNY 26,376,659.82, down from CNY 30,866,932.77, a decrease of 14.4%[14] Other Financial Metrics - The weighted average return on equity was 3.18%, a decrease of 0.45 percentage points from the previous year[4] - The company's net capital at the end of the reporting period was CNY 1,462,065,043.66, down from CNY 1,518,044,877.01 at the end of the previous year[5] - The company's settlement preparation amount was CNY 830,566,760.39, down from CNY 1,169,693,947.75 at the end of the previous year[5] - The company has a total of 1,922,770.18 in long-term equity investments, down from 2,350,621.84 in the previous year[12] - The company reported a decrease in fixed assets, which are valued at RMB 227,494,728.23, compared to RMB 242,890,527.12 in the previous year[12] - The company's cash and cash equivalents are reported at RMB 27,443,952,230.82, up from RMB 20,496,262,613.46 in the previous year[12] - Cash received from interest, fees, and commissions was CNY 1,035,752,831.14, up from CNY 885,643,291.16 year-on-year[16] - The total cash inflow from other operating activities was CNY 9,939,100,303.98, compared to CNY 5,090,425,766.78 in the previous year, indicating strong operational performance[16] Strategic Developments - The company has not disclosed any new strategies or product developments during the reporting period[11] - The company’s total equity remains robust, reflecting a solid financial foundation for future growth[12]

证券代码：603093 证券简称：南华期货 公告编号：2024-043 南华期货股份有限公司 一、董事会会议召开情况 南华期货股份有限公司（以下简称"公司"）第四届董事会第十七次会议 于 2024 年 10 月 18 日以现场和通讯相结合的方式召开，本次会议的通知于 2024 年 10 月 9 日以电话、电子邮件等方式向全体董事发出，由董事长罗旭峰 先生主持。本次会议应出席董事 7 人，实际出席董事 7 人。本次会议的召集、 召开及表决程序符合《公司法》及《公司章程》的有关规定，会议决议合法有 效。 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《关于公司 2024 年第三季度报告的议案》 具体内容详见公司同日披露的《南华期货股份有限公司 2024 年第三季度报 告》。 本议案事先经公司董事会审计委员会审议通过。 第四届董事会第十七次会议决议公告 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个别及连带责任。 特此公告。 南华期货股份有限公司董事会 2024 年 10 月 19 日 表决结果：同意 7 票，反对 0 ...

证券代码：603093 证券简称：南华期货 公告编号：2024-044 表决情况：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 南华期货股份有限公司（以下简称"公司"）第四届监事会第十四次会议于 2024 年 10 月 18 日以现场和通讯相结合的方式召开，本次会议的通知于 2024 年 10 月 9 日以电话、电子邮件等方式向全体监事发出，由厉国平先生主持。本次 会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开及表决程序符 合《公司法》及《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 本次会议审议并通过如下议案： （一）审议通过《关于公司 2024 年第三季度报告的议案》 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》和公司内部管理制度的规定；公司 2024 年第三季度报告的内容和 格式符合中国证监会和上海证券交易所的规定，所包含的信息真实地反映了公司 报告期的经营管理情况和财务状况；未发现参与公司 2024 年第三季度报告编制 和审议的人员有违反规定的行为。 南华期货股份有限公司 第四届监事会第十四次会议决议公告 本 ...

证券代码：603093 证券简称：南华期货 公告编号：2024-042 已累计回购股份 5,681,234 股，占公司总股本的比例为 0.93%，购买的最高价为 9.37 元/股、最低价为 8.55 元/股，已支付的总金额为 50,088,766.66 元（不含印 花税、交易佣金等交易费用）。 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： | 回购方案首次披露日 | 2024/7/9 | | | --- | --- | --- | | 回购方案实施期限 | 自董事会审议通过后 12 个月 | | | 预计回购金额 | 5,000 万元 | 万元~10,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 568.12 | 万股 | | 累计已回购股数占总股本比例 | 0.93% | | | 累计已回购金额 | 5,008.88 | 万元 | | 实际回购价格区间 | 8.55 ...