证券代码：603093 证券简称：南华期货 公告编号：2024-011 南华期货股份有限公司 关于召开 2023 年度业绩暨现金分红说明会的公告 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。 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 3 月 13 日(星期三) 至 3 月 19 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 nanhua- ir@nawaa.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 南华期货股份有限公司（以下简称"公司"）已于 2024 年 3 月 9 日发布公 司 2023 年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营成 果、财务状况，公司计划于 2024 年 3 月 20 日上午 11:00-12:00 举行 2023 年度 业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公 ...

2024 年 3 月 12 日 公司研究/公司快报 事件描述 公司研究/公司快报 评级体系： ——公司评级 买入： 预计涨幅领先相对基准指数 15%以上； 增持： 预计涨幅领先相对基准指数介于 5%-15%之间； 中性： 预计涨幅领先相对基准指数介于-5%-5%之间； 减持： 预计涨幅落后相对基准指数介于-5%- -15%之间； 卖出： 预计涨幅落后相对基准指数-15%以上。 公司研究/公司快报 ——风险评级 A： 预计波动率小于等于相对基准指数； B： 预计波动率大于相对基准指数。 孙田田 境内业务表现优于行业。1）2023 年公司境内业务手续费净收入为 4.83 亿元，同比+20.96%，远高于行业水平-4.85%。2）2023 年末公司境内客户权 资料来源：最闻 益 212.48 亿元，同比+11.32%，行业客户年末客户权益 1.42 万亿元，同比 -3.92%。受益于客户权益增长及海外高息环境，公司 2023 年利息净收入显 著增长。3）风险管理业务稳步推进。基差贸易规模扩张，2023 年贸易净收 入 0.56 亿元，同比+240.59%，场外衍生品业务新增名义本金 791.14 亿元， 同比+10 ...

境内业务增速加快，海外加息贡献高净利 ⚫ 南华期货发布 2023 年年报，2023 年营业收入 62.47 亿元，同比减少 8.4%，2023 年归母净利润 4.02 亿元，同比增加 63.3%。收入下降主 要在于公司压降风险管理业务，而净利润维持增长主要在于扣除风险 管理业务后，受益于海外高息，期货保证金利息收入增加所致。 ⚫ 多元业务布局，搭建长期核心竞争力。根据公司财报，2023 年（1）做 市业务，公司做市业务新增菜油期权、花生期权等共 11 个期权、18 个 期货做市品种，实现成交额同比增加 17.43%。（2）财富管理业务，公 司公募基金业务产品总规模 211.11 亿元，同比增长 38.65%。资产管 理业务积极强化主动管理能力，总规模约 12.83 亿元，同比增长 75.27%。 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026 ...

＃dyCompany＃ 南华期货 （ 603093 ） 000009 业绩符合预期，境外业务 ＃title＃ 构筑核心优势 ——南华期货 2023 年报点评 ＃createTime1＃ 2024 年 3 月 9 日 证券研究报告 ＃industryId＃ 多元金融 ＃investSuggestion＃ 徐一洲 S0190521060001 公司点评报告(不带市场行情) | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|--------------------|---------------------|----------------|-------|-------|-------| | 表 1 、南华期货盈利预测（单位：亿元， | EPS 为元 \n2021A | / 股， PE \n2022A | 为倍） \n2023A | 2024E | 2025E | 2026E | | 营业收入 | 105.15 | 68.23 | 62.47 | 60.15 | 64.73 | 72.84 ...

证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------------------------------------------------------------|-------------------------------|---------------------------|----------------------------------|------------------------------------------------------|----------------------|---------------------------------------------|-----------------------------|------------|------------------| | | [Table_Title] \n南华期货 (603093) | | | | | [Tab ...

证 券 研 究 报 告 南华期货（603093）2023 年报点评 推荐（维持） 评论： 公司研究 证券分析师：徐康 市场表现对比图(近 12 个月) 相关研究报告 资料来源：公司公告，华创证券预测 全球清算体系独具优势，支撑业绩大幅提升 目标价：13.5 元 当前价：10.68 元 事项： | --- | --- | --- | --- | --- | |----------------------------------|-------|-------------------|---------------------------------------|-------| | | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 百万 ) | | | 6,246.53 8,227.96 10,686.86 12,085.32 | | | 同比增速 (%) | -8.4% | 31.7% | 29.9% | 13.1% | | 归母净利润 ( 百万 ) | | | 401.85 485.76 575.26 643.74 | | | 同比增速 (%) | 63.3% | 20. ...

2023 年年报点评：发展潜力持续兑现，境外 利息净收入为主要支撑 增持（维持） ◼ 积极把握期货市场双向开放提速趋势，境外利息净收入高速增长：1） 境外利息净收入表现亮眼。2023 年南华期货营收同比-8.45%至 62.47 亿 元，净额法下剔除其他业务成本后营收为 12.77 亿元，其中手续费及佣 金净收入/利息净收入/其他业务收入（净额法）分别为 6.12/5.45/0.68 亿 元，分别同比+23%/+67%/+134%，占营收（净额法）比重分别为 48%/43%/5%。利息净收入中，通过合并口径及母公司口径差额倒算得 到 2023 年南华期货以境外子公司为主的利息净收入为 3.94 亿元，同比 +212%，系公司 2023 年业绩高增的主要原因。2）海外利率高企叠加境 外客户权益增长，共驱境外利息净收入提升。①海外利率方面，2023 年 美联储持续大幅度加息，截至 2023 年末，美国有效联邦基金利率 5.33%， 较 2022 年末+1pct，年内平均有效联邦基金利率 5.02%，较 2022 年增长 3.33pct。②境外业务规模方面，基于期货行业高水平对外开放的背景， 在境外牌照优势加持下， ...

Financial Performance - The company's operating revenue for 2023 was CNY 6,246,526,290.98, a decrease of 8.45% compared to CNY 6,822,727,861.85 in 2022[47]. - Net profit attributable to shareholders increased by 63.32% to CNY 401,854,941.28 from CNY 246,059,665.03 in the previous year[47]. - The net cash flow from operating activities surged by 201.95% to CNY 3,777,980,510.53, compared to CNY 1,251,208,557.65 in 2022[47]. - Total assets at the end of 2023 reached CNY 36,325,522,383.33, reflecting a 6.25% increase from CNY 34,189,185,331.41 in 2022[47]. - The company's total liabilities increased by 5.67% to CNY 32,612,603,010.07 from CNY 30,864,142,130.41 in the previous year[47]. - Basic earnings per share rose by 63.33% to CNY 0.6587, compared to CNY 0.4033 in 2022[48]. - The weighted average return on equity increased to 11.46%, up from 7.75% in the previous year[48]. - The company's net capital at the end of the reporting period was CNY 1,518,044,877.01, an increase from CNY 1,116,931,385.78 at the end of the previous year[49]. - The ratio of net capital to risk capital reserves improved to 246% from 203% in the previous year[49]. Business Operations and Strategy - The company has expanded its business scope to include OTC derivatives and risk management services, reflecting a strategic focus on diversified financial services[25]. - The company has established a strong presence in both domestic and international markets, positioning itself for future growth and expansion[28]. - The company operates in multiple sectors including telecommunications, food sales, and import/export services, with a wide range of general projects[42]. - The company has been expanding its market presence with a focus on investment management and capital operations[41]. - The company plans to focus on expanding its risk management services and enhancing its overseas financial services[84]. - The company aims to improve operational efficiency, targeting a 5% reduction in operational costs over the next year[141]. - The company plans to expand its international business presence, leveraging the new regulatory framework to enhance overseas market operations[106]. Risk Management - The company faces risks including market risk, credit risk, operational risk, and information system risk in its business operations[10]. - The company emphasizes risk management across its futures brokerage, risk management, and wealth management businesses, implementing measures such as real-time monitoring of asset prices and setting stop-loss points to mitigate market risks[120]. - The company has established a comprehensive internal control system to manage credit risk, including customer assessments and monitoring of margin risks in its futures brokerage business[121]. - The company has implemented a dual-review system for important positions to reduce operational risks and has developed emergency plans and system tests to prevent errors in trading and risk control systems[122]. Regulatory Compliance and Governance - The company has a standard unqualified audit report issued by Tianjian Accounting Firm[4]. - The company’s board of directors and senior management guarantee the authenticity, accuracy, and completeness of the annual report[9]. - The company has established a governance structure that includes a board of directors, supervisory board, and various specialized committees, ensuring efficient decision-making[126]. - The company has established independent personnel management systems, ensuring that senior management does not hold positions or receive compensation from controlling shareholders[128]. - The company has established several specialized committees, including the Audit Committee and the Risk Management Committee, to enhance governance[152]. Shareholder Returns and Dividends - The profit distribution plan for 2023 includes a cash dividend of CNY 0.66 per 10 shares, totaling CNY 40,264,348.94 to be distributed to shareholders[5]. - The company plans to distribute a total cash dividend of RMB 40,264,348.94 (including tax) for the fiscal year 2023, based on a distributable profit of RMB 966,888,492.88 as of December 31, 2023[165]. - The company has a three-year shareholder return plan for 2023-2025, which was discussed during the annual shareholders' meeting[131]. Corporate Social Responsibility - The company invested a total of 156.80 million CNY in social responsibility projects, primarily for the "insurance + futures" industry assistance project[176]. - The company contributed 239.53 million CNY to poverty alleviation and rural revitalization projects, including 145.50 million CNY for the "insurance + futures" assistance project[177]. - The company has established the Hangzhou Ganlin Scholarship Foundation to support education in impoverished areas since 2017, helping over a thousand students[181]. Market and Product Development - The company launched 144 "insurance + futures" projects in 2023, covering over 45,000 farmers[61]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 500 million yuan for potential deals[141]. - The company has developed a series of innovative products and systems, including the Nanhua Futures APP and the NHTD2 rapid trading system, to meet customer demands[76]. Human Resources and Management - The total number of employees in the company and its main subsidiaries is 1,023, with 683 in the parent company and 340 in subsidiaries[161]. - The company has a fixed salary structure based on job nature, personal capabilities, and work experience, with floating salaries linked to overall company performance and individual assessments[163]. - The management team possesses extensive industry experience and stability, contributing to the company's rapid and stable growth[74].

2023 目录 CONTENTS | 一、报告编制说明 | 01 | | --- | --- | | 二、概况 | 02 | | 三、股东权益保护 | 04 | | 四、客户权益保护 | 06 | | 五、员工权益保护 | 08 | | 六、社会责任履行情况 | 10 | | 七、信誉和品牌优势 | 16 | Nanhua Futures Corporate Social Responsibility Report 南华期货社会责任报告 2023 CSR 南华期货股份有限公司 社会责任报告 Nanhua Futures Co., Ltd. Corporate Social Responsibility Report 01 报告编制说明 01 Nanhua Futures Corporate Social Responsibility Report 南华期货社会责任报告 CSR 2023 02 概况 （一）公司简介 02 Nanhua Futures Corporate Social Responsibility Report 南华期货社会责任报告 CSR 2023 02 概况 （二）企业文化 股东权益保护 0 ...

目 录 天健审〔2024〕257 号 南华期货股份有限公司全体股东： 一、审计意见 我们审计了南华期货股份有限公司（以下简称南华期货公司）财务报表，包 括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了南华期货公司2023年12月 31日的合并及母公司财务状况，以及2023 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计师职业道德守则，我们独立于南华期货公司，并履行了职业道 德方面的其他责任。我们相信，我们获取的审计证据是充分、适当的，为发表审 计意见提供了基础。 三、关键审计事项 | 一、审计报告……………………………………………………… | 第 1—6 页 | | --- | --- | | 二、财务报表………………………………… ...