Nanhua Futures(603093)

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南华期货:南华期货股份有限公司关于子公司横华国际金融股份有限公司为其子公司提供担保的进展公告
2024-12-27 09:26
证券代码:603093 证券简称:南华期货 公告编号:2024-047 南华期货股份有限公司关于 子公司横华国际金融股份有限公司为其子公司 提供担保的进展公告 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: 被担保人名称: 1.横华国际期货有限公司(以下简称"横华国际期货") 在担保额度范围内,被担保方可按照实际情况内部调剂使用,公司合并报表 范围内的其他子公司和授权期限内公司新设立或纳入合并报表范围内的子公司, 在担保额度范围内可根据实际情况调剂使用;调剂发生时资产负债率为 70%以上 的子公司不能从股东大会审议时资产负债率为 70%以下的子公司处获得担保额 度。 2.横华国际证券有限公司(以下简称"横华国际证券") 本次担保金额及已实际为其提供的担保金额:横华国际金融股份有限公 司本次担保金额为 2.9 亿港元;本次担保实施后,横华国际金融股份有限公司已 实际提供的担保总额为 2.9 亿港元。 本次担保是否有反担保:本次担保无反担保 对外担保逾期的累计数量:公司无逾期担保的情形 特别风险提示: 1.本次被担 ...
南华期货:南华期货股份有限公司关于股份回购进展公告
2024-12-02 07:58
证券代码:603093 证券简称:南华期货 公告编号:2024-046 南华期货股份有限公司 关于股份回购进展公告 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: | 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 元/股 | 元/股~9.37 | 一、 回购股份的基本情况 南华期货股份有限公司(以下简称"公司")于 2024 年 7 月 8 日召开第四届 董事会第十五次会议,审议通过《关于 ...
南华期货“挑战与破局——衍生品市场发展战略研讨会”圆满落幕
Zheng Quan Shi Bao Wang· 2024-11-17 11:22
Core Insights - The conference titled "Challenges and Breakthroughs - Strategic Seminar on the Development of the Derivatives Market" was successfully held by Nanhua Futures on November 16, focusing on future trends and new development paths in the derivatives market [1] - Nanhua Futures Chairman Luo Xufeng emphasized the significant progress made in China's futures market, while also acknowledging unprecedented challenges, committing to industry development and high-quality service to the real economy [1] - General Manager Jia Xiaolong highlighted two key points: the necessity of regulatory promotion for development and the importance of cautious advancement while leveraging the company's strengths to meet real demand and expand overseas [1] White Paper Release - The release ceremony of the "2024 Nanhua Futures Service to the Real Economy White Paper" was hosted by Li Beixin, emphasizing its importance in addressing corporate pain points and enhancing the industry's social recognition and influence [2] - The ceremony was witnessed by notable professors from various universities, indicating a collaborative effort in the academic and industry sectors [2] Discussion Topics - The conference included discussions on the new patterns and opportunities in the derivatives market, analyzing the impact of internal and external environmental changes on business operations [3] - Topics also covered the internationalization of the derivatives market, its role in serving the real economy, and the challenges faced by futures companies in achieving high-quality development [3] - The event fostered a vibrant exchange of ideas among industry veterans and professionals, contributing to the collective wisdom for the future development of the derivatives market [3]
南华期货:南华期货股份有限公司关于股份回购进展公告
2024-11-04 07:32
证券代码:603093 证券简称:南华期货 公告编号:2024-045 南华期货股份有限公司 关于股份回购进展公告 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: | 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~10,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □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 元/股~9.37 元/股 | 一、 回购股份的基本情况 南华期货股份有限公司(以下简称"公司")于 2024 年 7 月 8 日召开第四届 董事会第十五次会议,审议通过《关于回购股份方案的议案》,同意以不低于人民 币 5,00 ...
南华期货2024年三季报点评:境外业务优势持续释放
Tai Ping Yang· 2024-10-29 02:17
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].
南华期货:权益规模增长,巩固业绩弹性
GF SECURITIES· 2024-10-22 09:13
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].
南华期货:2024年三季报点评:业绩符合预期,境外业务支撑业绩增长
Huachuang Securities· 2024-10-21 13:38
Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures, with a target price of 16.1 CNY, while the current price is 12.75 CNY [2]. Core Views - The performance of Nanhua Futures in the first three quarters of 2024 is in line with expectations, supported by growth in overseas business. The total operating revenue for Q1 to Q3 is 4.46 billion CNY, a year-on-year decrease of 8%, while net profit attributable to the parent company is 360 million CNY, an increase of 20.1% year-on-year [2]. - The interest income is a key driver of performance, with net interest income for Q1 to Q3 reaching 520 million CNY, up 25% year-on-year. The company expects the high interest rate environment to continue supporting net interest income growth [2]. - The decline in commission income may be attributed to changes in fee reduction policies, despite an increase in trading volume in the futures market [2]. Summary by Sections Financial Performance - For Q1 to Q3 2024, total operating revenue is 4.46 billion CNY, down 8% year-on-year, while net profit is 360 million CNY, up 20.1% year-on-year. In Q3 alone, total operating revenue is 1.82 billion CNY, up 7.1% year-on-year and 10.8% quarter-on-quarter [2]. - The breakdown of net interest income, commission income, proprietary trading income, and other business income shows net interest income at 520 million CNY, commission income at 400 million CNY, proprietary trading income at 10 million CNY, and other business income at 40 million CNY for Q1 to Q3 [2]. Market Environment - The Federal Reserve has initiated a rate-cutting cycle, with expectations of maintaining high interest rates throughout the year. As of mid-2024, the overseas client equity scale is 13.4 billion HKD, a 63.5% increase from the end of 2021 [2]. - The report highlights that the domestic business is expected to benefit from favorable policies aimed at enhancing the futures market's service to the real economy [2]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 0.77 CNY, 0.95 CNY, and 0.99 CNY respectively. The price-to-earnings (PE) ratios corresponding to the current stock price are 16.48, 13.46, and 12.87 times for the respective years [2][3].
南华期货2024年三季报点评:境外业务驱动增长,受益行业高质量发展
Guotai Junan Securities· 2024-10-20 14:11
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].
南华期货:2024年三季报点评:业绩符合预期,境外业务支撑增长
INDUSTRIAL SECURITIES· 2024-10-20 08:17
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].
南华期货:2024年三季报点评:业绩延续高增,监管布局优化提供新机遇
Soochow Securities· 2024-10-19 04:00
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]