东兴证券：净利润增逾八成，期货业务贡献主要营收

Core Insights - Dongxing Securities reported significant growth in overall performance for 2024, with revenue and net profit both increasing by over 80% year-on-year [1][4] - The futures business has become the main revenue source, showing a substantial increase, while the investment banking sector continues to face challenges with a significant decline in revenue [1][9] Financial Performance - In 2024, Dongxing Securities achieved operating revenue of 9.37 billion yuan, a year-on-year increase of 97.89%, and a net profit attributable to shareholders of 1.544 billion yuan, up 88.39% [1][4] - The company plans to distribute a cash dividend of 0.09 yuan per share, totaling 291 million yuan, which represents 30.14% of the net profit attributable to shareholders [4][9] Business Segments - The futures business generated revenue of 5.244 billion yuan, a remarkable growth of 293.48%, increasing its revenue share from 28.15% in 2023 to 55.97% in 2024, although it has a low gross margin of 0.39% [4][9] - The investment trading business saw revenue rise to 1.849 billion yuan, an increase of 82.58%, with a high gross margin of 95.37% [5] - The investment banking business reported revenue of 153 million yuan, a decline of 56.37%, with its revenue share dropping from 7.39% to 1.63% [9] Capital and Risk Metrics - As of the end of 2024, the company's net capital was approximately 23.89 billion yuan, an increase of 9.39% from the previous year [10][12] - The risk coverage ratio improved to 285.19%, up 28.2 percentage points, while the capital leverage ratio increased to 28.02%, up 2.19 percentage points [12] - Liquidity coverage ratio and net stable funding ratio were 237.3% and 147.26%, respectively, both meeting regulatory requirements despite a decline from the previous year [12]