Yongan Futures(SH:600927) Xin Lang Cai Jing·2025-08-29 04:28Core Viewpoint - The company is expected to recover its investment performance in Q2 2025, benefiting from active market trading and a year-on-year increase in commission income, positioning itself to seize opportunities from the expansion of the futures market under the internationalization of the RMB [1][3]. Group 1: Financial Performance - In H1 2025, the company's revenue and net profit attributable to shareholders were 55.56 million and 1.70 million yuan, respectively, reflecting a year-on-year decline of 54.12% and 44.69% [2]. - The weighted average ROE decreased by 1.13 percentage points to 1.32% [2]. - The company's investment business net income in H1 2025 fell by 63.27% to 1.57 million yuan, significantly impacting adjusted revenue [3]. Group 2: Market Activity - In Q2 2025, the company achieved investment income of 2.01 million yuan, a year-on-year decrease of 17.36%, showing significant improvement compared to Q1 2025 [3]. - The active trading in the futures market led to a year-on-year increase in commission income by 4.48% to 2.39 million yuan, supporting overall performance [3]. Group 3: Future Opportunities - The company is well-positioned to benefit from the expansion of the futures market driven by the internationalization of the RMB, with potential policy support enhancing its competitive edge [3]. - The Lujiazui Financial Forum proposed expanding the number of tradable futures and options under QFII to 100 and researching the introduction of RMB-denominated foreign exchange futures, which could further promote market expansion [3]. - The internationalization of the RMB is expected to enhance the market space for commodity futures and foreign exchange hedging [3]. Group 4: Investment Rating - The company maintains an "overweight" rating with a target price of 19.80 yuan, based on a 49.9x PE for 2025 and a corresponding 2.17x PB [2]. - The EPS forecasts for 2025 and 2026 have been adjusted to 0.40 and 0.45 yuan, respectively, with a new EPS forecast of 0.48 yuan for 2027 [2].