Yongan Futures(SH:600927) Guoxin Securities·2024-08-28 03:49Investment Rating - The investment rating for the company is "Outperform the Market" [4][10][13] Core Views - The company reported a revenue of 12.11 billion yuan for the first half of 2024, a year-on-year increase of 1.21%, while the net profit attributable to shareholders was 308 million yuan, a decrease of 25.35% year-on-year [1] - The decline in profit is attributed to the decrease in operating profit margins in futures brokerage, risk management, and overseas business [1] - The company has benefited from the expansion of the derivatives market, with new products being launched, which may support the growth of its core businesses [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 121.11 billion yuan, with a net profit of 3.08 billion yuan, reflecting a 25.35% decline year-on-year [1] - The average ROE for H1 2024 was 2.45%, down 0.94 percentage points year-on-year [1] - Q2 2024 revenue was 77.73 billion yuan, up 17.7% year-on-year and 79.2% quarter-on-quarter, with a net profit of 2.30 billion yuan, an increase of 12.7% year-on-year and 194.6% quarter-on-quarter [1] Business Segments - Futures brokerage revenue decreased by 21.1%, while risk management revenue saw a slight decline of 0.4% [1] - Overseas business revenue increased by 68.0%, and asset management revenue grew by 73.7% [1] - The company’s investment income reached 395 million yuan, a year-on-year increase of 102.4% [1] Market Position and Strategy - The company is positioned as a leader in the industry and is expected to benefit from the ongoing expansion of the derivatives market [1] - The company’s strategic focus on optimizing structure, enhancing services, and fostering ecosystems is expected to provide a long-term competitive advantage [1]