Yongan Futures(SH:600927) Guotai Junan Securities·2024-08-28 17:07Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.80 yuan, corresponding to a PE ratio of 38.74x and a PB ratio of 2.21x [4][5]. Core Views - The company's revenue and net profit attributable to shareholders for H1 2024 were 12.11 billion yuan and 308 million yuan, respectively, showing a year-on-year increase of 1.21% and a decrease of 25.35% [4]. - The weighted average ROE decreased by 0.94 percentage points to 2.45%, and the performance met expectations [4]. - The report maintains earnings forecasts for 2024-2026 with EPS of 0.51, 0.56, and 0.62 yuan [4]. - The increase in asset impairment losses related to commodity holdings in the risk management business led to a decline in business revenue [4]. - Other asset impairment losses increased by 70.76% year-on-year to 198 million yuan, accounting for -73.61% of the adjusted revenue increment, putting pressure on performance [4]. - Investment business net income increased by 70.24% year-on-year to 428 million yuan, contributing 151.54% to the adjusted revenue increment, alleviating the performance decline [4]. - The company aims to seize growth opportunities by enhancing the professionalism of its risk management business and improving profitability [4]. - The report highlights the rapid growth of innovative business models such as "insurance + futures" as a catalyst for revenue generation [4]. Financial Summary - For H1 2024, the company reported a revenue of 12.11 billion yuan and a net profit of 308 million yuan, with a year-on-year revenue growth of 1.21% and a profit decline of 25.35% [4]. - The company’s total market capitalization is 16.142 billion yuan, with a total share capital of 1.456 billion shares [7]. - The net asset per share is 8.65 yuan, with a current PB ratio of 1.3 [8]. - The financial forecast indicates a revenue of 22.697 billion yuan for 2024, with a projected growth rate of -4.7% [12][13].