Nanhua Futures(603093) 东吴证券·2024-10-19 04:00Investment 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]