Nanhua Futures(603093) INDUSTRIAL SECURITIES·2024-10-20 08:17Investment Rating - The report maintains a "Buy" rating for Nanhua Futures, indicating a positive outlook for the company's performance [2][5]. Core Insights - Nanhua Futures' net interest income has become the main support for performance growth, with net interest income increasing by 25.3% year-on-year to 5.20 million yuan in the first three quarters of 2024 [1]. - The company is expected to benefit from favorable policies in the domestic futures market, which is projected to enhance trading activity and support long-term growth [1]. - The company’s net profit for 2024 and 2025 is forecasted to be 4.79 billion yuan and 5.30 billion yuan, respectively, representing year-on-year growth of 19.2% and 10.7% [1]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, Nanhua Futures achieved total revenue of 44.61 million yuan, a decrease of 8.0% year-on-year, while net profit rose by 20.1% to 3.58 million yuan [3]. - The weighted average return on equity (ROE) increased by 0.77 percentage points to 9.33% [3]. Income Breakdown - The company reported net income from fees and commissions of 4.00 million yuan, down 9.4% year-on-year, while net interest income was 5.20 million yuan, up 25.3% [1]. - Investment income and fair value changes were significantly lower, at 0.10 million yuan, down 86.8% year-on-year [1]. Future Projections - The forecast for operating income in 2024 is 63.59 million yuan, with net profit projected at 4.79 million yuan, corresponding to a price-to-earnings (PE) ratio of 16.2 times based on the closing price on October 18 [4]. - For 2025, net profit is expected to reach 5.30 million yuan, with a PE ratio of 14.7 times [4].