Nanhua Futures(603093) Guotai Junan Securities·2024-10-20 14:11Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 15.23 CNY, corresponding to a PE ratio of 21.28x and a PB ratio of 2.6x [3][5]. Core Views - The company's performance is driven by an increase in net interest income due to rising US dollar interest rates, with a year-on-year growth of 25.28% in net interest income to 520 million CNY, contributing 135.24% to adjusted revenue growth [5]. - The introduction of new regulations is expected to promote high-quality development in the industry, enhancing the company's competitive advantage in overseas financial services [4][5]. - The company has strengthened its self-clearing system and obtained clearing qualifications from ICE-US, which is anticipated to lead to better service for the real economy and improved risk management capabilities [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 446.1 million CNY and 35.8 million CNY, respectively, representing year-on-year growth of 7.99% and 20.07% [5]. - The weighted average ROE increased by 0.77 percentage points to 9.33% [5]. Revenue Composition - The revenue composition shows that interest income accounted for 34% in 2023, increasing to 43% in 2024E, indicating a growing reliance on interest income [12]. Market Data - The company's current stock price is 12.75 CNY, with a 52-week price range of 8.32 to 14.54 CNY and a total market capitalization of 7.778 billion CNY [6].