COFCO CAPITAL(002423) 开源证券·2025-03-17 10:55Investment Rating - The investment rating for COFCO Capital is "Buy" (initial coverage) [1] Core Views - COFCO Capital leverages the COFCO Group's industrial chain, with a focus on insurance, futures, and trust as its main businesses, establishing a four-dimensional financial synergy. The company aims for steady medium to long-term profit growth, supported by a strong state-owned enterprise background and a market-oriented talent incentive mechanism [4][13] - The company is expected to achieve a net profit attributable to shareholders of 1.27 billion, 1.40 billion, and 1.52 billion yuan for 2024E, 2025E, and 2026E respectively, reflecting year-on-year growth of 24%, 11%, and 8% [4][6] Summary by Sections Company Overview - COFCO Capital is a financial holding company under COFCO Group, focusing on creating a comprehensive financial platform that serves the public. It has established a diverse financial service system with licenses in insurance, futures, and trust [13][14] Strategic Layout - The company has built a financial business matrix centered on "insurance + futures + trust," with five major subsidiaries: COFCO Life, COFCO Trust, COFCO Futures, COFCO Industry Fund, and COFCO Capital Technology [13][23] COFCO Life - COFCO Life aims to become the best joint venture life insurance company, with a multi-channel approach contributing over 40% to the company's profits. The company has seen a compound annual growth rate (CAGR) of 8% in net profit over the past six years [32][34] COFCO Trust - COFCO Trust has been actively transitioning to proactive management, with assets under management (AUM) reaching 389.5 billion yuan, a 29% increase from the beginning of the year. The trust's main profit contributions come from fixed-income products [5][12] COFCO Futures - COFCO Futures has strengthened its domestic and international brokerage business, maintaining a strong profitability ranking in the industry. The net profit for the first half of 2024 was 134 million yuan, a decrease of 15% year-on-year [5][22] Financial Performance and Forecast - The company reported a revenue of 22.28 billion yuan in 2023, with a year-on-year growth of 19.8%. The projected revenues for 2024E, 2025E, and 2026E are 29.95 billion, 33.18 billion, and 35.83 billion yuan respectively, indicating a robust growth trajectory [6][28]