COFCO CAPITAL(SZ:002423) KAIYUAN SECURITIES·2025-03-17 11:30Investment 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 is expected to achieve stable medium to long-term profit growth, with a strategic goal of becoming the "best joint venture life insurance" [4][5] - The company has a comprehensive financial service system supported by a strong state-owned enterprise background, with a market-oriented talent incentive and assessment mechanism [4][13] 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 multi-financial license system, primarily in life insurance, futures, and trust, supplemented by industrial funds and financial technology [13][14] Strategic Layout - The company has formed 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 [23][24] COFCO Life - COFCO Life aims to become the best joint venture life insurance company, with a significant contribution to the company's profits. The company has diversified its premium channels and is transitioning towards dividend-type products, achieving a compound annual growth rate (CAGR) of +17% in premium scale over six years [32][34] COFCO Trust - COFCO Trust has been actively embracing proactive management transformation, with assets under management (AUM) reaching 389.5 billion yuan, a 29% increase from the beginning of the year. The trust's main profit contribution comes from fixed-income products [5][12] COFCO Futures - COFCO Futures has strengthened its domestic and international brokerage business, maintaining a strong industry position with a continuous "AA" rating for ten years. 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 is expected to achieve a net profit of 1.27 billion yuan in 2024, with a year-on-year growth of 24%. The projected return on equity (ROE) for 2024 is 5.8%, with earnings per share (EPS) of 0.55 yuan [4][6][11]