瑞达期货（002961）：2024年年报点评：投资收益明显提升，风险管理业务利润大增

Investment Rating - The report assigns a "Buy" rating for Ruida Futures, indicating a positive outlook for the stock in the next 6 to 12 months [8]. Core Insights - Ruida Futures achieved a total revenue of 1.81 billion yuan in 2024, representing a year-on-year increase of 95.5%. The net profit attributable to shareholders was 383 million yuan, up 56.9% year-on-year, with an EPS of 0.86 yuan [8]. - The significant growth in profit was driven by a substantial increase in investment income, which rose by 354% to 610 million yuan, and a remarkable increase in the profits from risk management business, which surged by 2298% [8]. - The company plans to distribute a dividend of 0.2 yuan per share, with a total dividend payout ratio of 38.4% for the year [8]. Financial Performance Summary - Revenue and Profit Forecasts: The total revenue is projected to grow from 1.81 billion yuan in 2024 to 4.37 billion yuan by 2027, with a compound annual growth rate (CAGR) of 22.9% [8][16]. - Net Profit Projections: The net profit attributable to shareholders is expected to increase from 383 million yuan in 2024 to 593 million yuan in 2027, reflecting a steady growth trajectory [8][16]. - Earnings Per Share (EPS): EPS is forecasted to rise from 0.86 yuan in 2024 to 1.33 yuan in 2027, indicating strong earnings growth [8][16]. - Price-to-Earnings (P/E) Ratio: The current market valuation corresponds to a P/E of 15 times for 2025, suggesting that the stock is reasonably priced relative to its earnings growth potential [8][16]. Business Segment Performance - Risk Management Business: Revenue from risk management surged to 1.04 billion yuan, a year-on-year increase of 308%, primarily due to the expansion of basis trading [8]. - Investment Management: The asset management business reported a revenue of 110 million yuan, up 202% year-on-year, with an asset management scale of 2.35 billion yuan [8]. - Overseas Business: Revenue from overseas operations reached 21.04 million yuan, growing by 104% year-on-year, driven by increased demand and favorable high-interest rates in USD [8].