Nanhua Futures(603093) 华创证券·2025-04-23 05:42Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][21]. Core Views - Nanhua Futures reported a total operating revenue of 530 million yuan for Q1 2025, a decrease of 46.2% year-on-year, while the net profit attributable to shareholders was 90 million yuan, showing a slight increase of 0.1% year-on-year [2][3]. - The company is expected to benefit from its upcoming listing in Hong Kong, which could strengthen its competitive edge in overseas markets [9][10]. - The report highlights a significant decline in net interest income and commission income, with respective year-on-year decreases of 20.5% and 22.1% [9]. Financial Performance Summary - For 2024A, the main revenue is projected at 5,711.61 million yuan, with a year-on-year growth rate of -8.6%. The net profit is expected to be 457.97 million yuan, reflecting a growth rate of 14.0% [4]. - The earnings per share (EPS) for 2025, 2026, and 2027 are forecasted to be 0.88 yuan, 0.94 yuan, and 1.06 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14.52, 13.48, and 12.05 [4][10]. - The total market capitalization of Nanhua Futures is reported at 7.778 billion yuan, with a debt-to-asset ratio of 89.41% [6]. Market Outlook - The report anticipates that the high interest rate environment will continue to support the company's overseas net interest income growth [9]. - The company has submitted an application for a stock listing on the Hong Kong Stock Exchange, which is expected to enhance its international presence and solidify its competitive advantages in overseas markets [9][10].