Yongan Futures(SH:600927) Soochow Securities·2025-04-24 05:02Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [8]. Core Insights - The company's revenue for 2024 is projected to be 21.735 billion yuan, a decrease of 8.8% year-on-year, while the net profit is expected to be 575 million yuan, down 21.1% year-on-year [8]. - The company plans to repurchase shares with a budget of 50 to 100 million yuan, pending approval from the board and shareholders [8]. - The report highlights that while the asset management and overseas business segments are performing well, the risk management business is under significant pressure [8]. Financial Performance Summary - 2024 Financials: Total revenue is expected to be 21.735 billion yuan, with a year-on-year decline of 8.8%. The net profit is projected at 575 million yuan, reflecting a 21.1% decrease [8]. - 2025 Q1 Performance: Revenue for the first quarter of 2025 is anticipated to be 2.3 billion yuan, down 47.5% year-on-year, with a net profit of 9.29 million yuan, a significant drop of 88.1% [8]. - Segment Performance: The report details that the futures brokerage, asset management, and overseas business segments have varying performance, with futures brokerage revenue at 1.1 billion yuan, down 3.8% year-on-year, and asset management revenue showing a significant improvement [8]. Earnings Forecast - The forecast for net profit from 2025 to 2027 is 470 million yuan, 590 million yuan, and 658 million yuan respectively, with the current market capitalization corresponding to a 2025E PE of 38 times [8][17].