Yongan Futures(SH:600927) HTSC·2025-04-24 09:30Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 15.38 [8][9]. Core Insights - The company reported a revenue of RMB 21.735 billion for 2024, a year-on-year decrease of 8.76%, and a net profit attributable to shareholders of RMB 575 million, down 21.07% year-on-year [1]. - In Q1 2025, the company achieved a revenue of RMB 2.277 billion, a significant decline of 47.51% year-on-year, with a net profit of RMB 9 million, down 88.08% year-on-year, primarily due to the drag from investment business [1]. - The company plans to repurchase shares worth RMB 50 million to RMB 100 million to boost investor confidence [1]. Revenue Breakdown - The company's commission and fee income for 2024 was RMB 538 million, down 28.9% year-on-year, with domestic futures trading volume decreasing by 14.1% [2]. - The risk management business generated revenue of RMB 20.142 billion in 2024, a decrease of 9.8% year-on-year, while the company maintained its leading position in the market [3]. - The overseas financial services business saw a revenue increase of 51.06% year-on-year, reaching RMB 430 million in 2024 [4]. Profit Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to RMB 0.29, RMB 0.34, and RMB 0.38, respectively, reflecting a downward revision of 37% and 35% for 2025 and 2026 [5]. - The book value per share (BPS) for 2025 is projected at RMB 9.05, down 2% from previous estimates [5]. - The target price of RMB 15.38 corresponds to a price-to-book (PB) ratio of 1.7 times for 2025, reflecting a discount due to operational pressures [5].