Yongan Futures(SH:600927) Huachuang Securities·2025-04-24 13:16Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 13.07 yuan [1]. Core Insights - In 2024, the company achieved total operating revenue of 21.73 billion yuan, a year-on-year decrease of 8.8%. However, net profit attributable to shareholders was 580 million yuan, down 21.1% year-on-year [1][9]. - The first quarter of 2025 saw a significant decline in performance, with total operating revenue of 2.28 billion yuan, down 47.5% year-on-year, and a net profit of 9 million yuan, down 88.1% year-on-year [1][9]. - The company's investment income saw a substantial increase, primarily due to gains from the disposal of financial instruments, while the risk management business faced increased asset impairment losses [9]. Financial Performance Summary - For 2024, the company reported a net interest income of 500 million yuan, a decrease of 26.4%, and a net income from fees and commissions of 540 million yuan, down 28.9% [9]. - The company's overseas business showed strong growth, with New Yong'an Financial Holdings achieving operating revenue of 430 million yuan, up 51.1% year-on-year [9]. - The earnings per share (EPS) forecast for 2025, 2026, and 2027 are adjusted to 0.34 yuan, 0.42 yuan, and 0.53 yuan respectively, reflecting a downward revision from previous estimates [9]. Market Position and Outlook - The company maintains a leading position in the futures industry and is expected to benefit from industry expansion in the long term [9]. - The report projects a price-to-earnings (PE) ratio of 39 times for 2025, corresponding to the target price of 13.07 yuan [9].