Ruida Futures(SZ:002961) Soochow Securities·2025-04-30 05:04Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's Q1 2025 performance shows a significant increase in investment income, leading to a rapid growth in net profit attributable to shareholders, which rose by 12% year-on-year [7] - Total revenue for Q1 2025 reached 380 million yuan, reflecting a year-on-year increase of 36.9% [7] - The report forecasts net profits for 2025-2027 to be 4.6 billion, 5.2 billion, and 5.9 billion yuan respectively, with a current market value corresponding to a 2025E PE of 14 times [7] Financial Performance Summary - Revenue and Profit: - Total revenue for 2023 is projected at 926 million yuan, with a year-on-year decrease of 56% [7] - For 2024, revenue is expected to rebound to 1.81 billion yuan, a 95.5% increase [7] - Net profit for 2023 is estimated at 244 million yuan, down 17% year-on-year, but is expected to grow by 56.9% in 2024 to 383 million yuan [7] - Earnings Per Share (EPS): - The latest diluted EPS for 2023 is projected at 0.55 yuan, increasing to 1.03 yuan by 2025 [7] - Price-to-Earnings (P/E) Ratio: - The P/E ratio is expected to decrease from 26.85 in 2023 to 14.25 in 2025 [7] Market Data - The closing price of the stock is 14.71 yuan, with a market capitalization of approximately 6.55 billion yuan [5] - The company has a price-to-book (P/B) ratio of 2.35 [5] Key Financial Metrics - The company’s return on equity (ROE) for Q1 2025 is reported at 2.77%, an increase of 0.08 percentage points year-on-year [7] - The total assets are projected to grow from 16.04 billion yuan in 2024 to 18.03 billion yuan in 2025 [21]