Nanhua Futures(SH:603093) Huachuang Securities·2025-07-11 04:43Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures, with a target price of 30.76 CNY [2][7]. Core Views - Nanhua Futures has expanded its cross-border clearing licenses, now holding 12 overseas clearing memberships, enhancing its global clearing capabilities [7][11]. - The company's overseas business is identified as the core driver of profit growth, with overseas interest income increasing from 0.03 million CNY in 2021 to 4.98 million CNY in 2024, reflecting a CAGR of +468% [7][12]. - The anticipated IPO in Hong Kong is expected to bolster the capital of its Hong Kong subsidiary, accelerating international expansion and mitigating the impact of declining overseas interest rates on net profit [7][8]. Financial Performance Summary - Total revenue for 2024 is projected at 5,711.61 million CNY, with a year-on-year growth rate of -8.6%. Revenue is expected to increase to 7,351.48 million CNY in 2025, representing a growth rate of 28.7% [8]. - The net profit attributable to the parent company is forecasted to be 457.97 million CNY in 2024, with a growth of 14.0%, and is expected to reach 536.11 million CNY in 2025, with a growth rate of 17.1% [8]. - Earnings per share (EPS) are projected to be 0.75 CNY for 2024, increasing to 0.88 CNY in 2025, and further to 1.08 CNY by 2027 [8][12]. Business Structure and Strategy - Nanhua Futures operates through its wholly-owned subsidiary, Honghua International, which has multiple specialized subsidiaries covering global markets [7][11]. - The company holds various licenses in Hong Kong, which may allow it to provide virtual asset services, potentially creating a global trading ecosystem that combines commodity futures and digital assets [7][8].