Nanhua Futures(SH:603093) Soochow Securities·2025-08-19 02:42Investment Rating - The report maintains an "Accumulate" rating for Nanhua Futures [1] Core Views - The company's domestic brokerage business is under pressure, while its overseas business is expanding steadily [8] - In H1 2025, the company reported total revenue of 1.101 billion yuan, a year-on-year decrease of 58.3%, and a net profit attributable to shareholders of 231 million yuan, a year-on-year increase of 0.5% [8] - The decline in revenue is primarily due to the adoption of net income recognition for certain trading businesses, which did not impact net profit [8] - The overseas financial services revenue accounted for over 50% of total revenue, with a year-on-year increase of 1.8% to 327 million yuan [8] Summary by Sections Revenue and Profitability - Total revenue for 2023 is projected at 6.247 billion yuan, with a year-on-year decrease of 8.45% [1] - The net profit attributable to shareholders for 2023 is estimated at 402 million yuan, reflecting a year-on-year increase of 63.32% [1] - The earnings per share (EPS) for 2023 is expected to be 0.66 yuan [1] Business Segments - The brokerage business revenue in H1 2025 was 191 million yuan, down 25.7% year-on-year [8] - Wealth management business revenue decreased by 30.3% to 28 million yuan in H1 2025 [8] - The risk management business revenue fell by 72.6% to 552 million yuan in H1 2025 due to changes in revenue recognition methods [8] Future Outlook - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 471 million, 537 million, and 587 million yuan respectively, with growth rates of 2.95%, 13.96%, and 9.23% [8] - The current market capitalization corresponds to price-to-earnings ratios of 31.99, 28.07, and 25.70 for 2025-2027 [8]