瑞达期货（002961）：期货资管高增、做市业务保持领先

Investment Rating - The investment rating for the company is "Buy" [6]. Core Insights - The company reported a total revenue of 1.047 billion and a net profit attributable to shareholders of 228 million for the first half of 2025, representing year-on-year increases of 4.49% and 66.49% respectively, aligning with previous performance forecasts [1][6]. - The revenue structure indicates that futures brokerage, asset management, risk management, and other income accounted for 23.3%, 11.6%, 63.8%, and 1.3% respectively [1]. - The asset management business saw a significant increase, with revenue growing by 223.83% year-on-year to 121 million, driven by an expansion in product scale and excellent investment returns [1]. - The company's asset management equity scale reached 3.201 billion, up 36.50% year-on-year, with its "Ruidafutures-Ruizhi Wuyou No. 99" ranking first among 104 CTA strategy asset management products [1]. - The risk management business generated revenue of 668 million, a slight decline of 5% year-on-year, attributed to a decrease in revenue from bulk commodity risk management [2]. - The company achieved a nominal principal of 22.299 billion in derivative trading for the first half of 2025, with its options market-making business ranking second in industry trading volume and third in cumulative transaction value [2]. - The brokerage business remained stable, with revenue of 244 million, a slight decrease of 0.3% year-on-year, while the market share of transaction volume increased by 0.08 percentage points to 0.98% [2]. - The company is expected to achieve a net profit attributable to shareholders of 423 million in 2025, reflecting a year-on-year growth of 10.5% [2]. Financial Projections - The projected revenue for the company is expected to reach 1.995 billion in 2025, with a growth rate of 10.2% [4]. - The net profit attributable to shareholders is projected to be 423 million in 2025, with a growth rate of 10.5% [4]. - The earnings per share (EPS) is expected to be 0.95 in 2025, with a price-to-earnings (P/E) ratio of 24.8 [4].