瑞达期货（002961）：交易能力突出，资管与风险管理业绩兑现

Investment Rating - The report maintains an "Accumulate" rating with a target price of 28.54 CNY [6][13]. Core Insights - In H1 2025, the company achieved revenue and net profit of 1.047 billion CNY and 228 million CNY, respectively, representing year-on-year increases of 4.49% and 66.49% [13]. - The company's investment business net income increased by 69.72% to 213 million CNY, contributing 73.54% to the adjusted revenue growth [13]. - The asset management business saw a significant increase in fee income, up 278.80% to 42 million CNY, driven by growth in asset management scale [13]. - The company is expected to benefit from the expansion of the futures market under the internationalization of the RMB, leveraging its comprehensive service capabilities in risk management and asset management [13]. Financial Summary - Revenue is projected to grow from 926 million CNY in 2023 to 1.913 billion CNY by 2027, with a peak in 2024 at 1.810 billion CNY [4][14]. - Net profit attributable to shareholders is expected to rise from 244 million CNY in 2023 to 412 million CNY in 2027, with a notable increase of 56.9% in 2024 [4][14]. - Earnings per share (EPS) is forecasted to increase from 0.55 CNY in 2023 to 0.93 CNY in 2027 [4][14]. - The return on equity (ROE) is expected to remain strong, peaking at 13.0% in 2024 before gradually declining to 10.7% by 2027 [4][14].