Yongan Futures(SH:600927) Soochow Securities·2025-08-28 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit improved on a quarter-on-quarter basis, with positive trends in fund sales and asset management business profitability [7] - The report maintains previous profit forecasts, expecting net profits for 2025-2027 to be 4.7 billion, 5.9 billion, and 6.6 billion respectively, with a current market value corresponding to a 2025E PE of 48x [7] Financial Performance Summary - Total revenue for 2023 is projected at 23.823 billion, with a year-on-year decrease of 31.5% [1] - The net profit attributable to the parent company for 2023 is expected to be 729 million, reflecting an 8.3% year-on-year increase [1] - The latest diluted EPS for 2023 is estimated at 0.50 yuan per share [1] - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 5.56 billion, down 54.1% year-on-year, and a net profit of 170 million, down 44.7% year-on-year [7] - The second quarter of 2025 saw a net profit of 160 million, a 30% year-on-year decrease but a 16-fold increase quarter-on-quarter [7] Business Segment Performance - The futures brokerage business remains the core profit driver, with net income from fees and interest reported at 240 million and 210 million respectively for the first half of 2025 [7] - The asset management and fund sales segments showed profitability improvements, with fund sales revenue increasing by 21% year-on-year [7] - The offshore business experienced a significant growth in fund sales, with a 186% year-on-year increase in new sales [7] Market Data - The closing price of the stock is 15.65 yuan, with a market capitalization of approximately 22.779 billion [5] - The company has a price-to-book ratio of 1.77 [5] - The company's total assets are projected to reach 71.510 billion by 2025 [18]