Yongan Futures(SH:600927) GUOTAI HAITONG SECURITIES·2025-08-29 05:22Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 19.80 CNY [6][13]. Core Views - The company has shown a recovery in investment performance in Q2 2025, with active market trading leading to a year-on-year increase in commission income [2][13]. - As an industry leader, the company is expected to seize opportunities arising from the internationalization of the RMB and the expansion of the futures market [2][13]. Financial Summary - Revenue is projected to decline significantly from 23,823 million CNY in 2023 to 11,663 million CNY in 2025, reflecting a decrease of 46.3% [4][14]. - Net profit attributable to shareholders is expected to stabilize around 578 million CNY in 2025, with a slight increase to 702 million CNY by 2027 [4][14]. - The earnings per share (EPS) forecast for 2025 is set at 0.40 CNY, with a gradual increase to 0.48 CNY by 2027 [4][14]. Market Position and Opportunities - The company is positioned to benefit from policy support and the anticipated expansion of the futures market due to RMB internationalization [13]. - The report highlights the potential for increased trading volume in commodity futures priced in RMB, enhancing market opportunities for the company [13].