Nanhua Futures(SH:603093) GUOTAI HAITONG SECURITIES·2025-10-24 11:41Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 25.20 CNY [6][13]. Core Insights - The company's revenue and net profit for the first three quarters of 2025 showed significant declines, with revenue down 78.92% year-on-year to 9.41 million CNY and net profit down 1.92% to 3.51 million CNY [13]. - The report highlights that external and internal catalysts are expected to gradually materialize, driving high growth in the company's performance [2][13]. - The company has adjusted its earnings expectations for 2025-2027, with EPS revised to 0.79, 0.95, and 1.12 CNY respectively [13]. Financial Summary - Revenue for 2023 is reported at 6,247 million CNY, with a projected decline of 8.4% in 2024 and a significant drop of 55.7% in 2025, before recovering in subsequent years [4][14]. - Net profit attributable to shareholders is expected to grow from 402 million CNY in 2023 to 683 million CNY by 2027, reflecting a compound annual growth rate [4][14]. - The company’s return on equity (ROE) is projected to improve from 10.8% in 2023 to 13.4% in 2027 [4][14]. Market Context - The report notes that the company's performance has been impacted by declining domestic and international interest rates, which have pressured revenue [2][13]. - The company is planning to list on the Hong Kong Stock Exchange, which is expected to enhance its capital strength and competitive position [13]. - The ongoing internationalization of the Renminbi is anticipated to expand the company's domestic business opportunities [13].