Nanhua Futures(SH:603093) Huachuang Securities·2025-10-28 13:08Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures, with a target price of 28.19 yuan [2][7]. Core Insights - Nanhua Futures reported a total revenue of 940 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 78.9%, primarily due to changes in accounting standards. On a comparable basis, the revenue actually decreased by 8.3% year-on-year. The net profit attributable to the parent company was 350 million yuan, down 1.9% year-on-year [2][7]. - The report highlights that the accounting policy change led to a significant adjustment in revenue reporting, but it did not materially affect the profit figures. The company’s net interest income, commission income, and investment income showed varied performance, with net interest income declining by 23.0% [2][7]. - The overseas business is supported by a high-interest environment and licensing advantages, with the company recently gaining membership as a clearing member of the European Intercontinental Exchange, increasing its global clearing positions to 13 [2][7]. Financial Performance Summary - For the first three quarters of 2025, the company achieved net interest income of 400 million yuan, commission income of 430 million yuan, and investment income of 90 million yuan, with year-on-year changes of -23.0%, +7.5%, and +774.8% respectively [2][7]. - The financial projections for the upcoming years indicate a significant drop in revenue for 2025, with expected revenues of 1.45 billion yuan in 2025, 1.53 billion yuan in 2026, and 1.61 billion yuan in 2027, reflecting a year-on-year growth of -74.7%, 5.5%, and 5.5% respectively [2][8]. - The earnings per share (EPS) are projected to be 0.81 yuan in 2025, 0.85 yuan in 2026, and 0.91 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 26.00, 24.64, and 23.16 [2][8].