Nanhua Futures(SH:603093) Soochow Securities·2026-03-29 05:24Investment Rating - The investment rating for Nanhua Futures is "Accumulate" (maintained) [1] Core Views - The report highlights that Nanhua Futures has shown strong performance in its overseas business while maintaining overall operational stability [1] - The company's revenue for 2025 is projected to be 1.388 billion yuan, reflecting a year-on-year increase of 2.45%, with a net profit attributable to shareholders of 486 million yuan, up 6.18% year-on-year [1] - The report emphasizes the significant growth in the overseas financial services segment, which accounted for over 50% of total revenue, with a 15.79% increase year-on-year [1] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue is expected to grow from 1.354 billion yuan in 2024 to 1.388 billion yuan in 2025, with a projected increase to 1.908 billion yuan by 2028 [1] - Net profit attributable to shareholders is forecasted to rise from 458 million yuan in 2024 to 486 million yuan in 2025, reaching 687 million yuan by 2028 [1] - The report anticipates an EPS of 0.68 yuan for 2025, increasing to 0.96 yuan by 2028 [1] Business Segments Performance - The futures brokerage business saw a slight decline in revenue, down 3.85% year-on-year, while the overseas financial services business experienced a robust growth of 15.79% [1] - The risk management business revenue decreased by 37.51% due to accounting changes, but the report suggests potential long-term growth in this area as demand for risk management increases [1] - Wealth management business revenue remained stable, with a significant increase in asset management scale, growing by 580% year-on-year [1] Return on Equity and Valuation - The company's return on equity (ROE) for 2025 is projected at 11.30%, a slight decrease from the previous year [1] - The current market valuation corresponds to a P/E ratio of 30.97 for 2024, decreasing to 20.65 by 2028, indicating a favorable valuation trend [1]