Nanhua Futures(SH:603093) GF SECURITIES·2026-03-30 08:49Investment Rating - The report assigns an "Accumulate-A/Accumulate-H" rating to the company, with a current price of 19.76 CNY/10.86 HKD and a fair value of 21.93 CNY/12.05 HKD [8]. Core Insights - The company has achieved steady growth in operating performance, with a total revenue of 1.388 billion CNY in 2025, reflecting a year-on-year increase of 2.45%. The net profit attributable to shareholders reached 486 million CNY, up 6.18% year-on-year, with an EPS of 0.80 CNY, marking a 6.67% increase [8]. - The company's capital adequacy ratio has strengthened, and structural expansion of performance expectations is anticipated. The client equity scale of the futures company has reached a new high, exceeding 2 trillion CNY, with a year-on-year growth of 30% [8]. - The H-share listing is expected to enhance the flexibility of overseas margin expansion, with relevant indicators projected at 166% and 240% for 2024 and 2025, respectively [8]. - Other business segments are also expanding positively, with risk management and wealth management businesses showing steady growth [8]. Financial Summary - Revenue Forecast: - 2024A: 1,354 million CNY - 2025A: 1,388 million CNY - 2026E: 1,686 million CNY - 2027E: 1,889 million CNY - 2028E: 2,313 million CNY - Growth Rates: -78.3%, 2.5%, 21.5%, 12.1%, 22.4% [2][11] - Net Profit Forecast: - 2024A: 458 million CNY - 2025A: 486 million CNY - 2026E: 715 million CNY - 2027E: 876 million CNY - 2028E: 1,188 million CNY - Growth Rates: 14.0%, 6.2%, 47.1%, 22.4%, 35.6% [2][11] - EPS Forecast: - 2024A: 0.75 CNY - 2025A: 0.80 CNY - 2026E: 1.00 CNY - 2027E: 1.22 CNY - 2028E: 1.66 CNY [2][11] - P/E Ratio: - 2024A: 15.87 - 2025A: 24.36 - 2026E: 19.82 - 2027E: 16.19 - 2028E: 11.94 [2][11] - ROE: - 2024A: 11.1% - 2025A: 8.7% - 2026E: 11.6% - 2027E: 12.7% - 2028E: 15.0% [2][11]