2023年报点评：业绩承压，聚焦功能性驱动高质量发展

Investment Rating - The report maintains a "Buy" rating for Ruida Futures (002961) with a target price of 21.57 CNY per share, which corresponds to a 2024 PE of 37.52x and a PB of 3.55x [6][14]. Core Views - The company's performance is under pressure due to a decline in net income from asset management and brokerage services. However, it focuses on enhancing risk management services to meet the increasing demand from industrial clients, aiming for high-quality development [6][14]. - The report highlights that the company is adapting to regulatory requirements and is committed to leveraging the social functions of the futures industry [6][14]. Summary by Sections Financial Performance - In 2023, the company's revenue is projected to be 926 million CNY, a decrease of 56.01% year-on-year. The adjusted revenue is expected to contribute negatively due to a decline in asset management income and brokerage net income [6][14]. - The net profit attributable to shareholders is forecasted to be 244 million CNY in 2023, down 16.8% from the previous year [6][14]. Earnings Estimates - The report adjusts the earnings per share (EPS) forecast for 2023 to 0.55 CNY, down from a previous estimate of 0.71 CNY. For 2024, the EPS is expected to be 0.57 CNY [6][14]. - The return on equity (ROE) is projected to decrease by 2.67 percentage points to 9.42% for the 2024-2025 period [6][14]. Market Position - The company is positioned as a member of major exchanges and is focused on expanding its risk management services to capture the growing needs of industrial clients [6][14]. - The report notes that the brokerage business is facing challenges, but the risk management segment is expected to grow, supporting overall development [6][14].