Investment Rating - The report maintains a "Recommended" rating for Ruida Futures with a target price of 21.01 CNY, compared to the current price of 15.22 CNY [5][10]. Core Insights - Ruida Futures reported a significant increase in total operating revenue, achieving 1.81 billion CNY in 2024, a year-on-year growth of 95.5%. The net profit attributable to shareholders reached 380 million CNY, up 56.9% year-on-year [2][10]. - The investment income was a major contributor to the performance, with net investment income and fair value changes reaching 420 million CNY, a staggering increase of 439.7% year-on-year [10]. - The company is positioned as a leader in CTA asset management, with expectations for long-term performance growth driven by an increase in asset management scale [10]. Financial Summary - Total operating revenue projections for 2025, 2026, and 2027 are 1.98 billion CNY, 2.30 billion CNY, and 2.60 billion CNY, respectively, with year-on-year growth rates of 10%, 16%, and 13% [4]. - Net profit forecasts for the same years are 425 million CNY, 464 million CNY, and 498 million CNY, with growth rates of 11%, 9%, and 7% [4]. - Earnings per share (EPS) are projected to be 0.95 CNY, 1.04 CNY, and 1.12 CNY for 2025, 2026, and 2027, respectively [4].