证 券 研 究 报 告 南华期货（603093）重大事项点评 推荐（维持） 跨境清算牌照再扩容 目标价：30.76 元 事项： 公司研究 其他非银金融 2025 年 07 月 11 日 | | | 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 公司基本数据 《南华期货（603093）重大事项点评：拟赴港上 市，高筑境外业务护城河》 2025-01-21 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 [ReportFinancialIndex] | 总股本(万股) | 61,006.59 | | --- | --- | | 已上市流通股(万股) | 61,006.59 | | 总市值(亿元) | 154.10 | | 流通市值(亿元) | 154.10 | | 资产负债率(%) | 89.41 | | 每股净资产(元) | 6.80 | | 12 个月内最高/最低价 | 25. ...

Core Viewpoint - Zhongtai Futures reported a significant decline in both revenue and net profit for the fiscal year 2024, indicating challenges in its operational performance [2]. Financial Performance - The company achieved total revenue of 1.851 billion yuan, a year-on-year decrease of 14.03% [2]. - The net profit attributable to shareholders was 4.5298 million yuan, down 96.61% year-on-year [2]. - The net cash flow from operating activities was 1.883 billion yuan, a decline of 34.02% compared to the previous year [2]. - Basic earnings per share were 0.0045 yuan, with a weighted average return on equity of 0.18%, down 5.13 percentage points from the previous year [2][24]. Valuation Metrics - As of April 30, the company's price-to-earnings (P/E) ratio (TTM) was approximately 101.39 times, while the price-to-book (P/B) ratio (TTM) was about 0.18 times, and the price-to-sales (P/S) ratio (TTM) was around 0.25 times [2]. Revenue Composition - In 2024, the revenue composition included 1.5714 billion yuan from brokerage services, 1.1714 billion yuan from risk management services, and 0.005 million yuan from asset management services [18][20]. Cash Flow Analysis - The net cash flow from financing activities was 49.8729 million yuan, an increase of 290 million yuan year-on-year, while the net cash flow from investment activities was -19.5568 million yuan, slightly improved from -21.3083 million yuan in the previous year [26]. Asset and Liability Changes - As of the end of 2024, cash and cash equivalents increased by 10.28%, but their proportion of total assets decreased by 0.99 percentage points [31]. - Short-term borrowings increased by 412.13%, raising their proportion of total assets by 0.25 percentage points, while accounts payable and notes payable decreased by 91.37%, reducing their proportion by 0.25 percentage points [34].