资管见长，弹性领先 瑞达期货(002961) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 肖尧(分析师) | 021-23185695 | xiaoyao3@gtht.com | S0880525040115 | 本报告导读： 瑞达期货的核心看点则在于资管业务优势显著，CTA以主观策略为主，竞争力根源 在于团队稳定和体系化运作，公司当前 CTA规模明显增长。在高波动市场环境下， 资管端业绩报酬弹性、经纪业务修复以及创新业务拓展有望共同驱动公司盈利释放。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万） | 926 | 1,810 | 1,880 | 2,290 | 2,633 | | (+/-)% ...

资管见长，弹性领先 瑞达期货(002961) 瑞达期货更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 肖尧(分析师) | 021-23185695 | xiaoyao3@gtht.com | S0880525040115 | 本报告导读： 瑞达期货的核心看点则在于资管业务优势显著，CTA以主观策略为主，竞争力根源 在于团队稳定和体系化运作，公司当前 CTA规模明显增长。在高波动市场环境下， 资管端业绩报酬弹性、经纪业务修复以及创新业务拓展有望共同驱动公司盈利释放。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万） | 926 | 1,810 | 1,880 | 2,290 | 2,633 | ...

[Table_Page] 公司深度研究|多元金融 证券研究报告 | | | CTA 领先玩家，期货赛道升级 核心观点： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 926 | 1,810 | 2,158 | 2,422 | 2,560 | | 增长率 （ % ） | -56.0% | 95.5% | 19.2% | 12.2% | 5.7% | | EBITDA（百万元） | 390 | 577 | 865 | 1,038 | 1,079 | | 归母净利润（百万元） | 244 | 383 | 568 | 712 | 788 | | 增长率 （ % ） | -16.9% | 56.9% | 48.4% | 25.5% | 10.6% | | EPS（元/股） | 0.55 | 0.86 | 1.19 | 1.49 | 1.65 | | 市盈率（P/E） | 27.09 | 16.71 | 22.51 | 17.94 | 16.21 ...

Core Insights - The Chinese futures market is experiencing simultaneous "scale expansion and quality improvement" driven by the implementation of the Futures and Derivatives Law and accelerated internationalization, with a total trading volume increasing by 17.82% year-on-year to 339.73 trillion yuan, and a trading value growth of 20.68% [1] - Ruida Futures reported a total revenue of 1.047 billion yuan, a year-on-year increase of 4.49%, and a net profit attributable to shareholders of 228 million yuan, surging 66.49%, significantly outperforming the industry average growth rate of 32% [1] Business Structure and Performance - Ruida Futures operates a three-dimensional business system, with futures brokerage as the foundation and risk management and asset management as dual wings, creating a balanced growth model [2] - The risk management segment is a strategic core, with its subsidiary Ruida Xinkong serving 173 enterprises and facilitating a nominal principal of 22.299 billion yuan in derivative transactions, earning multiple industry awards [2] - The asset management segment, focusing on CTA strategies, saw revenue soar by 223.83% to 121 million yuan, with assets under management growing by 36.5% [3] - The brokerage business achieved revenue of 24.4 million yuan, with a 11.22% increase in commission income, supported by a strategy of deepening institutional client relationships [3] Competitive Advantages - Ruida Futures has established a competitive edge through four core advantages: brand, technology, network, and risk control, positioning itself as a leader in the industry [4] - The company is recognized as the first futures listed company on the Shenzhen Stock Exchange and one of only two futures institutions with public fund management subsidiaries [4] - The company has invested in a data center meeting domestic and international standards, enhancing its digital transformation and information security capabilities [4] Regional Strategy and Client Engagement - The company has a strategic focus on "rooted in Fujian, radiating nationwide," with 43 branches forming a three-tier service system to cater to regional market needs [5] - Ruida Futures conducted over 30 investor education activities, reaching 13,000 participants, which has improved client engagement [5] Risk Management - The company has established a comprehensive risk control system, with a net capital to risk capital ratio of 205.97%, significantly exceeding regulatory standards [6] - A self-developed risk control system enables dynamic monitoring and stress testing, ensuring no major risk events occurred in the first half of the year [6] Globalization and Social Responsibility - Ruida International (Hong Kong) reported revenue of 17.348 million yuan, a 62.90% increase, and is expanding its global footprint with multiple licenses and QFII products [7] - The company is actively participating in social responsibility initiatives, including "insurance + futures" projects in rural areas, benefiting local farmers and contributing to rural revitalization [7] - Future plans include leveraging AI in trading and risk management, exploring risk management solutions in the green economy, and transitioning to a comprehensive financial service provider [7]