\u3000\u3 Shengda Resources Co.Ltd(000603) 093 Nanhua Futures Co.Ltd(603093) )
The first listed futures enterprise, with steady growth in overall performance
The company is the first A-share listed futures company. The controlling shareholder is a large private enterprise with strong strength. The executives have many years of experience. The brokerage business is the basis of revenue and profit, and risk management contributes an important increment.
Innovation and opening up to expand space, and the key to improving the concentration of Finance + Finance
At present, China has become an important commodity futures market in the world, with a wide coverage, but the proportion of financial futures is relatively low. Driven by policies, innovation and opening up are the development direction of the future industry. We believe that China's futures industry has broad space and sufficient power in the future, and the driving force of demand growth comes from business innovation, futures internationalization, variety expansion and relaxation of financial futures restrictions. Compared with the mature futures market in the United States, China's competition pattern is relatively scattered. Under the new development direction, China's competition pattern is expected to accelerate the optimization. At the same time, we believe that enterprises with financial background and excellent financial technology have more advantages in the future competition, and the remaining players need to have a skill for differentiated competition.
Based on brokerage, new business has full potential, and Jinke and talents contribute to its development
The company has complete brokerage business licenses, based in Zhejiang and radiating the whole country. At present, it has the resource advantages of industrial users and institutional users; Risk management business has developed into the second growth curve of the company, contributing an important increment of performance; Full potential of overseas financial business and wealth management business; At the same time, the company's financial technology and talent advantages provide sufficient impetus for business development.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company of the company from 2022 to 2024 will be 301 / 356 / 418 million yuan respectively, with a year-on-year increase of 23.5% / 18.2% / 17.5%, corresponding to EPS of 0.49/0.58/0.68 yuan / share respectively, and corresponding to PE of 26.65/22.54/19.18 times in 2022 / 2023 / 2024. Although the valuation is slightly higher, considering that the company is a high-quality target in the futures industry and has the advantages of capital, financial technology and talents, it complies with the development trend of the industry and gives a "overweight" rating for the first time.
Risk tips
Commodity price fluctuation risk, policy uncertainty risk and intensified industry competition risk
