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风险+开放推行业增长,打造全球金融服务生态圈
期货行业难得的民营独立期货公司标的,盈利能力出色:南华期货是横店集团下非券商系的民营期货公司,以财富管理业务与境外金融服务业务为增长点,年化ROE水平增长迅速,盈利能力居业内前列。此外,公司股权稳定,发展前景可期。
宏观环境风险上升,行业迎创新开放政策利好:2023年以来国际局势紧张,大宗商品价格波动愈发剧烈,期货行业需求增加,预期中国期货市场大宗商品进出口规模将增长至三千亿元,南华期货齐全的牌照在进出口业务中具有领先优势。中国期货品类不断增加,《中国期货和衍生品法》等多部法律放开了对于期货公司投资非标资产的要求,期货行业财富管理业务迎来增长期。
公司多年来国内外全业务领域持续投入,打造全球金融服务生态圈:期货业涉及的业务领域主要有期货经纪、财富管理、风险管理业务,公司已覆盖所有业务领域,且在境外金融服务领域有突出优势,还拥有南华基金这家公募基金子公司,在金融服务业务范围上具备扎实基础与领先地位,更能利用好行业红利。
公司境外金融业务领跑行业,收入持续高速增长:南华期货在境外金融服务业务中有着突出的优势,依托全球布局的交易体系,南华期货2022年实现境外金融服务业务收入2.31亿元,同比增长106%,而《期货和衍生品法》的经营资质要求将助力南华期货维持境外业务中的优势。
财富管理业务增速突出,独有公募基金业务潜力巨大:2022年的财富管理业务收入同比增长64.86%,增速远超行业。南华基金业务四年增长三倍,在期货公司属于独有业务。
盈利预测与投资建议:公司多年来持续投资进行业务扩展,现进入收获期。我们预测2023-2025年公司的归母净利润为3.25、3.46、4.32亿元,对应EPS为0.53、0.57、0.71元。参考可比公司估值与绝对估值法,予以公司2023年目标价14.08元,首次覆盖予以“买入”评级。
风险提示:大宗商品价格波动风险、交易对手及客户信用风险、境内外监管政策变化风险