[Table_Page] 年报点评|多元金融 证券研究报告 [【Table_T广itle] 发非银&海外】香港交易所 [公Tab司le_I评nves级t] 增持 当前价格 242.80港元 （00388.HK） 合理价值 343港元 前次评级 增持 多元产品布局起量，受益投资收益增长 报告日期 2024-03-01 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 业绩概要：公司披露2023 年业绩，业绩增速保持稳定，2023实现总 7% 收入205.16亿港元，同比上升11%，仅次于2021年业绩水平。业绩 -1% 03/23 05/23 07/23 09/23 11/23 01/24 增长主要为投资收益净额创新高、内部管理资金存款而得的净利息收 -9% 入增加，以及外部组合实现 4.21 亿港元的投资收益（2022 年：亏损 -16% 4.86亿港元）。2023实现归母净利润118.62亿港元，同比上升18%。 -24% 2023，EBITDA利润率升至73%，同比上1pct。 -31% ⚫ 多元业务一定程度上起到业绩支撑。何为多元业务布局？即除发展股 ...

[Table_MainInfo] 公司研究/金融/综合金融服务 证券研究报告 香港交易所（00388.HK ）公司年报点评 2024年03月04日 [Table_InvestInfo] 公司资金投资收益扭亏为盈，归母净利润 投资评级 优于大市 维持 同比+18%创历史第二高 股票数据 0[3Ta月b 0le 1_日S收to盘c价k（In港fo元] ） 240.00 [投Ta资ble要_S点um：m ary] 52周股价波动（港元） 219.40-349.03 总股本/流通H股（百万股） 1268/1268 ⚫ 【事件】香港交易所发布2023年度业绩：2023年实现收入及其他收益205.16 总市值/流通市值（百万港元） 4108/4108 亿港元，同比+11%，归母净利润118.62亿港元，同比+18%。业绩增长主要 相关研究 是由于保证金与结算所基金投资净收益创新高，以及 LME 交易及结算费增 [《Ta保b证le金_R与e结p算or所tI基nf金o]的 投资收益净额增加， 加。其中Q4实现收入及其他收益 48.57亿港元，同比-6.6%，环比-4.5%； 前三季度归母净利润同比+31%》2023.10.2 ...

证券研究报告·公司点评报告·其他金融(HS) 香港交易所（00388.HK） 2023 年年报点评：业绩韧性持续彰显，内外 2024年 02月 29 日 环境同现升势 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 证券分析师 葛玉翔 营业总收入（百万港元） 18,456 20,516 21,691 23,250 24,646 执业证书：S0600522040002 同比 -11.90% 11.16% 5.73% 7.18% 6.00% 021-60199761 归母净利润（百万港元） 10,078 11,862 12,124 13,163 14,133 geyx@dwzq.com.cn 同比 -19.60% 17.70% 2.21% 8.57% 7.37% 研究助理 罗宇康 EPS-最新摊薄（港元/股） 7.95 9.36 9.56 10.38 11.15 执业证书：S0600123090002 P/E（现价&最新摊薄 ...

公 非银行金融 司 2024年 2月 29日 报 香港交易所(0388.HK) 告 业绩符合预期，投资收益亮眼 推荐（维持） 事项： 香港交易所发布 2023 年度业绩公告，全年营业总收入 205.16 亿港元 股价：242.8 港元 （YoY+11.16%）；归母净利润 118.62 亿港元（YoY+17.70%）；归属母公司净 资产513.44亿港元（YoY+3.25%），BVPS为40.50港元。董事会宣派全年股 公 主要数据 息为每股8.41港元，对应股息率90%。 司 行业 非银行金融 平安观点： 年 公司网址 www.hkex.com.hk  全年业绩凸显韧性、基本符合预期。23Q4单季度营业总收入48.6亿港元 大股东/持股 香港特别行政区政府./5.90% 报 （QoQ-4%）、归母净利润26.0亿港元（QoQ-12%）。全年来看，港交所 实际控制人 营收与利润均保持较好增速，全年ROE为23.5%（YoY+3.2pct）。收入结 点 总股本(百万股) 1267.84 流通A股(百万股) 构与前三季度基本保持一致，呈现交易弱、投资强特征，全年交易费及交 评 流通B/H股(百万股) 易系统使用 ...

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [3][9]. Core Views - The company's performance in 2023 was supported by investment activities, with derivatives, ETPs, and the LME market showing resilience. The total revenue and net profit for 2023 were HKD 20.52 billion and HKD 11.86 billion, respectively, representing year-on-year increases of 11% and 18% [4][5]. - The report anticipates a continued positive growth trajectory for the company, driven by strategic initiatives and market conditions, despite adjusting profit forecasts for 2024-2025 due to market uncertainties [4][5]. Financial Summary - Revenue and net profit for 2023 were HKD 20.52 billion and HKD 11.86 billion, respectively, with EBITDA margin at 73% and ROE at 23.5% [4]. - The company’s investment income surged by 266% year-on-year to HKD 4.96 billion, benefiting from the Federal Reserve's interest rate hikes [4]. - The forecast for net profit in 2024 and 2025 is adjusted to HKD 12.61 billion and HKD 13.56 billion, respectively, with corresponding EPS of HKD 9.9 and HKD 10.7 [4][5]. Market Performance - The current stock price is HKD 242.80, with a market capitalization of HKD 307.83 billion. The stock has seen a trading range of HKD 354.40 to HKD 219.40 over the past year [3]. - The trading volume over the last three months has a turnover rate of 23.17% [3]. Strategic Outlook - The report highlights the positive impact of liquidity policies and the expected recovery in Hong Kong stock profitability, alongside the anticipated opportunities from the Federal Reserve's interest rate cycle [4]. - The company is focusing on three strategic areas to optimize its business structure and enhance growth in technology-related services [4].

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司 有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及80388（人民幣櫃台） （除另有註明外，於本公告中的財務數字均以港元為單位） 2023 年全年業績、 股息及暫停辦理股份過戶登記手續 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司 有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及80388（人民幣櫃台） （除另有註明外，於本公告中的財務數字均以港元為單位） 2023 年全年業績、 股息及暫停辦理股份過戶登記手續 ...

Financial Performance - Revenue for Q3 2023 was HKD 5.084 billion, an 18% increase compared to Q3 2022[4] - Net profit attributable to shareholders increased by 30% to HKD 2.953 billion in Q3 2023[4] - EBITDA margin improved to 74%, up 4 percentage points from Q3 2022[4] - The company reported a 31% increase in net profit for the first three quarters of 2023, totaling HKD 9.265 billion[8] - Total revenue and other income for the first three quarters of 2023 was HKD 15.659 billion, an 18% increase from the same period in 2022[8] - In Q3 2023, revenue and other income increased by 1% compared to Q2 2023, while profit rose by 2%, reflecting a slight increase in net investment income[10] - For the nine months ended September 30, 2023, total revenue was $11,695 million, a decrease of 8.1% from $12,726 million for the same period in 2022[49] - Net investment income for the nine months ended September 30, 2023, was $3,887 million, significantly up from $423 million in the same period of 2022[49] - Operating profit for the nine months ended September 30, 2023, increased to $10,484 million, compared to $8,306 million for the same period in 2022, reflecting a growth of 26.4%[49] - The basic earnings per share for the nine months ended September 30, 2023, was HKD 7.32, up from HKD 5.61 in the same period of 2022, representing a growth of 30.3%[49] Trading Activity - Average daily trading value of equity securities products reached HKD 87.0 billion, up from HKD 84.0 billion in Q3 2022[6] - The average daily trading value of the Stock Connect (Northbound) was RMB 106.1 billion, compared to RMB 96.7 billion in Q3 2022[6] - In the first three quarters of 2023, the average daily trading amount of the Hong Kong Stock Exchange's equity securities products was HKD 97.5 billion, a decrease of 9% compared to HKD 107.4 billion in the same period of 2022[9] - The average daily trading amount of the Hong Kong Stock Exchange's derivatives, including warrants and callable bull/bear contracts, was HKD 12.2 billion, down 27% from HKD 16.7 billion in the first three quarters of 2022[9] - The average daily trading amount for the stock market in the first three quarters of 2023 was HKD 109.7 billion, a decline of 12% from HKD 124.1 billion in the first three quarters of 2022[10] - The average daily trading amount of the Stock Connect (Shanghai and Shenzhen) was RMB 108.2 billion, an increase from RMB 101.3 billion in the first three quarters of 2022[9] - The average daily transaction amount for the Stock Connect's Southbound trading was HKD 57.5 billion, compared to HKD 54.8 billion in the previous year[19] - The average daily trading volume of derivative contracts reached a record high, with an increase of 9% compared to the first three quarters of 2022[10] - The average daily trading volume of derivative products reached a record high of 1,357,361 contracts, reflecting a 10% increase compared to the first three quarters of 2022[25] Capital Expenditure and Investment Income - Capital expenditure for Q3 2023 was HKD 329 million, a 12% increase from Q3 2022[5] - Capital expenditures for the first three quarters of 2023 amounted to HKD 830 million, up from HKD 773 million in the same period of 2022, mainly for the development and enhancement of trading and clearing systems[45] - The total investment income net amount for margin and clearing fund increased by HKD 18.63 billion in the first three quarters of 2023, reflecting higher deposit interest rates[42] - The investment income net amount allocated to the spot segment was HKD 172 million, a significant increase of 406% compared to HKD 34 million in the same period of 2022[44] - The investment income net amount from equity securities and financial derivatives reached HKD 2.393 billion, a 261% increase from HKD 662 million in the previous year[44] - The total investment income net amount for the margin and clearing fund was HKD 2.710 billion in the first three quarters of 2023, compared to HKD 847 million in the same period of 2022, marking a 220% increase[44] Legal and Compliance Matters - The company is currently involved in legal proceedings with claims totaling approximately $600 million related to the suspension of nickel contracts in March 2022[46] - The company has not made any provisions in its financial statements regarding the potential financial impact of ongoing legal claims due to insufficient information[47] - The company is actively defending against claims it believes are legally unfounded, with the first hearing held from June 20 to 22, 2023, regarding the legality of its decision-making process[46] - The Hong Kong Stock Exchange's compliance assessment and on-site inspection plan for 2023 was successfully implemented, completing all on-site inspections of selected participants[20] Market Developments and Initiatives - The company launched the new HKEX Synapse platform on October 9, 2023, enhancing the settlement process for Stock Connect[3] - The Hong Kong Stock Exchange launched the FINI platform for IPO settlement, set to officially start on November 22, 2023, aimed at modernizing and digitizing the IPO settlement process[17] - The company is actively collaborating with a dedicated task force established by the Hong Kong government to enhance market liquidity and competitiveness[11] - The company continues to focus on sustainable development and corporate social responsibility, including initiatives in market development and employee wellness[41] Financial Position - Cash and cash equivalents decreased to 138,911 million HKD as of September 30, 2023, from 184,965 million HKD as of December 31, 2022, indicating a decline of 25%[51] - Total assets amounted to 342,482 million HKD as of September 30, 2023, down from 406,051 million HKD as of December 31, 2022, a decrease of 16%[51] - Total liabilities decreased to 293,144 million HKD as of September 30, 2023, compared to 355,952 million HKD as of December 31, 2022, reflecting a reduction of 18%[51] - The company’s equity attributable to shareholders was 48,884 million HKD as of September 30, 2023, down from 49,728 million HKD as of December 31, 2022, a decrease of 2%[51] - The company’s financial assets measured at fair value through profit or loss increased to 7,195 million HKD as of September 30, 2023, from 6,964 million HKD as of December 31, 2022, a rise of 3%[51] - The company’s total liabilities included 54,307 million HKD in derivative financial instruments as of September 30, 2023, down from 80,705 million HKD as of December 31, 2022, a decrease of 33%[51]

2023年中期業績報告 的領先市場 ...

根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算 所有限公司有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本文件的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及80388（人民幣櫃台） 截至 2023 年 6 月 30 日止六個月的 簡明綜合財務報表 ...