股 票 研 究 证 券 研 究 报 告 单季利润环比持平，期待 Q4 业绩释放 香港交易所(0388) [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——香港交易所 2024 年三季报点评 | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|---------------------------| | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 吴浩东 ( 分析师 ) | 王思 玥 ( 研究助理 ) | | | 021-38676647 | 010-83939780 | 021-38031024 | | | liuxinqi@gtjas.com | wuhaodong029780@gtjas.com | wangsiyue028676@gtjas.com | | 登记编号 | S0880515050001 | S0880524070001 | S0880123070151 | ...

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (00388) is "Buy" (maintained) [3]. Core Views - The report highlights that the company achieved a record high quarterly profit in Q3 2024, with expectations for further performance improvement as the market recovers [3][5]. - The total revenue and other income for the first three quarters of 2024 reached HKD 15.993 billion, a year-on-year increase of 2%, while the net profit attributable to shareholders was HKD 9.27 billion, remaining flat compared to the previous year [2][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue and other income of HKD 5.372 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 1%. The net profit for the quarter was HKD 3.145 billion, reflecting a year-on-year increase of 7% and flat compared to the previous quarter [2][5]. - The company’s trading and settlement fees increased due to a rise in average daily trading volume (ADT) in the cash, derivatives, and commodities markets [5]. Segment Performance - Trading and trading system usage fees for the first three quarters of 2024 amounted to HKD 4.979 billion, up 6% year-on-year, driven by improved trading activity due to economic stimulus policies [5]. - Investment income for the first three quarters was HKD 3.728 billion, a decrease of 4% year-on-year, primarily due to reduced investment income from margin and settlement funds [5]. Market Outlook - The report indicates a recovery in market trading activity, with the cash market ADT reaching HKD 113.3 billion for the first three quarters, a year-on-year increase of 3% [5]. - The IPO market showed signs of recovery, with 42 companies listed on the main board in the first three quarters, raising HKD 55.6 billion, a year-on-year increase of 126% [5]. Earnings Forecast and Valuation - The company is expected to achieve total revenues of HKD 21.927 billion, HKD 23.768 billion, and HKD 26.393 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 8%, and 11% [5][6]. - The net profit attributable to shareholders is projected to be HKD 12.398 billion, HKD 12.980 billion, and HKD 14.324 billion for the same years, with growth rates of 5% for both 2024 and 2025, and 10% for 2026 [5][6].

> 开源证券 公 司 研 究 非银金融/多元金融 现货交易情绪逐季回暖，关注业绩改善和估值回升机遇 香港交易所（00388.HK） 2024 年 10 月 23 日 ——2024 前三季香港交易所业绩点评 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/10/23 | | 当前股价 ( 港元 ) | 314.80 | | 一年最高最低 ( 港元 ) | 397.80/212.20 | | 总市值 ( 亿港元 ) | 3,991.15 | | 流通市值 ( 亿港元 ) | 3,991.15 | | 总股本 ( 亿股 ) | 12.68 | | 流通港股 ( 亿股 ) | 12.68 | | 近 3 个月换手率 (%) | 55.76 | 股价走势图 -40% -20% 0% 20% 40% 60% 2023-10 2024-02 2024-06 香港交易所 恒生指数 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 相关研究报告 《降息催化周期性拐点，政策面积极且 资产 ...

证券研究报告·公司点评报告·其他金融(HS) 香港交易所（00388.HK） 2024 年三季报点评：市场活力迸发，业绩高 峰渐近 2024 年 10 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|------------------------------------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万港元） | | | 18,456 20,516 22,625 24,275 25,614 | | | | 同比（ % ） | -11.90% | 11.16% | 10.28% | 7.29% | 5.52% | | 归母净利润（百万港元） | | | 10,078 11,862 12,835 13,946 14,888 | | | | 同比（ % ） | -19.60% | 17.70% | 8.21% ...

Financial Performance - For the first nine months of 2024, the group's revenue and profit reached the second-highest record in history, with revenue of HKD 5.372 billion, a 6% increase from HKD 5.084 billion in the same period of 2023[2]. - In Q3 2024, total revenue and other income decreased by 1% to 5,372 million HKD compared to Q2 2024, with main business revenue down 4% to 4,852 million HKD[8]. - For the first three quarters of 2024, total revenue and other income reached 15,993 million HKD, a 2% increase from 15,659 million HKD in the same period of 2023[11]. - The company reported a shareholder profit of 3,145 million HKD in Q3 2024, remaining stable compared to Q2 2024[10]. - Total revenue and other income for the first three quarters of 2024 was HKD 16 billion, a 2% increase from the same period in 2023, attributed to increased trading and settlement fees[15]. - The profit attributable to shareholders for the nine months ended September 30, 2024, was HKD 9.270 billion, compared to HKD 9.265 billion in the same period of 2023[55]. - Total comprehensive income for the nine months ended September 30, 2024, was 9,517 million HKD, compared to 9,345 million HKD for the same period in 2023, reflecting an increase of 1.84%[56]. Trading Volume and Market Activity - The average daily trading volume of the Stock Connect (Shanghai and Shenzhen) reached a nine-month high, with an average daily trading amount of RMB 110.3 billion, up 4% from RMB 106.1 billion in the previous year[3]. - The average daily trading amount of the Hong Kong Stock Connect increased by 37% to HKD 39.6 billion, compared to HKD 29.0 billion in the same period last year[6]. - The average daily trading volume for equity securities on the exchange decreased by 4% to 107.2 billion HKD in Q3 2024 compared to Q2 2024[9]. - The average daily trading volume for derivatives increased by 18% to 11.6 billion HKD in Q3 2024 compared to Q2 2024[9]. - The average daily trading volume for the first three quarters of 2024 increased by 3% compared to the same period in 2023, with derivatives contracts up 12% and LME fee-paying metal contracts up 25%[14]. - The average daily trading volume for the LME fee-paying metal contracts reached a new high, reflecting strong market activity[14]. - The average daily trading volume for ETPs reached a nine-month high of RMB 154 billion, an 8% increase from RMB 142 billion in the first three quarters of 2023[22]. Investment Income - The company's net investment income increased by 41% to HKD 507 million, up from HKD 360 million in the third quarter of 2023[5]. - The net investment income from company funds increased by 39% to 507 million HKD in Q3 2024, up from 366 million HKD in Q2 2024[8]. - The net investment income from company funds rose by 20% to 1,408 million HKD in the first three quarters of 2024, compared to 1,177 million HKD in the same period of 2023[11]. - The total net investment income from margin and clearing house funds was HKD 2.32 billion in the first three quarters of 2024, down from HKD 2.71 billion in the same period of 2023[48]. Operating Expenses - Operating expenses decreased by 1% to 1,365 million HKD in Q3 2024, primarily due to reduced charitable donations, although professional fees increased[8]. - Operating expenses increased by 6% to 4,159 million HKD in the first three quarters of 2024, driven by higher employee and IT costs[11]. - Operating expenses rose to HKD 4.2 billion in the first three quarters of 2024, a 6% increase from the previous year, primarily due to higher employee costs and IT expenses[15]. - Operating expenses (excluding charitable donations) increased by 4% in the first three quarters of 2024, attributed to salary adjustments and strategic hiring[45]. Capital Expenditure - Capital expenditure increased by 26% to HKD 415 million, compared to HKD 329 million in the previous year[5]. - Capital expenditure for the first three quarters of 2024 was HKD 1.027 billion, compared to HKD 0.830 billion in the same period of 2023[50]. - As of September 30, 2024, the group's capital expenditure commitments amounted to HKD 1.506 billion, slightly down from HKD 1.555 billion on December 31, 2023[50]. Market Developments and Future Plans - The company successfully implemented measures to maintain normal trading in adverse weather conditions, reinforcing its position as a leading international trading and risk management center[2]. - The company plans to continue enhancing the vitality, resilience, and competitiveness of the Hong Kong market, focusing on product enrichment and international partnerships[2]. - The company plans to continue expanding its market presence and enhancing its technology infrastructure to support future growth[15]. - The Hong Kong Stock Exchange implemented measures to enhance market transparency and compliance culture during the third quarter of 2024[23]. Shareholder Information - The group does not intend to declare a dividend for the third quarter of 2024, consistent with the previous year[54]. - Basic earnings per share for the nine months ended September 30, 2024, was HKD 7.33, compared to HKD 7.32 in the same period of 2023[55]. Assets and Liabilities - The company's total assets reached 485,458 million HKD as of September 30, 2024, a significant increase from 341,179 million HKD as of December 31, 2023, representing a growth of 42.25%[57]. - The company’s liabilities totaled 434,334 million HKD as of September 30, 2024, up from 289,383 million HKD at the end of 2023, marking a rise of 50.14%[57]. - Cash and cash equivalents amounted to 227,757 million HKD as of September 30, 2024, compared to 125,107 million HKD at the end of 2023, showing an increase of 82.06%[57]. Compliance and Regulatory Matters - The consultation period for proposed amendments to the listing rules, aimed at aligning Hong Kong practices with global standards, ended on October 18, 2024[23]. - LME received 33 responses to its consultation on the EU Carbon Border Adjustment Mechanism (CBAM) and plans to require approved aluminum brands to report emissions data according to CBAM methods[37].

| --- | --- | |------------------------|------------| | 基本数据 | 2024-10-14 | | 收盘价 ( 港元 ) | 322.60 | | 流通股本 ( 亿股 ) | 12.68 | | 每股净资产 ( 港元 ) | 39.02 | | 总股本 ( 亿股 ) | 12.68 | | 最近 12 月市场表现 | | -24% -11% 2% 15% 28% 42% 香港交易所 恒生指数 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《如何看待港交所后续反弹空间？》 2024-09-25 2. 《交投活跃度仍承压——港交所月度 跟踪（2024 年 8 月）》 2024-09-12 3. 《二季度交投活跃显著改善，上半年 整体业绩稳健》 2024-08-21 香港交易所(00388) / 非银金融 / 公司跟踪研究报告 / 2024.10.15 四季度公司有望迎来季度业绩高点 ——港交所 ...

线 开源证券 公 司 研 究 香港交易所 （00388.HK） 2024 年 09 月 26 日 | --- | --- | |-------------------------------|---------------| | 投资评级：买入（维持） \n日期 | 2024/9/25 | | 当前股价 ( 港元 ) | 262.60 | | 一年最高最低 ( 港元 ) | 299.00/212.20 | | 总市值 ( 亿港元 ) | 3,329.34 | | 流通市值 ( 亿港元 ) | 3,329.34 | | 总股本 ( 亿股 ) | 12.68 | | 流通港股 ( 亿股 ) | 12.68 | | 近 3 个月换手率 (%) | 27.19 | -30% -20% -10% 0% 10% 20% 2023-09 2024-01 2024-05 香港交易所 恒生指数 数据来源：聚源 相关研究报告 《Q2 现货 ADT 同环比改善，LME+ 互联互通+衍生品延续高增—2024H1 香港交易所业绩点评》-2024.8.21 《多元化发展战略保持韧性，关注政 策面积极催化—2024Q1 香港交易所 业绩点 ...

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The report highlights that the recent interest rate cuts by the Federal Reserve and supportive policies from the Chinese government are expected to catalyze a recovery in the Hong Kong stock market, benefiting the Hong Kong Stock Exchange (HKEX) [2][3] - The report predicts a rebound in the average daily trading volume (ADT) for Hong Kong stocks, with forecasts of HKD 1,117 billion for 2024, HKD 1,324 billion for 2025, and HKD 1,529 billion for 2026, indicating a year-on-year growth of 5.2%, 6.2%, and 7.7% respectively [2][3] - The report anticipates an improvement in the company's performance and valuation, projecting net profit for 2024 to be HKD 12.473 billion, with a corresponding earnings per share (EPS) of HKD 9.8 [2][3] Financial Summary - Revenue for 2024 is projected at HKD 21,536 million, reflecting a year-on-year increase of 5.0% [3][6] - Net profit for 2024 is estimated at HKD 12,473 million, with a year-on-year growth of 5.2% [3][6] - The report indicates that the EBITDA margin is expected to remain stable around 79.9% for 2024 [3][6] - The price-to-earnings (P/E) ratio is projected to decrease from 28.5 times in September 2023 to 26.3 times in 2024, indicating a favorable valuation trend [2][3] Market Activity and Trends - The report notes that the trading activity in the Hong Kong stock market has improved, with a recent increase of 14.9% in HKEX's stock price from September 19 to September 24, outperforming the Hang Seng Index by 7.3% [2][3] - The report emphasizes that the liquidity improvement is expected to directly benefit HKEX's trading and settlement business, with trading settlement revenue accounting for 56% of total revenue in the first half of 2024 [2][3] - The report also highlights the potential for a rebound in investment scale and profitability, with investment income expected to contribute 24% to total revenue in 2024 [2][3]

香港交易所(00388) / 非银金融 / 公司跟踪研究报告 / 2024.09.12 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-11 | | 收盘价 ( 港元 ) | 220.80 | | 流通股本 ( 亿股 ) | 12.68 | | 每股净资产 ( 港元 ) | 39.02 | | 总股本 ( 亿股 ) | 12.68 | | 最近 12 月市场表现 | | -28% -21% -13% -6% 2% 9% 香港交易所 恒生指数 分析师 许盈盈 SAC 证书编号：S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号：S0160524050001 liujj01@ctsec.com 相关报告 1. 《二季度交投活跃显著改善，上半年 整体业绩稳健》 2024-08-21 2. 《业绩继续改善，美联储降息交易或 重返市场主线》 2024-07-12 3. 《交投活跃度进一步改善，阿尔法优 势仍在》 2024-06-14 ❖ 市场环境方面：1）现货方面，8 月港股市场触 ...

HKEX 2024年 中 期 業 績 報 告 股份代號: 388 (港幣櫃台) 及 80388 (人民幣櫃台) le m WAND Oly 24,00 0 no the late 目錄 02 戰略及財務摘要 12 主席報告 管理層討論及分析 業務回顧 財務檢討 16 18 34 40 企業管治及其他資料 47 股東資料 49 核數師的獨立審閱報告 50 52 53 54 55 56 57 75 詞彙 簡明綜合財務報表（未經審核） 簡明綜合收益表（未經審核） 簡明綜合全面收益表（未經審核） 簡明綜合財務狀況表（未經審核） 簡明綜合股本權益變動表（未經審核） 簡明綜合現金流動表（未經審核） 簡明綜合財務報表附註（未經審核） 除另有註明外，本中期業績報告內的財務數字均以港元為單位 戰略及財務摘要 建議諮詢市場意見、推出「互換通」最新優 香港交易所上半年業績穩健，其中，第二 季度隨著市場回升及交投活躍，集團收入 及其他收益和溢利均創當季新高。集團的 多元化戰略持續顯現成效，衍生產品市場 成交量屢創新高，LME上半年收費交易金 屬合約的平均每日成交量按年升29%。融 資活動保持韌性並出現回暖跡象，第二季 上市新股數目及 ...