Investment Rating - The report maintains a "Buy" rating for the company, suggesting investors actively monitor it [1][2]. Core Views - The company's performance in 2023 is robust, with revenue and other income reaching HKD 20.516 billion, an 11% increase from 2022, second only to the record set in 2021 [1][2]. - Key developments in the Shanghai-Hong Kong Stock Connect include expanding the range of stock eligible for trading, optimizing the trading calendar, introducing block trading, and launching the HKEX Synapse platform driven by smart contracts [1][2]. - The company's investment income significantly improved, with net investment income of HKD 1.487 billion in 2023, compared to a loss of HKD 48 million in 2022 [1][2]. Financial Performance Summary - In 2023, the company's revenue and other income were HKD 20.516 billion, up 11% year-on-year, with major business revenue increasing by 3% [1][3]. - The EBITDA margin was 73%, up 1 percentage point year-on-year, and the profit attributable to shareholders was HKD 11.862 billion, an 18% increase year-on-year [1][3]. - The average daily trading volume in the Hong Kong market decreased by 16% to HKD 105 billion, while the Shanghai-Hong Kong Stock Connect showed resilience with average daily trading volumes of RMB 108.3 billion and HKD 31.1 billion for northbound and southbound trading, respectively [2][3]. Key Financial Metrics - Revenue and other income (billion HKD): 2023A: 202.7, 2024E: 215.3, 2025E: 229.0, 2026E: 244.2 [3]. - Net profit attributable to shareholders (billion HKD): 2023A: 118.6, 2024E: 124.0, 2025E: 132.1, 2026E: 141.1 [3]. - Return on Equity (ROE) (%): 2023A: 23.5, 2024E: 23.9, 2025E: 24.8, 2026E: 25.8 [3].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 06 日 香 港交易所(00388.HK) 证券研究报告 投资收益增厚业绩，交投活跃度仍待修复 其他金融Ⅲ(HS) 投资评级 买入-A ■事件：近日，公司披露 2023 年业绩公告，2023 全年实现收入及其他收益 维持评级 205.16 亿港元，同比+11%；归母净利润118.62 亿港元，同比+18%；EPS 为 9.37 港元，同比+18%。2023Q4 单季实现收入及其他收益48.57 亿港元，同比-7%； 6 个月目标价 299 港元 归母净利润25.97 亿港元，同比-13%；EPS 为2.05 港元，同比-13%。 股价 (2024-03-06) 238.60港元 ■投资大幅回暖推升全年业绩，Q4 表现同比小幅滑落。1）从 2023 全年业绩 来看：公司收入及其他收益、归母净利润均创下历史以来第二高记录，主要受 股价表现 益于海外高利率背景下，公司全年投资收益净额同比+266%/+36 亿港元至 50 香港交易所 亿港元的历史新高值（其中保证金及结算所基金的投资收益净额同比 17% +147%/+21亿港元至 ...

证券研究报告 公 2024年03月05日 司 报 告 香港交易所(00388) │ 行 业： 非银金融/多元金融 港 投资评级： 买入（维持） 股 当前价格： 233.80港元 业绩后续有望随市场逐步修复 - 公 目标价格： 448.00港元 司 年 事件： 基本数据 报 港交所公布2023年业绩报告。2023收入及其它收益205亿港元，yoy+11%； 点 总股本/流通股本(百万股) 1,267.84/1,267.84 核心业务收入189亿港元，yoy+3%；归母净利润118.6亿港元，yoy+19%。 评 流通市值(百万港元) 296,420.27 ➢ 业绩概览：投资收益驱动业绩双位数增长 每股净资产(元) 38.43 公司2023年收入及其它收益仅次于21年，为历史第二高。2023年公司实现 资产负债率(%) 87.05 收入及其它收益205亿港元，yoy+11%，核心业务收入189亿港元，yoy+3%； 一年内最高/最低(港元) 354.40/219.40 归母净利润118.6亿港元，yoy+19%。2023年业绩增长主要得益于（1）衍 生品市场交易活跃，2023年期交所衍生品日均成交135.4万张， ...

[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 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's investment income performance is strong, and its diversified strategy continues to show results [1] - The company's revenue and profit performance for the full year is impressive, mainly benefiting from record-high investment income [5] - The new listing mechanism for Specialized Technology Companies is favorable for new economy listings, with nearly 70% of new listings in 2023 being new economy companies [6] - The company is a rare investment target with both offensive and defensive characteristics, and the "Overweight" rating is maintained [6] Market Data - Total shares outstanding: 1.268 billion [2] - Total market capitalization: HKD 304.281 billion [2] - One-year low/high (HKD): 219.4 / 354.4 [2] - Three-month turnover rate: 38.8% [2] Performance Highlights - Full-year revenue and other income: HKD 20.52 billion, up 11.2% YoY [4] - Full-year net profit attributable to shareholders: HKD 11.86 billion, up 17.7% YoY [4] - EBITDA margin: 73%, up 1 percentage point YoY [4] - Q4 revenue and other income: HKD 4.86 billion, down 6.6% YoY [4] - Q4 net profit attributable to shareholders: HKD 2.6 billion, down 12.8% YoY [4] - Q4 EBITDA margin: 68%, down 6 percentage points YoY [4] Investment Income - Full-year investment income: HKD 4.96 billion, up 265.7% YoY, accounting for 24.2% of revenue and 41.8% of profit [5] - Q4 investment income: up 14.9% YoY [5] - Fund investment income: HKD 1.49 billion, turning from a loss to a profit YoY [5] - Margin and clearing fund investment income: HKD 3.47 billion, up 147.3% YoY [5] Trading Volume - Average daily trading volume of equity securities on the Stock Exchange: HKD 93.2 billion, down 14.5% YoY [5] - Average daily trading volume of derivatives: HKD 11.8 billion, down 25.8% YoY [5] - Northbound and southbound trading volumes: RMB 108.3 billion and HKD 31.1 billion, up 7.9% and down 1.9% YoY respectively [5] - Average daily trading volume of bond northbound trading: RMB 40 billion, up 24.2% YoY [5] New Listings - Total new listings in 2023: 73, down 19% YoY [6] - Funds raised: HKD 46.3 billion [6] - New economy companies accounted for 68% of new listings [6] - 72 listing applications pending at the end of 2023 [6] Financial Forecasts - 2024E revenue: HKD 22.62 billion, up 10.3% YoY [8] - 2025E revenue: HKD 23.432 billion, up 3.6% YoY [8] - 2026E revenue: HKD 24.457 billion, flat YoY [8] - 2024E net profit attributable to shareholders: HKD 12.836 billion, up 8.2% YoY [8] - 2025E net profit attributable to shareholders: HKD 13.365 billion, up 4.1% YoY [8] - 2026E net profit attributable to shareholders: HKD 13.818 billion, up 3.4% YoY [8] - 2024E EPS: HKD 10.12 [8] - 2025E EPS: HKD 10.54 [8] - 2026E EPS: HKD 10.90 [8] - 2024E P/E: 24X [7] Business Outlook - If inflation in major economies slows and central banks end monetary tightening cycles, liquidity in the Hong Kong stock market is expected to continue to recover [6] - The optimization of listing conditions for new economy companies such as internet and biotech, as well as the implementation of favorable measures such as the Stock Connect and the HKD-RMB dual-counter model, are expected to drive the company's performance and investment sentiment [6] - The diversified business model helps to smooth performance fluctuations [6]

Investment Rating - The report maintains an "Accumulate" rating for Hong Kong Exchanges and Clearing Limited (0388) with a target price of HKD 430, corresponding to a 2024 PE of 41.6x [2][4]. Core Insights - The company's overall performance growth is driven by high investment returns, with significant contributions from investment income, which reached a historical high of HKD 49.59 billion in 2023, compared to HKD 13.56 billion in 2022. This investment income accounted for 175% of the total revenue growth in 2023 [4]. - The report anticipates that the company's main revenue will be boosted by favorable policies in the Hong Kong capital market and the expected interest rate cuts by the Federal Reserve, leading to increased trading volumes and enhanced main business income [4]. Financial Summary - In 2023, the company recorded revenues of HKD 205.2 billion and net profits of HKD 119.8 billion, representing year-on-year growth of 11% and 19%, respectively [4]. - Projections for 2024 to 2026 estimate revenues of HKD 222 billion, HKD 243 billion, and HKD 269 billion, with net profits of HKD 131 billion, HKD 147 billion, and HKD 166 billion, respectively [4][6]. - The company’s financial performance is expected to improve due to ongoing optimization of trading and listing mechanisms, as well as diversification of business operations [4].

[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 ...