股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——恒生电子 2024 年三季报点评 | --- | |-------------------------------------| | | | | | | | [table_Authors] 李博伦 ( 分析师 ) | | 0755-23976516 | | libolun@gtjas.com | | 登记编号 S0880520020004 | 本报告导读： 资本市场回暖叠加金融信创推进，公司收入有望重回增长，叠加费用控制，利润具 备较大弹性 投资要点： [Table_Summary] 上调目标价至 36.93 元，维持"增持"评级。考虑到公司持有金融 资产会计核算方式改变，上调 2024 年盈利预测，下调 2025、2026 年预测，预计 2024-2026 年 EPS 分别为 0.71（+0.03）、0.83（-0.09）、 1.02（-0.07）元。考虑到行业整体估值中枢上移，参考可比公司 2025 年 44.4 ...

证券研究报告 極生电子 (600570 CH) 中期拐点到来 授责评级(维持): 买入 华春研究 2024 年 10 月 31 日 | 中国内地 李报点评 计算机应用 恒生电子 24 年前三季度实现营收 41.88 亿（yoy-4.12%）,归母净利 4.46 亿（yoy-26.57%）, 扣非净利 2.67 亿（yoy-50.28%）, 其中 Q3 营收 13.52 亿（yoy-12.26%）, 归母净利 4.16 亿（yoy+159.18%）, Q3 归母净利同比 高增,主要系公允价值变动损益(如星环科技)及赢时胜转长期股权投资带 来投资收益增加。签于行业需求趋势向上,我们认为恒生中期拐点已经到来, 且外资持股比例正逐步提升,维持买入评级。 24Q1-Q3:收入展面尚未改善,人员结构进一步优化 公司前三季度营收及归母净利的下滑,主要是受到下游客户 IT 需求收缩、 决策流程缓慢等影响。公司前三季度整体毛利率为 69.31%，同比变化 -2.58pct，主要系毛利率相对较低的企金与金融基础设施业务收入占比提升 所致； 销售 / 管 理 / 研 发 赞 用 率 为 11.98%/14.71%/40.24%， ...

Revenue Performance - Revenue for the third quarter was RMB 1,351,907,363.70, a decrease of 12.26% year-over-year[2] - Year-to-date revenue reached RMB 4,187,756,325.06, down 4.12% compared to the same period last year[2] - Total operating income for the first three quarters of 2024 was RMB 4,187,756,325.06, a decrease of 4.1% compared to RMB 4,367,606,135.94 in the same period of 2023[17] Net Profit and Earnings - Net profit attributable to shareholders for the third quarter increased by 159.18% year-over-year, driven by gains from the fair value changes of non-current financial assets[8] - Year-to-date net profit attributable to shareholders was RMB 415,628,535.23, a decrease of 26.57% year-over-year[2] - Net profit for the first three quarters of 2024 was RMB 447,051,385.85, a decrease of 28.7% compared to RMB 627,140,880.77 in the same period of 2023[18] - Basic and diluted earnings per share for the first three quarters of 2024 were both 0.24 RMB, down from 0.32 RMB in the same period of 2023[19] Segment Revenue Performance - Wealth technology services revenue for the first nine months was RMB 803,443,133.63, down 20.32% year-over-year[8] - Asset management technology services revenue for the first nine months was RMB 1,010,411,026.90, a slight decrease of 3.40% year-over-year[8] - Enterprise finance, insurance core, and financial infrastructure technology services revenue grew by 16.74% year-over-year to RMB 469,760,154.38[8] Financial Position and Assets - Total assets as of the end of the reporting period were RMB 13,414,308,364.11, a decrease of 6.54% compared to the end of the previous year[5] - Total assets as of Q3 2024 were RMB 13,414,308,364.11, a decrease of 6.5% compared to RMB 14,353,729,857.51 in the same period of 2023[16] - Shareholders' equity attributable to the parent company increased by 2.36% to RMB 8,218,411,086.66 compared to the end of the previous year[5] - Total equity attributable to the parent company as of Q3 2024 was RMB 8,218,411,086.66, an increase of 2.4% compared to RMB 8,028,899,065.67 in the same period of 2023[16] - Minority interest as of Q3 2024 was RMB 767,779,825.33, a decrease of 5.9% compared to RMB 815,823,047.08 in the same period of 2023[16] Liabilities and Contractual Obligations - Contract liabilities as of Q3 2024 were RMB 2,267,961,807.33, a decrease of 18.0% compared to RMB 2,766,239,316.50 in the same period of 2023[15] - Total liabilities as of Q3 2024 were RMB 4,428,117,452.12, a decrease of 19.6% compared to RMB 5,509,007,744.76 in the same period of 2023[15] Investment and Fair Value Changes - Investment income for the first three quarters of 2024 was RMB 124,898,613.19, a decrease of 47.1% compared to RMB 236,289,226.45 in the same period of 2023[18] - Fair value change gains for the first three quarters of 2024 were RMB 182,480,015.23, compared to a loss of RMB 8,566,918.76 in the same period of 2023[18] Research and Development Expenses - R&D expenses for the first three quarters of 2024 were RMB 1,685,343,272.80, a decrease of 5.5% compared to RMB 1,783,861,388.87 in the same period of 2023[17] Shareholder Information - Hangzhou Hundsun Electronics Group Co., Ltd. holds 393,743,087 shares, accounting for 20.79% of the total shares[10] - Hong Kong Securities Clearing Company Ltd. holds 128,827,675 shares, accounting for 6.80% of the total shares[10] - Jiang Jiansheng holds 36,166,686 shares, accounting for 1.91% of the total shares[10] - Zhou Lingen holds 33,660,748 shares, accounting for 1.78% of the total shares[10] - ICBC - Huatai-PineBridge CSI 300 ETF holds 28,488,515 shares, accounting for 1.50% of the total shares[10] - China Securities Finance Corporation holds 24,937,171 shares, accounting for 1.32% of the total shares[10] - Peng Zhenggang holds 19,500,000 shares, accounting for 1.03% of the total shares[10] - CCB - E Fund CSI 300 ETF holds 19,099,548 shares, accounting for 1.01% of the total shares[10] - Lu Qiang holds 16,049,632 shares, accounting for 0.85% of the total shares[10] - Liu Shufeng holds 15,774,732 shares, accounting for 0.83% of the total shares[10] Cash Flow and Liquidity - Cash received from sales of goods and services in the first three quarters of 2024 was 3,731,871,496.42 RMB, a decrease from 3,969,032,313.97 RMB in the same period of 2023[20] - Net cash flow from operating activities for the first three quarters of 2024 was -990,616,912.11 RMB, compared to -779,508,012.65 RMB in the same period of 2023[21] - Cash received from investments in the first three quarters of 2024 was 3,749,260,810.28 RMB, a significant increase from 1,647,898,547.49 RMB in the same period of 2023[21] - Net cash flow from investing activities for the first three quarters of 2024 was -369,476,312.61 RMB, an improvement from -756,044,990.99 RMB in the same period of 2023[21] - Net cash flow from financing activities for the first three quarters of 2024 was -226,061,316.81 RMB, compared to 447,060,651.90 RMB in the same period of 2023[22] - The net increase in cash and cash equivalents for the first three quarters of 2024 was -1,591,822,244.74 RMB, compared to -1,081,966,148.98 RMB in the same period of 2023[22] - The ending balance of cash and cash equivalents as of September 2024 was 825,707,893.51 RMB, down from 1,579,345,816.38 RMB in the same period of 2023[22] Comprehensive Income and ROE - Comprehensive income for the first three quarters of 2024 totaled 440,541,972.75 RMB, compared to 644,979,486.21 RMB in the same period of 2023[19] - The company's weighted average return on equity (ROE) for the third quarter was 5.19%, an increase of 2.93 percentage points year-over-year[5]

计算机 | 证券研究报告 — 调整盈利预测 2024 年 10 月 27 日 600570.SH 买入 原评级：买入 市场价格:人民币 26.30 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (50%) (36%) (23%) (10%) 4% 17% Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 恒生电子 上证综指 绝对 (6.7) 49.9 54.0 (14.3) | --- | --- | --- | --- | |-------------------------------|--------|------------|---------------| | 相对上证综指 | (17.4) | 35.3 | 40.9 (25.1) | | 发行股数 ( 百万 ) | | | 1,894.14 | | 流通股 ( 百万 ) | | | 1,894.14 | | 总市值 ( 人民币 百万 ) | | | 49,816.01 | | 3 个月日均交易额 ( 人民币 | 百万 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's overall operations remain stable with steady profitability [2] - Short-term performance is under pressure, but the equity incentive plan demonstrates confidence in future growth [2] - The company's various business segments are making concentrated efforts, with new products gradually being upgraded [3] - The 2024 equity incentive plan is expected to boost team motivation and drive healthy business growth [4] Financial Performance - In the first half of 2024, the company achieved revenue of RMB 2.836 billion, a year-on-year increase of 0.32% [2] - Net profit attributable to the parent company was approximately RMB 29.89 million, a year-on-year decrease of 93.30% [2] - Non-GAAP net profit was RMB 136 million, a year-on-year decrease of 48.81% [2] - The gross profit margin for the first half of 2024 was 71.32%, a slight decrease of 0.61 percentage points year-on-year [2] - The net profit margin was 0.89%, a significant decrease of 15.31 percentage points year-on-year [2] Business Segments - Wealth technology services revenue decreased by 16.99% due to slowing demand for existing products and intensified competition [2] - Asset management technology services revenue increased by 9.17%, driven by investment trading systems [2] - Operation and institutional technology services revenue grew by 3.51%, mainly from TA and valuation products [2] - Risk and platform technology services revenue decreased by 0.25%, remaining flat compared to the previous year [2] - Data services revenue decreased by 3.51%, while innovation business revenue increased by 3.03% [2] Product Development - The wealth technology services segment has seen rapid growth with new customer signings for UF3.0 and in-memory trading [3] - The new generation investment trading system O45 has secured strategic clients and won bids from top trust companies and bank wealth management subsidiaries [3] - The TA product has signed 30 customers, with 17 completed projects, and the new generation TA is expected to go live within the year [3] - The risk monitoring segment is progressing smoothly with multiple customer contracts signed [3] - The data services segment has made progress in replacing competitors' products and continues to upgrade its offerings [3] Equity Incentive Plan - The company announced an equity incentive plan on August 24, 2024, proposing to grant 33.35 million stock options at an exercise price of RMB 17.04 per share [4] - The plan involves 1,400 incentive targets, including directors, senior management, and core personnel [4] - The performance assessment requires a minimum 10% year-on-year growth in net profit for 2024-2026 [4] Profit Forecast - The company's revenue is forecasted to be RMB 7.673 billion, RMB 8.427 billion, and RMB 9.163 billion for 2024-2026, respectively [5] - EPS is predicted to be RMB 0.76, RMB 0.97, and RMB 1.01 for 2024-2026, respectively [5] - The current stock price corresponds to a PE ratio of 30, 25, and 23 times for 2024-2026, respectively [5]

%% %% 丨证券研究报告丨 联合研究丨公司点评丨恒生电子（600570.SH） [Table_Title] 恒生电子：业绩短期承压，股权激励彰显信心 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 垂直应用软件 ＃investSuggestion＃ ＃分e析m师ail：Author＃ ＃市场ma数rk据etData＃ 市场数据日期 2024-09-16 收盘价（元） 15.99 总股本（百万股） 1894.14 流通股本（百万股） 1894.14 净资产（百万元） 7798.32 总资产（百万元） 13135.95 每股净资产(元) 4.12 来源：WIND，兴业证券经济与金融研究院整理 S0190518110001 杨海盟 yanghaimeng@xyzq.com.cn S0190523070001 投资要点 ＃summary＃ 事件：2024 年 H1 公司实现营业收入 28.36 亿元，同比增长 0.32%；归母净 利润 2989.03 万元，同比下降 93.30%；扣非归母净利润 1.36 亿元，同比下降 48.81%。2024Q2 营业收入 16.48 亿元，同比下降 2.88%；归母净利润 0.66 亿元，同比下降 70.56%；扣非归母净利润 1.14 亿元，同比下降 39.97%。 财富科技承压，资管科技逆势增长。财富科技服 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——恒生电子 2024 年半年报点评 | --- | |-------------------------------------| | | | | | | | [table_Authors] 李博伦 ( 分析师 ) | | 0755-23976516 | | libolun@gtjas.com | | 登记编号 S0880520020004 | 本报告导读： 收入端暂时承压，盈利能力不受影响，股权激励锚定长期价值 投资要点： [Table_Summary] 下调目标价至 22.62 元，维持"增持"评级。因公司持有金融资产 波动断情影响净利润，下调 2024、2025 年盈利预测，新增 2026 年 预测。预计公司 2024-2026 年 EPS 分别为 0.68（-0.86）、0.92（-1.14）、 1.09 元。参考可比公司 2024 年平均 PE，下调目标价至 22.62 元， 维持"增持"评级。 收入符合预期，利润受金融资产公允价值 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 恒生电子（600570）公司半年报点评 2024 年 09 月 10 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 10 日收盘价（元） ] | 16.20 | | 52 周股价波动（元） | 15.23-34.34 | | 总股本 / 流通 A 股（百万股） | 1894/1894 | | 总市值 / 流通市值（百万元） | 30685/30685 | | 相关研究 | | | [Table_ReportInfo] 《维持稳健增长，金融大模型引领行业》 | | | 2024.03.28 | | 市场表现 [Table_QuoteInfo] 恒生电子 海通综指 -54.05% -43.05% -32.05% -21.05% -10.05% 2023/9 2023/12 ...

[Table_Title] 评级：买入（维持） 市场价格：15.88 元 分析师：闻学臣 执业证书编号：S0740519090007 邮箱：wenxc@zts.com.cn 业绩短期承压，股票期权彰显发展信心 恒生电子（600570.SH）/计 算机 证券研究报告/公司点评 2024 年 9 月 9 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|---------|-------|--------------------------|---------------------|-------| | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6,502 | 7,281 | 7,822 | 8,546 | 9,557 | | 增长率 yoy% | 18% | 12% | 7% | 9% | 12% | | 归母净 ...