华福证券 包 研 恒生电子（600570.SH） 需求短期承压，股权激励彰显信心 投资要点： 公司发布 2024 年半年报 2024 年上半年，公司实现主营收入 28.36 亿元，同比增长 0.32%； 归母净利润为 2989.03 万元，同比下降 93.3%；扣非净利润为 1.36 亿 元，同比减少 48.81%。其中，2024 年第二季度公司实现主营收入 16.48 亿元，同比减少 2.88%；季度归母净利润为 6603.27 万元，同比下降 70.56%；季度扣非净利润为 1.14 亿元，同比下降 39.97%。 资管科技服务全面战略纵深 上半年，得益于新一代投资交易系统 O45 的成功推广，公司资管 科技服务业务收入达到 7.22 亿元，同比增长 9.17%。在上半年签约了 多家重要客户，包括信托公司和银行理财子公司。此外，新一代产品 Fusion China 投资管理平台的市场推广形成影响力，重点推进以 IBOR 为核心的新一代投资管理平台建设，实现了重要突破。Summit 系统中 标国有政策性大行资金系统信创版，成为信创领域的标杆项目。 技术研发与创新驱动成果转化 恒生电子持续加大技术研发投入，2 ...

Investment Rating - Maintains "Overweight" rating [2][4] Core Views - The company's new equity incentive plan is expected to drive future performance growth [1] - The company continues to focus on innovation and digital transformation, with products iterating and updating [2] - Despite a decline in net profit, the company's cost control and asset management technology services performed well [1] Financial Performance - H1 2024 revenue reached 2.836 billion yuan, a year-on-year increase of 0.32% [1] - Net profit attributable to the parent company was 29.89 million yuan, a year-on-year decrease of 93.30% [1] - Non-GAAP net profit was 136 million yuan, a year-on-year decrease of 48.81% [1] - Gross profit margin of main business remained stable at 71.32% [1] - Asset management technology service revenue increased by 9.17%, while wealth technology service revenue decreased by 16.99% [1] Equity Incentive Plan - The company issued a stock option incentive plan on August 23, 2024, granting 34 million shares at 17.04 yuan per share to 1,400 core employees [1] - The exercise period is from 2024 to 2026, with a requirement for non-GAAP net profit to grow by at least 10% annually [1] Product and Technology Development - UF3.0 system continues to iterate, with milestone achievements in benchmark projects [2] - O45 system signed multiple new clients, with significant progress in the new generation investment management platform based on IBOR [2] - Warren Q, an integrated research and investment technology platform, is widely tested across the industry [2] - Light technology platform is further developed, focusing on distributed low-latency platforms and efficient data integration [2] Market Data - Total market capitalization is 29.454 billion yuan [5] - The stock price range over the past year is 15.23 yuan to 36.45 yuan [5] - The turnover rate in the past three months is 52.35% [5] Profit Forecast - Adjusted net profit forecast for 2024-2025 is 1.528 billion yuan and 1.758 billion yuan, respectively, with a new forecast for 2026 at 2.061 billion yuan [2] - The current PE ratio for 2024-2026 is 19x, 17x, and 14x, respectively [2] Financial Indicators - ROE (diluted) for 2024-2026 is expected to be 16.41%, 16.35%, and 16.55%, respectively [3] - EPS for 2024-2026 is forecasted to be 0.81 yuan, 0.93 yuan, and 1.09 yuan, respectively [3] - The company's gross profit margin is expected to remain stable at around 75% from 2024 to 2026 [6]

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恒生电子股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |----------------|--------------|----------------------------------|--------------------| | 证券代码： | 600570 | 证券简称：恒生电子 编号： | 2024-003 | | 投资者关系活动 | □ | 特定对象调研 □分析师会议 | | | 类别 | □媒体采访 | ☑业绩说明会 | | | | □ | 新闻发布会 □路演活动 | | | | □现场参观 | | | | | □其他 | | | | 参与单位名称 | | 本次活动采取线上会议形式，共 258 | 名投资者参加会议。 | | 时间 | 2024 年 8 月 | 27 日 15:00-16:00 | | | 地点 | 线上直播 | | | | 上市公司接待人 | | | | | 员姓名 | | | | | | | 投资者关系活动主要内容介绍 | | | Q1 | | | | | | | | | | 显释放？ | | | | | | | | | | | | ...

公司点评报告 · 计算机行业 管科技表现强劲,股权激励突显长期信心 — 2024 年中报业绩点评 ● 事件:公司发布 2024 年半年度报告,报告期内实现营收 28.36 亿元,同比 增长 0.32%;实现归母净利润 2989.03 万元,同比下滑 93.30%;扣非归母 净利润 1.36亿元,同比下滑 48.81%。 ● 业绩受市场波动影响,公司施行降费:公司在 2024年上半年的经营情况总 体保持平稳,尽管面临一些市场波动,但公司通过调整管理节奏和力度,努力 提升产品质量和经营效率。归属于上市公司股东的净利润同比大幅下降 93.30%,主要受到非经常性损益的影响,该项约为-1.06亿元,由于公司持有 的金融资产公允价值变动收益与去年同期相比有较大下降。此外,公司实现归 属于上市公司股东的扣除非经常性损益的净利润约为 1.36 亿元,同比下降 48.81%。公司整体成本费用同比下降了 0.66%,主营业务软件业毛利率降至 71.32%;上半年公司研发费用降低,研发费用为 11.61 亿元,同比下滑 0.8%。 ● 股权激励机制推出,突显长期成长信心:公司推出员工持股计划及股权激励 计划机制,计划拟向激励对象 ...

2024年08月26日 计算机 恒生电子(600570.SH) 公司业绩当期承压，股权激励彰显信心 强烈推荐( 维持) 事项： 公司公告2024年半年度报告，2024年上半年公司实现营业收入28.36亿元，同 比增长0.32%，实现归母净利润2989万元，同比下降93.30%。 平安观点： 公 司 半 年 报 点 评 主要数据 | --- | --- | |-------------------|---------------------------------| | 行业 | 计算机 | | 公司网址 | www.hundsun.com | | 大股东/持股 | 杭州恒生电子集团有限公司/20.79% | | 实际控制人 | | | 总股本(百万股) | 1,894 | | 流通A股(百万股) | 1,894 | | 流通B/H股(百万股) | | | 总市值(亿元) | 295 | | 流通A股市值(亿元) | 295 | | 每股净资产(元) | 4.12 | | 资产负债率(%) | 34.4 | 行情走势图 相关研究报告 【平安证券】恒生电子（600570.SH）*年报点评*公 司净利率提升，打造" ...

Financial Performance - Revenue for the first half of 2024 was RMB 2,835,848,961.36, a slight increase of 0.32% compared to the same period last year[15] - Net profit attributable to shareholders of the listed company was RMB 29,890,250.55, a significant decrease of 93.30% year-on-year[15] - Basic earnings per share (EPS) for the reporting period was RMB 0.02, down 91.67% compared to the same period last year[16] - Weighted average return on equity (ROE) was 0.37%, a decrease of 5.93 percentage points from the previous year[16] - Revenue for the first half of the year reached approximately 2.836 billion yuan, a year-on-year increase of 0.32%[28] - Net profit attributable to shareholders of the listed company was approximately 29.89 million yuan, a year-on-year decrease of 93.30%[28] - Gross profit margin of the main business remained stable at 71.32%[28] - Operating income for the first half of 2024 was 2,835,848,961.36 RMB, a slight increase of 0.3% compared to 2,826,713,142.85 RMB in the same period of 2023[82] - Total operating costs for the first half of 2024 were 2,771,625,671.57 RMB, a decrease of 0.7% compared to 2,790,139,981.32 RMB in the same period of 2023[82] - Net profit attributable to the parent company's shareholders was 29,890,250.55 RMB, compared to 446,376,250.50 RMB in the first half of 2023[83] - Basic earnings per share (EPS) for the first half of 2024 were 0.02 RMB, down from 0.24 RMB in the same period last year[84] - The company's total comprehensive income for the first half of 2024 was 27,287,009.01 RMB, a significant decrease from 477,067,041.21 RMB in the first half of 2023[84] - Revenue for the first half of 2024 was 2,250,758,067.19 RMB, slightly lower than 2,269,762,806.74 RMB in the same period last year[85] - Operating profit for the first half of 2024 was 59,157,070.88 RMB, compared to 320,693,733.09 RMB in the first half of 2023[86] - Net profit for the first half of 2024 was 79,738,394.83 RMB, down from 333,084,007.66 RMB in the same period last year[86] - Comprehensive income for the first half of 2024 was RMB 79,738,394.83, compared to RMB 333,084,007.66 in the same period last year[87] - Comprehensive income for the period was RMB 27.29 million, with a net profit attributable to the parent company of RMB 29.89 million[92] - Comprehensive income for the period decreased by RMB 166,142,272.41[96] - Comprehensive income for the period increased by RMB 333,084,007.66[98] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 13,135,949,788.28, a decrease of 8.48% compared to the end of the previous year[15] - Total assets decreased from RMB 14.35 billion to RMB 13.14 billion, a decline of 8.4%[76] - Monetary funds decreased from RMB 2.42 billion to RMB 1.11 billion, a drop of 54.0%[76] - Accounts receivable increased from RMB 1.07 billion to RMB 1.27 billion, an increase of 18.8%[76] - Inventory increased from RMB 595.12 million to RMB 684.55 million, a rise of 15.0%[76] - Long-term equity investments increased slightly from RMB 1.69 billion to RMB 1.70 billion, up 0.6%[76] - Fixed assets decreased from RMB 1.57 billion to RMB 1.51 billion, a decline of 3.5%[76] - Total liabilities decreased from RMB 5.22 billion to RMB 4.25 billion, a drop of 18.6%[77] - Short-term borrowings increased from RMB 305.78 million to RMB 549.35 million, up 79.6%[77] - Contract liabilities decreased from RMB 2.77 billion to RMB 2.24 billion, a decline of 19.2%[77] - Employee benefits payable decreased from RMB 823.82 million to RMB 388.09 million, a drop of 52.9%[77] - Total liabilities decreased from 5,509,007,744.76 RMB to 4,523,810,347.04 RMB, a reduction of 17.9%[78] - Total owner's equity increased from 8,844,722,112.75 RMB to 8,612,139,441.24 RMB, a slight decrease of 2.6%[78] - Total assets decreased from 14,353,729,857.51 RMB to 13,135,949,788.28 RMB, a reduction of 8.5%[78] - Total current assets decreased from 3,986,903,161.24 RMB to 2,840,675,118.97 RMB, a reduction of 28.7%[80] - Total non-current assets increased slightly from 8,477,811,847.98 RMB to 8,544,533,629.96 RMB, an increase of 0.8%[80] - Total liabilities decreased from 4,435,452,621.01 RMB to 3,544,612,013.38 RMB, a reduction of 20.1%[81] - Overseas assets amounted to RMB 1,080,546,396.63, accounting for 8.23% of total assets[47] - The company's investment in fixed assets increased by 40.96% to RMB 432,613,838.08, driven by expansion in financial cloud product production bases[45] - Short-term borrowings increased by 79.66% to RMB 549,349,805.94, mainly due to higher short-term bank loans[46] - The company's total monetary funds at the end of the period amounted to RMB 1,113,529,969.60, with RMB 269,170,067.09 held overseas[193] - The company's transaction financial assets at the end of the period were RMB 1,030,731,525.91, including stocks, funds, asset management plans, and financial products[195] - The company's accounts receivable at the end of the period were RMB 4,351,229.25, including bank acceptance bills and commercial acceptance bills[196] - The company's total monetary funds at the beginning of the period were RMB 2,421,998,664.08, with RMB 260,730,288.77 held overseas[193] - The company's transaction financial assets at the beginning of the period were RMB 1,177,334,633.25, including stocks, funds, asset management plans, and financial products[195] - Total bad debt provision for the period is 4,522,360.68 RMB, with a provision rate of 3.78%[199] - Bank acceptance bills account for 24.32% of the total receivables, amounting to 1,099,732.00 RMB[199] - Commercial acceptance bills account for 75.68% of the total receivables, amounting to 3,422,628.68 RMB, with a provision rate of 5.00%[199] - The total bad debt provision for commercial acceptance bills is 171,131.43 RMB[199] - The total receivables at the end of the period are 21,869,215.83 RMB, with a bad debt provision of 742,177.37 RMB, representing a provision rate of 3.39%[199] - The net receivables after bad debt provision are 21,127,038.46 RMB[199] - The commercial acceptance bills combination has a provision rate of 5.00%, with a total amount of 3,422,628.68 RMB and a provision of 171,131.43 RMB[200] Business Segments and Products - The company's new product, WarrenQ, is a professional integrated investment research tool platform based on large model technology[6] - The company's LDP platform is a new generation of low-latency, distributed, and highly available technology platform[6] - The company's UF3.0 system is the next-generation core system for securities companies[6] - The company's O45 system provides a new generation of investment trading asset management system for institutional investors[6] - The company focuses on 8 business segments including wealth tech, asset management tech, and data services[24] - The company has a strong product competitiveness model and leads in R&D investment and technical staff numbers[25] - The company completed the configuration of basic software and hardware for all main products in the financial technology innovation field[32] - The company's new generation core system UF3.0 achieved milestone goals and signed multiple new clients[30] - The company's investment transaction system O45 signed strategic clients and achieved important breakthroughs in the construction of a new generation investment management platform based on IBOR[36] - The company operates in the software and information technology services industry, focusing on the development and sales of computer software products and system integration for securities, finance, and transportation industries[101] R&D and Innovation - R&D expenses remained stable at RMB 1,161,538,955.10, with a slight decrease of 0.80%[42] - R&D expenses for the first half of 2024 amounted to 1,161,538,955.10 RMB, a slight decrease from 1,170,893,449.15 RMB in the same period last year[83] - The company's total number of employees was 12,700, with product technical personnel accounting for 70.18% of the total workforce[31] - Innovation business revenue grew by 3.03%, driven by Yunyi's wealth management SAAS services, with Yunyi's revenue increasing by over 20% year-over-year[39] - Innovation business costs increased by 39.98% year-over-year, reflecting higher investment in new services and products[41] - R&D expenses include personnel costs such as salaries, social insurance, and housing funds for R&D staff[155] - The company allocates personnel costs between R&D and operational expenses based on the actual work content and department of employees[156] - Depreciation expenses for R&D activities include equipment depreciation and long-term amortization costs for facility renovations and modifications[156] - Intangible asset amortization costs for R&D include software, patents, copyrights, and non-patented technologies[156] - External R&D expenses are incurred for activities outsourced to other entities or individuals, with results owned by the company[156] - Development phase expenditures are capitalized as intangible assets if they meet specific criteria, including technical feasibility and intent to use or sell[157] Market and Industry Trends - Public fund management scale reached 31.08 trillion RMB in H1 2024, a 12.24% increase YoY, driven by bond and money funds[21] - Banking sector assets totaled 433.1 trillion RMB, up 6.6% YoY, with net profits of 1.3 trillion RMB, a 0.4% increase[21] - Insurance sector assets grew to 33.8 trillion RMB, a 7.4% increase YoY, with premium income of 3.55 trillion RMB, up 4.9%[21] - Financial institutions' tech investment is shifting from efficiency to value creation, with head institutions leading the trend[22] - Financial industry's tech investment is entering a rigid demand phase, with incremental demand from IT innovation not fully released[22] Corporate Governance and Shareholder Information - The company's registered address was changed to No. 1888 Binxing Road, Binjiang District, Hangzhou, Zhejiang Province[10] - The company is transitioning to a high-speed decision-making model, improving efficiency and management competitiveness[26] - The company is implementing employee stock ownership and stock option incentive plans to enhance organizational vitality[27] - The company completed a share repurchase of 5,861,667 shares, representing 0.3085% of the total shares, and subsequently canceled these shares on April 12, 2024[70] - The total guarantee amount (including guarantees for subsidiaries) is RMB 46,207,500, accounting for 0.58% of the company's net assets[68] - The company's total outstanding shares decreased by 5,861,667 shares, resulting in a total of 1,894,144,775 shares after the repurchase[69] - The company's largest shareholder, Hangzhou Hundsun Electronics Group Co., Ltd., holds 393,743,087 shares, representing 20.79% of the total shares[71] - Hong Kong Securities Clearing Company Limited reduced its holdings by 52,587,582 shares, now holding 117,045,606 shares, or 6.18% of the total shares[71] - The company's registered capital is RMB 1,894,144,775, with 1,894,144,775 shares issued, all of which are unrestricted tradable shares[100] Risk Management and Environmental Initiatives - The company faces risks including market competition, technological innovation, and talent loss, particularly in the fintech sector[57] - The company has implemented measures to reduce carbon emissions, including digital energy management, waste sorting, and paperless office initiatives[63] - The company is pursuing ISO14001 environmental management and ISO50001 energy management system certifications[63] Revenue Breakdown by Business Segment - Wealth technology service business revenue decreased by 16.99% year-on-year[35] - Asset management technology service business revenue increased by 9.17% year-on-year[36] - Operation and institutional technology service business revenue increased by 3.51% year-on-year[37] - Risk and platform technology service revenue decreased by 0.25% year-over-year, remaining flat compared to the previous year[38] - Data service business revenue declined by 3.51% year-over-year, with progress in replacing competitors' products and upgrades to products like Zhimou FICC, Xiaofan, and Warren Q[38] - Enterprise finance, insurance core, and financial infrastructure technology service revenue decreased by 3.96%, with new subsidiaries established in Nanjing and Wuhan[39] - Wealth technology service revenue decreased by 16.99% year-over-year, with a gross margin increase of 1.34%[40] - Asset management technology service revenue increased by 9.17% year-over-year, with a slight gross margin decrease of 0.76%[40] - Operation and institutional technology service revenue grew by 3.51% year-over-year, with a gross margin decrease of 0.58%[40] - Other business revenue surged by 71.77% year-over-year, driven by technology park and related subsidiary operations[40] - Domestic revenue decreased by 0.82% year-over-year, while overseas revenue increased by 31.87%[40] Cash Flow and Investments - Net cash flow from operating activities was negative RMB 1,176,260,793.60, a significant decline compared to the previous year[42] - Cash received from selling goods and providing services in the first half of 2024 was RMB 2,248,592,374.22, a decrease from RMB 2,413,050,804.25 in the same period last year[87] - Net cash flow from operating activities in the first half of 2024 was negative RMB 1,176,260,793.60, compared to negative RMB 885,193,915.30 in the same period last year[87] - Cash received from investments in the first half of 2024 was RMB 2,473,678,751.54, a significant increase from RMB 987,029,991.53 in the same period last year[87] - Net cash flow from investing activities in the first half of 2024 was negative RMB 73,126,391.13, an improvement from negative RMB 385,403,903.85 in the same period last year[89] - Cash received from financing activities in the first half of 2024 was RMB 615,000,000.00, compared to RMB 690,477,707.10 in the same period last year[89] - Net cash flow from financing activities in the first half of 2024 was negative RMB 51,915,302.91, compared to positive RMB 366,711,600.65 in the same period last year[89] - Net increase in cash and cash equivalents in the first half of 2024 was negative RMB 1,306,483,637.90, compared to negative RMB 896,776,167.65 in the same period last year[89] - Cash received from selling goods and providing services by the parent company in the first half of 2024 was RMB 1,690,265,997.42, a decrease from RMB 1,923,074,091.89 in the same period last year[90] - Net cash flow from operating activities by the parent company in the first half of 2024 was negative RMB 921,246,278.60, compared to negative RMB 873,264,681.63 in the same period last year[90] - The company's stock investments decreased by 36.8% from 38,179.99 million yuan to 23,891.64 million yuan, with a fair value change loss of 14,049.13 million yuan[52] - Trust product investments increased by 25.9% from 86,998.02 million yuan to 109,556.45 million yuan, with a fair value change loss of 825.96 million yuan[52] - Bond investments increased by 104.1% from 848.64 million yuan to 1,732.65 million yuan, with a cumulative fair value change of 356.59 million yuan[52] - Other investments decreased by 12.4% from 228,279.35 million yuan to 199,937.52 million yuan, with a fair value change gain of 2,343.30 million yuan[52] - The total financial assets decreased by 5.4% from 354,306.00 million yuan to 335,118.26 million yuan, with a fair value change loss of 12,531.79 million yuan[52] - The investment in

恒生电子股份有限公司投资者关系活动记录表 证券代码：600570 证券简称：恒生电子 编号：2024-002 投资者关系活动 ☑特定对象调研 ☑分析师会议 类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他 业绩预告后线上交流会 参与单位名称 本次活动采取线上会议形式，共161家机构参与。详细名单信 息请参阅文末附表。 时间 2024年7月9日 19:00 地点 电话会议 上市公司接待人 邓寰乐（董事会秘书） 员姓名 投资者关系活动主要内容介绍 Q1：公司如何展望全年业绩情况？ ...

恒生电子股份有限公司 证券代码:600570 证券简称:恒生电子 编号:2024-041 恒生电子股份有限公司 重要内容提示: 一、本期业绩预告情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 1. 经恒生电子股份有限公司(以下简称"恒生电子"或"公司")财务部 门初步测算,恒生电子预计 2024 年半年度实现归属于上市公司股东的净利润约 为 3,537.70 万元(人民币,下同),与上年同期相比将减少约 4.11 亿元,减 少比例约为 92.07%。 2. 预计 2024 年半年度实现归属于上市公司股东的扣除非经常性损益的净 利润约为 1.41 亿元,与上年同期相比将减少约 1.24 亿元,减少比例约为 46.76%。预计 2024 年半年度非经常性损益对公司净利润的影响金额约为亏损 1.06 亿元。 3. 预计 2024 年上半年公司实现营业收入约为 28.34 亿元,与上年同期相 比将增加约 708.88 万元,同比增加约 0.25%。 预计 2024 年上半年公司营业总成本约为 27.85 亿元,与上年同期相比减少 ...

费用增速放缓，LightGPT 算法通过备案 恒生电子（600570.SH）/计 证券研究报告/公司点评 2024年6月4日 算机 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：19.83 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,502 7,281 7,822 8,546 9,557 分析师：闻学臣 增长率yoy% 18% 12% 7% 9% 12% 执业证书编号：S0740519090007 归母净利润（百万元） 1,091 1,424 1,581 1,774 2,011 邮箱：wenxc@zts.com.cn 增长率yoy% -25% 31% 11% 12% 13% 每股收益（元） 0.58 0.75 0.83 0.94 1.06 每股现金流量 0.60 0.67 0.82 0.92 1.07 净资产收益率 15% 16% 16% 15% 15% P/E 34.4 26.4 23.8 21.2 18.7 P/B 5.5 4.7 4.1 3.5 3.1 备 注 ...