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：2024-021 恒生电子股份有限公司 1、2022 年 8 月 24 日，公司召开第八届董事会第四次会议,审议通过了《关于 <恒生电子股份有限公司 2022 年股票期权激励计划（草案）>及其摘要的议案》、 《关于<恒生电子股份有限公司 2022 年股票期权激励计划管理办法>的议案》、 《关于提请股东大会授权董事会办理 2022 年股票期权激励计划相关事宜的议案》 等相关议案。公司独立董事对公司股权激励计划相关事项发表了独立意见。 2、2022 年 8 月 24 日，公司召开第八届监事会第四次会议，审议通过了《关 于<恒生电子股份有限公司 2022 年股票期权激励计划（草案）>及其摘要的议案》、 《关于<恒生电子股份有限公司 2022 年股票期权激励计划管理办法>的议案》等相 关议案。 关于公司 2022 年股票期权激励计划 2024 年第一季度自主行权结果的公告 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。 重要内容提示： 本次行权股票数量：恒生电子股 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved steady growth in 2023, with total revenue reaching 7.281 billion yuan, a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 1.424 billion yuan, up 30.50% year-on-year [4]. - The company successfully adapted all major products to the new technology environment, aiding over 70 financial institutions in upgrading their core business systems [5]. - The company has significantly increased its R&D investment, totaling 2.661 billion yuan, which accounts for 36.55% of its revenue, reflecting a 13.42% year-on-year growth [6]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 74.85%, an improvement over the past two years, maintaining market leadership and product competitiveness [4]. - The company’s operating income for 2024-2026 is projected to be 8.247 billion, 9.243 billion, and 10.221 billion yuan, respectively, with net profits expected to be 1.718 billion, 1.963 billion, and 2.189 billion yuan [7][11]. Product Development - Key products have been successfully launched, with the O45 product achieving further maturity and completion of projects for leading fund and asset management companies [5]. - The company’s SaaS business and data services have experienced rapid growth, contributing to its overall performance [5]. Research and Development - The company has invested heavily in R&D, with 9,535 technical personnel making up 72.3% of its workforce, focusing on developing advanced financial models and platforms [6]. - The LightGPT financial model was released for public testing, showcasing the company's commitment to innovation in the financial IT sector [6].

公司研 究 证 券研究 报 告 行业应用软件 2024年4月1日 恒 生电子（600570）2023年报点评 强 推 （维持） 目标价：36.4元 核心业务稳增长，金融大模型引领新生态 当前价：22.56元 事项： 华创证券研究所  3月24日，公司发布2023年年报，2023年实现营业收入72.81亿元，同比增 证券分析师：吴鸣远 长 11.98%；归母净利润 14.24 亿元，同比增长 30.50%；扣非净利润 14.48 亿 元，同比增长 26.51%。2023 年四季度实现营业收入 29.14 亿元，同比增长 邮箱：wumingyuan@hcyjs.com 5.36%；归母净利润8.18亿元，同比下降24.29%。 执业编 号：S0360523040001 评论： 公司基本数据  核心业务实现稳健增长，细分业务增速较快。2023年营收分业务看，1）财富 总股本(万股) 190,000.64 科技服务业务增速放缓，实现营业收入17.34亿元，同比增长4.27%，主要系 已上市流通股(万股) 190,000.64 市场对信创类产品需求未完全释放，竞争有所加剧。2）资管科技业务增速平 总市值(亿元) 4 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.53 CNY per share, based on a 30x PE for 2024 [4][27]. Core Views - The company's revenue growth slightly underperformed expectations, achieving 7.281 billion CNY in 2023, a year-on-year increase of 11.98%, while net profit attributable to shareholders reached 1.424 billion CNY, up 30.50% [2][9]. - The company is advancing high-quality development with the gradual rollout of its next-generation core products, including O45 and UF3.0, which have seen new client acquisitions and project completions [2][15][16]. - Increased R&D investment is being made to maintain technological leadership, with R&D expenses totaling 2.661 billion CNY in 2023, representing 36.55% of revenue [2][17]. - The long-term outlook for the asset management technology industry is positive, driven by the AIGC wave, which is expected to push financial institutions from digitization to intelligentization [2][18]. Financial Performance Analysis - In 2023, the company reported a gross margin of 74.84%, an increase of 1.28 percentage points from 2022 [10][15]. - The breakdown of revenue by business segments shows varied performance, with wealth technology services at 1.73 billion CNY (up 4.3%), asset management technology services at 1.71 billion CNY (down 9.3%), and risk and platform technology services at 0.51 billion CNY (up 19.1%) [10][24]. - The company’s operating cash flow was 1.26 billion CNY, reflecting a year-on-year growth of 10.53% [10]. Profit Forecast and Investment Recommendations - The company is projected to achieve EPS of 0.92, 1.07, and 1.20 CNY per share for 2024, 2025, and 2026, respectively, with revenue expected to grow to 7.768 billion CNY in 2024, 8.454 billion CNY in 2025, and 9.346 billion CNY in 2026 [2][26]. - The report anticipates a steady increase in net profit, forecasting 1.744 billion CNY for 2024, 2.024 billion CNY for 2025, and 2.273 billion CNY for 2026 [26].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.32 CNY, which corresponds to a 30 times dynamic price-to-earnings ratio for 2024 [5][9]. Core Views - The company has demonstrated steady growth in performance, with a revenue of 7.281 billion CNY in 2023, reflecting a year-on-year increase of 11.98%, and a net profit of 1.424 billion CNY, up 30.50% year-on-year [2][3]. - The company aims to become a global leader in financial technology, as outlined in its "Hengsheng Vision 2030" strategy, focusing on delivering more first-class products and enhancing customer satisfaction [2][3]. - The dual drivers of AI and financial innovation are expected to significantly contribute to the company's future growth [4][9]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 7.281 billion CNY, a growth of 11.98% year-on-year, and a net profit of 1.424 billion CNY, marking a 30.50% increase [2][3]. - The gross profit margin for 2023 was 74.84%, an increase of 1.28 percentage points from 2022, indicating strong product competitiveness [3]. - The company has effectively controlled costs, with sales expenses decreasing and management expenses growing at a slower rate than revenue [3]. AI and Financial Innovation - The company launched new AI products in 2023, including WarrenQ and LightGPT, which are expected to enhance operational efficiency and create new value for clients [4]. - All main products have completed adaptation for financial innovation, supporting over 70 financial institutions in upgrading their core business systems [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 8.078 billion CNY, 8.960 billion CNY, and 9.950 billion CNY, respectively, with net profits expected to be 1.667 billion CNY, 1.919 billion CNY, and 2.177 billion CNY [9][10]. - The company is positioned to benefit from the growing demand for AI and financial innovation in the financial sector [9].

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 恒生电子（600570）公司年报点评 2024年03月28日 [Table_InvestInfo] 投资评级 优于大市 维持 维持稳健增长，金融大模型引领行业 股票数据 [Table_Summary] 0[3Ta月b2le7_日S收to盘ck价（In元fo）] 22.08 投资要点： 52周股价波动（元） 18.60-59.10 总股本/流通A股（百万股） 1900/1900 总市值/流通市值（百万元） 41952/41952  实现稳健增长。公司发布 2023 年年度报告。2023 年，公司实现营收 72.81 相关研究 亿元，同比增长11.98%；归母净利润14.24亿元，同比增长30.50%；扣非 市《场单表Q现3 营收增长26.45%，扣非净利 净利润 14.48 亿元，同比增长 26.51%。毛利率方面，公司综合毛利率为 润[Ta高bl增e_，Qu展o现teI利nf润o] 弹性》2022.11.03 74.85%，同比增加 1.29pct。单 Q4 来看，公司实现营收 29.14 亿元，同比 恒生电子 海通综指 增长5.36 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue growth of over 30% in 2023, driven by the advancement of "AI+" initiatives [1] - The company reported a total revenue of 7.281 billion yuan in 2023, representing a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 1.424 billion yuan, up 30.5% year-on-year [4] - The company is focusing on high-quality product offerings and enhancing operational efficiency, which has led to improved profitability metrics [6][8] Summary by Relevant Sections Financial Performance - In Q4 2023, the company recorded a revenue of 2.914 billion yuan, a year-on-year increase of 5.36%, while the net profit attributable to shareholders decreased by 24.29% to 818 million yuan [4] - The gross margin for 2023 was 74.84%, an increase of 1.28 percentage points year-on-year, and the net profit margin was 19.82%, up 2.6 percentage points year-on-year [6] Business Segments - Wealth technology revenue reached 1.734 billion yuan, growing by 4.27% year-on-year, with a slowdown attributed to reduced market demand for existing products [5] - Asset management technology revenue was 1.712 billion yuan, up 9.27% year-on-year, with 53 new clients signed [5] - Operational and institutional revenue grew by 14.32% year-on-year to 1.436 billion yuan, with nearly 100 new clients signed [5] - Risk and platform revenue increased by 19.06% year-on-year to 509 million yuan, maintaining a strong growth trend [5] Future Outlook - The company is expected to maintain a solid position in the securities and asset management IT sector, with projected net profits of 1.763 billion yuan, 1.985 billion yuan, and 2.230 billion yuan for 2024, 2025, and 2026 respectively [8][9] - The company plans to continue investing in R&D, with total R&D expenses of 2.661 billion yuan in 2023, accounting for 36.55% of revenue [8]

盈利能力持续提升，AI+信创双轮驱动 恒生电子（600570.SH）/计 证券研究报告/公司点评 2024年3月26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：23.43 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 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） 0.57 0.75 0.83 0.93 1.06 每股现金流量 0.60 0.66 0.82 0.92 1.06 净资产收益率 15% 16% 16% 15% 15% P/E 40.8 31.3 28.2 25.1 22.1 P/B 6.5 5.5 4.8 4.2 3.6 备 注：股价选取 ...

Investment Rating - Maintains a "Buy" rating [3] Core Views - The company demonstrated strong operational resilience in 2023, with revenue reaching 7.281 billion yuan, a year-on-year increase of 11.98%, and net profit attributable to the parent company reaching 1.424 billion yuan, a year-on-year increase of 30.50% [1] - The company is fully embracing the AI and IT innovation trends, with significant advantages in the capital market IT sector [1] - The company's R&D investment in 2023 was 2.661 billion yuan, accounting for 36.55% of its revenue, and it has 9,535 product technical personnel, representing 72.3% of the total workforce [2] - The company's main products have completed IT innovation adaptation, assisting over 70 financial institutions in upgrading their core business systems [2] Financial Performance - Revenue in 2023 was 7.281 billion yuan, a year-on-year increase of 11.98%, with a gross profit margin of 74.85% [2] - Net profit attributable to the parent company was 1.424 billion yuan, a year-on-year increase of 30.50%, and non-GAAP net profit was 1.448 billion yuan, a year-on-year increase of 26.51% [2] - Revenue from wealth technology services was 1.734 billion yuan, a year-on-year increase of 4.27%, while asset management technology services revenue was 1.712 billion yuan, a year-on-year increase of 9.27% [2] - Revenue from operations and institutional technology services was 1.436 billion yuan, a year-on-year increase of 14.32%, and revenue from risk and platform technology services was 509 million yuan, a year-on-year increase of 19.06% [2] Future Projections - Expected revenue for 2024-2026 is 8.324 billion yuan, 9.453 billion yuan, and 10.354 billion yuan, respectively [3] - Expected net profit attributable to the parent company for 2024-2026 is 1.656 billion yuan, 1.830 billion yuan, and 2.002 billion yuan, respectively [3] - The P/E ratio for 2024-2026 is projected to be 26.9x, 24.3x, and 22.2x, respectively [3] Industry Trends - The securities and fund industries saw overall revenue growth in 2023, with financial institutions deepening their digital transformation [2] - The total scale of China's asset management industry reached 67.06 trillion yuan by the end of 2023, with public funds accounting for 27.60 trillion yuan, or 41.15% of the total [2] - The implementation of major policies such as the comprehensive registration system and the acceleration of IT innovation in the capital market have provided favorable conditions for financial institutions to increase their technology investments [2]

证券研究报告 公 2024年03月26日 司 报 告 恒生电子(600570) 行 业： 计算机/软件开发 │ 公 投资评级： 买入（维持） 司 当前价格： 23.93元 效率提升助利润高增，重点产品做好批量交付准备 年 目标价格： 32.05元 报 点 事件： 评 基本数据 恒生电子发布 2023 年年度报告，2023 年公司实现营收 72.81 亿元，同比 总股本/流通股本(百万股) 1,900.01/1,900.01 增长11.98%；归母净利润14.24亿元，同比增长30.50%；扣非归母净利润 14.48 亿元，同比增长 26.51%；毛利率为74.85%，同比上升 1.29pct。单 流通A股市值(百万元) 45,467.15 季度来看，第四季度公司实现营收29.14亿元，同比增长5.36%；归母净利 每股净资产(元) 4.23 润 8.18 亿元，同比下降 24.29%；扣非归母净利润 9.11 亿元，同比增长 资产负债率(%) 38.38 11.86%，毛利率为79.28%，同比上升3.08pct。 一年内最高/最低(元) 59.10/18.60 ➢ 主营业务稳健增长 财富科技服务业务线营收增 ...