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 ...

计算机/软件开发 公 司 研 恒生电子（600570.SH） 利润高增长，大模型带来发展良机 究 2024年03月26日 ——公司信息更新报告 投资评级：买入（维持） 陈宝健（分析师） 闫宁（分析师） chenbaojian@kysec.cn yanning@kysec.cn 证 书编号：S0790520080001 证书编号：S0790523080003 日期 2024/3/25  证券IT龙头，维持“买入”评级 当前股价(元) 23.93 2023年公司收入平稳增长，降本增效效果持续显现。考虑到客户需求变动影响， 公 一年最高最低(元) 59.10/18.60 司 我们下调 2024-2025 年、新增 2026 年盈利预测，预计 2024-2026 年的归母净利 信 总市值(亿元) 454.67 润为17.84、22.00、26.90亿元（原为23.70、31.05亿元），EPS为0.94、1.16、 息 流通市值(亿元) 454.67 更 1.42元（原为1.25、1.63元），当前股价对应PE为25.5、20.7、16.9倍，未来公 总股本(亿股) 19.00 新 司将继续提升收入质量，大模型带来 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to the market index [9]. Core Insights - The company achieved a revenue of 7.281 billion yuan in 2023, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders was 1.424 billion yuan, up 30.50% from the previous year [5]. - The company has maintained a gross margin of 74.85%, the highest in three years, and has increased its R&D investment to 2.661 billion yuan, accounting for 36.55% of its revenue [5]. - The company is a leading provider of core systems in the securities industry and has successfully adapted its new generation core trading system to meet the requirements of the financial industry [6]. - The launch of the LightGPT model in 2023 has shown significant improvements in performance metrics, enhancing its capabilities in financial advisory and research [7][8]. - A strategic partnership with Huawei has been established to develop applications based on the HarmonyOS NEXT operating system, expanding the company's service offerings to over 60 financial institutions [8]. Financial Performance - The company reported a net profit of 1.424 billion yuan in 2023, with projections for EPS of 0.85, 1.08, and 1.25 yuan for 2024, 2025, and 2026 respectively [9]. - The projected revenue for 2024 is 8.082 billion yuan, with a growth rate of 10.99% [10]. - The company’s asset-liability ratio stands at 38.4%, indicating a stable financial structure [5]. Future Outlook - The company is expected to benefit from the ongoing financial technology transformation and product iterations, with a projected PE ratio decreasing from 31.92 in 2023 to 19.07 by 2026 [10]. - The report anticipates continued growth in revenue and net profit over the next few years, with a focus on enhancing its technological capabilities and market position [9][10].

证券研究报告 | 公司动态点评 2024 年 03月 25日 恒生电子（600570.SH） 2023 年报业绩点评：业绩稳步向好，产品市场需求仍有扩大空间 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 6,502 7,281 8,079 9,046 10,222 股票信息 增长率yoy（%） 18.3 12.0 11.0 12.0 13.0 归母净利润（百万元） 1,091 1,424 1,702 2,030 2,339 行业 计算机 增长率yoy（%） -25.4 30.5 19.5 19.3 15.2 2024年3月25日收盘价（元） 23.93 ROE（%） 15.0 16.3 16.8 17.0 16.6 总市值（百万元） 45,467.15 EPS最新摊薄（元） 0.57 0.75 0.90 1.07 1.23 流通市值（百万元） 45,467.15 P/E（倍） 54.2 41.5 34.7 29.1 25.3 总股本（百万股） 1,900.01 P/B（倍） 8.7 7.4 6.2 5.2 4.4 流通股本（百万股） 1,900.0 ...

[Table_Main] 证券研究报告 | 公司点评 恒生电子(600570.SH) 2024年03月26日 恒生电子（600570.SH）：2023 年年 买入（维持） 报点评：聚焦核心产品线人效提升， 所属行业：计算机/软件开发 当前价格(元)：23.93 看好公司稳健增长潜力 证券分析师 钱劲宇 资格编号：S0120523090002 投资要点 邮箱：qianjy5＠tebon.com.cn 市场表现 事件：恒生电子发布 2023 年年报，全年实现营业收入 72.81亿元（+11.98%）；  归母净利润14.24亿元（+30.50%）；扣非归母净利润14.48亿元（+26.51%）。单 恒生电子 沪深300 Q4 看，公司营收 29.1 亿（+5%），归母净利润 8.2 亿（-24%），扣非净利润 9.1 29% 14% 亿（+12%）。 0% -14% 公司23年聚焦核心产品线，收入稳健增长且人效提升。公司将资源进一步聚焦到 -29%  -43% 核心产品线、对于项目化程度较高的业务逐步成立子公司独立运作。23年主营业 -57% 务毛利率74.85%，较上年提升1.3pct。全年费用同比增长8. ...

恒生电子（600570.SH）2023年年报点评 业绩增长放缓，期待 AI 与信创创造增量需求 2024年03月26日 ➢ 事件：恒生电子于 3 月 24 日晚发布 2023 年年度报告，2023 年全年实现 推荐 维持评级 营业收入72.81亿元，同比增长11.98%；实现归母净利润14.24亿元，同比增 当前价格： 23.43元 长30.50%；实现扣非净利润14.48亿元，同比增长26.51%。 ➢ 四季度增速放缓，下半年机构客户预算执行率下滑所致。根据计算可知，公 司23年第四季度预计实现营业收入29.14亿元，同比增长5.36%；实现归母净 [Table_Author] 利润8.18亿元，同比减少24.29%；实现扣非净利润9.11亿元，同比增长11.8%。 金融机构IT预算的执行率有所下降，项目管理更趋严格，客户采购立项、采购决 策流程以及验收流程拉长，使得公司四季度收入增长较往年受到一定影响。 ➢ 费用控制稳健，人效持续提升。1）从费用角度，恒生电子2023年销售/管 理/研发费用同比增速分别为-4.3%/+9.5%/+13.4%，公司维持高强度的研发投 入，同时在销售、管理方面持续加强费用管控 ...

Investment Rating - The investment rating for the company is "Buy" with the previous rating also being "Buy" [1]. Core Views - The company achieved a revenue of 7.281 billion yuan in 2023, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders was 1.424 billion yuan, up 30.50% year-on-year, while the net profit excluding non-recurring items was 1.448 billion yuan, an increase of 26.55% year-on-year. The operating cash flow net amount reached 1.261 billion yuan, growing by 10.82% year-on-year. The gross profit margin was 74.84%, an increase of 1.28 percentage points year-on-year [1][2]. Financial Performance - In Q4 2023, the company reported a revenue of 2.914 billion yuan, a year-on-year increase of 5.36%. However, the net profit attributable to shareholders decreased by 24.29% year-on-year to 818 million yuan, while the net profit excluding non-recurring items was 911 million yuan [1]. - The company’s revenue by product line in 2023 included: - Wealth Technology Services: 1.734 billion yuan, up 4.27% year-on-year - Asset Management Technology Services: 1.712 billion yuan, up 9.27% year-on-year - Operations and Institutional Technology Services: 1.436 billion yuan, up 14.32% year-on-year [1]. - The company maintained a focus on refined operations, with revenue growth outpacing overall expense growth. Total expenses for sales, management, and R&D were 4.204 billion yuan, a year-on-year increase of approximately 9.68% [1]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.93 yuan, 1.06 yuan, and 1.23 yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 25.79, 22.53, and 19.40 [2][3]. Market Position - The company is recognized as a leading player in the domestic financial IT sector, ranking 22nd globally and 1st in Asia in the 2023 IDC Fintech rankings [2].

计算机 公 2024年03月25日 司 报 恒生电子(600570.SH) 告 公司净利率提升，打造“更多一流产品” 强烈推荐 ( 维持 ) 事项： 公司公告2023年年报，2023年实现营业收入72.81亿元，同比增长11.98%， 股价:23.93元 实现归母净利润14.24亿元，同比增长30.50%，EPS为0.75元。2023年利润分 公 主要数据 配预案为：拟每10股派现金1.3元（含税）。 行业 计算机 司 平安观点： ...