关于 2024 年股票期权激励计划首次授予登记完成的公告 证券代码：600570 证券简称：恒生电子 编号：2024-078 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。 恒生电子股份有限公司 重要内容提示： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、上海证券交易 所、中国证券登记结算有限责任公司上海分公司等有关规则的规定，恒生电子股 份有限公司（以下简称"公司"）完成了《2024 年股票期权激励计划（草案）》（以 下简称"本激励计划"）首次授予登记工作，现将有关事项公告如下： 一、本激励计划已履行的相关审批程序 1、2024 年 8 月 23 日，公司召开第八届董事会第十九次会议,审议通过了《关 于<恒生电子股份有限公司 2024 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 2024 年股票期权激励计划实施考核管理办法>的 议案》《关于提请股东大会授权董事会办理 2024 年股票期权激励计划相关事宜的 议案》等相关议案。 2、2024 年 8 月 23 日，公司召开第八届监事会 ...

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：2024-074 恒生电子股份有限公司 第八届监事会第十九次会议决议公告 本公司监事会及全体监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。 恒生电子股份有限公司（以下称"公司"或"恒生电子"）第八届监事会第 十九次会议于 2024 年 10 月 30 日以现场结合通讯表决的方式召开，应参与表决 监事 3 名，实际参与表决监事 3 名。根据《公司法》和《公司章程》有关规定， 会议合法有效。 会议经全体监事讨论和审议，通过以下决议： 一、 审议通过《公司 2024 年第三季度报告》。同意 3 票，反对 0 票，弃权 0 票。监事会认为，公司 2024 年第三季度报告如实反映了公司经营情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 二、 逐项审议通过《关于以集中竞价交易方式回购公司股份的方案》： 1. 回购股份的目的及用途。基于对恒生电子股份有限公司（以下简称" 恒生电子"或"公司"）未来发展前景的信心和对公司价值的高度认可，为充 分维护公司及投资者利益，增强投资者信心，提 ...

证券代码：600570 证券简称：恒生电子 公告编号：2024-075 恒生电子股份有限公司 关于以集中竞价交易方式回购股份的预案 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、准确性和完整性依法承担法律责任。 重要内容提示： 1、回购期限内公司股价持续超出回购价格上限，回购股份所需资金未能及时到位 等情形，导致回购方案无法按计划实施的风险； 2、若发生对公司股票交易价格产生重大影响的重大事项，或公司生产经营、财务 情况、外部客观情况发生重大变化，或其他导致公司董事会决定终止本次回购方 ● 回购股份金额：不低于人民币 6000 万元（含）且不超过人民币 12000 万元（含）。 ● 回购股份资金来源：招商银行股份有限公司杭州分行（以下简称"招商银行杭 州分行"）提供的专项贷款及公司自有资金，其中专项贷款金额不超过 8400 万元。 恒生电子股份有限公司（以下简称"恒生电子"或"公司"）已经取得了招商银行 杭州分行出具的《贷款承诺函》，该项贷款已完成招商银行相关审批程序，待公司 与招商银行杭州分行签署授信协议或借款合同及相关协议后即可发放。 ● 回购股份用 ...

重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：600570 证券简称：恒生电子 公告编号：2024-076 恒生电子股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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。 2024 年第四次临时股东大会 召开的日期时间：2024 年 11 月 26 日 14 点 00 分 召开地点：杭州市滨江区滨兴路 1888 号数智恒生中心会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 26 日 至 2024 年 11 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时 ...

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：2024-073 恒生电子股份有限公司 第八届董事会第二十一次会议决议公告 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。 恒生电子股份有限公司（以下称"公司"或"恒生电子"）第八届董事会第 二十一次会议于 2024 年 10 月 30 日以现场结合通讯表决的方式召开，应参与表 决董事 11 名，实际参与表决董事 11 名。根据《公司法》和《公司章程》有关规 定，会议合法有效。 会议经全体董事讨论和审议，通过以下决议： 一、 审议通过《公司 2024 年第三季度报告》。同意 11 票，反对 0 票，弃权 0 票。该议案已经经过董事会审计委员会事先审议和认可。详见上海证券交 易所网站 www.sse.com.cn。 二、 逐项审议通过《关于以集中竞价交易方式回购公司股份的方案》： 1. 回购股份的目的及用途。基于对恒生电子股份有限公司（以下简称" 恒生电子"或"公司"）未来发展前景的信心和对公司价值的高度认可，为充 分维护公司及投资者利益，增强投资者信心，提 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company experienced operational pressure in the first three quarters of 2024, but there is optimism for a recovery in 2025 [1][4] - Revenue for the first three quarters of 2024 was 4.12% lower year-on-year, with a significant decline in net profit of 26.57% [3][4] - The company is focusing on enhancing its project-based business and optimizing its talent structure to improve competitiveness [2][4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 4.188 billion yuan, down 4.12% year-on-year, and a net profit of 446 million yuan, down 26.57% year-on-year [3][4] - In Q3 2024, revenue was 1.352 billion yuan, a decrease of 12.26% year-on-year, while net profit increased significantly by 159.18% to 416 million yuan, mainly due to non-operating gains from financial asset disposals [3][4] - The gross profit margin for the first three quarters was 69.31%, a decrease of 2.58 percentage points year-on-year [2] Business Segment Performance - Wealth technology services revenue was 803 million yuan, down 20.32% year-on-year; asset management technology services revenue was 1.01 billion yuan, down 3.4%; and operational and institutional technology services revenue was 786 million yuan, down 6.54% [4] - Core financial infrastructure technology services saw a notable increase in revenue to 470 million yuan, up 16.74% year-on-year [4] Future Outlook - The report anticipates that IT spending by financial institutions will stabilize in Q4 2024 and into 2025, which could positively impact the company's performance [4] - The company is expected to maintain its leading position in the securities and asset management IT sector, focusing on high-quality products and efficiency improvements [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The report highlights that the company's revenue for the third quarter of 2024 reached 4.188 billion yuan, showing a year-on-year decline of 0.33%, but the profit decline has narrowed [1]. - The company is focusing on AI product upgrades and digital transformation, which is expected to enhance its research and investment capabilities [1][2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 6,502 million yuan - 2023A: 7,281 million yuan (growth rate: 12%) - 2024E: 7,822 million yuan (growth rate: 7%) - 2025E: 8,546 million yuan (growth rate: 9%) - 2026E: 9,557 million yuan (growth rate: 12%) [1]. - **Net Profit Forecasts**: - 2022A: 1,091 million yuan - 2023A: 1,424 million yuan (growth rate: 31%) - 2024E: 1,581 million yuan (growth rate: 11%) - 2025E: 1,774 million yuan (growth rate: 12%) - 2026E: 2,011 million yuan (growth rate: 13%) [1]. - **Earnings Per Share (EPS)**: - 2022A: 0.58 yuan - 2023A: 0.75 yuan - 2024E: 0.83 yuan - 2025E: 0.94 yuan - 2026E: 1.06 yuan [1]. - **Price-to-Earnings (P/E) Ratio**: - 2022A: 44.8 - 2023A: 34.4 - 2024E: 31.0 - 2025E: 27.6 - 2026E: 24.3 [1]. - **Price-to-Book (P/B) Ratio**: - 2022A: 7.2 - 2023A: 6.1 - 2024E: 5.3 - 2025E: 4.6 - 2026E: 4.0 [1]. Market Comparison - The company's stock price as of November 1, 2024, is 25.83 yuan, with a market capitalization of approximately 48.93 billion yuan [1]. - The report indicates that the company's revenue and profit have been impacted by a decline in wealth technology service income, which has affected overall performance [1].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a decline in performance due to capital market fluctuations, with total operating revenue decreasing by 4.12% year-on-year to 4.188 billion yuan and net profit attributable to shareholders dropping by 26.57% to 446 million yuan [1] - The company is focusing on upgrading its service systems and has seen a slight decline in asset management technology service revenue, while investment income increased significantly due to changes in the fair value of non-current financial assets [1] - The company is committed to research and development, with a stable gross margin of 69% and a slight decrease in overall costs [1] - Continuous system upgrades are expected to accelerate business development, including the launch of an intelligent customer service system and an upgraded intelligent investment research platform [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total operating revenue of 4.188 billion yuan, a year-on-year decrease of 12.26%, and net profit attributable to shareholders of 446 million yuan, a decrease of 26.57% [1] - Investment income for the first three quarters increased by 47% to 125 million yuan [1] - The company expects net profit attributable to shareholders for 2024-2026 to be 1.5 billion, 1.7 billion, and 2 billion yuan respectively, with year-on-year growth rates of 2%, 16%, and 17% [1] Business Segments - Wealth technology service revenue decreased by 20% to 800 million yuan, while asset management technology service revenue slightly declined by 3.4% to 1.01 billion yuan [1] - Revenue from corporate finance, insurance core, and financial infrastructure technology services increased by 16.74% to 470 million yuan [1] - Other business segments, including risk and platform technology services, showed slight declines in revenue [1] Cost Management - The overall cost of operations decreased by 1% to 4.124 billion yuan, with a focus on maintaining a stable gross margin [1] - The company’s expense ratio improved, with sales, management, and R&D expenses showing varied changes [1] Future Outlook - The company is enhancing its service quality through the introduction of intelligent customer service and continuous upgrades to its investment research platform [1] - The company aims to lead the digital transformation in the financial industry through collaborations and innovative projects [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating potential for valuation recovery due to ongoing capital market reforms and accelerated digital investments in financial institutions [2]. Core Insights - The company reported a significant increase in Q3 profits primarily due to investment income, with a net profit of 416 million yuan for Q3, representing a year-on-year growth of 159.18% [2]. - However, the overall net profit for the first three quarters of 2024 decreased by 26.57% year-on-year, with a non-recurring net profit decline of 50.28% [2]. - Revenue for Q3 was 1.352 billion yuan, down 12.26% year-on-year, mainly due to a decline in wealth technology service income [2]. - The company successfully launched its new investment trading management system O45, marking a significant milestone in the insurance asset management sector [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 446 million yuan, down 26.57% year-on-year, while the non-recurring net profit was 267 million yuan, down 50.28% [2]. - Q3 revenue was reported at 1.352 billion yuan, a decrease of 12.26% year-on-year, with wealth technology service revenue falling by 20.3% [2]. - The company forecasts net profits of 1.473 billion yuan, 1.726 billion yuan, and 2.017 billion yuan for 2024, 2025, and 2026 respectively, with corresponding valuations of 33, 28, and 24 times [2][5]. Product Development and Market Position - The company is expanding its product offerings, with the O45 system being the first of its kind in the insurance asset management industry, indicating a strong position in the market [2]. - The ongoing digital transformation in the financial sector is expected to create additional demand for the company's core products [2]. Financial Projections - The company is projected to have a net profit growth rate of 3.42% in 2024, with further increases expected in subsequent years [5]. - The estimated revenue growth rates for the next three years are 0.34% for 2024, 12.33% for 2025, and 11.0% for 2026 [5]. Valuation Metrics - The current market price is 25.83 yuan, with a PE ratio of 34 for 2024, expected to decrease to 28 by 2026 [4][6]. - The PB ratio is projected to decline from 6.1 in 2024 to 4.5 in 2026, indicating potential for valuation improvement [6].

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：2024-004 | --- | --- | --- | --- | --- | |------------------------------|--------------------------------------|------------------------------------------------------------|-------|--------------------------| | | | | | | | 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 三季报后分析师电话会议 | | | | 参与单位名称 | | 本次活动采取线上会议形式，共 140 | | 名投资者参加会议。 | | 时间 | 2024 年 10 月 | 31 日 8:30-9:30 | | | | 地点 | 电话会议 | | ...