Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by more than 20% within the next six months [1][14]. Core Views - The company's revenue continues to face pressure, but the decline in profit margins has narrowed. For the first three quarters of 2024, the company reported revenue of 4.188 billion yuan, a year-on-year decrease of 4.12%, and a net profit attributable to shareholders of 446 million yuan, down 26.57% year-on-year [3][4]. - The gross profit margin has decreased to 69.31%, down 2.58 percentage points from the previous year, while the net profit margin has declined by 3.25 percentage points to 10.64% [4]. - The company is solidifying its leading position in financial IT, with ongoing enhancements in its capabilities in the fields of "Xinchuang" (domestic innovation) and AI technologies [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.188 billion yuan, a decrease of 4.12% year-on-year. The third quarter alone saw a revenue of 1.352 billion yuan, down 12.26% year-on-year [3][4]. - The wealth technology service revenue was 803 million yuan, down 20.32% year-on-year, which was the main factor for the revenue decline. However, the company saw a 16.74% increase in revenue from corporate finance, insurance core, and financial infrastructure technology services, totaling 470 million yuan [4]. Profitability Metrics - The company’s gross profit margin for the first three quarters of 2024 was 69.31%, a decline of 2.58 percentage points year-on-year. The net profit margin was 10.64%, down 3.25 percentage points from the previous year [4][5]. - The report projects net profits for 2024-2026 to be 1.513 billion yuan, 1.767 billion yuan, and 2.133 billion yuan respectively, with corresponding EPS of 0.80 yuan, 0.93 yuan, and 1.13 yuan [7]. Market Position and Future Outlook - The company has established strategic partnerships with key domestic firms and research institutions, enhancing its competitive edge in the Xinchuang and AI sectors [4][6]. - The company ranks 22nd in the 2024 IDC FinTech Rankings, making it the highest-ranked Asian company in the list, indicating a strong market position [6]. - The report emphasizes the management's confidence in the company's long-term development, as evidenced by the stock incentive plan [7].

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]

Investment Rating - The investment rating for the company is "Buy" [1] - The previous rating was also "Buy" [1] Core Views - The company is expected to benefit significantly from the accelerated digital transformation in finance, as highlighted by the recent statements from the Vice Chairman of the CSRC regarding the promotion of fintech applications in the capital market [2][3] - The company maintains a leading position in financial IT, which positions it well to capitalize on the ongoing digital transformation [3] - Continuous product iteration is expected to sustain the company's core competitiveness, with new systems and platforms being developed and signed with multiple new brokerage firms [3] - A recent stock incentive plan demonstrates the company's confidence in long-term growth, with performance targets set for net profit growth [3] Financial Summary - The company’s projected revenue for 2024 is estimated at RMB 7,568 million, with a growth rate of 3.9% [4] - The projected net profit for 2024 is RMB 1,472 million, reflecting a growth rate of 3.4% [4] - The estimated EPS for 2024 is RMB 0.78, with a downward adjustment of 30.1% from previous forecasts [4] - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 34X, 29X, and 24X respectively [3][4] Shareholder Information - The total market capitalization of the company is approximately RMB 49,816 million [2] - The major shareholder is Hangzhou Hengsheng Electronic Group Co., Ltd., holding 20.79% of the shares [2]

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：2024-072 恒生电子股份有限公司 关于出售全资子公司控股权的提示性公告 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： 一、交易概述 在本次交易前，金锐为恒生电子 100%持股的全资子公司。金锐依托于恒生 电子的产品技术平台，提供按需使用、专业可靠的客户化定制、本地化开发服务。 交易内容：恒生电子股份有限公司（以下简称"恒生电子"、"公司"或"转让方"） 拟向慧博云通科技股份有限公司（以下简称"慧博云通"或"投资方"）转 让公司所持全资子公司金锐软件技术（杭州）有限公司（以下简称"金锐" 或"标的公司"）51%股权（以下简称"本次交易"），交易金额为 6260 万 元（人民币，下同）。 本次交易完成后，金锐将不再纳入公司合并报表范围，公司合并报表范围将 发生变化。 本次公司转让金锐 51%股权事项预计对公司当年业绩不构成重大影响。最终 对公司损益的影响以年度审计确认的结果为准。 本次交易未达到公司强制信息披露标准，属于自愿性信息披露， ...

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：2024-071 恒生电子股份有限公司 股票交易异常波动公告 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： 一、股票交易异常波动的具体情况 公司股票于 2024 年 9 月 30 日、10 月 8 日、10 月 9 日连续 3 个交易日内日 收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前日常经营情况正常,主营业务以及内外部经营环境未 发生重大变化。 公司近日股价波动幅度较大，提醒广大投资者注意二级市场交易风险。公司 指定信息披露媒体为《中国证券报》、《上海证券报》、《证券时报》、《证券 日报》及上海证券交易所网站（www.sse.com.cn），有关公司的信息均以在上述 指定媒体刊登的信息为准。敬请广大投资者理性投资，注意投资风险。 公司 2024 年半年度实现归属于上市公司股东的净利润约 2989 万元，同 ...

回复函 日 日 1． 截至目前，我司不存在关于你公司的应予披露而未披露的重大事项，也不存在处于 筹划阶段的重大事项。 2. 我司在本次股票交易异常波动期间未发生买卖你公司股票情况 《恒生电子股份有限公司关于本公司股票交易异常波动的询证函》已收悉，经核查,现 复函如下: 恒生电子股份有限公司: ...

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：2024-070 恒生电子股份有限公司 关于公司 2022 年股票期权激励计划 2024 年第三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：恒生电子股份有限公司（以下简称"公司"或"恒生 电子"）2022 年股票期权激励计划（以下简称"激励计划"）第一个行权 期可行权数量为 489.276 万份，行权期为 2023 年 9 月 13 日至 2024 年 9 月 12 日，行权方式为自主行权。2024 年第三季度，公司无激励对象参与行 权，公司激励计划授予的股票期权第一个行权期行权且完成股票过户登记 的股份为 0 股。 一、本次行权的决策程序及相关信息披露 3、2022 年 8 月 26 日至 2022 年 9 月 5 日，公司对授予激励对象的姓名和职 务在公司内部进行了公示，在公示期内，公司监事会未接到与本激励计划拟激励 1 恒生电子股份有限公司 对象有关的任何异议。2022 年 9 月 6 日 ...

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]