今天能够在中午抽出时间来参加恒生电子的一级报线上交流会今天参加会议的公司领导有公司的董事会秘书邓环乐邓总公司的IR总监朱丹凤朱总两位领导在线上跟大家进行分享和互动交流我是本次会议的主持人新业证券的计算机首席讲家林 恒生电子在昨天晚上已经发布了公司的一级报具体的情况以及对今年业务的展望下面我们先有请公司的董事会秘书邓总跟大家做分享邓总有请 谢谢蒋总其实我们一级报昨天晚上已经正式的对外发布了大家也能看到我们2024年一季度的营业收入是11.88亿元同比增长5.13%我也看了一下我们同行业的情况基本上跟整个行业是吻合的这里面我们的 扣费净利润可能大家整个净利润是亏损的可能大家相对来说比较关注我解释一下一部分是投资收益带来的相应的这种供应价值变动的变化大家可以看到我们年报里面其实有两个投资一个是可能这两个投资在一季度反映的相应的供应价值变动损失比较大 一个是盈智晟的投资那么盈智晟的公司其实也是投资了多年了那么一季度证券市场本身发生了比较大的波动所以就是说虽然盈智晟我们投资多年整体上来看是盈利的但是由于会计核算这种供应价值的这种变动是逐季反映的所以在一季度市场变动的比较大的这个情况下那这个盈智晟的这个 从他去年年底的价 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In Q1 2024, the company reported a revenue of 1.19 billion yuan, a year-on-year increase of 5.1%, but a net loss attributable to shareholders of 36.14 million yuan, a significant decline of 116.3% compared to a profit of 220 million yuan in Q1 2023. This shift from profit to loss is primarily due to a decrease in investment income and fair value changes [2][9] - Cost control measures have shown significant effectiveness, with sales expenses increasing by 8.6% year-on-year to 130 million yuan, and management expenses rising by 8.8% to 160 million yuan. Research and development expenses grew by 3.7% to 560 million yuan, with a research expense ratio of 47.2%, down 0.6 percentage points from Q1 2023 [2][9] - The UF3.0 product continues to be implemented, with notable advancements in AI large models. The system has been adapted for various trading scenarios and has successfully launched financing and securities lending services [2][9] - The earnings forecast for 2024-2026 estimates EPS at 0.92, 1.07, and 1.20 yuan per share, respectively, with a projected reasonable value of 27.62 yuan per share based on a 30x PE ratio for 2024 [2][9] Summary by Sections Financial Performance - The company reported a revenue of 11.9 billion yuan in Q1 2024, with a year-on-year growth of 5.1%. The net profit attributable to shareholders was a loss of 361.4 million yuan, a decline of 116.3% year-on-year. The non-recurring net profit was 21.47 million yuan, down 71.3% from the previous year [2][3][8] - The projected revenue for 2024-2026 is 77.68 billion yuan, 84.54 billion yuan, and 93.46 billion yuan, with growth rates of 6.7%, 8.8%, and 10.6%, respectively. The net profit attributable to shareholders is expected to be 17.44 billion yuan, 20.24 billion yuan, and 22.73 billion yuan, with growth rates of 22.4%, 16.1%, and 12.3% [3][9] Cost Management - Sales expenses increased to 130 million yuan, with a growth rate of 8.6%, while management expenses rose to 160 million yuan, also up 8.8%. Research and development expenses were 560 million yuan, reflecting a growth of 3.7% [2][9] Product Development - The UF3.0 product has been successfully implemented in various financial institutions, and the company is making steady progress in AI model development [2][9]

业绩简评 2024 年 4 月 29日，公司发布 2024 年一季报。公司2024年第一 季度实现营收11.9 亿元，同比增长5.1%；实现归母净利润-0.36 亿元，同比转亏；实现扣非后归母净利润 0.21 亿元，同比下滑 71.3%。 经营分析 收入端增速整体符合预期。自2023 年第四季度以来，公司收入 增速有所放缓，我们认为主要系金融机构IT 预算执行率有所下 降，影响了部分业务的验收及回款，相应地，公司第一季度应收 账款及合同负债也略有承压。分业务而言：券商客户压力略大， 财富科技、风险与平台科技业务2024 年第一季度均有所承压， 分别同比下滑20.3%、下滑7.8%。资管客户表现好于预期，资 管科技、运营与机构科技在2023 年第四季度没有明显验收放缓 的情况下，2024 年第一季度依然分别同比增长13.6%和 20.1%。企金、保险核心业务也好于预期，2024 年第一季度同比 增长 31.9%。 人民币(元) 成交金额(百万元) 55.00 4,500 归母净利润同比转亏主要系公允价值变动损失0.67 亿元；扣非 4,000 49.00 后归母净利润下滑主要系对联营与合营企业的投资收益亏损0. ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,187,570,167.18, representing a year-on-year increase of 5.13%[6] - The net profit attributable to shareholders was CNY -36,142,433.43, a decrease of 116.28% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 21,470,413.98, down 71.28% year-on-year[6] - Net profit for Q1 2024 was a loss of CNY 35,169,409.03, compared to a profit of CNY 223,609,353.89 in Q1 2023, indicating a significant decline[21] - The company's operating profit for Q1 2024 was a loss of CNY 37,236,798.63, down from a profit of CNY 247,981,086.38 in the same period last year[21] - Basic and diluted earnings per share for Q1 2024 were both CNY -0.02, compared to CNY 0.12 in Q1 2023[22] Cash Flow - The net cash flow from operating activities was CNY -1,146,466,605.83, which is not applicable for year-on-year comparison[6] - Cash flow from operating activities in Q1 2024 was CNY 817,525,880.58, a decrease from CNY 879,407,609.37 in Q1 2023[25] - In Q1 2024, the net cash flow from operating activities was -$1.15 billion, compared to -$1.02 billion in Q1 2023, indicating a decline in operational cash flow[26] - The company reported a total cash outflow from operating activities of approximately $2.11 billion, up from $2.00 billion in Q1 2023[26] Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,200,585,190.21, a decrease of 8.03% from the end of the previous year[7] - The company's current assets totaled ¥4,917,025,564.08, down from ¥6,070,009,818.68, indicating a decrease of about 19.01%[17] - The company's total liabilities decreased to ¥4,491,025,000.00 from ¥5,000,000,000.00, reflecting a reduction of about 10.18%[17] - The total liabilities as of Q1 2024 were CNY 4,397,515,072.60, down from CNY 5,509,007,744.76 in the previous year[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 163,970[12] - The largest shareholder, Hangzhou Hengsheng Electronic Group Co., Ltd., held 20.72% of the shares[12] - The company reported a total of 393,743,087 shares held by Hangzhou Hengsheng Electronic Group Co., Ltd., the largest shareholder[13] Revenue Breakdown - The revenue from wealth technology services decreased by 20.34% year-on-year, while the revenue from asset management technology services increased by 13.64%[10] - The company reported a significant increase of 80.25% in other business areas, reaching CNY 4,710.57[10] Expenses - Research and development expenses for Q1 2024 amounted to CNY 560,774,040.85, compared to CNY 540,674,188.06 in Q1 2023, showing an increase of 3.7%[20] - The company paid approximately $1.64 billion to employees and for employee-related expenses, an increase from $1.58 billion in the same quarter last year[26] - The cash outflow for purchasing goods and services was approximately $118.21 million, compared to $81.45 million in Q1 2023[26] Other Financial Metrics - The weighted average return on net assets was -0.45%, a decrease of 3.66 percentage points compared to the previous year[7] - The company reported a foreign exchange loss of CNY -66,950,125.24 in Q1 2024, contrasting with a gain of CNY 163,570,590.20 in Q1 2023[21] - The company did not implement new accounting standards or interpretations in 2024[28]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a steady performance in 2023, with revenue reaching 7.281 billion yuan, a year-on-year increase of 11.98%. The net profit attributable to shareholders was 1.424 billion yuan, up 30.50% year-on-year [5]. - The company is expected to benefit from the 2024 "Xinchuang" year, which is anticipated to drive business growth [4][5]. - The company aims for steady revenue growth in 2024, with projected revenues of 8.026 billion yuan, 8.882 billion yuan, and 9.861 billion yuan for 2024, 2025, and 2026 respectively [9]. Financial Performance - In Q4 2023, the company achieved revenue of 2.914 billion yuan, a year-on-year increase of 5.36%, but the net profit attributable to shareholders decreased by 24.27% to 818 million yuan [5]. - The gross margin for 2023 was 74.84%, an increase of 1.28 percentage points year-on-year, indicating strong development quality [8]. - The company invested 2.661 billion yuan in R&D in 2023, maintaining a high R&D expense ratio of 36.55% [8]. Business Segments - The asset management technology service segment generated revenue of 1.712 billion yuan in 2023, up 9.27% year-on-year. The wealth technology service segment achieved revenue of 1.734 billion yuan, a 4.27% increase [9]. - The operating and institutional technology service segment reported revenue of 1.436 billion yuan, a year-on-year increase of 14.32% [9]. - The company has signed 53 new clients in the O45 project and completed 24 client projects, marking a positive start for future deliveries [9]. Future Outlook - The company is expected to maintain a stable financial structure and operating cash flow while improving operational efficiency [9]. - The projected net profit for 2024 is 1.725 billion yuan, with further increases to 1.962 billion yuan in 2025 and 2.127 billion yuan in 2026 [11].

上 市 公 司 计算机 2024 年04月 22 日 恒生电子 (600570) 公 司 研 究 ——场外交易订单系统单轨运行，静候核心信创释放需求 公 司 点 报告原因：有信息公布需要点评 评 买入 投资要点： （维持）  事件：恒生电子UF3.0新一代场外交易订单系统迭代升级，助力东方证券场外核心系统完 成全客户、全业务、全链路信创适配，实现信创单轨运行。 证 市场数据： 2024年04月19日 券 收盘价（元） 20.31  场外交易订单系统单轨运行，具有信创替换里程碑意义。恒生电子与东方证券 2021 年便 研 一年内最高/最低（元） 51.08/18.6 开始UF3.0核心系统建设合作，采用“业务系统更替”与“信息技术自主创新”同步建设 究 市净率 4.8 报 息率（分红/股价） - 模式，普通版与自主创新版并轨过渡，兼顾创新和业务平稳过渡。如今，普通版下线，场 告 流通A股市值（百万元） 38470 外交易订单系统实现生产单轨运行，意味着真正的自主可控。 上证指数/深证成指 3065.26/9279.46 注：“息率”以最近一年已公布分红计算  逐点突破，加速标杆案例落地，以点带面，全面信创 ...

恒生电子股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日下午 2: 00 在杭州市滨江区滨兴路 1888 号数智恒生中心会议室召开了公司 2023 年年度 股东大会 (以下简称"本次股东大会" ) 。北京竞天公诚 (杭州) 律师事务所 (以 下简称"本所"）作为公司聘请的法律顾问，特指派本所律师出席公司的本次股 东大会。本所律师根据《中华人民共和国公司法》(以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《证券法》）、中国证券监督管理委员会《上 市公司股东大会规则》（以下简称《股东大会规则》）、《上海证券交易所上市 公司自律监管指引第１号——规范运作》等法律、法规及规范性文件和《公司章 程》的规定,特对本次股东大会的召集与召开程序、出席会议的人员资格、表决 程序等事项,出具本法律意见书。 競天公誠律師事務所 JINGTIAN & GONGCHENG 杭州市上城区钱江路 1366 号华润大厦 A 座 3001 邮编：311500 Room 01, 30/F, Area A, China Resources Tower, No.1366, Qianjiang Road, Hangzho ...

证券代码：600570 证券简称：恒生电子 公告编号：2024-024 恒生电子股份有限公司 2023 年年度股东大会决议公告 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。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 159 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 578,938,635 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 30.6092 | 重要内容提示： 本次会议是否有否决议案：无 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，董事 长刘曙峰先生主持了本次会议。现场会议采取记名投票表决的方式。本次会议的 召集、召开及表决方式均符合《中华人民共和国公司法》及公司《章程》的有关 规定。 (一) 股东大会召开的时间：2024 年 4 月 15 日 (二) 股东大会召开的地点：杭州市滨江区滨兴路 1888 号数智恒生中心会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其 ...

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：2024-023 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（以下简称"恒生电子"或"公司"）于 2024 年 4 月 11 日在上海证券交易所网站（www.sse.com.cn）披露了《关于回购股份实施结果 暨股份变动的公告》（公告编号 2024-022 号）。因公司工作人员疏忽，误将用于 公司员工持股计划的 1,238,000 股计入本次回购，导致以下更正前的内容出现错 误： 公司本次回购用于注销的股份数为 7,099,667 股，占公司总股本的比例为 0.3737%，回购均价为 21.12 元/股。注销完成后的股份数为 1,892,906,775 股。 将误计入的 1,238,000 股剔除后，更正后的内容如下： 公司本次回购用于注销的股份数为 5,861,667 股，占公司总股本的比例为 0.3085%，回购均价为 25.58 元/股。注销完成后的股份数为 1,894,144,775 股。 更正后的 ...

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：2024-022 恒生电子股份有限公司 关于回购股份实施结果暨股份变动公告 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。 一、回购审批情况和回购方案内容 （三）回购实际执行情况与原披露的回购方案不存在差异，公司已按披露的 方案完成回购。 （四）本次回购股份使用的资金均为公司自有资金。本次回购不会对公司的 恒生电子股份有限公司（以下简称"恒生电子"或"公司"）于 2023 年 9 月 17 日召开八届十二次董事会和八届十二次监事会，并于 2023 年 10 月 9 日召开 2023 年第二次临时股东大会，审议通过了《关于以集中竞价交易方式回购公司 股份的方案》。2023 年 10 月 10 日，公司披露了《关于以集中竞价交易方式回购 公司股份的回购报告书》。 本次回购股份方案的主要内容为：公司以自有资金通过上海证券交易所交易 系统以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票，回 购的股份用于依法注销减少注册资本，回购价格为不超过人民币 ...