恒生电子股份有限公司 2023 年年度股东大会 会议资料 股票简称：恒生电子 股票代码：600570 杭州 二〇二四年四月 恒生电子股份有限公司 2023 年年度股东大会 材料目录 一、 会议须知 二、 会议议程 三、 会议议案 四、 表决票 会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证大会的顺利进行，根据中国证券监督管理委员会《关于发布<上市公司股东大 会规范意见>的通知》要求，特制定本须知。 一、本次股东大会设秘书处，具体负责大会有关程序方面的事宜。 二、大会期间，全体出席人员应以维护股东的合法权益，确保大会正常秩 序和议事效率为原则，认真履行法定职责。 三、出席大会的股东及股东代表依法享有发言权、咨询权、表决权等各项 权益。股东要求发言或就有关问题提出咨询时，应向大会秘书处登记 申请。股东大会秘书处将按股东发言登记时间先后，安排股东发言。 四、股东发言时应首先报告其姓名和所持有的公司股份数。为了保证会议 的高效率，每一股东发言应简洁明了，发言内容应围绕本次股东大会 的主要议题，每位股东发言时间不超过 5 分钟。公司董事会和管理人 员在所有股东的问题提出后统一进行回答。 ...

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：2024-001 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 2023年业绩说明会以及会后接受机构投资者集体调研 参与单位名称 泓德基金、平安养老、华夏基金、中欧基金、兴全、南方、前 海开源、国寿、威灵顿、普信、贝莱德、富达基金、富国基 金、Redgate，汇添富、嘉实基金、交银施罗德、易方达、广 发 基 金 、 国 泰 基 金 、 泰 康 资 管 、 中 国 人 寿 、 淡 马 锡、Vontobel、东证资管、泉果基金、太平保险、长盛基金、 道博基金、中信建投、华泰证券、申万宏源、国盛证券、兴业 证券、广发证券、中泰证券、浙商证券、长江证券、国金证 券、海通证券、招商证券、国联证券、汇丰前海证券、天风证 券、高盛、中金证券、UBS、摩根士丹利、Jefferies、花旗、 ...

上 市 公 司 计算机 2024 年04月 01 日 恒生电子 (600570) 公 司 研 究 ——高质量发展显示成效，期待 AI+信创需求释放 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：恒生电子发布2023年度报告，实现营收 72.81亿元，同比增长11.98%；实现归 母净利润14.24亿元，同比增长30.50%；实现扣非净利润14.48亿元，同比增长26.55%。 证 市场数据： 2024年04月01日 券 收盘价（元） 23.27  收入与此前预告基本一致，利润略高于预告。此前年报预告披露 13.45亿元，收入 72.92 研 一年内最高/最低（元） 55.2/18.6 亿元。预计利润超过预告主要由于：2023 年实行较为严格的控费计划，实际奖金支出等 究 市净率 5.5 报 息率（分红/股价） - 低于前预测值。 告 流通A股市值（百万元） 44213 上证指数/深证成指 3077.38/9647.07  四季度现金流领先收入，高质量发展战略成效显著。公司在 2023年后继续“客户满意度 注：“息率”以最近一年已公布分红计算 第一”战略，导致部分订 ...

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：2024-020 特此公告。 恒生电子股份有限公司 2024 年 4 月 2 日 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 2023 年 10 月 9 日召开了公司 2023 年第二次临时股东大会，审议并通过了《关于以集中竞价 交易方式回购公司股份的方案》，公司拟使用不低于人民币 8,000 万元（含），不 超过人民币 15,000 万元（含）的自有资金回购公司股票。有关本次回购股份事 项的具体情况请见公司于 2023 年 9 月 18 日披露的《关于以集中竞价交易方式回 购公司股份方案的公告》（公告编号：2023-069）。 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》的相关规定，上市公司应当在每个月的前 3 个交易日内 公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 2024 年 3 月，公司通过集中竞价交易方式累计回购 ...

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].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 36.4 yuan, compared to the current price of 22.56 yuan [2]. 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% year-on-year [2]. - The report highlights the stable growth of core business segments, with notable performance in asset management technology and operational services, while wealth technology services experienced a slowdown [2]. - The introduction of the upgraded financial model, LightGPT, is expected to lead the industry towards a new ecosystem, enhancing the company's competitive edge [2]. Financial Performance Summary - **Revenue Breakdown**: - Wealth technology services: 1.734 billion yuan, up 4.27% year-on-year - Asset management technology: 1.712 billion yuan, up 9.27% year-on-year - Operational and institutional business: 1.436 billion yuan, up 14.32% year-on-year - Other segments, including banking and industry IT, showed strong growth, with increases of 23.10% and 19.06% respectively [2]. - **Profitability Metrics**: - Gross margin was 74.84%, an increase of 1.28 percentage points year-on-year - Net margin reached 19.82%, up 2.60 percentage points year-on-year - Operating cash flow was 1.261 billion yuan, reflecting a 10.82% increase year-on-year [2]. - **Future Projections**: - Expected revenues for 2024-2026 are projected at 8.115 billion, 9.006 billion, and 9.949 billion yuan, with corresponding growth rates of 11.4%, 11.0%, and 10.5% [8]. - Net profit forecasts for the same period are 1.737 billion, 2.027 billion, and 2.228 billion yuan, with growth rates of 21.9%, 16.7%, and 9.9% respectively [8]. Business Model and Innovations - The company has successfully launched new financial models and tools, including WarrenQ and the financial assistant Photon, which enhance investment research capabilities [2]. - The upgraded LightGPT model has shown significant improvements in various financial advisory functions, outperforming general models in multiple areas [2].

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].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10]. Core Views - The company has maintained steady growth, with a revenue of 7.281 billion yuan in 2023, representing 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 [7][10]. - The company is focusing on the development of AI products, particularly the LightGPT financial model and WarrenQ intelligent investment platform, which are expected to lead the digital transformation in the financial industry [10][12]. Financial Performance Summary - In 2023, the company achieved a revenue of 72.81 billion yuan, with a gross profit margin of 74.85%, an increase of 1.29 percentage points year-on-year [7][9]. - The operating cash flow was 12.61 billion yuan, a year-on-year increase of 10.82% [7]. - The company reported a decrease in contract liabilities to 2.766 billion yuan, down 8.49% year-on-year [7]. Business Segment Performance - Wealth Technology Services generated revenue of 1.734 billion yuan, a growth of 4.27% year-on-year, accounting for 23.81% of total revenue [8][12]. - Asset Management Technology Services achieved revenue of 1.712 billion yuan, up 9.27% year-on-year, contributing 23.51% to total revenue [8][12]. - Operations and Institutional Technology Services reported revenue of 1.436 billion yuan, a growth of 14.32% year-on-year, making up 19.73% of total revenue [8][12]. - Other business segments, including Risk and Platform Technology Services and Data Services, also showed strong performance with revenue growth of 19.06% and 19.27% respectively [8][12]. Future Financial Projections - The company is projected to achieve revenues of 8.054 billion yuan in 2024, 9.016 billion yuan in 2025, and 10.190 billion yuan in 2026, with respective year-on-year growth rates of 10.6%, 11.9%, and 13.0% [9][13]. - Net profit is expected to reach 1.743 billion yuan in 2024, 2.152 billion yuan in 2025, and 2.586 billion yuan in 2026, with growth rates of 22.4%, 23.5%, and 20.2% respectively [9][13].