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 ...

2024 年 11 月 03 日 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn 公司研究 [Table_Title] 前三季度经营承压，看好 2025 年景气修复 ——恒生电子（600570）2024 年三季报点评 最近一年走势 | --- | --- | |---------------------|-------------| | 市场数据 | 2024/11/01 | | 当前价格（元） | 25.83 | | 52 周价格区间（元） | 15.23-34.34 | | 总市值（百万） | 48,925.76 | | 流通市值（百万） | 48,925.76 | | 总股本（万股） | 189,414.48 | | 流通股本（万股） | 189,414.48 | | 日均成交额（百万） | 1,899.47 | | 近一月换手（%） | 5.34 | 相关报告 《恒生电子（600570）2024 年半年报点评：2024H1 业绩短暂承压，股权激励传递信心（买入）*软件 开发*刘熹》——2024-08-27 2024 年前三季度，公司 ...

恒生电子（600570.SH） 软件开发 证券研究报告/公司点评报告 2024 年 11 月 01 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------- ...

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]

恒生电子（600570.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 利润端表现亮眼，静待投交活跃带动业绩回暖 2024 年 11 月 01 日 ➢ 事件：恒生电子于 10 月 30 日晚发布三季报，公司 2024 年前三季度实现 归母净利润 4.46 亿元，同比下降 26.57%；前三季度扣非净利润 2.67 亿元，同 比下降 50.28%。 ➢ Q3 单季度利润大幅增长，主要为确认投资收益所致。根据公司的业绩公告 情况，具体到 2024Q3，公司单季度实现归母净利润 4.16 亿元，同比增长 159.18%；单季度实现扣非净利润 1.32 亿元，同比下降 51.70%。公司单季度归 母净利润大幅增长，主要系公司持有及处置其他非流动金融资产的公允价值变动 损益，确认非经常损益 3.14 亿元。 ➢ 收入有所承压，关注成交量大幅上升带来的系统升级需求。收入端来看，第 三季度实现营收 13.52 亿元，同比下降 12.26%。公司的营收变动主要系财富科 技服务收入下降所致，2024 年前三季度财富科技营收 8.03 亿元，同比下滑 20.3%。其他核心业务中，资管科技业 ...

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 | | ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年11月01日 计算机 恒生电子(600570.SH) 公司利润降幅收窄，信创+AI竞争力持续提升 强烈推荐( 维持) 事项： 股价:26.81元 | --- | --- | |------------------------------|----------------------------------| | 行业 | 计算机 | | 公司网址 | www.hundsun.com | | 大股东 / 持股 | 杭州恒生电子集团有限公司 /20.79% | | 实际控制人 | | | 总股本 ( 百万股 ) | 1,894 | | 流通 A 股 ( 百万股 ) | 1,894 | | B/H ( ) | | | 流通 股 百万股 | | | 总市值 ( 亿元 ) A ( ) | 508 508 | | 流通 股市值 亿元 ( ) | 4.34 | | 每股净资产 元 资产负债率 (%) | 33.0 | | 行情走势图 | | = 沪深300指数 相关研究报告 【平安证券】恒生电子（600570.SH）*半年报点评* 公司业绩当期承压， ...

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]