证券研究报告 公 2024年03月26日 司 报 告 恒生电子(600570) 行 业： 计算机/软件开发 │ 公 投资评级： 买入（维持） 司 当前价格： 23.93元 效率提升助利润高增，重点产品做好批量交付准备 年 目标价格： 32.05元 报 点 事件： 评 基本数据 恒生电子发布 2023 年年度报告，2023 年公司实现营收 72.81 亿元，同比 总股本/流通股本(百万股) 1,900.01/1,900.01 增长11.98%；归母净利润14.24亿元，同比增长30.50%；扣非归母净利润 14.48 亿元，同比增长 26.51%；毛利率为74.85%，同比上升 1.29pct。单 流通A股市值(百万元) 45,467.15 季度来看，第四季度公司实现营收29.14亿元，同比增长5.36%；归母净利 每股净资产(元) 4.23 润 8.18 亿元，同比下降 24.29%；扣非归母净利润 9.11 亿元，同比增长 资产负债率(%) 38.38 11.86%，毛利率为79.28%，同比上升3.08pct。 一年内最高/最低(元) 59.10/18.60 ➢ 主营业务稳健增长 财富科技服务业务线营收增 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to the market index [9]. 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% from the previous year [5]. - The company has maintained a gross margin of 74.85%, the highest in three years, and has increased its R&D investment to 2.661 billion yuan, accounting for 36.55% of its revenue [5]. - The company is a leading provider of core systems in the securities industry and has successfully adapted its new generation core trading system to meet the requirements of the financial industry [6]. - The launch of the LightGPT model in 2023 has shown significant improvements in performance metrics, enhancing its capabilities in financial advisory and research [7][8]. - A strategic partnership with Huawei has been established to develop applications based on the HarmonyOS NEXT operating system, expanding the company's service offerings to over 60 financial institutions [8]. Financial Performance - The company reported a net profit of 1.424 billion yuan in 2023, with projections for EPS of 0.85, 1.08, and 1.25 yuan for 2024, 2025, and 2026 respectively [9]. - The projected revenue for 2024 is 8.082 billion yuan, with a growth rate of 10.99% [10]. - The company’s asset-liability ratio stands at 38.4%, indicating a stable financial structure [5]. Future Outlook - The company is expected to benefit from the ongoing financial technology transformation and product iterations, with a projected PE ratio decreasing from 31.92 in 2023 to 19.07 by 2026 [10]. - The report anticipates continued growth in revenue and net profit over the next few years, with a focus on enhancing its technological capabilities and market position [9][10].

计算机/软件开发 公 司 研 恒生电子（600570.SH） 利润高增长，大模型带来发展良机 究 2024年03月26日 ——公司信息更新报告 投资评级：买入（维持） 陈宝健（分析师） 闫宁（分析师） chenbaojian@kysec.cn yanning@kysec.cn 证 书编号：S0790520080001 证书编号：S0790523080003 日期 2024/3/25  证券IT龙头，维持“买入”评级 当前股价(元) 23.93 2023年公司收入平稳增长，降本增效效果持续显现。考虑到客户需求变动影响， 公 一年最高最低(元) 59.10/18.60 司 我们下调 2024-2025 年、新增 2026 年盈利预测，预计 2024-2026 年的归母净利 信 总市值(亿元) 454.67 润为17.84、22.00、26.90亿元（原为23.70、31.05亿元），EPS为0.94、1.16、 息 流通市值(亿元) 454.67 更 1.42元（原为1.25、1.63元），当前股价对应PE为25.5、20.7、16.9倍，未来公 总股本(亿股) 19.00 新 司将继续提升收入质量，大模型带来 ...

证券研究报告 | 公司动态点评 2024 年 03月 25日 恒生电子（600570.SH） 2023 年报业绩点评：业绩稳步向好，产品市场需求仍有扩大空间 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 6,502 7,281 8,079 9,046 10,222 股票信息 增长率yoy（%） 18.3 12.0 11.0 12.0 13.0 归母净利润（百万元） 1,091 1,424 1,702 2,030 2,339 行业 计算机 增长率yoy（%） -25.4 30.5 19.5 19.3 15.2 2024年3月25日收盘价（元） 23.93 ROE（%） 15.0 16.3 16.8 17.0 16.6 总市值（百万元） 45,467.15 EPS最新摊薄（元） 0.57 0.75 0.90 1.07 1.23 流通市值（百万元） 45,467.15 P/E（倍） 54.2 41.5 34.7 29.1 25.3 总股本（百万股） 1,900.01 P/B（倍） 8.7 7.4 6.2 5.2 4.4 流通股本（百万股） 1,900.0 ...

[Table_Main] 证券研究报告 | 公司点评 恒生电子(600570.SH) 2024年03月26日 恒生电子（600570.SH）：2023 年年 买入（维持） 报点评：聚焦核心产品线人效提升， 所属行业：计算机/软件开发 当前价格(元)：23.93 看好公司稳健增长潜力 证券分析师 钱劲宇 资格编号：S0120523090002 投资要点 邮箱：qianjy5＠tebon.com.cn 市场表现 事件：恒生电子发布 2023 年年报，全年实现营业收入 72.81亿元（+11.98%）；  归母净利润14.24亿元（+30.50%）；扣非归母净利润14.48亿元（+26.51%）。单 恒生电子 沪深300 Q4 看，公司营收 29.1 亿（+5%），归母净利润 8.2 亿（-24%），扣非净利润 9.1 29% 14% 亿（+12%）。 0% -14% 公司23年聚焦核心产品线，收入稳健增长且人效提升。公司将资源进一步聚焦到 -29%  -43% 核心产品线、对于项目化程度较高的业务逐步成立子公司独立运作。23年主营业 -57% 务毛利率74.85%，较上年提升1.3pct。全年费用同比增长8. ...

恒生电子（600570.SH）2023年年报点评 业绩增长放缓，期待 AI 与信创创造增量需求 2024年03月26日 ➢ 事件：恒生电子于 3 月 24 日晚发布 2023 年年度报告，2023 年全年实现 推荐 维持评级 营业收入72.81亿元，同比增长11.98%；实现归母净利润14.24亿元，同比增 当前价格： 23.43元 长30.50%；实现扣非净利润14.48亿元，同比增长26.51%。 ➢ 四季度增速放缓，下半年机构客户预算执行率下滑所致。根据计算可知，公 司23年第四季度预计实现营业收入29.14亿元，同比增长5.36%；实现归母净 [Table_Author] 利润8.18亿元，同比减少24.29%；实现扣非净利润9.11亿元，同比增长11.8%。 金融机构IT预算的执行率有所下降，项目管理更趋严格，客户采购立项、采购决 策流程以及验收流程拉长，使得公司四季度收入增长较往年受到一定影响。 ➢ 费用控制稳健，人效持续提升。1）从费用角度，恒生电子2023年销售/管 理/研发费用同比增速分别为-4.3%/+9.5%/+13.4%，公司维持高强度的研发投 入，同时在销售、管理方面持续加强费用管控 ...

Investment Rating - The investment rating for the company is "Buy" with the previous rating also being "Buy" [1]. Core Views - 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, while the net profit excluding non-recurring items was 1.448 billion yuan, an increase of 26.55% year-on-year. The operating cash flow net amount reached 1.261 billion yuan, growing by 10.82% year-on-year. The gross profit margin was 74.84%, an increase of 1.28 percentage points year-on-year [1][2]. Financial Performance - In Q4 2023, the company reported a revenue of 2.914 billion yuan, a year-on-year increase of 5.36%. However, the net profit attributable to shareholders decreased by 24.29% year-on-year to 818 million yuan, while the net profit excluding non-recurring items was 911 million yuan [1]. - The company’s revenue by product line in 2023 included: - Wealth Technology Services: 1.734 billion yuan, up 4.27% year-on-year - Asset Management Technology Services: 1.712 billion yuan, up 9.27% year-on-year - Operations and Institutional Technology Services: 1.436 billion yuan, up 14.32% year-on-year [1]. - The company maintained a focus on refined operations, with revenue growth outpacing overall expense growth. Total expenses for sales, management, and R&D were 4.204 billion yuan, a year-on-year increase of approximately 9.68% [1]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.93 yuan, 1.06 yuan, and 1.23 yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 25.79, 22.53, and 19.40 [2][3]. Market Position - The company is recognized as a leading player in the domestic financial IT sector, ranking 22nd globally and 1st in Asia in the 2023 IDC Fintech rankings [2].

计算机 公 2024年03月25日 司 报 恒生电子(600570.SH) 告 公司净利率提升，打造“更多一流产品” 强烈推荐 ( 维持 ) 事项： 公司公告2023年年报，2023年实现营业收入72.81亿元，同比增长11.98%， 股价:23.93元 实现归母净利润14.24亿元，同比增长30.50%，EPS为0.75元。2023年利润分 公 主要数据 配预案为：拟每10股派现金1.3元（含税）。 行业 计算机 司 平安观点： ...

Financial Performance - As of the end of 2023, the company's total assets reached 14.354 billion RMB, a year-on-year increase of 10.32%[10]. - The net profit for 2023 was 1.424 billion RMB, representing a year-on-year growth of 30.50%[10]. - The operating revenue for 2023 was 7.281 billion RMB, showing a year-on-year increase of 11.98%[10]. - The company's operating revenue for 2023 was approximately ¥7.28 billion, representing an increase of 11.98% compared to ¥6.50 billion in 2022[23]. - The net profit attributable to shareholders for 2023 was approximately ¥1.42 billion, reflecting a growth of 30.50% from ¥1.09 billion in 2022[23]. - The net cash flow from operating activities for 2023 was approximately ¥1.26 billion, an increase of 10.82% compared to ¥1.14 billion in 2022[23]. - The total assets at the end of 2023 were approximately ¥14.35 billion, up 10.32% from ¥13.01 billion at the end of 2022[23]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥8.03 billion, representing a growth of 17.86% from ¥6.81 billion at the end of 2022[23]. - The basic earnings per share for 2023 was ¥0.75, an increase of 31.58% compared to ¥0.57 in 2022[24]. - The weighted average return on equity for 2023 was 19.27%, an increase of 1.91 percentage points from 17.36% in 2022[24]. Shareholder Returns - The company plans to distribute a cash dividend of 1.30 RMB per 10 shares, totaling approximately 246.05 million RMB[3]. - The company has cumulatively returned over 3 billion RMB to shareholders through dividends and buybacks since its listing[14]. - The total cash dividend amount (including tax) was CNY 429,242,044.19, which accounted for 30.2% of the net profit attributable to ordinary shareholders in the consolidated financial statements[124]. Strategic Initiatives - The company has established the "Hengsheng Vision 2030" to become a global leader in financial technology by 2030[12]. - The company aims to enhance customer satisfaction and product quality, focusing on delivering first-class products[13]. - The company plans to continue expanding its market presence and enhancing its product offerings in the financial technology sector[17]. - The company aims to strengthen its strategic partnerships and explore potential mergers and acquisitions to drive growth[17]. - The company is committed to sustainable development and has established a sustainability committee in 2023[14]. - The company aims to integrate ESG principles into its operations, focusing on financial empowerment and low-carbon strategies[37]. Research and Development - Research and development expenses totaled 2.661 billion RMB, accounting for 36.55% of total revenue[34]. - The company launched the LightGPT model, enhancing its capabilities in data intelligence and business empowerment[35]. - The company is focused on developing new products and technologies to meet the evolving needs of its clients[17]. - The company is investing heavily in R&D, allocating 10% of its revenue, approximately 150 million CNY, towards developing new technologies and products[101]. Market Expansion - The company anticipates continued growth in technology investments from financial institutions, providing ample market opportunities[11]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in regional sales by the end of 2024[94]. - The company is exploring potential acquisitions to bolster its technology portfolio, with a budget of 500 million allocated for this purpose[97]. - The company is actively pursuing market expansion strategies to increase its market share in the software industry[200]. Operational Efficiency - The company's gross margin for its main business was 74.85%, showing an improvement over the past two years[30]. - The company plans to enhance its agile business delivery platform to reduce R&D costs and improve project delivery efficiency[51]. - Operational efficiency initiatives are projected to reduce costs by 8%, contributing to improved profit margins[97]. Financial Position - The company reported a significant increase in long-term equity investments, rising to CNY 1,685,276,378.98 in 2023 from CNY 1,270,543,073.31 in 2022, a growth of approximately 32.5%[173]. - The company's total liabilities decreased slightly to CNY 5,509,007,744.76 in 2023 from CNY 5,536,052,377.05 in 2022, a reduction of about 0.5%[174]. - The company's equity attributable to shareholders increased to CNY 8,028,899,065.67 in 2023, up from CNY 6,812,018,437.54 in 2022, representing a growth of approximately 17.9%[175]. Compliance and Governance - The company has retained Tianjian Accounting Firm for auditing services, ensuring compliance and accuracy in financial reporting[88]. - The internal control audit report for 2023 received a standard unqualified opinion from Tianjian Accounting Firm[130]. - The company has established mechanisms for environmental protection and has reported on its social responsibility efforts in a separate sustainability report[134]. Employee Engagement - The company is implementing a stock option incentive plan for employees, which may enhance employee motivation and retention[107]. - The company has implemented a training plan to enhance the overall quality of its workforce[119]. - The company has a total of 1,780 employees with a master's degree or above, and 10,516 with a bachelor's degree[117]. Future Outlook - The company aims for steady revenue growth in 2024, with expenses expected to be lower than revenue growth[83]. - The company provided guidance for the next fiscal year, projecting revenue growth of 15% to reach approximately 1.725 billion CNY[101]. - Future guidance indicates a focus on enhancing shareholder value through strategic investments and potential market expansion initiatives[190].

2024 年 3 月 24日，公司发布 2023 年报。公司2023年全年实现 营收 72.8 亿元，同比增长12.0%；实现扣非后归母净利润14.5亿 元，同比增长26.5%。公司 2023 年单Q4 实现营收29.1 亿元， 同比增长 5.4%；实现扣非后归母净利润 9.1 亿元，同比增长 11.9%。 分业务而言：1）财富科技全年同比增长4.3%，主要系市场对信 创类产品需求未完全释放。目前UF3.0 在头部券商竣工，并新签 2 家战略客户，为批量上线做准备。2）资管科技全年同比增长 9.3%，目前O45 已完成全栈信创研发，新签 53 家新客户、完成 24 家客户竣工。3）运营与机构客户全年同比增长14.3%。新一 代 TA新签近百家客户，并在头部客户上线竣工；互联网TA上 线 18 家客户；新一代估值系统签订30 多家客户，并在头部基金 替换友商。4）风险与平台科技全年同比增长19.1%，持续保持 良好发展势头。5）数据服务全年同比增长19.3%，主要系聚源 人民币(元) 成交金额(百万元) 营收同比增长20%，其中基础数据产品稳健增长，大模型应用产 61.00 5,000 4,500 54.00 ...