Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [1] Core Views - The trading activity has rebounded on a month-on-month basis, with continued robust performance in cross-border trading [1] - The company's total revenue for Q1 2024 was HKD 5.2 billion, a year-on-year decrease of 6.4% but an increase of 7.1% quarter-on-quarter [4][5] - The net profit attributable to shareholders was HKD 2.97 billion, down 12.9% year-on-year but up 14.4% quarter-on-quarter [4][5] - The EBITDA margin was 72%, reflecting a year-on-year decrease of 4 percentage points but an increase of 4 percentage points quarter-on-quarter [4][5] Summary by Sections Market Data - Total shares outstanding: 1.268 billion [2] - Total market capitalization: HKD 303.013 billion [2] - 1-year low/high stock price: HKD 212.2 / 336 [2] - 3-month turnover rate: 41.4% [2] Financial Performance - Q1 2024 total revenue: HKD 5.2 billion, down 6.4% year-on-year, up 7.1% quarter-on-quarter [4][5] - Main business revenue: HKD 4.66 billion, down 6.9% year-on-year, up 3.1% quarter-on-quarter [4][5] - Net profit attributable to shareholders: HKD 2.97 billion, down 12.9% year-on-year, up 14.4% quarter-on-quarter [4][5] - Investment income: HKD 1.34 billion, down 12.6% year-on-year, up 25.2% quarter-on-quarter [5] Trading Activity - Average daily trading volume for Hong Kong stocks: HKD 99.4 billion, down 22.2% year-on-year, up 9.2% quarter-on-quarter [5] - Average daily trading volume for derivatives: HKD 10.3 billion, down 21.4% year-on-year, down 2.8% quarter-on-quarter [5] - Northbound and southbound trading daily turnover: RMB 133 billion and HKD 31 billion, respectively [5] Investment Outlook - The report suggests that the company is a rare investment target with a balanced risk-reward profile, maintaining the "Buy" rating [6] - The anticipated net profit for 2024-2026 is projected at HKD 12.8 billion, HKD 13.4 billion, and HKD 13.8 billion, respectively [7] - The current stock price corresponds to a PE ratio of 24X for 2024, 23X for 2025, and 22X for 2026 [7]

Investment Rating - The report maintains a "Buy" recommendation for Hong Kong Exchanges and Clearing Limited (0388.HK) with a target price of HKD 239.00 [2][8]. Core Views - The company's performance is under pressure due to high base effects, with total revenue for Q1 2024 at HKD 5.201 billion, down 6.42% year-on-year, and net profit attributable to shareholders at HKD 2.970 billion, down 12.85% year-on-year [5][8]. - The report highlights the potential for better utilization of the connectivity functions between Hong Kong and mainland China, following recent regulatory measures aimed at enhancing cooperation [8]. Summary by Sections Financial Performance - Q1 2024 total revenue was HKD 5.201 billion, with a year-on-year decline of 6.42%. Net profit attributable to shareholders was HKD 2.970 billion, down 12.85% year-on-year. The net asset attributable to shareholders was HKD 49.475 billion, reflecting a year-on-year increase of 1.53% [5][8]. - Revenue breakdown shows declines in trading fees and related services, with trading fees down 7%, listing fees down 13%, and investment income down 13% [5][8]. Business Segments - The cash market segment faced challenges with a year-on-year decline in trading volume of 22%, while the derivatives segment saw a 6% increase in average daily trading volume [6][8]. - The commodities segment reported a significant increase in trading volume, with metal contracts showing a 31% year-on-year increase [8]. Future Outlook - The report projects a relatively resilient performance for the company, with net profit forecasts for 2024, 2025, and 2026 at HKD 12.1 billion, HKD 12.4 billion, and HKD 13.2 billion respectively, indicating year-on-year growth of 2% for 2024 and 2025, and 6% for 2026 [8][14]. - The anticipated expansion of the connectivity functions is expected to enhance the quality of assets in the Hong Kong market and improve liquidity [8].

证券研究报告·公司点评报告·其他金融(HS) 香港交易所（00388.HK） 2024 年一季报点评：交投情绪拐点显现，政 2024年 04月 24 日 策红利值得期待 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 证券分析师 葛玉翔 营业总收入（百万港元） 18,456 20,516 21,691 23,250 24,646 执业证书：S0600522040002 同比（%） -11.90% 11.16% 5.73% 7.18% 6.00% 021-60199761 归母净利润（百万港元） 10,078 11,862 12,124 13,163 14,133 geyx@dwzq.com.cn 同比（%） -19.60% 17.70% 2.21% 8.57% 7.37% 研究助理 罗宇康 EPS-最新摊薄（港元/股） 7.95 9.36 9.56 10.38 11.15 执业证书：S0600123090002 P/E（ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong recovery in trading activities and improved investment income, leading to a significant increase in revenue and net profit in Q1 2024 [5] - The introduction of five capital market cooperation measures by the China Securities Regulatory Commission is expected to enhance liquidity in the Hong Kong stock market [5] - The report has revised profit forecasts upward due to improved trading conditions and supportive policies, projecting net profits of 12.2 billion, 13.4 billion, and 14.3 billion HKD for 2024-2026, respectively [5] Financial Performance Summary - Q1 2024 total revenue was 5.2 billion HKD, down 6% year-on-year but up 7% quarter-on-quarter; main revenue was 4.66 billion HKD, down 7% year-on-year but up 30% quarter-on-quarter [5] - Net profit for Q1 2024 was 2.97 billion HKD, down 13% year-on-year but up 14% quarter-on-quarter [5] - EBITDA margin was 72%, down 4 percentage points year-on-year but up 4 percentage points quarter-on-quarter [5] Revenue Breakdown - Revenue contributions from trading fees, settlement fees, and investment income accounted for nearly 80% of total revenue [5] - Q1 2024 revenue by segment: cash equities 1.88 billion HKD (-12% YoY), equity securities and derivatives 1.57 billion HKD (-15% YoY), commodities 670 million HKD (+33% YoY), data and connectivity 520 million HKD (+4% YoY) [5] Market Activity - The average daily trading volume (ADT) for Hong Kong stocks in Q1 2024 was 994 billion HKD, down 22% year-on-year but up 9% quarter-on-quarter [5] - Northbound capital inflow was 682 billion RMB, while southbound capital inflow was 1,331 billion HKD in Q1 2024 [10] IPO Market Overview - In Q1 2024, the company completed 12 IPOs, raising 4.8 billion HKD, a decrease of 28% year-on-year and 78% quarter-on-quarter [5] - The report highlights a potential recovery in the IPO market due to improved conditions and regulatory support for mainland companies seeking to list in Hong Kong [5]

Financial Performance - The group's revenue and other income for Q1 2024 was HKD 5.201 billion, a decrease of 6% compared to Q1 2023, but an increase of 7% from Q4 2023[4] - The company reported a net profit attributable to shareholders of HKD 2.970 billion, down 13% from HKD 3.408 billion in Q1 2023[4] - Revenue and other income for Q1 2024 amounted to HKD 5.2 billion, a 6% decrease compared to Q1 2023, primarily due to lower trading and settlement fees[6] - Revenue for the three months ended March 31, 2024, was 3,847 million HKD, a decrease of 4.2% from 4,015 million HKD for the same period in 2023[43] - Net investment income for the same period was 1,342 million HKD, down 12.6% from 1,535 million HKD year-over-year[43] - Operating profit decreased to 3,360 million HKD, a decline of 12.6% compared to 3,844 million HKD in the previous year[43] - EBITDA for the three months ended March 31, 2024, was 3,705 million HKD, down 12.0% from 4,209 million HKD in the same period last year[43] - Basic earnings per share for the period were 2.35 HKD, a decrease of 12.7% from 2.69 HKD in the prior year[43] - EBITDA declined by 20% year-on-year, attributed to a decrease in margin size impacting net investment income[15] Trading Activity - Average daily trading volume for derivatives reached a quarterly record high, with an average daily contract volume of 8,554 thousand contracts, up 14% from Q1 2023[5] - The average daily trading amount for Stock Connect (Northbound) was RMB 133.0 billion, a 37% increase compared to RMB 97.0 billion in Q1 2023[5] - The average daily turnover in the cash market was HKD 99.4 billion, a 9% increase from Q4 2023 but a 22% decrease from Q1 2023[6] - The average daily trading volume of derivative contracts reached 855,368 contracts, marking a 14% increase compared to the same period last year[18] - The average daily trading volume for Southbound trading through Stock Connect was RMB 23.6 billion in Q1 2024, down from RMB 26.3 billion in Q1 2023[12] - The average daily trading volume for Northbound trading through Stock Connect reached RMB 45.2 billion in Q1 2024, up 22% year-on-year[13] - The average daily trading volume for Southbound ETFs was HKD 1.7 billion in Q1 2024, while Northbound ETFs reached RMB 1.1 billion, marking a new quarterly high[13] - The average daily trading volume for stock securities products decreased to HKD 89.1 billion in Q1 2024 from HKD 114.7 billion in Q1 2023, a decline of approximately 22.3%[12] Operating Expenses - Operating expenses increased by 8% year-on-year to HKD 1.411 billion, primarily due to higher employee costs[4] - Operating expenses increased by 10% in Q1 2024, mainly due to higher costs allocated to the equity securities and financial derivatives segments[10] - The company’s operating expenses rose to 1,411 million HKD, compared to 1,303 million HKD in the previous year, reflecting a 8.3% increase[43] Market Developments - The first batch of callable bull/bear certificates ETFs was launched during the quarter[3] - The LME announced a new pricing method for five major contracts to enhance pricing accuracy and transparency[3] - The company continues to collaborate with the Hong Kong SAR government to explore measures to enhance market attractiveness and liquidity[6] - The new market data pricing trial launched in December 2023 received positive feedback, indicating a commitment to enhance retail investor access to market data[27] Investment Income - The company’s investment income was HKD 535 million, a decrease of 3% from HKD 549 million in Q1 2023[5] - The investment income net amount for Q1 2024 was HKD 535 million, a decrease of 3% from HKD 549 million in Q1 2023[31] - Total investment income for Q1 2024 was 807 million HKD, a decrease of 18.1% from 986 million HKD in Q1 2023[37] - The company reported a decline in margin and clearing fund investment income, down HKD 179 million compared to Q1 2023, attributed to lower margin requirements[35] Listings and Fundraising - In Q1 2024, 12 new companies were listed on the exchange, raising a total of HKD 4.8 billion, a 28% decrease from Q1 2023[11] - The number of new listings on the main board decreased to 12 in Q1 2024 from 18 in Q1 2023, representing a decline of 33.3%[12] - Total fundraising from initial public offerings (IPOs) was HKD 4.8 billion in Q1 2024, down from HKD 6.7 billion in Q1 2023, a decrease of 28.4%[12] Financial Position - Total assets as of March 31, 2024, amounted to 339,932 million HKD, a slight decrease from 341,179 million HKD as of December 31, 2023[45] - Total liabilities were 289,975 million HKD, an increase from 289,383 million HKD at the end of the previous year[45] - Cash and cash equivalents increased to 135,899 million HKD from 125,107 million HKD year-over-year[45] Legal and Compliance - The group faced legal claims totaling approximately 600 million USD related to judicial review claims submitted to the UK High Court[40] - The group’s financial position showed no significant changes compared to the financial status disclosed in the annual report as of December 31, 2023[42] - The auditor's report on the consolidated financial statements contains no reservations or matters requiring emphasis[46] Capital Expenditure - Capital expenditure for Q1 2024 was 278 million HKD, up from 240 million HKD in Q1 2023, indicating a growth of 15.8%[39] - The group’s capital expenditure commitments as of March 31, 2024, were 1.434 billion HKD, a decrease from 1.555 billion HKD on December 31, 2023[39]

公司研 究 证 券研究 报 告 非银行金融 2024年04月20日 香 港交易所（0388.HK）深度研究报告 推荐 （首次） 目标价：253.8港元 互联互通步履不停，制度创新持续推进 当前价：214.6港元  公司概要：港交所为亚洲领先的交易集团。1、组织架构清晰：港交所旗下拥 华创证券研究所 有4 家交易所和 5家结算公司，作为中国香港地区唯一综合金融交易所，在 拓展业务领域、加强互联互通、优化 IPO制度、强化产品创新等方面持续发 证券分析师：徐康 力。2、管理层与股权结构：香港特区政府作为第一大股东为港交所背书，同 时拥有直接委任港交所董事的权利。历任管理层均具有资深金融背景，2024 电话：021-20572556 年3月陈翊庭女士新任集团行政总裁，陈女士拥有丰富的香港资本市场经验， 邮箱：xukang@hcyjs.com 对公司组织架构的调整也显示其对内地市场的重视。 执业编号：S0360518060005  公司分析： 1、盈利情况：营收、净利润保持稳健向上。公司营收由2013年 联系人：崔祎晴 的87.2亿港元增长至2023年的205.2亿港元（CAGR=8.9%），净利润由2013 邮 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 370 HKD, indicating a potential upside of 52.97% from the current price of 242.4 HKD [2][3]. Core Insights - The company's performance in 2023 met expectations, with total revenue and other income reaching 20.516 billion HKD, an increase of 11.16% year-on-year. Net profit attributable to shareholders was 11.862 billion HKD, up 17.70% year-on-year, marking the second-highest profit in history. The increase in performance was primarily driven by a significant rise in investment income from margin and clearing house funds [1]. - Despite the overall revenue growth, the average daily trading volume in the Hong Kong stock market decreased by 16% year-on-year, leading to a decline in the company's main business revenue by 8.79% to 15.445 billion HKD [1]. - Investment income saw a substantial increase, with net investment income rising by 265.71% to 4.959 billion HKD, benefiting from higher interest rates on HKD and USD deposits [1]. - The Hong Kong stock market is showing signs of recovery, with the Hang Seng Index rising over 6% in February 2024, suggesting potential valuation recovery and enhanced liquidity in the market [1]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of 20.516 billion HKD, a year-on-year increase of 11.2%. The net profit for the same period was 11.862 billion HKD, reflecting a 17.7% increase [4]. - Revenue projections for 2024, 2025, and 2026 are adjusted to 21.587 billion HKD, 22.664 billion HKD, and 25.079 billion HKD, respectively. Net profit forecasts for the same years are 12.410 billion HKD, 13.057 billion HKD, and 14.160 billion HKD [2][4]. - The company’s earnings per share (EPS) for 2023 was 9.4 HKD, with projections of 9.8 HKD for 2024 and 10.3 HKD for 2025 [4][8].

Financial Performance - In 2023, the company's revenue and other income reached HKD 20.516 billion, an increase of 11% compared to 2022, marking the second-highest record in history[22] - Shareholder profit attributable to the company rose by 18% to HKD 11.862 billion in 2023[22] - EBITDA increased by 12% to HKD 14.828 billion, with an EBITDA margin of 73%, up by 1 percentage point from 2022[22] - Total revenue for 2023 reached HKD 20,516 million, an increase of 11% compared to HKD 18,456 million in 2022[23] - EBITDA for 2023 was HKD 14,828 million, reflecting a 12% growth from HKD 13,185 million in 2022[23] - Shareholders' profit attributable to the company increased by 18% to HKD 11,862 million, up from HKD 10,078 million in 2022[23] - Basic earnings per share rose to HKD 9.37, an 18% increase from HKD 7.96 in the previous year[23] - The company's net profit attributable to shareholders for 2023 was 11,862 million, compared to 10,078 million in 2022[200] Trading and Market Activity - The average daily trading volume decreased, impacting trading and settlement fees, despite increases in LME trading and settlement fees[22] - The average daily trading value of equity securities on the exchange for Q4 2023 was HKD 80.4 billion, a decrease of 29% from HKD 113.6 billion in Q4 2022[33] - The average daily trading value of derivatives and warrants for Q4 2023 was HKD 10.6 billion, down 22% from HKD 13.6 billion in Q4 2022[33] - The average daily trading amount in the cash market was HKD 105 billion, a decrease of 16% from 2022[49] - The average daily trading volume for the derivatives market reached 1.4 million contracts, reflecting a 4% increase year-on-year[49] - The average daily trading volume of LME fee-paying metal contracts increased by 11% compared to 2022, indicating an improvement in market sentiment[37] - The average daily trading volume for the Northbound and Southbound Stock Connect reached RMB 108.3 billion and HKD 31.1 billion, generating revenue of HKD 2.2 billion[47] - The average daily trading volume for the Bond Connect Northbound reached a new high of RMB 40 billion, an increase of 24% compared to 2022[47] Strategic Initiatives and Developments - The company launched several new initiatives, including "Swap Connect" and HKEX Synapse, enhancing its market connectivity and operational efficiency[10] - The company opened new offices in New York and London to better support clients across different time zones[10] - The company implemented new measures to enhance its listing mechanisms, including the introduction of Chapter 18C of the Listing Rules[10] - The company launched several reforms to enhance the quality and strength of the Hong Kong listing framework, including expanding the paperless listing mechanism and implementing dual participation reforms for IPO pricing[40] - The company continues to strengthen its international network and partnerships, reinforcing Hong Kong's position as a global offshore RMB center[38] - The company is preparing to play a key role in the evolving global financial landscape, connecting China with the world and adopting new technologies for future business and market development[42] Sustainability and Corporate Responsibility - The company committed to achieving carbon neutrality by 2024 and net-zero emissions by 2040[20] - The company plans to enhance its corporate social responsibility initiatives, allocating $10 million for community development projects in 2024[86] - The charity fund of the Hong Kong Stock Exchange raised HKD 113 million in 2023, including a donation of HKD 25 million from the exchange itself, and has donated a total of HKD 94 million to various social causes during the year[195] - The charity fund has cumulatively donated over HKD 449 million to support more than 90 projects, benefiting over 689,000 individuals since its inception[195] Future Outlook - The company is cautiously optimistic about future prospects, leveraging its unique position as a connector between East and West amid complex macroeconomic conditions[10] - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[79] - The company plans to continue capturing innovative market opportunities and enhancing the attractiveness and competitiveness of its market and product ecosystem[110] - Looking ahead to 2024 and beyond, the company is optimistic about future opportunities under the leadership of the incoming CEO, Ms. Chen Yiting[63] Operational Efficiency and Cost Management - Capital expenditure for 2023 was HKD 1,381 million, representing a 17% increase from HKD 1,184 million in 2022[23] - The company has achieved a 30% reduction in operational costs through efficiency improvements and technology upgrades[84] - Operating expenses rose by 7% compared to 2022, primarily due to increased employee costs and IT maintenance expenses[110] - Operating expenses increased by 10% to HKD 1,127 million in 2023 from HKD 1,027 million in 2022[118] - Employee-related expenses rose by 240 million (7%) due to strategic hiring and salary adjustments, reflecting the company's commitment to talent development[197]

Investment Rating - The report maintains a "Buy" rating for the company, suggesting investors actively monitor it [1][2]. Core Views - The company's performance in 2023 is robust, with revenue and other income reaching HKD 20.516 billion, an 11% increase from 2022, second only to the record set in 2021 [1][2]. - Key developments in the Shanghai-Hong Kong Stock Connect include expanding the range of stock eligible for trading, optimizing the trading calendar, introducing block trading, and launching the HKEX Synapse platform driven by smart contracts [1][2]. - The company's investment income significantly improved, with net investment income of HKD 1.487 billion in 2023, compared to a loss of HKD 48 million in 2022 [1][2]. Financial Performance Summary - In 2023, the company's revenue and other income were HKD 20.516 billion, up 11% year-on-year, with major business revenue increasing by 3% [1][3]. - The EBITDA margin was 73%, up 1 percentage point year-on-year, and the profit attributable to shareholders was HKD 11.862 billion, an 18% increase year-on-year [1][3]. - The average daily trading volume in the Hong Kong market decreased by 16% to HKD 105 billion, while the Shanghai-Hong Kong Stock Connect showed resilience with average daily trading volumes of RMB 108.3 billion and HKD 31.1 billion for northbound and southbound trading, respectively [2][3]. Key Financial Metrics - Revenue and other income (billion HKD): 2023A: 202.7, 2024E: 215.3, 2025E: 229.0, 2026E: 244.2 [3]. - Net profit attributable to shareholders (billion HKD): 2023A: 118.6, 2024E: 124.0, 2025E: 132.1, 2026E: 141.1 [3]. - Return on Equity (ROE) (%): 2023A: 23.5, 2024E: 23.9, 2025E: 24.8, 2026E: 25.8 [3].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 06 日 香 港交易所(00388.HK) 证券研究报告 投资收益增厚业绩，交投活跃度仍待修复 其他金融Ⅲ(HS) 投资评级 买入-A ■事件：近日，公司披露 2023 年业绩公告，2023 全年实现收入及其他收益 维持评级 205.16 亿港元，同比+11%；归母净利润118.62 亿港元，同比+18%；EPS 为 9.37 港元，同比+18%。2023Q4 单季实现收入及其他收益48.57 亿港元，同比-7%； 6 个月目标价 299 港元 归母净利润25.97 亿港元，同比-13%；EPS 为2.05 港元，同比-13%。 股价 (2024-03-06) 238.60港元 ■投资大幅回暖推升全年业绩，Q4 表现同比小幅滑落。1）从 2023 全年业绩 来看：公司收入及其他收益、归母净利润均创下历史以来第二高记录，主要受 股价表现 益于海外高利率背景下，公司全年投资收益净额同比+266%/+36 亿港元至 50 香港交易所 亿港元的历史新高值（其中保证金及结算所基金的投资收益净额同比 17% +147%/+21亿港元至 ...