Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6][19] Core Views - The company reported a revenue of HKD 20.516 billion for 2023, representing a year-on-year increase of 11%, and a net profit attributable to shareholders of HKD 11.862 billion, up 18% year-on-year [6][8] - The growth in performance is attributed to record net investment income from margin and clearing funds, as well as increased trading and settlement fees from LME [6] - The average daily trading volume in the cash market decreased by 16% year-on-year to HKD 1,050 billion, with a decline in IPOs and trading fee income affected by reduced A-share trading fees and RMB depreciation [6][7] - The derivatives segment achieved a record average daily trading volume, with revenue from the securities and financial derivatives segment increasing by 23% year-on-year [6][7] - The reasonable valuation range for the company is estimated to be between HKD 320.00 and HKD 333.40, corresponding to a 2024E PE of 30.7-31.9 times [7][19] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of HKD 20,516 million, with a year-on-year growth of 11% [8] - The net profit for 2023 was HKD 11,862 million, reflecting an 18% increase compared to the previous year [8] - The earnings per share (EPS) for 2023 was HKD 9.36, with projections for 2024E at HKD 10.44 [8][16] Revenue Breakdown - Revenue from the cash market segment was HKD 8,164 million, down 9.6% year-on-year, accounting for 40% of total revenue [6] - The derivatives segment generated revenue of HKD 6,502 million, up 23% year-on-year, representing 32% of total revenue [6] - The commodities segment reported revenue of HKD 2,188 million, an increase of 6.7% year-on-year [6] Future Projections - Estimated total revenue for 2024, 2025, and 2026 is projected to be HKD 22,874 million, HKD 24,639 million, and HKD 26,160 million respectively, with year-on-year growth rates of 11%, 8%, and 6% [16][19] - Net profit projections for the same years are HKD 13,231 million, HKD 14,246 million, and HKD 14,894 million, with corresponding growth rates of 12%, 7%, and 5% [16][19]

证券研究报告 公 2024年03月05日 司 报 告 香港交易所(00388) │ 行 业： 非银金融/多元金融 港 投资评级： 买入（维持） 股 当前价格： 233.80港元 业绩后续有望随市场逐步修复 - 公 目标价格： 448.00港元 司 年 事件： 基本数据 报 港交所公布2023年业绩报告。2023收入及其它收益205亿港元，yoy+11%； 点 总股本/流通股本(百万股) 1,267.84/1,267.84 核心业务收入189亿港元，yoy+3%；归母净利润118.6亿港元，yoy+19%。 评 流通市值(百万港元) 296,420.27 ➢ 业绩概览：投资收益驱动业绩双位数增长 每股净资产(元) 38.43 公司2023年收入及其它收益仅次于21年，为历史第二高。2023年公司实现 资产负债率(%) 87.05 收入及其它收益205亿港元，yoy+11%，核心业务收入189亿港元，yoy+3%； 一年内最高/最低(港元) 354.40/219.40 归母净利润118.6亿港元，yoy+19%。2023年业绩增长主要得益于（1）衍 生品市场交易活跃，2023年期交所衍生品日均成交135.4万张， ...

[Table_MainInfo] 公司研究/金融/综合金融服务 证券研究报告 香港交易所（00388.HK ）公司年报点评 2024年03月04日 [Table_InvestInfo] 公司资金投资收益扭亏为盈，归母净利润 投资评级 优于大市 维持 同比+18%创历史第二高 股票数据 0[3Ta月b 0le 1_日S收to盘c价k（In港fo元] ） 240.00 [投Ta资ble要_S点um：m ary] 52周股价波动（港元） 219.40-349.03 总股本/流通H股（百万股） 1268/1268 ⚫ 【事件】香港交易所发布2023年度业绩：2023年实现收入及其他收益205.16 总市值/流通市值（百万港元） 4108/4108 亿港元，同比+11%，归母净利润118.62亿港元，同比+18%。业绩增长主要 相关研究 是由于保证金与结算所基金投资净收益创新高，以及 LME 交易及结算费增 [《Ta保b证le金_R与e结p算or所tI基nf金o]的 投资收益净额增加， 加。其中Q4实现收入及其他收益 48.57亿港元，同比-6.6%，环比-4.5%； 前三季度归母净利润同比+31%》2023.10.2 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's investment income performance is strong, and its diversified strategy continues to show results [1] - The company's revenue and profit performance for the full year is impressive, mainly benefiting from record-high investment income [5] - The new listing mechanism for Specialized Technology Companies is favorable for new economy listings, with nearly 70% of new listings in 2023 being new economy companies [6] - The company is a rare investment target with both offensive and defensive characteristics, and the "Overweight" rating is maintained [6] Market Data - Total shares outstanding: 1.268 billion [2] - Total market capitalization: HKD 304.281 billion [2] - One-year low/high (HKD): 219.4 / 354.4 [2] - Three-month turnover rate: 38.8% [2] Performance Highlights - Full-year revenue and other income: HKD 20.52 billion, up 11.2% YoY [4] - Full-year net profit attributable to shareholders: HKD 11.86 billion, up 17.7% YoY [4] - EBITDA margin: 73%, up 1 percentage point YoY [4] - Q4 revenue and other income: HKD 4.86 billion, down 6.6% YoY [4] - Q4 net profit attributable to shareholders: HKD 2.6 billion, down 12.8% YoY [4] - Q4 EBITDA margin: 68%, down 6 percentage points YoY [4] Investment Income - Full-year investment income: HKD 4.96 billion, up 265.7% YoY, accounting for 24.2% of revenue and 41.8% of profit [5] - Q4 investment income: up 14.9% YoY [5] - Fund investment income: HKD 1.49 billion, turning from a loss to a profit YoY [5] - Margin and clearing fund investment income: HKD 3.47 billion, up 147.3% YoY [5] Trading Volume - Average daily trading volume of equity securities on the Stock Exchange: HKD 93.2 billion, down 14.5% YoY [5] - Average daily trading volume of derivatives: HKD 11.8 billion, down 25.8% YoY [5] - Northbound and southbound trading volumes: RMB 108.3 billion and HKD 31.1 billion, up 7.9% and down 1.9% YoY respectively [5] - Average daily trading volume of bond northbound trading: RMB 40 billion, up 24.2% YoY [5] New Listings - Total new listings in 2023: 73, down 19% YoY [6] - Funds raised: HKD 46.3 billion [6] - New economy companies accounted for 68% of new listings [6] - 72 listing applications pending at the end of 2023 [6] Financial Forecasts - 2024E revenue: HKD 22.62 billion, up 10.3% YoY [8] - 2025E revenue: HKD 23.432 billion, up 3.6% YoY [8] - 2026E revenue: HKD 24.457 billion, flat YoY [8] - 2024E net profit attributable to shareholders: HKD 12.836 billion, up 8.2% YoY [8] - 2025E net profit attributable to shareholders: HKD 13.365 billion, up 4.1% YoY [8] - 2026E net profit attributable to shareholders: HKD 13.818 billion, up 3.4% YoY [8] - 2024E EPS: HKD 10.12 [8] - 2025E EPS: HKD 10.54 [8] - 2026E EPS: HKD 10.90 [8] - 2024E P/E: 24X [7] Business Outlook - If inflation in major economies slows and central banks end monetary tightening cycles, liquidity in the Hong Kong stock market is expected to continue to recover [6] - The optimization of listing conditions for new economy companies such as internet and biotech, as well as the implementation of favorable measures such as the Stock Connect and the HKD-RMB dual-counter model, are expected to drive the company's performance and investment sentiment [6] - The diversified business model helps to smooth performance fluctuations [6]

[Table_Page] 年报点评|多元金融 证券研究报告 [【Table_T广itle] 发非银&海外】香港交易所 [公Tab司le_I评nves级t] 增持 当前价格 242.80港元 （00388.HK） 合理价值 343港元 前次评级 增持 多元产品布局起量，受益投资收益增长 报告日期 2024-03-01 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 业绩概要：公司披露2023 年业绩，业绩增速保持稳定，2023实现总 7% 收入205.16亿港元，同比上升11%，仅次于2021年业绩水平。业绩 -1% 03/23 05/23 07/23 09/23 11/23 01/24 增长主要为投资收益净额创新高、内部管理资金存款而得的净利息收 -9% 入增加，以及外部组合实现 4.21 亿港元的投资收益（2022 年：亏损 -16% 4.86亿港元）。2023实现归母净利润118.62亿港元，同比上升18%。 -24% 2023，EBITDA利润率升至73%，同比上1pct。 -31% ⚫ 多元业务一定程度上起到业绩支撑。何为多元业务布局？即除发展股 ...

Investment Rating - The report maintains an "Accumulate" rating for Hong Kong Exchanges and Clearing Limited (0388) with a target price of HKD 430, corresponding to a 2024 PE of 41.6x [2][4]. Core Insights - The company's overall performance growth is driven by high investment returns, with significant contributions from investment income, which reached a historical high of HKD 49.59 billion in 2023, compared to HKD 13.56 billion in 2022. This investment income accounted for 175% of the total revenue growth in 2023 [4]. - The report anticipates that the company's main revenue will be boosted by favorable policies in the Hong Kong capital market and the expected interest rate cuts by the Federal Reserve, leading to increased trading volumes and enhanced main business income [4]. Financial Summary - In 2023, the company recorded revenues of HKD 205.2 billion and net profits of HKD 119.8 billion, representing year-on-year growth of 11% and 19%, respectively [4]. - Projections for 2024 to 2026 estimate revenues of HKD 222 billion, HKD 243 billion, and HKD 269 billion, with net profits of HKD 131 billion, HKD 147 billion, and HKD 166 billion, respectively [4][6]. - The company’s financial performance is expected to improve due to ongoing optimization of trading and listing mechanisms, as well as diversification of business operations [4].

证券研究报告·公司点评报告·其他金融(HS) 香港交易所（00388.HK） 2023 年年报点评：业绩韧性持续彰显，内外 2024年 02月 29 日 环境同现升势 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（现价&最新摊薄 ...

Investment Rating - The report maintains a "Buy" recommendation for Hong Kong Exchanges and Clearing Limited (0388.HK) [2][7] Core Views - The company's annual performance demonstrates resilience, with total revenue of HKD 20.516 billion, a year-on-year increase of 11.16%, and a net profit attributable to shareholders of HKD 11.862 billion, up 17.70% year-on-year [4][5] - Despite a challenging trading environment, high interest rates have boosted investment income, leading to a significant increase in net investment income by 266% year-on-year to HKD 49.6 billion [7] - The report highlights ongoing reforms and innovations within the company, which are expected to enhance its long-term growth potential [7] Summary by Sections Financial Performance - Total revenue for the year reached HKD 20.516 billion, with a year-on-year growth of 11.16% - Net profit attributable to shareholders was HKD 11.862 billion, reflecting a year-on-year increase of 17.70% - The return on equity (ROE) for the year was 23.5%, an increase of 3.2 percentage points year-on-year [4][6] Revenue Breakdown - Revenue from trading fees decreased by 11%, while investment income surged by 266%, indicating a shift in revenue structure towards stronger investment performance [5][7] - The average daily trading volume for the year was HKD 1,050 billion, down 16% year-on-year, with a notable decline in IPO activities [5][7] Future Outlook - The report anticipates that if the Federal Reserve enters a rate-cutting cycle, it could alleviate liquidity pressures in the Hong Kong market, potentially improving trading volumes and related revenues [7] - The company is expected to continue benefiting from its role as a key financial infrastructure connecting domestic and global markets, with ongoing reforms aimed at attracting more listings and investments [7]

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [3][9]. Core Views - The company's performance in 2023 was supported by investment activities, with derivatives, ETPs, and the LME market showing resilience. The total revenue and net profit for 2023 were HKD 20.52 billion and HKD 11.86 billion, respectively, representing year-on-year increases of 11% and 18% [4][5]. - The report anticipates a continued positive growth trajectory for the company, driven by strategic initiatives and market conditions, despite adjusting profit forecasts for 2024-2025 due to market uncertainties [4][5]. Financial Summary - Revenue and net profit for 2023 were HKD 20.52 billion and HKD 11.86 billion, respectively, with EBITDA margin at 73% and ROE at 23.5% [4]. - The company’s investment income surged by 266% year-on-year to HKD 4.96 billion, benefiting from the Federal Reserve's interest rate hikes [4]. - The forecast for net profit in 2024 and 2025 is adjusted to HKD 12.61 billion and HKD 13.56 billion, respectively, with corresponding EPS of HKD 9.9 and HKD 10.7 [4][5]. Market Performance - The current stock price is HKD 242.80, with a market capitalization of HKD 307.83 billion. The stock has seen a trading range of HKD 354.40 to HKD 219.40 over the past year [3]. - The trading volume over the last three months has a turnover rate of 23.17% [3]. Strategic Outlook - The report highlights the positive impact of liquidity policies and the expected recovery in Hong Kong stock profitability, alongside the anticipated opportunities from the Federal Reserve's interest rate cycle [4]. - The company is focusing on three strategic areas to optimize its business structure and enhance growth in technology-related services [4].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 20,516 million, an increase from HKD 18,000 million in 2022[2] - Net profit for the year was HKD 11,981 million, up from HKD 10,095 million in the previous year, representing a growth of approximately 18.7%[4] - Basic earnings per share for 2023 was HKD 9.37, compared to HKD 8.00 in 2022, reflecting a year-on-year increase of 17.1%[2] - EBITDA for the year was HKD 14,828 million, indicating strong operational performance[2] - The company reported a total comprehensive income of HKD 12,087 million for 2023, compared to HKD 9,768 million in 2022, marking a significant increase[4] - Operating profit for the year was HKD 13,385 million, demonstrating robust profitability[2] - The company reported a net profit of HKD 10,078 million for the year, compared to HKD 18,173 million in the previous year, indicating a decrease of 44.5%[7] - The company’s total revenue for the year was HKD 49,626 million, down from HKD 49,910 million, a decline of 0.6%[7] - The company’s retained earnings increased to HKD 19,723 million from HKD 18,547 million, showing a growth of 6.3%[7] - The company reported a profit of HKD 11,862 million for the year, contributing significantly to retained earnings which totaled HKD 19,723 million by year-end[8] - The total comprehensive income for the year was HKD 12,087 million, compared to HKD 11,981 million in the previous year, reflecting an increase of 9.2%[8] Investment and Assets - Investment income for the year was HKD 10,972 million, with net investment income amounting to HKD 4,959 million after deducting interest returned to participants[2] - Total assets as of December 31, 2023, amounted to HKD 341,179 million, a decrease of 15.9% from HKD 406,051 million in 2022[5] - The company’s equity attributable to shareholders increased to HKD 51,344 million, up from HKD 49,728 million, reflecting a growth of 3.3%[5] - The company’s financial assets measured at fair value through profit or loss increased to HKD 6,961 million from HKD 6,964 million, a slight decrease of 0.04%[5] - The company’s total equity increased to HKD 51,796 million from HKD 50,099 million, reflecting a growth of 3.4%[5] - The company’s borrowings decreased to HKD 447 million from HKD 491 million, a reduction of 8.9%[5] - The group reported financial assets classified as non-HKFRS 13 Level 1 investments amounting to HKD 8.045 billion as of December 31, 2023, down from HKD 9.219 billion in 2022[21] - Investments under the investment fund category totaled HKD 5.698 billion as of December 31, 2023, compared to HKD 5.648 billion in the previous year[21] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 125,107 million from HKD 184,965 million, representing a decline of 32.3%[5] - The net cash inflow from main business activities was HKD 11,294 million, a decrease of 13.5% from HKD 13,062 million in 2022[9] - Cash and cash equivalents decreased by HKD 6,040 million, ending the year at HKD 9,212 million compared to HKD 15,258 million at the beginning of the year[9] - The company paid dividends totaling HKD 10,316 million, which included an interim dividend of HKD 4.50 per share[9] - The cash outflow from investment activities was HKD 6,290 million, significantly higher than HKD 1,700 million in the previous year[9] - The company’s cash flow from operating activities was impacted by a decrease in cash inflow from other business activities, which totaled HKD 11,500 million compared to HKD 14,956 million in the previous year[9] Governance and Management - The company’s board consists of 12 independent non-executive directors, ensuring strong governance and oversight[1] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[1] Taxation and Compliance - The group has recognized a potential tax liability of HKD 21 million related to additional tax assessments, which may affect future financial results[22] - The group has received a tax assessment notice from the Hong Kong tax authority amounting to HKD 16 million regarding offshore profits exemption[22] - The total tax expense for 2023 decreased to 1,351 million HKD from 1,564 million HKD in 2022, reflecting a reduction of 13.6%[58] - The total tax provision for overseas tax increased to 163 million HKD in 2023 from 117 million HKD in 2022, reflecting a growth of 39.4%[58] Employee Compensation and Benefits - Employee compensation and related expenses totaled HKD 3,564 million in 2023, an increase from HKD 3,324 million in 2022, which is a rise of 7%[42] - Total remuneration for executive directors in 2023 amounted to HKD 89,295,000, an increase of 3.0% from HKD 86,561,000 in 2022[50] - Performance cash bonuses for executive directors rose to HKD 14,040,000 in 2023, up 13.5% from HKD 12,375,000 in 2022[50] - The total remuneration for non-executive directors was HKD 24,294,000 in 2023, compared to HKD 23,643,000 in 2022, reflecting a 2.8% increase[51] - The total employee share-based compensation expense recognized for the year was HKD 399 million, up from HKD 380 million in 2022, representing a growth of 5%[146] Strategic Initiatives - The group restructured its operational segments in 2023, creating a new "Data and Connectivity" segment, which now includes revenue from market data sales and related services[24] - The restructuring aimed to better align with market operations and enhance strategic decision-making capabilities[24] - The group’s strategic investments in joint ventures are expected to enhance Hong Kong's competitiveness and support the development of mainland China's capital markets[99][100] Risk Management - The group’s risk management strategy focuses on minimizing potential adverse impacts from market risks, including foreign exchange, price, and interest rate risks[178] - The group’s investment policy aims to achieve optimal returns while ensuring liquidity and managing risks associated with financial assets[180] - The group’s financial risk management includes monitoring market risks and implementing investment restrictions to control exposure[180] Contingent Liabilities and Legal Matters - The group has a contingent liability of up to HKD 71 million related to potential compensation claims from the Securities and Futures Commission as of December 31, 2023[166] - The maximum contingent liability for compensation to participants for underpaid stamp duty is estimated at HKD 115 million, assuming all 574 participants are in default[166] - The group has not recognized any provisions in the financial statements related to the judicial review due to the favorable court ruling[168] Future Outlook - The company plans to continue evaluating the useful lives and residual values of fixed assets at each reporting period[113] - The company aims to enhance employee retention and motivation through its share reward program, which is a key component of its compensation strategy[147]