Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The report indicates that while the company's revenue and other income decreased year-on-year in Q1 2024, there was a quarter-on-quarter improvement. The performance in the derivatives and commodities markets, as well as the Shanghai-Hong Kong Stock Connect, remains resilient [7]. - The average daily trading volume in the cash market decreased year-on-year, but there was a significant increase in the derivatives and commodities markets, indicating strong growth potential [7]. Financial Highlights - For the fiscal year 2023, the company's revenue and other income were HKD 202.7 billion, with a year-on-year growth of 10.9%. The projected revenue for 2024 is HKD 211.0 billion, reflecting a growth of 4.1% [6][11]. - The net profit attributable to shareholders for 2023 was HKD 118.6 billion, with a year-on-year increase of 17.7%. The expected net profit for 2024 is HKD 120.4 billion, showing a modest growth of 1.5% [6][11]. - The return on equity (ROE) for 2023 was 23.5%, with projections of 23.2% for 2024 and 24.4% for 2026 [6][11]. - The company's earnings per share (EPS) for 2023 was HKD 9.37, with an expected increase to HKD 9.69 in 2024 [6][11]. Market Data - As of April 25, 2024, the closing price of the company's stock was HKD 246.8, with a total market capitalization of HKD 3,129 billion and total assets amounting to HKD 494.8 billion [3][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 312 HKD per share, indicating an expected performance that exceeds the market by 5%-15% over the next 12 months [3][10]. Core Insights - The company reported a total revenue of 5.2 billion HKD for Q1 2024, reflecting a year-on-year decline of 6%. The decrease is primarily attributed to a drop in trading volume in the Hong Kong stock market, with the average daily turnover (ADT) falling by 22% to 99.36 billion HKD compared to Q1 2023 [1][2]. - The decline in revenue was somewhat mitigated by growth in derivatives and commodity trading, with net profit attributable to shareholders for Q1 2024 at 2.97 billion HKD, down 13% year-on-year. The EBITDA margin decreased to 72%, a decline of 4 percentage points [1][2]. - The report highlights that the stock trading revenue was impacted by the macroeconomic environment, with a 12% year-on-year decrease in the cash segment revenue, while settlement fees benefited from a 37% increase in northbound trading [1][2]. - The derivatives and commodities market showed resilience, with trading volumes for derivatives and LME metal contracts increasing by 14% and 31% year-on-year, respectively [1][2]. - Investment income contributed significantly to the company's performance, with a net return rate on margin and settlement funds rising to 1.8% from 1.6% in the previous year, although total investment income decreased by 13% to 1.34 billion HKD [1][2]. Financial Summary - For the fiscal year 2024, the company is projected to achieve a net profit of 13.2 billion HKD, with an earnings per share (EPS) of 10.41 HKD. The price-to-earnings (PE) ratio is expected to be 30 times [2][3]. - The revenue forecast for the upcoming years shows a steady growth trajectory, with expected revenues of 22.77 billion HKD in 2024, 25.91 billion HKD in 2025, and 29.66 billion HKD in 2026, reflecting growth rates of 11% and above [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 342 HKD, based on a 35X PE for 2024 [8][9]. Core Views - The company has demonstrated resilience in its performance, with expectations for gradual recovery in the market [4][5]. - The first quarter of 2024 saw a revenue decline of 6% year-on-year, but a 7% increase quarter-on-quarter, indicating potential for recovery [5][6]. - The decline in profits is attributed to reduced trading volumes and lower IPO activity, but strong performance in derivatives trading has partially offset these declines [5][6]. Financial Overview - In Q1 2024, the company reported total revenue and other income of 52.01 billion HKD, with a core business revenue of 47 billion HKD [4][5]. - EBITDA for the quarter was 37.1 billion HKD, reflecting a 12% year-on-year decrease [4][5]. - Net profit attributable to shareholders was 29.7 billion HKD, down 13% year-on-year but up 14% quarter-on-quarter [4][5]. Segment Performance - Trading and transaction system fees amounted to 15.8 billion HKD, a 7% decrease year-on-year due to lower trading volumes [6]. - Listing fees decreased by 13% year-on-year to 3.7 billion HKD, influenced by a reduction in the number of IPOs [6]. - Investment income was reported at 13.4 billion HKD, down 13% year-on-year, primarily due to reduced returns from external portfolios [6]. Market Performance - The cash market ADT for Q1 2024 was 994 billion HKD, a 22% decline year-on-year, while the Northbound ADT increased by 37% year-on-year [7]. - The IPO market saw a decrease in the number of new listings, with only 12 companies listed in Q1 2024, down from 18 in the same period last year [7]. - Despite the current market challenges, there is optimism for gradual recovery, supported by a healthy pipeline of 85 active IPO applications as of March 2024 [7].

Investment Rating - The investment rating for Hong Kong Stock Exchange is "Buy" (maintained) [2][13]. Core Views - The company's diversified development strategy remains resilient, with a focus on positive policy catalysts in the Hong Kong stock market [2]. - The Q1 2024 performance showed a decline in revenue and net profit due to a high base effect and weak spot trading, but the diversified strategy is expected to yield benefits [2]. - The report highlights the importance of cyclical turning points, the effectiveness of the company's diversification strategy, and supportive policies for liquidity improvement [2]. Financial Performance Summary - Q1 2024 revenue and net profit were HKD 52.0 billion and HKD 29.7 billion, respectively, representing a year-on-year decline of 6% and 13%, but a quarter-on-quarter increase of 7% and 14% [2]. - The EBITDA margin and ROE were 72% and 24.2%, down by 4 percentage points and 3.5 percentage points year-on-year [2]. - The forecast for net profit for 2024-2026 has been adjusted to HKD 123.7 billion, HKD 131.9 billion, and HKD 142.2 billion, respectively, with corresponding EPS of HKD 9.8, HKD 10.4, and HKD 11.2 [2]. Business Segment Analysis - **Trading and Settlement Business**: Spot trading remains weak, but northbound trading and derivatives show resilience. Q1 2024 trading fees and settlement fees were HKD 15.8 billion and HKD 11.0 billion, with year-on-year changes of -12.7% and +2.5% [2]. - **Investment Segment**: Investment income was HKD 13.4 billion, down 12.6% year-on-year, primarily due to a decline in margin requirements [2]. - **Listing and Other Income**: Listing fees were HKD 3.7 billion, down 12.7% year-on-year, with a total of 12 IPOs in Q1 2024, a decrease of 33.3% [2]. Market and Policy Environment - The report emphasizes the cyclical recovery of the domestic economy and global liquidity, with expected benefits from supportive policies aimed at enhancing liquidity in the Hong Kong stock market [2]. - The China Securities Regulatory Commission has introduced measures to promote cooperation with Hong Kong's capital market, which is expected to enhance the liquidity and attractiveness of the Hong Kong Stock Exchange [6][7].

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 ...