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 ...

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].