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汇丰控股：成本管控良好，精简架构整合-20250221
00005HSBC HOLDINGS(00005) 海通国际·2025-02-20 12:28

Investment Rating - The report maintains a Neutral rating for HSBC Holdings PLC [2][3]. Core Insights - The report highlights effective cost control and structural optimization as key strategies for HSBC, with a focus on maintaining a stable proportion of time deposits and reducing interest rate sensitivity through increased hedging [4][19]. - The company expects a dividend payout ratio of 50% for 2025 and has announced a 2billionsharebuyback,expectedtobecompletedbeforetheQ12025earningsreport[18].−Thereportprojectsaslightdecreaseinnetincomefor2025,withaforecastednetprofitattributabletotheparentcompanyof2 billion share buyback, expected to be completed before the Q1 2025 earnings report [18]. - The report projects a slight decrease in net income for 2025, with a forecasted net profit attributable to the parent company of 22.33 billion, reflecting a year-on-year decline of 2.6% [3][4]. Financial Performance Summary - For the fiscal year ending December 2023, HSBC reported net interest income of 35.8billion,withaprojecteddecreaseto35.8 billion, with a projected decrease to 33.4 billion in 2025 [4][15]. - The pre-tax profit for 2023 was 30.3billion,withexpectationsof30.3 billion, with expectations of 30.5 billion in 2025, indicating a stable performance despite market challenges [4][15]. - The return on equity (ROE) is projected to decline from 14.87% in 2023 to 14.00% in 2025 [4][15]. Revenue and Profitability Analysis - Excluding significant one-off items, operating revenue increased by 1.2billionyear−on−year,drivenbynetinterestincomeandwealthmanagementbusinessincome[17].−Theauditedrevenueshowedadecreaseof81.2 billion year-on-year, driven by net interest income and wealth management business income [17]. - The audited revenue showed a decrease of 8% year-on-year, while audited pre-tax profit increased by 133% year-on-year, indicating strong operational resilience [17]. - The wealth management business saw growth across all lines, with asset management up 8%, life insurance up 58%, and private banking up 23% [20]. Cost Management and Efficiency - The report indicates that HSBC's total expenditure increased by 5% year-on-year in 2024, aligning with targets, while operating expenditure is expected to rise by 3% year-on-year in 2025 [21]. - The company aims to save approximately 1.5 billion in expenses by 2026 through restructuring and reducing redundant functions [9][21]. Market Position and Strategy - HSBC's CET1 ratio in Q4 2024 was 14.9%, exceeding the target range of 14.0%-14.5%, indicating a strong capital position [18]. - The company is prioritizing capital deployment towards dividends, balance sheet expansion, share buybacks, or mergers and acquisitions, with a focus on strategic alignment and value creation [18].