HKEX(00388) 光大证券·2025-03-02 10:39Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The Hong Kong Stock Exchange (HKEX) achieved record high revenues and profits in 2024, driven by significantly increased trading activity in the Hong Kong stock market [4][9] - The report highlights a strong performance in the fourth quarter, with total revenue growing by 31.4% year-on-year to HKD 63.8 billion, and net profit increasing by 45.6% to HKD 37.8 billion [4][9] - The report anticipates continued growth in net profit for 2025-2026, with projections raised by 12.2% and 13.1% respectively [9] Summary by Sections Financial Performance - In 2024, total revenue reached HKD 22.37 billion, a year-on-year increase of 9.1%, with major business revenue at HKD 20.56 billion, up 8.5% [4] - The net profit attributable to shareholders was HKD 13.05 billion, reflecting a 10.0% increase year-on-year [4] - The EBITDA margin was 74%, up by 1 percentage point from the previous year [4] Revenue Breakdown - Trading fees, system usage fees, and settlement fees totaled HKD 11.91 billion, accounting for 53.2% of total revenue, with a year-on-year increase of 19.5% [5] - Investment income netted HKD 4.93 billion, a slight decrease of 0.6% year-on-year [5] - Listing fees from the exchange amounted to HKD 1.48 billion, down 2.6% year-on-year [5] Market Activity - The average daily trading volume for stock securities was HKD 1.2 trillion, up 28.8% year-on-year [6] - Northbound and southbound trading volumes saw significant increases, with northbound trading up 38.6% and southbound trading up 55.0% year-on-year [6] New Listings - In 2024, the HKEX welcomed 71 new listings, raising HKD 88 billion, a 90.1% increase year-on-year [7] - The report notes a healthy pipeline of 84 listing applications as of the end of 2024 [7] Future Projections - Revenue is projected to grow to HKD 25.32 billion in 2025, with a growth rate of 13.16% [10] - Net profit is expected to reach HKD 14.99 billion in 2025, reflecting a growth rate of 14.91% [10] - The report anticipates a P/E ratio of 30X for 2025, indicating a favorable valuation outlook [9]