香港交易所：业绩稳健上扬，多业务协同发展-20250306

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388) and raises the target price to HKD 400.0, reflecting an 18.6% upside from the previous closing price [5][6]. Core Insights - The core drivers of the company's performance are the increased activity in the cash market and growth in commodity business, supported by policy benefits and a diversified product portfolio [5]. - The company achieved record high revenues and net profits in 2024, with total revenue of HKD 223.7 billion (up 9.1% year-on-year) and net profit of HKD 130.5 billion (up 10.0% year-on-year) [2][3]. Revenue and Profitability - The company reported a quarterly revenue of HKD 63.8 billion in Q4 2024, representing a significant year-on-year increase of 31.4%, with net profit for the quarter reaching HKD 37.8 billion, up 45.6% year-on-year [2]. - The annual dividend per share is set at HKD 9.3, maintaining a payout ratio of 90.0%, ensuring stable shareholder returns [2]. Market Performance - The cash market revenue for the year was HKD 86.2 billion, a year-on-year increase of 18.5%, driven by a substantial rise in average daily trading volume [3]. - The average daily trading volume in the cash market reached HKD 1,318 billion, up 26.0% year-on-year, with Q4 2024 achieving a record high of HKD 1,869 billion, a 105.0% increase year-on-year [3]. Derivatives and Investment Income - The derivatives segment saw a decline in revenue to HKD 50.1 billion (down 12.0% year-on-year), primarily due to reduced margin investment income [4]. - The investment income for the year was HKD 49.3 billion, a slight decrease of 0.6% year-on-year, with net investment income from proprietary funds increasing by 17.6% to HKD 17.5 billion [4]. Future Outlook - The report highlights the potential for future growth driven by policy support for IPO facilitation and the expansion of cross-border trading channels, alongside a diversified product offering including tech stock ETFs and Southeast Asian markets [5].