HKEX(00388) 光大证券·2025-05-02 11:28Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved record high performance in Q1 2025, with total revenue of HKD 68.6 billion, a year-on-year increase of 31.8% and a quarter-on-quarter increase of 7.5%. The net profit attributable to shareholders was HKD 40.8 billion, up 37.3% year-on-year and 7.9% quarter-on-quarter [4][5] - The increase in revenue and profit is primarily driven by heightened trading activity in the Hong Kong stock market, supported by innovations in artificial intelligence and other developments [5] - The report anticipates that the return of Chinese concept stocks to Hong Kong could inject new trading volume into the market [7] Summary by Sections Financial Performance - In Q1 2025, the company's main business revenue reached HKD 63.2 billion, reflecting a year-on-year growth of 35.6% and a quarter-on-quarter growth of 5.0% [4] - The trading fees, system usage fees, and settlement fees totaled HKD 41.3 billion, accounting for 60.2% of total revenue, with a year-on-year increase of 58.7% [5] - Investment income netted HKD 13.3 billion, representing 19.4% of total revenue, with a slight year-on-year decrease of 0.7% but a quarter-on-quarter increase of 11.2% [5] Market Activity - The average daily trading volume for Hong Kong stock securities reached HKD 2,427 billion, a year-on-year increase of 144.2% [5] - The number of new listings in Q1 2025 was 17, a year-on-year increase of 41.7%, raising a total of HKD 187 billion, which is a 289.6% increase year-on-year [7] Future Outlook - The report maintains profit forecasts for 2025-2027 at HKD 150 billion, HKD 156 billion, and HKD 165 billion respectively, with a corresponding PE ratio of 29X, 28X, and 26X [7][9]