新产品持续拓展，关注后续信创带来的积极变化。三季度末，恒生新一代投资交易管理系统O45 在招商信诺资产管理有限公司（以下简称招商信诺资管）成功上线。这是保险资管行业首家O45 落地客户，也是全行业首家实现一次性全账户（包括保险受托账户和保险资管产品账户）从O32 切换升级至O45 的客户。在当下金融信创持续推进的背景下，叠加市场成交量大幅跃升对交易系统稳定性带来更高的要求，公司的核心产品有望持续受益。Incident: Hang Seng Electronics released its three-quarter report on the evening of October 30. The company achieved net profit of 0.446 billion yuan in the first three quarters of 2024, a year-on-year decrease of 26.57%; deducted non-net profit of 0.267 billion yuan in the first three quarters, a year-on-year decrease of 50.28%.
Q3 Profit increased sharply in a single quarter, mainly due to confirmed return on investment. According to the company's results announcement, as of 2024Q3, the company achieved net profit of 0.416 billion yuan in a single quarter, an increase of 159.18% over the previous year; the non-net profit deducted in the single quarter was 0.132 billion yuan, a year-on-year decrease of 51.70%. The company's net profit to mother increased sharply in a single quarter, mainly due to profit and loss from changes in fair value of other illiquid financial assets held and disposed of by the company, confirming non-recurring profit and loss of 0.314 billion yuan.
Revenue is under pressure, and attention is being paid to the need for system upgrades brought about by a sharp rise in turnover. On the revenue side, the third quarter achieved revenue of 1.352 billion yuan, a year-on-year decrease of 12.26%. The company's revenue changes were mainly due to a decline in Fortune Technology's service revenue. In the first three quarters of 2024, Fortune Technology's revenue was 0.803 billion yuan, down 20.3% year on year. Among other core businesses, the asset management technology business had revenue of 1.01 billion yuan in the first three quarters, down 3.4% year on year; operating and institutional business revenue was 0.786 billion yuan, down 6.5% year on year.
New products continue to expand, and pay attention to the positive changes brought about by subsequent Xinchuang. At the end of the third quarter, Hang Seng's next-generation investment transaction management system O45 was successfully launched at China Merchants Cigna Asset Management Co., Ltd. (hereinafter referred to as CMB Asset Management). This is the first O45 customer in the insurance asset management industry, and the first customer in the industry to switch and upgrade all accounts (including insurance fiduciary accounts and insurance asset management product accounts) from O32 to O45 at once. In the current context where financial credit innovation continues to advance, the sharp jump in superimposed market turnover places higher demands on the stability of the trading system, and the company's core products are expected to continue to benefit.
Investment advice: The company's net profit for 24-26 is estimated to be 1.473, 1.726, and 2.017 billion yuan, respectively, and the current market value corresponding to 24/25/26 is 33/28/24 times, respectively. Considering the current acceleration of capital market reforms and digital investment by financial institutions, the company has room for valuation repair and maintains a “recommended” rating.
Risk warning: The progress of capital market reform falls short of expectations; the progress of new product promotion falls short of expectations; leading party A's self-research efforts have increased.
