In the first nine months of the year, 08017.HK 22 Accord earned a cumulative income of HK $7605.5 million, a year-on-year increase of about 26.1%, of which the revenue from front desk trading services / market based services / market management and infrastructure services / SaaS services / other value-added services accounted for 31.6%, 14.1%, 4.3%, 33.4%, 16.6%. The gross profit margin in the first three quarters rose by about 2.6 percentage points to 86.5% year-on-year, while the profit margin of the parent company rose 1239% to about HK $3643.8 million.
Return in the first nine months of the year 22apt 23
The overall performance of the first three quarters of the collection was in line with our expectation, and its cumulative income increased by about 26.1% year-on-year to HK $7605.5. Revenue from transaction services / market volume management and infrastructure services / SaaS services / other value-added services in the foreground is + 6.3%, 0.4%, 7.4%, 29.5%, 228.9%, respectively, to about HK $2405.2 / 1072.9 / 33 million / 25.422 million / 1260.2, respectively. Collective SaaS services and other value-added services continued to rise, resulting in overall revenue growth, with gross profit rising by 30.1% year-on-year to about HK $6577.1, and gross profit margin by about 2.6% to 86.5%. Maternal profit in the first nine months of the collection increased by 1.239% year-on-year to about HK $3643.8, and the maternal profit rate increased by about 20.9 percentage points to 47.9%. About HK $92 million comes from other abnormal gains, mainly due to the increase in the fair value income of its financial assets.
The number of value-added services is based on the continuation of the products by the organization's customers.
According to the growth of product sales in collective value-added services, the revenue of mobile value-added services increased year-on-year to 1260.2 yuan in the first nine months of 23rd year-on-year, and the share of income increased from 5.8% to 16.6% on a year-on-year basis. as the collection of products such as the first public sale of merchants and the China-Hong Kong Stock Connect are welcomed in the market one by one. Many listed companies are concerned about the mutual exchange mechanism between the Chinese and Hong Kong markets, in order to attract mainland investors through the stock market access to Hong Kong, and continue to make a comparative analysis of the market trading data of the stock market products, so as to deploy the post-market conditions for the Hong Kong stock market.
In addition, investors of professional institutions engaged in quantitative transactions have increased their requirements for deepening data, and the collection will increase investment in data mining and research and develop more in-depth data products. We have noticed that investors from other institutions have continued to sell large data products to the market, and after the launch of the Chinese version of market trading to overseas markets in South China, we believe that the customer base of overseas institutions such as Singapore will further stimulate the sale of data products with high gross margins.
The SaaS service store sells new highs quarterly and never enriches platform features
As of January 2023, the number of public domain users of market trading has increased by 13.7% year-on-year to 757,000. With the constant tiredness of the public version and AIPO subscription, the trading public version is used by the customers of the new agency. The revenue of the SaaS service in the first nine months of 23 years has increased by 29.5% year on year to 25.422 million yuan, while the SaaS service in the third quarter has sold more than 90 million yuan. In the future, through the wholly owned company TradeGo Markets, an external electronic trading platform for trading during non-trading hours has been established to enrich the functions of the trading platform. Listed companies that will be listed for the first public sale on the Stock Exchange will conduct secret trading before listing. TradeGo Markets has also submitted a licence application to the Commission for category 1 (securities trading) and category 7 (provision of automated trading services).
SaaS service sales are eye-catching and continue to be sold by institutional customers, maintain the "level" level, and maintain HK $1.38 per share according to the target.
The overall performance in the first three quarters of the year is in line with our expectations, with the quarterly sales of the public version of the market reaching a new high and the gradual deployment of a new covert trading platform for listed companies that have been publicly sold for the first time. On the other hand, the data-based products of the collection continue to be welcomed by investors from listed companies and professional institutions, and other value-added services are maintained at a high rate of growth. The launch of our expected long-term trading edition will specifically stimulate the sale of highly profitable SaaS services and value-added services. if the international version is successfully promoted in the South Asian market, it will be the second long-term curve of SaaS services and value-added services to further strengthen the profitability of the market. In addition, we note that the mainland regulatory agencies have recently strengthened the regulation of cross-border activities for domestic customers, but I think that the impact on the collection is limited, because the collection mainly provides trading platform components and data to merchants and other agency customers to collect specific services, and the operating income collected by the platform for each transaction authentication function is limited. According to our forecast, the profit for the 23,23,23,24 and 24 years is about HK $41.888 million / 4.95 million / 5.769 million respectively. Taking into account other non-recurrent earnings activities and other factors such as the release of future transactions and the deepening of sales of products based on product sales, we maintain the target of HK $1.38 per share, which is equivalent to the forward price-to-earnings ratio of 19.3 CPUs of 16.3x and 14.0x.