香港交易所(0388.HK)沪深港通创历史新高港交所业绩表现优于市场交投维持“买入”评级目标价290.34港元
机构：兴业证券
评级：买入
目标价：290.34 港元
投资要点
我们的观点：我们维持公司“买入”评级，下调公司目标价 9.0%至 290.34 港元。2019-2021 年，公司目标价对应 PE 水平分别为 35.9、32.8 和 29.8 倍，对应 PB 水平分别为 7.0、6.8 和 6.6 倍。公司目标价较现价有约 23.4% 的升幅,建议投资者关注。
上半年业绩保持平稳增长：公司 2019年上半年实现营业收入 85.8 亿港元， 同比增长 4.7%；税前溢利为 60.5 亿港元，同比增长 3.4%；归属股东净利 润 52.1 亿港元，同比增长 3.3%。基本每股盈利 4.16 港元，同比增长 2.2%。 2019H1，现货市场平均每日成交额同比下跌 23%；期货交易所日均成交 量同比提升 2%；LME 收费交易平均日均成交量下跌 6%。
新股募资强劲，沪深港股通日均交易创历史新高：2019 年上半年，联交 所新上市公司达到 84 家，其中主板上市 78 家，比去年同期增加 20 家； 首发共募集资金额达 718 亿港元，较 2018 年上半年同比增长 39.1%。联 交所上市数量上升带动联交所上市费用较去年同期增加 3,000 万港元。 2019H1，北上交易活跃，沪股通和深股通合计平均每日成交 439 亿元人 民币（其中沪股通日均成交额 235 亿元及深股通 204 亿元），较 2018 年上 半年同比增幅达 122%。2019 年上半年，沪深港通的收入及其他收益为 5.08 亿港元，同比提升 39%。 结算收入稳步增加：2019 年上半年结算费用收入 32.62 亿港元，同比增长 3.9%。其中，结算及交收费实现收入 16.6 亿港元，同比降低 5.4%，在结 算收入中占比最大，为 50.7%；投资收益净额和存管托管服务费，占比分 别为 23.7%和 17.6%。
利润率提升：2019H1，公司毛利率 77.2%，同比提升 5.8 个百分点；净利 率 60.7%，同比略有下降，但较 2018 年仍提升 2.1 个百分点。
风险提示：1）沪港股通交易增长不及预期；2）市场交易量萎缩；3）社会事 件对市场情绪造成负面影响；4）IPO 数量及规模减少
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