金吾财讯 | 华泰证券发研报指，港交所(00388)3Q24收入/归母净利润53.7/31.5亿港币，同比+5.7/+6.5%，环比-0.9/-0.3%；净利润基本符合31.1亿港币的彭博预期。净利润环比基本持平，主因9月下旬港股成交额快速提升，3Q24日均成交额（ADT）提高至为1,188亿港币。这一趋势延续至4Q24，10月以来ADT3,018亿港币，有望创下港股单月ADT的历史新高。后续联储在年内可能继续降息，亦有望在4Q24支撑港股成交。该行提到，3Q24IPO数量降至15家（2Q24：18家），但融资金额升至422亿港币（2Q24：86亿港币），该行预计未来可能看到更多内地企业赴港融资，叠加港交所上市改革逐渐显现成效，港股市场对上市公司和投资者的吸引力有望提升。该行指，考虑到单笔清算和结算费用收入的上下限，该行下调2024/25/26年归母净利润预测至125/132/138亿港币（前值：128/137/143亿港币），维持基于DCF的目标价404港币。当前股价交易于30.2x2025EPE，建议关注。维持买入评级。
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