国泰海通证券首予HashKeyHLDGS“增持”评级，指其合规优势显著

国泰海通证券发布研报指，HashKey HLDGS(03887.HK)作为香港持牌数字资产龙头，首次覆盖给予"增持"评级，目标价10.14港元。

核心逻辑基于三点：一是公司拥有香港证监会1/7/9号全牌照，市场份额超75%，合规壁垒突出;二是机构业务占比达85.5%，Omnibus客户交易量增长近5倍，2025H1机构收入占比显著提升至68%;三是数字资产ETF发展推动机构需求，公司一体化生态(交易+链上服务+资管)形成竞争优势。

财务方面，预计 2025-2027年营收7.82/12.11/23.38亿港元，净利润亏损逐步收窄(-10.84/-7.17/-0.47亿港元)。采用PS估值法，参照Coinbase等可比公司给予12倍PS，对应市值281亿港元。

$HASHKEY HLDGS(03887)$

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徐君论财
02-24 15:39
徐君论财
隔壁OSL也在跌，现在港股就是比谁命硬，只要合规牌不打错，迟早被外资配置盘买上去$HASHKEY HLDGS(03887)$

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