Haitong International Initiates Coverage on HashKey with an "Outperform" Rating

BlockBeats News, March 4th. Haitong International released its first coverage report on March 2nd, giving HashKey (3887.HK) an "Outperform" rating with a target price of 8.8 Hong Kong dollars. As a pioneer in the Asian cryptocurrency industry, HashKey is expected to see promising growth prospects due to its institutionally driven revenue structure, high growth trajectory, strong profit potential, and multiple policy and market catalysts, with a possible rating upgrade.

The report highlights that Haitong International's valuation of HashKey is based on a 13x projected market-to-sales ratio for 2027, approximately 21% higher than the industry average. This premium largely reflects the company's leading market position in Asia, continuously expanding product portfolio and regional coverage, and outstanding revenue growth trajectory.

The research report points out that as a compliance leader in the Asian crypto asset space, HashKey holds over 75% of the market share in the Hong Kong onshore digital asset trading market, possesses 13 core licenses in six major jurisdictions, and has built a core business ecosystem of trading facilitation, on-chain services, and asset management. In the first half of 2025, institutional trading accounted for 68% of the total trading volume, becoming a core revenue pillar.

In the first half of 2025, institutional trading accounted for 68% of the total trading volume at HashKey, demonstrating its significant institutional characteristics. Benefiting from the continuous improvement of the regulatory environment, increased user penetration rates, and optimized fee structures, Haitong International expects the company to achieve a 59% compound annual revenue growth rate from 2025 to 2028. With the expansion of its business scale and enhanced cost control, HashKey is expected to break even in 2028, with estimated net profit reaching 92 million Hong Kong dollars.

In the near term, HashKey is expected to benefit from its upcoming inclusion in the Hong Kong Stock Connect and the landing of Hong Kong's first stablecoin license. RD InnoTech, in which it has invested, as a key participant in Hong Kong's stablecoin sandbox scheme, may bring new growth momentum to the company in its relevant businesses.

In terms of profitability, as the business continues to expand and management efficiency improves, HashKey's profitability is expected to steadily improve. Haitong International points out in the report that the company's profit inflection point is clear, and it is expected to officially enter a profitable stage in 2028, with net profit estimated to reach 92 million Hong Kong dollars by then.