FUTU(US:FUTU) Minsheng Securities·2024-08-21 09:41Investment Rating - The report maintains a positive outlook on the company, suggesting active monitoring of its performance and potential growth opportunities [3]. Core Insights - The company reported Q2 2024 revenue of HKD 31.29 billion, exceeding Bloomberg consensus estimates of HKD 28.6 billion, with a year-over-year increase of 26% [2]. - Net profit for Q2 2024 was HKD 12.09 billion, also above expectations, reflecting an 8% year-over-year growth [2]. - The company has raised its full-year net new deposit customer guidance from 400,000 to 550,000 due to strong customer acquisition performance [3]. Financial Performance Summary - Q2 2024 brokerage commission income reached HKD 13.8 billion, a year-over-year increase of 44% and a quarter-over-quarter increase of 27% [2]. - Total trading volume for Q2 2024 was HKD 16 trillion, representing a year-over-year growth of 69% [2]. - Interest income was HKD 15.9 billion, up 13% year-over-year, driven by increased trading leverage [2]. - The company achieved a gross margin of 81.6% in Q2 2024, a decrease of 3.3 percentage points year-over-year [2]. Customer Metrics Summary - The company saw a net increase of 155,000 deposit customers in Q2 2024, a year-over-year increase of 168% [3]. - As of Q2 2024, the total number of deposit customers reached 2.04 million, with a retention rate exceeding 98% [3]. - Customer total assets amounted to HKD 579.3 billion, a year-over-year increase of 24% [3]. Investment Recommendations - The company is expected to benefit from the resonance of Hong Kong and US stock markets, with anticipated improvements in deposit, trading volume, and turnover rates in Q3 [3]. - The company is actively expanding into overseas markets, including Malaysia and Japan, which may open new growth avenues [3].