UP Fintech Holding-老虎证券：24Q2业绩点评：Q2利润受一次性全额计提影响，Q3至今延续强劲势头

Investment Rating - The report does not explicitly state the investment rating for Tiger Brokers (TIGR) [1] Core Views - Tiger Brokers' Q2 2024 revenue reached $87.4 million, a 32.8% YoY increase, driven by strong trading volume and market sentiment recovery [1] - Net income attributable to shareholders was$ 2.6 million, a 66.1% YoY decline, primarily due to a one-time full provision [1] - Non-GAAP net income was $5.2 million, significantly lower YoY and QoQ, also impacted by the one-time provision [1] - Brokerage commission income reached a historical high for the quarter, driven by a rebound in trading volume [1] - Margin financing interest income increased due to improved market sentiment [1] - IPO distribution income contributed to a 31.6% YoY increase in other income [1] Financial Performance - Total revenue:$ 87.4 million, up 32.8% YoY [1] - Net income attributable to shareholders: $2.6 million, down 66.1% YoY [1] - Non-GAAP net income:$ 5.2 million, down significantly YoY and QoQ [1] - Brokerage commission income: $34.1 million, up 62.5% YoY and 23.9% QoQ [1] - Margin financing service fee income:$ 28.6 million, up 19.8% YoY [1] - Other income: $6.3 million, up 31.6% YoY [1] Operational Highlights - Total trading volume:$ 3.35 billion, up 73.5% YoY and 17.1% QoQ [1] - Mixed commission rate: 3.2bp, down 0.2bp YoY but up 0.8bp QoQ [1] - Customer assets reached $3.82 billion, a 16.2% QoQ increase, marking the seventh consecutive quarter of growth [1] - Number of funded customers: 230,790, up 16.8% YoY and 5.2% QoQ [1] - The company is confident in achieving its target of 150,000 new funded customers for 2024 [1] Cost and Expense Breakdown - Execution and clearing fees:$ 2.8 million, up 37.9% YoY [1] - Employee compensation and benefits: $28.6 million, up 19.8% YoY [1] - Occupancy, depreciation, and amortization:$ 2.1 million, down 16.6% YoY [1] - Marketing expenses: $13.2 million, up 345.1% YoY, reflecting increased investment during market recovery [1] - General and administrative expenses:$ 6.4 million, up 35.7% YoY [1] Future Outlook - The company has stopped its Hong Kong stock pledge and cash-out business, eliminating similar risks in the future [1] - Tiger Brokers is expected to benefit from the US and Hong Kong stock market resonance, with strong momentum in funding, trading volume, and other metrics [1]