UP Fintech Holding-老虎证券：24Q3业绩点评：Q3收入创历史新高，利润创3年内新高

Investment Rating - The report does not explicitly state the investment rating for Tiger Brokers (TIGR) [1][2] Core Views - Tiger Brokers achieved record-high revenue and a 3-year high in net income in Q3 2024, with total revenue reaching $101 million (yoy +44%) and net income of$ 17.8 million (yoy +34%) [1] - The strong growth in trading volume drove a significant increase in brokerage commission income, which accounted for 41% of total revenue at $41.2 million (yoy +78%) [1] - Interest income, primarily from margin financing, contributed 48% of total revenue at$ 48 million (yoy +25%) [1] - The company exceeded its annual target of 150,000 new funded clients, with total client assets reaching a record $40.8 billion (yoy +116%) [1] - Q4 trends are positive, with October commission income hitting a new high and trading volume in November showing strong performance [1] Revenue Breakdown - Brokerage commission income:$ 41.2 million (41% of total revenue, yoy +78%) [1] - Interest income: $48 million (48% of total revenue, yoy +25%) [1] - Margin financing service fee income:$ 2.8 million (3% of total revenue, yoy -15%) [1] - Other income: $9.1 million (9% of total revenue, yoy +70%) [1] Cost and Profit Analysis - Execution and clearing fees:$ 3.5 million (yoy +48%) [1] - Employee compensation and benefits: $28.8 million (yoy +11%) [1] - Occupancy, depreciation, and amortization:$ 2.2 million (yoy -3%) [1] - Communication and market data fees: $9.7 million (yoy +28%) [1] - Marketing expenses:$ 8.2 million (yoy +59%) [1] - General administrative expenses: $6.9 million (yoy +27%) [1] - Net profit margin: 18% (GAAP), 20% (Non-GAAP) [1] Client Metrics - Net new funded clients in Q3: 51,000 (yoy +105%) [1] - Total funded clients: 1.033 million (yoy +19%) [1] - Total client assets:$ 40.8 billion (yoy +116%) [1] Market Performance and Outlook - Q3 total trading volume: $163 billion (yoy +103%) [1] - October trading volume and commission income reached record highs, exceeding twice the average monthly levels in the first half of the year [1] - November trading activity showed strong performance, with order volume on November 6 (US election day) up 48% compared to October averages [1]