UP Fintech Holding(TIGR) Minsheng Securities·2024-11-13 08:23Investment Rating - The investment rating for the company is "Cautious Recommendation" [9] Core Views - The company reported a record high total revenue of 85.4 million, up 47% year-over-year [1] - The strong growth in brokerage commission income, which reached 163 billion, a 103% year-over-year increase [2] - The company has successfully exceeded its annual target of adding 150,000 net new funded clients ahead of schedule, with total client assets reaching 101 million, with a net profit of 20.1 million, with a Non-GAAP net profit margin of 20% [3] Revenue Breakdown - Brokerage commission income grew by 78% year-over-year to 163 billion [2] - Interest income was 9.1 million [2] Cost Management - Total expenses included 28.8 million in employee compensation (up 11% year-over-year) [3] - Marketing expenses rose by 59% year-over-year to 163 [3] Client Growth and Assets - The company added 51,000 net funded clients in Q3 2024, a 105% year-over-year increase, bringing total funded clients to 1.033 million [4] - Client total assets reached $40.8 billion, marking a continuous increase for eight consecutive quarters [4] Outlook - The company anticipates continued strong performance in Q4, with October showing record highs in trading volume and commission income [5] - The outlook remains positive, with expectations for sustained momentum in trading volume and client inflows [5]