富途控股（FUTUUS）：业绩稳健增长，分红提振信心

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $116.41 per ADS [8][9]. Core Insights - The company reported a revenue of HKD 91.58 billion for the first three quarters of 2024, representing a year-on-year increase of 19.94%, and a net profit of HKD 35.71 billion, up 4.94% year-on-year. In Q3 alone, revenue reached HKD 34.36 billion, a year-on-year increase of 29.65% and a quarter-on-quarter increase of 9.82% [1]. - The company continues to expand overseas, with a significant increase in customer and asset scale, leveraging its underlying technology and community ecosystem advantages. A special dividend announcement has boosted investor confidence [1][4]. - The number of funded clients increased by 154,000 in Q3, reaching a total of 2.197 million, with strong performance in Hong Kong and Singapore contributing to one-third of the new clients [2]. - The annualized turnover rate of client assets reached 11.94 times, reflecting a 13 percentage point increase quarter-on-quarter, while commission income for the first three quarters rose by 31% year-on-year [3]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a revenue of HKD 91.58 billion and a net profit of HKD 35.71 billion, with Q3 figures showing significant growth [1]. - The company expects EPS for 2024-2026 to be HKD 4.34, HKD 4.92, and HKD 5.39 respectively, with a projected PE of 23 times for 2025 [5]. Client Growth and Asset Management - The total number of funded clients reached 2.197 million, with a quarterly increase of 154,000 clients, and the average asset per funded client was HKD 316,000, up 11% quarter-on-quarter [2]. - The company's wealth management clients' AUM reached HKD 97.3 billion, an 88% year-on-year increase, with a wealth management client penetration rate of 27% [4]. Trading Activity - Q3 trading volume was HKD 19 trillion, a 17% increase quarter-on-quarter, with a notable rise in US stock trading driven by technology stocks and leveraged ETFs [3]. - The company reported a financing balance of HKD 40.6 billion at the end of Q3, reflecting a 7% decrease quarter-on-quarter, primarily due to profit-taking by clients [3].