FUTU(FUTU) 交银国际证券·2024-11-21 01:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from 108, indicating a potential upside of 24.6% from the current price of 2 per ADS, totaling $280 million, which represents 61% of the net profit attributable to shareholders for the first three quarters [2]. Financial Performance Summary - For the fiscal year ending December 31, 2024, the company is projected to achieve revenues of HKD 12.325 billion, a net profit of HKD 4.945 billion, and an EPS of HKD 35.57, reflecting a year-on-year growth of 15.6% [7][9][15]. - The average customer acquisition cost decreased by 6.7% quarter-on-quarter to HKD 2,037, while the customer asset scale approached HKD 700 billion, marking a year-on-year increase of 48% [2][8]. - Wealth management assets grew by 88% year-on-year to HKD 97.3 billion, with 27% of paying users holding wealth management products, up 2 percentage points from the previous quarter [2][8].