Robinhood(HOOD) 民生证券·2025-02-13 23:39Investment Rating - The report suggests a positive outlook for Robinhood, indicating that the company is expected to benefit significantly from the resonance of U.S. stocks and crypto assets, with a recommendation to actively monitor the company [5]. Core Insights - In Q4 2024, Robinhood reported total net revenue of $1.014 billion, exceeding Bloomberg consensus expectations of $940 million, with a year-over-year increase of 115% and a quarter-over-quarter increase of 59% [1]. - The net profit for Q4 2024 reached $916 million, far surpassing the consensus estimate of $390 million, reflecting a year-over-year increase of 2953% and a quarter-over-quarter increase of 511% [3]. - The company achieved a GAAP net profit of $1.411 billion for the entire year of 2024, marking a significant turnaround from losses in the previous year [3]. Revenue Breakdown - In Q4 2024, revenue from trading-related activities was $672 million, representing a year-over-year increase of 236% and a quarter-over-quarter increase of 111%, accounting for 66% of total net revenue [2]. - Cryptocurrency commission revenue surged to $358 million, an increase of 733% year-over-year and 487% quarter-over-quarter, making up 53% of total trading-related revenue [2]. - Net interest income for Q4 2024 was $296 million, up 25% year-over-year and 8% quarter-over-quarter, contributing 29% to total net revenue [2]. Customer Metrics - As of Q4 2024, Robinhood had 25.2 million funded accounts, an 8% increase year-over-year, and 2.64 million GOLD subscription users, an 86% increase year-over-year [4]. - The total customer assets reached $192.9 billion, reflecting an 88% year-over-year increase and a 27% quarter-over-quarter increase [4]. - In January 2025, the company reported strong operational data, with net deposits being the second highest in history and significant year-over-year growth in trading volumes across various asset classes [4].