FUTU(FUTU) 东吴证券·2025-03-14 11:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 13.59 billion HKD for 2024, representing a year-on-year increase of 36%, and a net profit attributable to shareholders of 5.44 billion HKD, up 27% year-on-year [1] - In Q4 2024, the company achieved a total revenue of 4.4 billion HKD, a significant year-on-year increase of 87%, with net profit soaring 113% to 1.9 billion HKD [1] - The company is experiencing rapid global business growth, with a total trading volume of 78 trillion HKD in 2024, an increase of 84% year-on-year, and record trading volumes in both Hong Kong and US markets [8] Revenue Summary - The company's brokerage commission revenue increased by 53% to 6 billion HKD in 2024, driven by increased trading volumes, partially offset by a decline in overall commission rates [8] - Interest income rose by 20% to 6.67 billion HKD, primarily due to higher financing interest income and increased average margin balances [8] - Other operating income surged by 67% to 879 million HKD, mainly from increased fund distribution services and foreign exchange income [8] Cost Summary - Research and development expenses increased by 4% to 1.49 billion HKD, reflecting a rise in the number of R&D personnel [8] - Sales expenses saw a significant increase of 98% to 1.41 billion HKD, attributed to strong growth in paying customers [8] - Management expenses rose by 23% to 1.62 billion HKD, mainly due to an increase in administrative staff, particularly in new markets [8] User Growth and Market Expansion - The company reported a total of 2.51 million registered users and 458,000 account holders by the end of 2024, marking a year-on-year growth of 16% and 29% respectively [8] - The number of asset-holding clients increased by 41% to 2.41 million, with total client assets reaching 743 billion HKD, a 53% increase year-on-year [8] - The company is expanding its international strategy, with strong customer acquisition momentum across seven global markets [8] Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with net profits expected to reach 7.12 billion HKD in 2025, 8.92 billion HKD in 2026, and 11.01 billion HKD in 2027 [8] - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 16.21 for 2025, 12.93 for 2026, and 10.48 for 2027 [8] - The report maintains a positive outlook on the company's ability to expand its overseas market and accelerate user growth, indicating substantial long-term growth potential [8]