FUTU(FUTU) 东吴证券·2025-03-14 12:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved total revenue of HKD 13.59 billion in 2024, representing a year-on-year increase of 36%, and a net profit attributable to shareholders of HKD 5.44 billion, up 27% year-on-year [1] - In Q4 2024, the company recorded a total revenue of HKD 4.4 billion, a significant year-on-year increase of 87%, with net profit soaring 113% to HKD 1.9 billion [1] - The company is experiencing rapid growth in its global business, with a total trading volume of HKD 78 trillion in 2024, an 84% increase 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 HKD 6 billion in 2024, driven by increased trading volumes, although partially offset by a decline in overall commission rates [8] - Interest income rose by 20% to HKD 6.67 billion, primarily due to higher financing interest income and increased average margin balances [8] - Other operating income surged by 67% to HKD 879 million, attributed to growth in fund distribution services and currency exchange income [8] Cost Summary - Research and development expenses increased by 4% to HKD 1.49 billion, reflecting a rise in R&D personnel to support new products and markets [8] - Sales expenses saw a significant rise of 98% to HKD 1.41 billion, driven by strong growth in paying customers [8] - Management expenses increased by 23% to HKD 1.62 billion, mainly due to an increase in administrative staff, particularly in new markets [8] User Growth and Market Expansion - The company reported a 29% year-on-year increase in the number of registered users, reaching 25.15 million, and a 41% increase in asset-holding clients to 2.41 million [8] - The total client assets reached HKD 743 billion, reflecting a 53% year-on-year growth [8] - The company is expanding its international presence, with strong user acquisition momentum across seven major global markets [8] Profit Forecast and Valuation - The report projects net profits attributable to shareholders for 2025, 2026, and 2027 to be HKD 7.11 billion, HKD 8.92 billion, and HKD 11.01 billion respectively, with corresponding P/E ratios of 16.21, 12.93, and 10.48 [8][17] - The company is expected to continue its robust growth trajectory, particularly in overseas markets, with significant long-term growth potential [8]