FUTU(FUTU) 东吴证券·2025-03-14 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - 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 reported a total revenue of HKD 4.4 billion, a year-on-year increase of 87%, and a net profit of HKD 1.9 billion, up 113% year-on-year [1] - The company is experiencing rapid global business growth, with a total trading volume of HKD 78 trillion in 2024, an increase of 84% year-on-year [8] Summary by Relevant Sections Revenue - In 2024, brokerage commissions increased by 53% to HKD 6 billion, driven by increased trading volume, partially offset by a decline in overall commission rates [8] - Interest income rose by 20% to HKD 6.67 billion, mainly due to higher financing interest income and increased average margin balances [8] - Other operating income grew by 67% to HKD 879 million, attributed to increased fund distribution service income and currency exchange income [8] Costs - R&D expenses increased by 4% to HKD 1.49 billion, mainly due to an increase in the number of R&D personnel [8] - Sales expenses surged by 98% to HKD 1.41 billion, driven by strong growth in paying customers [8] - Management expenses rose by 23% to HKD 1.62 billion, primarily due to an increase in administrative staff [8] User Growth and Market Expansion - As of the end of 2024, the company had 2.51 million registered users, a year-on-year increase of 16%, and 458,000 account holders, up 29% year-on-year [8] - The total customer assets reached HKD 743 billion, reflecting a year-on-year growth of 53% [8] - The company is expanding its international strategy, with strong performance 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 HKD 7.12 billion, HKD 8.92 billion, and HKD 11.01 billion for 2025, 2026, and 2027 respectively [8] - The current market capitalization corresponds to a P/E ratio of 16.21, 12.93, and 10.48 for 2025, 2026, and 2027 respectively [8]