UP Fintech Holding(US:TIGR) ZHESHANG SECURITIES·2025-03-19 12:33Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [8][16]. Core Insights - The company reported a total revenue of $390 million for 2024, reflecting a year-on-year growth of 43.7%, and a Non-GAAP net profit of $70 million, which is a 65% increase compared to the previous year [1]. - In Q4 2024, the company experienced a significant increase in commission income, which reached $56 million, a year-on-year growth of 154.9%, driven by a 182% increase in stock trading volume to $55.5 billion [2]. - The number of new funded clients exceeded expectations, with a total of 1.092 million clients by the end of 2024, marking a 20.7% increase year-on-year [3]. - The company has upgraded its AI investment assistant to TigerAI, enhancing its technological capabilities [5]. - The forecast for Non-GAAP net profit growth is projected at 71% for 2025, with earnings per ADS expected to be $0.78, leading to a corresponding PE ratio of 12.43 [6]. Financial Summary - For 2024, the company achieved a total revenue of $392 million, with projections for 2025, 2026, and 2027 at $517 million, $659 million, and $767 million respectively, indicating growth rates of 32.13%, 27.43%, and 16.39% [13]. - The Non-GAAP net profit for 2024 was $70 million, with estimates of $120 million, $156 million, and $197 million for the following three years, reflecting growth rates of 70.99%, 29.85%, and 25.60% [13]. - The average revenue per user (ARPU) for Q4 2024 was $116.8, showing a year-on-year increase of 48% [3].