FUTU(FUTU) 华泰证券·2025-05-30 02:38Investment Rating - The report maintains a "Buy" rating for the company with a target price of $159.87 per ADS [8][9]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue of HKD 4.7 billion, up 81% year-over-year, and net profit of HKD 2.1 billion, up 107% year-over-year, driven by accelerated overseas customer acquisition and increased trading volumes in the Hong Kong and US stock markets [1][5]. - The company has achieved one-third of its annual customer acquisition target in Q1 2025, adding 260,000 new funded accounts, a 48% increase year-over-year [2]. - The trading activity in the Hong Kong and US markets remains robust, with total trading volume reaching HKD 3.22 trillion, a 140% increase year-over-year [3]. - Continuous innovation in products and services, including AI-driven investment assistants and new trading options, is strengthening the company's brand and product capabilities [4]. Summary by Sections Financial Performance - For 2025, the company expects to achieve net profits of HKD 7.45 billion, with an EPS of HKD 6.52, reflecting a 20% to 26% upward revision in profit forecasts for 2025-2027 [5][7]. - The projected revenue for 2025 is HKD 18.02 billion, with a year-over-year growth rate of 32.62% [7]. Customer Acquisition - The company has successfully expanded its customer base, with Hong Kong remaining the primary source of new customers, supported by a rebound in the stock market and IPO activities [2]. Trading Activity - The trading environment is favorable, with a significant increase in trading volumes and customer asset turnover rates, indicating strong market engagement [3]. Innovation and Product Development - The company is focused on enhancing its service offerings, including the introduction of new trading products in various markets, which is crucial for attracting overseas customers [4].