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富途控股(FUTU):盈利持续超预期,上调目标价至220美元
BOCOM International· 2025-08-21 13:14
Investment Rating - The report assigns a "Buy" rating for the company, with a target price raised to $220.00, indicating a potential upside of 23.1% from the current price of $178.66 [1][12]. Core Insights - The company has consistently exceeded market expectations in earnings, with a significant increase in net profit for Q2 2025, showing a year-on-year growth of 112.7% and a quarter-on-quarter growth of 20.1% [6]. - The trading volume for Q2 2025 increased by 121% year-on-year and 12% quarter-on-quarter, with the U.S. stock market accounting for 75% of the trading volume [6]. - The company has seen strong growth in its customer base, adding 200,000 asset-holding clients in Q2 2025, a 32% increase year-on-year, with over half of these clients coming from markets outside Hong Kong [6]. - Wealth management assets have also grown significantly, reaching HKD 163.2 billion by the end of Q2 2025, a 104% increase year-on-year [6]. Financial Overview - Revenue projections for the company are as follows: HKD 10,008 million in 2023, HKD 13,590 million in 2024, and HKD 19,854 million in 2025E, reflecting a year-on-year growth of 31%, 36%, and 46% respectively [5][13]. - The net profit is expected to rise from HKD 4,279 million in 2023 to HKD 9,283 million in 2025E, indicating a growth rate of 46% in 2023 and 27% in 2024 [5][13]. - The company’s earnings per share (EPS) are projected to increase from HKD 30.59 in 2023 to HKD 66.35 in 2025E, with a significant growth rate of 70.7% in 2025 [5][14]. Customer and Market Metrics - The number of funded clients is projected to grow from 1,710,106 in 2023 to 3,211,324 in 2025E, with a year-on-year growth rate of 33.2% [8]. - Customer assets are expected to increase from HKD 485.6 billion in 2023 to HKD 1,059.7 billion in 2025E, reflecting a strong growth trajectory [8]. - The average commission rate has remained stable at around 7.18 basis points, contributing to the overall revenue growth [6][7].
富途控股:4季度盈利超预期,2025年客户增长指引强劲-20250315
交银国际证券· 2025-03-14 16:01
Investment Rating - The report assigns a "Buy" rating for Futu Holdings (FUTU US) with a target price raised to $135.00, indicating a potential upside of 25.6% from the current closing price of $107.52 [1]. Core Insights - Futu's Q4 earnings exceeded expectations, with a Non-GAAP net profit of HKD 19.52 billion, representing a year-on-year and quarter-on-quarter growth of 105% and 40%, respectively, marking a record high for a single quarter [5]. - The company reported a strong client growth guidance for 2025, with Q4 adding 215,000 new paying users, a 39.1% increase quarter-on-quarter, surpassing the previous guidance of 550,000 for the entire year [5]. - Futu's trading volume reached a historical high of HKD 2.89 trillion in Q4, with a year-on-year growth of 202% and a quarter-on-quarter growth of 52% [5]. - The wealth management business showed steady improvement, with assets under management increasing to HKD 110.9 billion, a 14% increase quarter-on-quarter, accounting for 15% of client assets [5]. - The report anticipates a 21% year-on-year growth in Non-GAAP net profit for 2025, reflecting the company's robust growth trajectory [5]. Financial Overview - Revenue projections for Futu Holdings are as follows: HKD 10,008 million in 2023, HKD 13,590 million in 2024, and HKD 16,812 million in 2025E, with a year-on-year growth rate of 48.7% for 2023 and 27.0% for 2024 [4][7]. - The net profit is expected to grow from HKD 4,279 million in 2023 to HKD 6,556 million in 2025E, with corresponding growth rates of 46% and 21% [4][7]. - The earnings per share (EPS) is projected to increase from HKD 30.59 in 2023 to HKD 46.88 in 2025E, reflecting a strong upward trend in profitability [4][7]. - The price-to-earnings (P/E) ratio is expected to decrease from 27.3 in 2023 to 17.8 in 2025E, indicating improving valuation metrics as earnings grow [4][7].
富途控股(FUTU):交银国际研究:4季度盈利超预期,2025年客户增长指引强劲
BOCOM International· 2025-03-14 06:40
| 证券 | 收盘价 | 目标价 | 潜在涨幅 | 2025 年 3 月 14 日 | | --- | --- | --- | --- | --- | | 107.52 | 美元 | 美元 135.00↑ | +25.6% | | | 富途控股 (FUTU US) | | | | | | 4 季度盈利超预期,2025 | | 年客户增长指引强劲 | | | 交银国际研究 公司更新 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -20% 0% 20% 40% 60% 80% 100% 120% 140% FUTU US MSCI中国指数 股份资料 下载本公司之研究报告,可从彭博信息:BOCM 或 https://research.bocomgroup.com 4 季度盈利超预期。富途2024 年4 季度Non-GAAP 净利润为19.52 亿港元, 显著高于我们和市场预期,同比/环比增长 105%/40%,创下单季历史新 高。盈利超预期,主要由于 4 季度交易金额和孖展贷款增长均超预期。 2024 全年 Non-GAAP 净利润为 57.68 亿港元,同 ...
富途控股:4季度盈利超预期,2025年客户增长指引强劲-20250314
BOCOM International· 2025-03-14 06:23
Investment Rating - The report assigns a "Buy" rating for Futu Holdings (FUTU US) with a target price raised to $135.00, indicating a potential upside of 25.6% from the current closing price of $107.52 [1][5][12]. Core Insights - Futu's Q4 earnings exceeded expectations, with Non-GAAP net profit reaching HKD 19.52 billion, a significant year-on-year and quarter-on-quarter growth of 105% and 40% respectively, marking a record high for a single quarter [5]. - The company reported strong guidance for customer growth in 2025, with a forecast of 800,000 new paying users, representing a growth rate of 33% based on the existing market [5]. - Futu's trading volume in Q4 reached HKD 2.89 trillion, a year-on-year increase of 202%, with 72% of the volume coming from U.S. stocks [5]. - The wealth management business is steadily improving, with assets under management growing to HKD 110.9 billion, accounting for 15% of client assets, an increase of 3 percentage points from 2023 [5]. - The report highlights the positive impact of the recent surge in investor interest in Chinese AI-related stocks, benefiting Futu's business structure and customer growth [5]. Financial Overview - Revenue projections for Futu are as follows: HKD 10,008 million in 2023, HKD 13,590 million in 2024, and HKD 16,812 million in 2025E, reflecting a year-on-year growth of 31%, 36%, and 24% respectively [4][14]. - Net profit is expected to grow from HKD 4,279 million in 2023 to HKD 6,556 million in 2025E, with corresponding growth rates of 46%, 27%, and 21% [4][14]. - The report indicates an increase in the price-to-earnings ratio from 27.3 in 2023 to 17.8 in 2025E, suggesting a more attractive valuation as earnings grow [4][15].