富途控股：市场估值与稳定增长基本面存在偏差，维持买入评级

3 March 2026 | 1:44PM HKT Equity Research Futu Holdings (FUTU) Deviation between market valuation and stable growth fundamentals, Maintain Buy FUTU 12m Price Target: $208.55 Price: $149.63 Upside: 39.4% We forecast that FUTU will achieve strong revenue/profit growth in 4Q25 and 1Q26, at 42%/48% yoy and 31%/35% yoy, respectively. Although market expectations for 4Q25/1Q26 are relatively weak due to strong performance in 3Q25 (revenue/profit +93%/+144% yoy), we believe that after considering sustained client ...