[Table_Title] 富途控股（FUTU） 入金强劲驱动增长，全球化布局持续深化 [Table_Summary] 核心观点： ⚫ 交投活跃及入金强劲驱动业绩超预期增长。富途控股发布 2024 年中期 业绩，2024Q2 单季度营收 31.29 亿港元，同比+26%，环比+21%；单 季度净利润 12.09 亿港元，同比+8%，环比+17%。主要系客户资产增 长带动经纪佣金收入高增，24Q2 新增客户 15.5 万户，同比+167.8%， 环比-12%；客户资产同比+24.3%达到 5793 亿港元，主因马来西亚、 日本、新加坡及香港获客增长强劲；Q2 户均客户资产 28.4 万港元， 同比-4%，环比+3%；Q2 客户成交额同比+69%至 1.62 万亿港元，主 因其中美股成交同比+83%。 ⚫ 公司持续深化全球化布局并持续优化产品品类。公司 Q2 经纪佣金收 入 13.76 亿港元，同比+44%，佣金率环比略有回升。据公司披露，日 本计划上线 NISA 账户、共同基金等，马来西亚三季度计划上线马股 IPO 打新、货币基金产品，香港新加坡的加密货币渗透率仍有增长空 间。公司 Q2 末融资融券余额 438 ...

获客超预期，再次上调全年净增入金客户数 2024 年 08 月 21 日 ➢ 事件：2024 年 8 月 20 日，公司发布 24Q2 业绩，营收 31.29 亿港元（高 于彭博一致预期 28.6 亿港元），yoy+26%；净利润 12.09 亿港元（高于彭博一 致预期的 11.9 亿港元），yoy+8%；Non-GAAP 净利润 12.96 亿港元（高于彭 博一致预期的 12.43 亿港元），yoy+9%. ➢ Q2 市场情绪回升，交易额反弹驱动经纪佣金收入高增长。1）经纪佣金收入 为 13.8 亿港元，yoy+44%，qoq+27%。24Q2 总交易额 1.6 万亿港元， yoy+69%，qoq+21%，其中美股交易额 1.2 万亿港元，yoy+84%，qoq+19%， 占比总交易额 77%；港股交易额 3576 亿港元，yoy+38%，qoq+28%，占比总 交易额 22%。混合佣金率达到 8.5bp，yoy-1.4bp，qoq+0.4bp。2）利息收入 为 15.9 亿港元，yoy+13%，qoq+18%，增长主要得益于市场情绪回升下，客 户增加交易杠杆驱动两融余额达到 438 亿港元，创历史季度新高 ...

Investment Rating - Buy (Maintained) [1] Core Views - Futu Holdings' 2024H1 performance met expectations with impressive customer acquisition results [1] - Revenue increased by 14.78% YoY to HKD 5.721 billion, while net profit attributable to shareholders decreased by 2.66% YoY to HKD 2.250 billion [2] - Brokerage commission income surged, and interest income remained stable with slight growth [2] - User base expanded significantly, with strong growth in overseas markets [2] - The company is expected to continue expanding its overseas markets and accelerating user growth, with a promising long-term growth outlook [2] Financial Performance Revenue Breakdown - Brokerage commission: HKD 2.5 billion in 2024H1, up 21% YoY, with Q2 2024 up 44% YoY to HKD 1.4 billion [2] - Interest income: HKD 2.9 billion in 2024H1, up 9% YoY, with Q2 2024 up 13% YoY to HKD 1.6 billion [2] - Other income: HKD 300 million in 2024H1, up 25% YoY, with Q2 2024 up 27% YoY to HKD 200 million [2] Costs and Expenses - Operating expenses: HKD 1.05 billion in 2024H1, up 57% YoY, driven by a 97% YoY increase in interest expenses to HKD 690 million [2] - R&D expenses: HKD 710 million in 2024H1, down 1% YoY [2] - Sales expenses: HKD 630 million in 2024H1, up 100% YoY, due to a significant increase in funded customers [2] - Administrative expenses: HKD 660 million in 2024H1, up 7% YoY [2] User Growth - Total users: 230 million in Q2 2024, up 13% YoY [2] - Registered customers: 4.05 million in Q2 2024, up 19% YoY [2] - Funded customers: 2.04 million in Q2 2024, up 29% YoY [2] - Strong growth in Singapore, with user numbers exceeding 1 million, and steady growth in the US, Australia, Canada, Japan, and Malaysia [2] Financial Forecasts - Revenue: Expected to grow from HKD 10.688 billion in 2024E to HKD 13.344 billion in 2026E, with YoY growth rates of 6.79%, 11.89%, and 11.58% respectively [2][7] - Net profit attributable to shareholders: Expected to grow from HKD 4.449 billion in 2024E to HKD 5.600 billion in 2026E, with YoY growth rates of 3.92%, 12.37%, and 12.00% respectively [2][7] - EPS: Expected to increase from HKD 32.26 in 2024E to HKD 40.60 in 2026E [2][7] - P/E ratios: 15.10x for 2024E, 13.43x for 2025E, and 12.00x for 2026E [2][7] Market Data - Closing price: USD 62.52 [4] - 52-week range: USD 45.06 to USD 80.41 [4] - P/B ratio: 2.63x [4] - Market capitalization: USD 5.844 billion [4] Key Financial Metrics - Net asset per share: HKD 19.70 [5] - Asset-liability ratio: 74.70% [5] - Total shares outstanding: 1.103 billion [5]

Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was HKD3.1 billion, up 26% from HKD2.5 billion in Q2 2023 [12] - Net income increased by 8% year-over-year to HKD1.2 billion, with a net income margin of 38.6% [16] - Total client assets reached a record HKD579 billion, a 24% year-over-year increase and a 12% quarter-over-quarter increase [9] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income was HKD1.4 billion, up 45% year-over-year and 27% quarter-over-quarter, driven by a 69% year-over-year growth in total trading volume [12][13] - Wealth management assets grew by 84% year-over-year to around HKD80 billion, accounting for 14% of total client assets [11] - Margin financing and securities lending balance climbed to an all-time high of HKD44 billion [9] Market Data and Key Metrics Changes - New paying clients in Hong Kong and Singapore recorded double-digit sequential growth, contributing over one-third of paying client growth in Q2 [6] - In Japan, new paying clients grew by double-digit quarter-over-quarter, with a total of close to 800,000 users by the end of Q2 [24] - Total trading volume increased to HKD1.62 trillion, up 69% year-over-year and 21% quarter-over-quarter [10] Company Strategy and Development Direction - The company plans to enhance its product offerings in Japan, including launching NISA savings accounts and mutual funds [8][27] - The recent launch of cryptocurrency trading in Hong Kong and Singapore aims to capitalize on the supportive regulatory environment and rising awareness of virtual assets [7] - The company is focused on building brand equity in Japan to attract more clients, recognizing that Japanese users take longer to trust overseas brands [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the revised guidance of 550,000 new paying clients for 2024, citing strong momentum in client acquisition [5][35] - The company noted that client asset inflows remain robust despite market challenges, with trading volume and turnover velocity showing strong sequential increases [19] - Management acknowledged potential negative implications from market volatility but remains optimistic about client asset allocation trends [36] Other Important Information - The company underwrote seven of the ten largest Hong Kong IPOs in the first half of 2024 [11] - The share repurchase program is set to cover 2024 and 2025, but no shares have been repurchased yet [29] - The company is investing in Airstar Bank to enhance synergies between brokerage and retail banking services [42] Q&A Session Summary Question: Can you provide feedback on crypto trading and client acquisition strategy? - Management noted robust client asset inflows and strong trading volume, with a focus on enhancing product capabilities and investor education in cryptocurrency [20][19] Question: What contributed to the Q-on-Q increase in client assets? - Majority of the increase came from client asset inflows, with Hong Kong and Singapore contributing 80% of total net asset inflow [22][23] Question: What is the outlook for the Malaysian business? - The Malaysian business is showing strong client asset inflows and higher trading turnover, with expectations for steady growth in new paying clients [44][46] Question: What is the breakdown of interest income components? - Interest income is primarily derived from idle cash and margin financing, with both contributing equally [39] Question: What is the strategy for client acquisition costs in 2024? - The company expects client acquisition costs to remain below the guidance range, with a focus on maintaining low levels [38]

kali9 Back in November 2023, we outlined a public trade on Futu Holdings Limited (NASDAQ:FUTU). Before this, we traded the stock at our service, last buying in at $39 when shares more than doubled. November's public trade that we outlined called for buying in the 50s, and selling in the high 60s or 70s. After a nice run, we thought it was prudent to take some profit here back in late May. Like we teach to our members, we suggested backing out your initial investment, plus a portion of the profit, and le ...

Exhibit 99.1 Futu Announces Second Quarter 2024 Unaudited Financial Results HONG KONG, August 20, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited ("Futu" or the "Company") (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Operational Highlights · Total number of paying clients increased 28.8% year-over-year to 2,042,313 as of June 30, 2024. · Total number of reg ...

Exhibit 99.1 Futu Announces Second Quarter 2024 Unaudited Financial Results HONG KONG, August 20, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited ("Futu" or the "Company") (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Operational Highlights · Total number of paying clients increased 28.8% year-over-year to 2,042,313 as of June 30, 2024. · Total number of reg ...

Core Insights - Futu Holdings Ltd. reported Q2 2024 earnings with revenues of US$400.7 million, a 25.9% year-over-year increase, and non-GAAP adjusted net income of US$166.0 million, an 8.6% year-over-year increase [1] - The company reached 23.3 million global users, a 13.3% year-over-year increase, and two million paying clients, a 28.8% year-over-year increase [1] Financial Performance - Total client assets reached US$74.2 billion, an 11.9% quarter-over-quarter increase, with a client retention rate above 98% [2] - Total trading volume surged by 21.1% quarter-over-quarter, exceeding US$207.7 billion [2] Market Expansion and User Growth - Moomoo surpassed one million users in Singapore and achieved double-digit growth in client assets for eight consecutive quarters [5] - Significant progress was noted in Canada, Japan, and Malaysia, with high double-digit growth in account openings and paying clients [5] Stock Trading and Diversification - The company achieved one-year highs in US stock trading volume and daily active revenue trades (DARTs), with US stock trading volume increasing by 84.1% year-over-year [7] - Australian stock trading volume increased by 204% year-over-year, and Canadian stock trading volume rose by 106% quarter-over-quarter [8] Wealth Management and New Offerings - The wealth management business surpassed US$10 billion in assets under management (AUM), an 83.6% year-over-year increase [9] - The company launched crypto trading services in Singapore and Hong Kong, allowing trading of cryptocurrencies like Bitcoin and Ethereum [9] Strategic Partnerships and Innovations - Moomoo entered a global strategic partnership with Nasdaq to enhance market data and insights for investors [7] - The company expanded its family office services to cater to high-net-worth individuals, driving growth in private wealth management [10]

HONG KONG, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Operational Highlights Total number of paying clients1 increased 28.8% year-over-year to 2,042,313 as of June 30, 2024.Total number of registered clients2 increased 19.1% year-over-year to 4,045,703 as of June 30, 2024.T ...

HONG KONG, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited ("Futu" or the "Company") (NASDAQ:FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it will report its financial results for the second quarter ended June 30, 2024, before U.S. markets open on August 20, 2024. Futu's management will hold an earnings conference call on Tuesday, August 20, 2024, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Please note that all ...