FUTU(FUTU) 东吴证券·2024-08-20 23:41Investment 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]