FUTU(FUTU) 交银国际证券·2024-08-28 03:38Investment Rating - The report maintains a "Buy" rating for the company with a target price of 59.71 [2][9]. Core Insights - The company's revenue significantly exceeded expectations, with a year-on-year increase of 25.9% in Q2 2024, driven by higher trading volumes and interest income. The net profit for Q2 2024 was HKD 1.209 billion, reflecting an 8.0% year-on-year growth [1][2]. - The company has shown strong growth in new paying customers, adding 155,000 in Q2 2024, bringing the total to 2.04 million, a 28.8% increase year-on-year. The annual guidance for new paying customers has been raised from 400,000 to 550,000 [1][2]. - The trading commission rate has rebounded, with Q2 trading volume reaching HKD 1.62 trillion, a 69% year-on-year increase. The average commission rate was 8.5 basis points, slightly up from the previous quarter [1][2]. Financial Overview - Revenue for 2024 is projected to be HKD 11.616 billion, with a net profit of HKD 4.539 billion, reflecting a year-on-year growth of approximately 6% [2][4]. - The average customer acquisition cost in Q2 2024 was HKD 2,182, which, while higher than Q1, remains significantly lower than the average for 2023 [1][2]. - The company's wealth management assets grew by 84% year-on-year, now accounting for 14% of total customer assets, with a penetration rate exceeding 25% [1][2]. Customer and Market Performance - The company reported a total of 2.04 million paying customers as of the end of Q2 2024, with significant contributions from the Malaysian market, despite a slight decline in growth rate [1][2]. - The average assets per customer remained stable at HKD 284, with total customer assets reaching HKD 579.3 billion in Q2 2024 [1][5].