FUTU(FUTU) 交银国际证券·2025-03-14 16:01Investment Rating - The report assigns a "Buy" rating for Futu Holdings (FUTU US) with a target price raised to 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].