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老虎证券（TIGR）：2024年年报点评：港美股成交活跃，推动佣金及利息净收入大幅增长
TIGRUP Fintech Holding(TIGR) 东吴证券·2025-03-19 07:33

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company reported a significant increase in total revenue for 2024, achieving a year-on-year growth of 44% to reach 392million,withnetprofitrisingby86392 million, with net profit rising by 86% to 61 million [1]. - In Q4 2024 alone, total revenue surged by 77% year-on-year to 124million,withnetprofitof124 million, with net profit of 28 million, a turnaround from a loss of 1.8millioninthesamequarterofthepreviousyear[1].−TheincreaseinrevenueisattributedtoheightenedtradingactivityinHongKongandU.S.markets,leadingtoa721.8 million in the same quarter of the previous year [1]. - The increase in revenue is attributed to heightened trading activity in Hong Kong and U.S. markets, leading to a 72% rise in commission income to 159 million and a 28% increase in interest income to 192million[8].RevenueandProfitability−Thecompany’stotalrevenueisprojectedtogrowfrom192 million [8]. Revenue and Profitability - The company’s total revenue is projected to grow from 273 million in 2023 to 525millionin2025,withacompoundannualgrowthrate(CAGR)of34.1525 million in 2025, with a compound annual growth rate (CAGR) of 34.1% [1]. - Net profit is expected to increase from 61 million in 2024 to 96millionin2025,reflectingagrowthrateof5896 million in 2025, reflecting a growth rate of 58% [1]. - Earnings per share (EPS) is forecasted to rise from 0.02 in 2024 to 0.03in2025[1].BusinessSegments−Commissionincomeisanticipatedtogrowfrom0.03 in 2025 [1]. Business Segments - Commission income is anticipated to grow from 159 million in 2024 to 210millionin2025,whileinterestincomeisexpectedtoincreasefrom210 million in 2025, while interest income is expected to increase from 192 million to 270millioninthesameperiod[20].−Thecompanyhasseenasubstantialincreaseincustomerengagement,withthenumberoffundedclientsrisingto1.09million,a21270 million in the same period [20]. - The company has seen a substantial increase in customer engagement, with the number of funded clients rising to 1.09 million, a 21% increase year-on-year [8]. Cost Structure - Total operating costs and expenses increased by 31% year-on-year to 252 million in 2024, driven by higher trading volumes and global business expansion [8]. - Key cost components include a 61% rise in settlement and execution fees, a 21% increase in salary and benefits, and a 26% increase in commission and market data expenses [8]. Market Position and Innovation - The company is actively enhancing user experience through product innovations, such as the launch of the Cash Boost trading account and the approval of its cryptocurrency platform in Hong Kong [8]. - The integration of AI technology into its investment platform positions the company as a leader in adopting advanced trading solutions [8]. Valuation Metrics - The current market capitalization is approximately $1.8 billion, with a price-to-earnings (P/E) ratio projected to decrease from 29.46 in 2024 to 18.59 in 2025, indicating potential for value appreciation [1][20]. - The report highlights a favorable long-term growth outlook, supported by the company's expansion into overseas markets and user base growth [8].