TIGERLOGIC CORP：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-20250319

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 $392 million, with net profit rising by 86$61 million [1]. - In Q4 2024 alone, total revenue surged by 77% year-on-year to $124 million, with net profit of$28 million, a turnaround from a loss of $1.8 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$159 million and a 28% increase in interest income to $192 million [8]. Revenue and Profitability - Total revenue projections for the company are as follows:$525 million in 2025, $652 million in 2026, and$776 million in 2027, with respective year-on-year growth rates of 34.1%, 24.2%, and 19% [20]. - The company expects net profit to reach $96 million in 2025,$116 million in 2026, and $137 million in 2027, reflecting growth rates of 58$252 million in 2024, driven by higher trading volumes and global business expansion [8]. - Key components of the cost increase included a 61% rise in settlement and execution fees, a 21% increase in salary and benefits, and an 80% increase in management and administrative expenses [8]. Market Position and Innovation - The company has introduced several innovative products to enhance user experience, including the launch of a trading account with Cash Boost and the approval of its cryptocurrency platform in Hong Kong [8]. - The company is positioned to expand its overseas market presence and accelerate user growth, indicating a strong long-term growth potential [8].