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TIGERLOGIC CORP（TIGR）：新入金客户数超预期，大中华地区贡献提升
TIGRUP Fintech Holding(TIGR) 浙商证券·2025-03-19 12:33

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [8][16]. Core Insights - The company reported a total revenue of 390millionfor2024,reflectingayear−on−yeargrowthof43.7390 million for 2024, reflecting a year-on-year growth of 43.7%, and a Non-GAAP net profit of 70 million, which is a 65% increase compared to the previous year [1]. - In Q4 2024, the company experienced a significant increase in commission income, which reached 56million,ayear−on−yeargrowthof154.956 million, a year-on-year growth of 154.9%, driven by a 182% increase in stock trading volume to 55.5 billion [2]. - The number of new funded clients exceeded expectations, with a total of 1.092 million clients by the end of 2024, marking a 20.7% increase year-on-year [3]. - The company has upgraded its AI investment assistant to TigerAI, enhancing its technological capabilities [5]. - The forecast for Non-GAAP net profit growth is projected at 71% for 2025, with earnings per ADS expected to be 0.78,leadingtoacorrespondingPEratioof12.43[6].FinancialSummary−For2024,thecompanyachievedatotalrevenueof0.78, leading to a corresponding PE ratio of 12.43 [6]. Financial Summary - For 2024, the company achieved a total revenue of 392 million, with projections for 2025, 2026, and 2027 at 517million,517 million, 659 million, and 767millionrespectively,indicatinggrowthratesof32.13767 million respectively, indicating growth rates of 32.13%, 27.43%, and 16.39% [13]. - The Non-GAAP net profit for 2024 was 70 million, with estimates of 120million,120 million, 156 million, and 197millionforthefollowingthreeyears,reflectinggrowthratesof70.99197 million for the following three years, reflecting growth rates of 70.99%, 29.85%, and 25.60% [13]. - The average revenue per user (ARPU) for Q4 2024 was 116.8, showing a year-on-year increase of 48% [3].