富途控股（FUTU）：交接覆盖：RoE和AUM增速领先的互联网券商龙头

Investment Rating - The report maintains an "Outperform" rating for the company [2][5][8] Core Views - The company is recognized as a leading online wealth management platform with significant advantages in product offerings, technological innovation, and user experience [3][4] - The company's strong growth in client deposits and Assets Under Management (AUM) is attributed to international expansion, quality customer service, and organic growth [4] - The company exhibits industry-leading Return on Equity (RoE) and profitability, ranking first among global online brokers [4][5] Financial Projections - Revenue projections for the company are as follows: HK$13.59 billion in 2024, HK$ 16.91 billion in 2025, HK$19.18 billion in 2026, and HK$ 21.87 billion in 2027, reflecting growth rates of 36%, 24%, 13%, and 14% respectively [2][7] - Net profit is expected to reach HK$5.43 billion in 2024, HK$ 6.83 billion in 2025, HK$8.45 billion in 2026, and HK$ 9.54 billion in 2027, with compound annual growth rates (CAGR) of 20% [5][7] - The company is projected to achieve a target price of US$125.00 per share based on a price-to-earnings ratio (P/E) of 20 for 2025 [2][5][8] Market Position and Competitive Advantage - The company has a robust one-stop wealth management ecosystem that includes low commissions, ease of operation, and comprehensive services [3][4] - The company’s international expansion strategy is expected to sustain user growth and AUM, with a forecasted increase in client numbers from 2.4 million in 2024 to 3.2 million in 2025 and 3.6 million in 2026 [4][5] - The company’s AUM is anticipated to grow at an 11$ 1 trillion by 2027 [4][5]