FUTU(FUTU) 民生证券·2024-05-29 09:01Investment Rating - The report does not provide a specific investment rating for the company, but it suggests actively monitoring the stock due to positive market conditions and growth potential [2]. Core Views - The company reported a revenue of HKD 25.9 billion for Q1 2024, representing a year-over-year increase of 4% and a quarter-over-quarter increase of 9%. Net profit was HKD 10.4 billion, down 13% year-over-year but up 18% quarter-over-quarter [2]. - The brokerage commission income was HKD 10.8 billion, showing no year-over-year growth but a 20% increase quarter-over-quarter. Total trading volume reached HKD 13 trillion, up 10% year-over-year and 40% quarter-over-quarter [2]. - The company has raised its full-year guidance for net new funded clients to 400,000, up from an initial estimate of 350,000, due to strong customer acquisition in overseas markets [2]. Summary by Sections Financial Performance - Q1 2024 revenue was HKD 25.9 billion, with a year-over-year growth of 4% and a quarter-over-quarter growth of 9%. Net profit was HKD 10.4 billion, down 13% year-over-year but up 18% quarter-over-quarter. Non-GAAP net profit was HKD 11.2 billion, down 12% year-over-year and up 18% quarter-over-quarter [2]. - Brokerage commission income was HKD 10.8 billion, with a year-over-year growth of 0% and a quarter-over-quarter growth of 20%. Total trading volume was HKD 13 trillion, with a year-over-year growth of 10% and a quarter-over-quarter growth of 40% [2]. Customer Growth - The company added 177,000 new funded clients in Q1 2024, a quarter-over-quarter increase of 331% and a year-over-year increase of 199%. The total number of funded clients reached 1.89 million, with a year-over-year growth of 24% and a quarter-over-quarter growth of 10% [2]. - The total customer assets reached HKD 517.9 billion, with a year-over-year growth of 11% and a quarter-over-quarter growth of 7% [2]. Cost Management - The gross margin for Q1 2024 was 81.9%, down 6.5 percentage points year-over-year but up 0.2 percentage points quarter-over-quarter. Research and development expenses were HKD 340 million, with a rate of 13%, down 1 percentage point year-over-year [2]. - Sales expenses increased to HKD 290 million, with a rate of 11%, up 6 percentage points year-over-year, primarily due to the significant growth in new funded clients [2]. Market Outlook - The report indicates that the company is well-positioned to benefit from the rebound in Chinese assets and plans to launch higher-commission cryptocurrency trading services in Hong Kong and Singapore [2]. - The company is actively expanding its overseas market presence and diversifying its product offerings, which is expected to create new growth opportunities [2].