$富途控股(FUTU)$ 預言成真?

5月25日，中金公司维持富途跑赢大盘评级，维持目标价74美元。

中金公司指出以下亮点：

富途23年第一季度总收入同比增长52%，环比增长10%至25亿港元，超出中金公司预期8%；

非美国通用会计准则调整后净利润同比增长104%，环比增长25%至12.7亿港元，超出中金公司预期15%，主要得益于新付费客户、融资融券余额的增长；

一季度新增付费客户增加4.1万户至152.8万户，客户总资产环比增加11%至4,655亿港元；

经纪佣金及手续费收入同比增长 12%，环比增长 3%至 10.8 亿港元，综合佣金率为 8.8 个基点；

监管政策明晰及相关不确定性的影响已被充分消化，进一步巩固了估值的安全性。

考虑到利息收入的增长和运营效率的持续优化，中金公司将23/24盈利预测上调10%/6%至4.3/49亿港元。维持目标价74美元，相当于19倍23e市盈率，并维持跑赢大盘评级。

风险

On May 25th, CICC maintains Outperform rating on Futu and maintains target price of $74.

CICC points out the following highlights:

Futu's total revenue in 1Q23 increased by 52% YoY and 10% QoQ to HKD$2.5 billion, exceeding CICC's expectations by 8%;

Non-GAAP adjusted net income increased by 104% YoY and 25% QoQ to HKD$1.27 billion, exceeding CICC's expectations by 15%, mainly due to the growth of new paying clients, margin financing and securities lending balance;

The number of new paying clients in 1Q increased by 41,000 to 1.528 million, and the total client assets increased by 11% QoQ to HKD$465.5 billion;

Brokerage commission and handling charge income increased by 12% YoY and 3% QoQ to HKD$1.08 billion with blended commission rate of 8.8bps;

The impact of clarified regulatory policies and related uncertainties has been fully priced in, which further solidifies the safety of the valuation.

Considering the growth of interest income and continuous optimization of operational efficiency, CICC raised earnings forecast for 23/24 by 10%/6% to HKD$4.3/4.9 billion. It maintains the target price of $74, which corresponds to a 19x 23e P/E, and maintains outperform rating.