金吾财讯 | 交银国际发研报指，上调富途控股(FUTU)4季度盈利预测，预计公司4季度Non-GAAP净利润为16亿港元（上调10%），同比增长68%/环比增长14%，2024年全年同比增长18.3%。受益于4季度港股和美股成交活跃，预计单季成交金额创下历史新高，预计4季度交易佣金收入同比增长1倍，环比增长19%。美联储降息进度放缓，有利于公司净利息收入保持稳定。海外扩张和产品线拓展构建了稳健的盈利能力，2024-26年ROE有望保持在18%左右。该行指，10月8日以来，公司股价有显着下行，目前股价对应2024年市盈率仅为16倍（基于GAAP净利润），显着低于美股互联网券商，考虑到公司盈利增速和盈利能力更具优势，当前估值已具备较大吸引力。该行预计中国支持经济的政策仍有望持续出台，并提振资本市场，公司估值仍有提升空间。维持买入评级和目标价108美元。
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