多元化需求的增长将推动海外投资需求的超预期增长。2016年至2021年，全球财富以7.7%的复合年增长率快速增长。随着人们变得更加富裕，一方面他们对财富管理和服务的需求变得更加多元化；另一方面，他们会更加注重财富的保值并且变得更加风险厌恶。这将导致投资者增加海外资产的配置，以分散投资和风险。受到全球财富增长以及地域分散化需求的推动，我们预计海外投资增长将超预期。
　　富途有望受益于强劲的海外分散化投资需求，并实现强劲的客户资产增长，推动盈利超预期，得益于：1）51张牌照使富途能提供广泛的全球市场准入；2）庞大的全球客户群；3）技术驱动的交易平台。
　　首次给予“买入”评级，目标价82.20美元。我们预计对海外投资产品的需求将长期保持强劲，而富途能提供多市场选择以及先进的科技化交易平台，有望实现盈利的超预期。我们给予公司25.0倍2023年市盈率，高于同业加权平均市盈率，并首予“买入”的投资评级。
　　

研究报告全文：股票研TableTitleFrancoLi李炜CompanyReportFutuHoldingsLtdFUTUUS究85225097204EquityResearch公司报告富途控股FUTUUSfrancoligtjascomhk16December2022TableSummaryDemandforDiversificationWillDriveOverseasInvestmentFutuExpectedtoRecordStrongEarningsInitiateWithBuy公多元化需求带动海外投资增长富途有望实现盈利超预期首予买入司IncreasingdemandfordiversificationwilldrivedemandforoverseasRatingTableRankBuy报investmenttoincreasebeyondmarketexpectationGlobalwealthgrewInitial告rapidlyat77CAGRbetween2016and2021Aspeoplebecomewealthier评级买入首次覆盖CompanyReportontheonehandtheirdemandforwealthmanagementproductsandserviceswillbemorediverseontheotherhandtheywillpaymoreattentiontothe6TablePrice-18mTP目标价US8220preservationoftheirwealthandbecomemoreriskaverseThiswillleadtoRevisedfrom原目标价investorsincreasingtheirallocationofoverseasassetstodiversifytheirinvestmentsandrisksWeexpectoverseasinvestmenttoincreasebeyondShareprice股价US67090marketexpectationdrivenbygrowingglobalwealthandincreasingdemand告forgeographicaldiversification证报StockperformanceFutuiswellpositionedtobenefitfromstrongdemandforoverseas券股价表现究investmentdiversificationandtoachieverobustclientassetgrowthTableQuotePic研drivingearningstoexceedmarketexpectationThisissupportedbyFutus1000ofreturn研究151licenseswhichenableFututoprovidebroadglobalaccesstooverseas800券markets2largeglobalclientbaseand3technology-driventrading600报platforms400告证InitiatewithBuyratingwithaTPofUS8220Weexpectdemandfor200EquityResearchReportoverseasinvestmentproductstoremainstronginthelongtermandFutuwill00recordearningsbeyondmarketexpectationdrivenbytheCompanysaccess200toabroadrangeofoverseasmarketsandadvancedtechnology-driventrading400TabplatformsWeassigna2023EPERof250xhigherthanthepeersweighted600leIaveragePERandinitiateinvestmentratingofBuyDec-21Mar-22Jun-22Sep-22Dec-22多元化需求的增长将推动海外投资需求的超预期增长2016年至2021年全球财富以NASDAQCOMPOSITEIndexFUTUnfo177的复合年增长率快速增长随着人们变得更加富裕一方面他们对财富管理和服务的非需求变得更加多元化另一方面他们会更加注重财富的保值并且变得更加风险厌恶这银将导致投资者增加海外资产的配置以分散投资和风险受到全球财富增长以及地域分散ChangeTablePriceChangeinSharePrice1M3M1Y金化需求的推动我们预计海外投资增长将超预期股价变动1个月3个月1年融FinanceSectorFinance富途有望受益于强劲的海外分散化投资需求并实现强劲的客户资产增长推动盈利超预Abs332636797绝对变动行期得益于151张牌照使富途能提供广泛的全球市场准入2庞大的全球客户群3ReltoNASDAQIndex264596966相对纳指变动业Bank技术驱动的交易平台-AvgSharepriceUS606454417首次给予买入评级目标价8220美元我们预计对海外投资产品的需求将长期保持平均股价美元Non强劲而富途能提供多市场选择以及先进的科技化交易平台有望实现盈利的超预期我SourceBloombergGuotaiJunanInternational们给予公司250倍2023年市盈率高于同业加权平均市盈率并首予买入的投资评级TabYTableearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROEleI年结Profit收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率1231HKmHKmHKxHKxHKnfo22020A3311132610227643850964098810000002442021A711528101872183127913979737000000192富2022F73602761196354926814952435000000131途2023F9043362725797314204177907300000001582024F1212548983483735015121539724000000177控总股数大股东股TableBaseDataSharesinissuemm1501MajorshareholderLeafHuaLi343MarketcapUSm市值USm100702Freefloat自由流通比率6573monthaveragevol3个月平均成交股数00023503FY23TargetPBxFY23目标市净率x3652WeekshighlowUS52周高低US7220021230FY23TargetPExFY23目标市盈率x250FutuHoldingsLtdFutuFUTUUSLtdHoldingsSourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage1of17TablePageHeaderFutuHoldingsLtdFUTUUS1raMthgiRelbaTTableofContentsCompanyOverview3Futuaimsatmakinginvestingeasierthroughtechnology4FuturecordedsurgingnetprofitsandhighROEinrecentyears5Demandfordiversificationwilldriveoverseasinvestmentstoincreasebeyondexpectation716December2022InternationalizationstrategyensuredFutuabetterpositiontocaptureincreasingdemandforoverseasinvestment9Technology-driventradingplatformsprovidedbyFutumeetstradingdemand10ForecastsandValuation13Catalysts14Risks14FinancialStatementsandRatios162raMthgiRelbaTFUTUUS富途控股FutuHoldingsLtdReportCompanySeethelastpagefordisclaimerPage2of17TablePageHeaderFutuHoldingsLtdFUTUUSCompanyOverview1raMthgiRelbaTFutuFUTUUStheCompanyoperatesonlinebrokerageandwealthmanagementplatformsinternationallyFutuwasfoundedinDecember2007andstartedonlinebrokeragebusinessin2012FutumainlyfocusesonHongKongandUSstockonlinetradingservicesforretailinvestorsItinitiallytargetedmainlandChina-basedinvestorsandlaterexpandeditsfootprinttoclientsinHongKongtheUSSingaporeandAustraliaFutuwaslistedonNASDAQstockexchangeNASDAQFUTUinMarch201916December2022Figure-1FutuiscurrentlyattheinternationalizationstageEarlyStageInternationalization2007Commenced2018becameaFINRAoperationsmemberintheUS2012Startedonline2019listedonbrokeragebusinessinNASDAQHongKong2021launched2014BeganofferingtradingservicesinstocktradingservicesSingapore2raMthgiRelbaTonmajorUS2022launchedexchangestradingservicesinAustraliaSourcetheCompanyGuotaiJunanInternationalAsthe18thfoundingemployeeofTencentFounderLeafHuaLiisfullyawareoftheimportanceofuserexperienceBeforefoundingFutuLeafHuaLihadservedinseveralseniormanagementrolesatTencentincludingtheheadofTencentsmultimediabusinessanditsinnovationcenterMrLijoinedTencentin2000andwasthe18thfoundingemployeeofTencentHavingservedTencentfor7yearsMrLiisfullyawarethatuserexperienceisthekeytoTencentssuccessandhehasFUTUUSconsistentlyfocusedonprovidingpremierinvestingexperiencetousersatFutuBesidestheseniormanagementteamofFutuhassubstantialexperienceinthefinancialandinternetindustriesandhasdeepunderstandingofinternetproductsandtechnologies富途控股Table-1SeniormanagementteamofFutuhassubstantialexperienceinthefinancialandinternetindustriesNameAgePositionTitlePreviousOtherExperienceLeafHuaLi45FounderChairmanoftheHeadofTencentsmulti-mediabusinessanditsinnovationcenterbefore2007BoardofDirectorsandChiefExecutiveOfficerFutuHoldingsLtdArthurYuChen46ChiefFinancialOfficerVicepresidentatChinaInternationalCapitalCorporationfrom2005to2009DirectoratCitigroupGlobalMarketsAsiaLimitedfrom2009to2016NinewayJieZhang47DirectorManagerofitsonlinetransactionbusinessatEssenceSecuritiesfrom2000to2002HeadoftheonlinetradingcenteroftheheadquartersofShenzhenofChinaGalaxySecuritiesCoLtdfrom2002to2013ShanLu47DirectorResearchanddevelopmentengineerforShenzhenLimingNetworkSystemsfrom1998to2000SeniorexecutivevicepresidentofTencentandthepresidentofTechnologyandEngineeringGroupfrom2000to2014AlsoservesontheboardofChinaUnitedNetworkCommunicationsGroupCoLtdSHA600050VicHaixiangLi49IndependentDirectorSeniorexecutivevicepresidentofTencentbefore2012andinchargeofTencentsonlinesearchbusinessfrom2010to2012FounderandmanagingpartnerofVIVenturesandchairmanofVIAssetManagementAlsoservesasindependentnon-executivedirectoratAVOInsuranceCompanyLimitedBrendaPuiManTam51IndependentDirectorPartneratPricewaterhouseCoopersChinaandHongKongfrom2007to2016ReportServedinmultipleauditpositionsatPricewaterhouseCoopersHongKongfrom1995to2007andatErnstYoungHongKongfrom1992to1995RobinLiXu39SeniorVicePresidentOvertenyearsofexperienceintheinternetindustryincludingsevenyearsatTencentwherehewasaseniorproductmanagerresponsibleforonlineCompanypaymentproductdevelopmentandoperationsforTenpaySourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage3of17TablePageHeaderFutuHoldingsLtdFUTUUSLeafHuaLihas674oftheaggregatevotingpowerofFutuandthusisabletoconsistentlyimplementthestrategyofpursuingpremieruserexperiencethroughtechnologyThesecondlargestshareholder1isrTencentaMtcontrolhgilingRaroundel21baToftheordinarysharesand276oftheaggregatevotingpowerInDecember2018FutuenteredintoastrategiccooperationframeworkagreementwithasubsidiaryofTencenttocollaborateacrossanumberofareassuchastrafficcontentandcloudcomputingthroughTencentsonlineplatformAsTencentisknownfortechnologicalexcellenceandfocusonuserexperiencethecollaborationwithTencentempowersFututoprovidegooduserexperiencesupportedbystrongtechnologicalcapacityFigure-2LeafHuaLihas674oftheaggregatevotingpowerofFutu16December2022LeafHuaLiTencent100100orcontrolledEntitiesaffiliatedEntitiesaffiliatedOtherShareholderswithLeafHuaLiwithTencent343ofordinaryshares210ofordinaryshares447ofordinaryshares674ofvotingpower276ofvotingpower50ofvotingpower2raMthgiRelbaTFutuHoldingsLimitedNoteAsofFeb282022SourcetheCompanyGuotaiJunanInternationalTable-2PrincipalSubsidiariesDateofPlaceofofeconomicPrincipalActivitiesSubsidiaryIncorporationIncorporationinterestFutuSecuritiesInternationalHongKongLimitedApr2012HongKong100FinancialservicesFutuIncDec2015USA100FinancialservicesFUTUUSFutuClearingIncAug2018USA100FinancialservicesFutuSingaporePteLtdDec2019Singapore100FinancialservicesFutuSecuritiesAustraliaLtdFeb2001AUS100Financialservices富途控股FutuSecuritiesHongKongLimitedMay2014HongKong100InvestmentholdingFutuNetworkTechnologyLimitedMay2015HongKong100ResearchanddevelopmentandtechnologyservicesFutuNetworkTechnologyShenzhenCoLtdOct2015ShenzhenPRC100ResearchanddevelopmentandtechnologyservicesFutuHoldingsLtdShenSiNetworkTechnologyBeijingCoLtdSep2014BeijingPRC100NosubstantialbusinessVariableInterestEntityShenzhenFutuNetworkTechnologyCoDec2007ShenzhenPRC100ResearchanddevelopmentandtechnologyservicesNoteAsofDecember312021SourcetheCompanyGuotaiJunanInternationalFutuaimsatmakinginvestingeasierthroughtechnologyFutufocusesonasset-lightbusinessesandmainlyservesretailinvestorswithstocktrading-relatedservicesthroughonlineplatformsItsmainbusinessistradeexecutionwithbrokeragecommissionandhandlingchargeincomecontributingmorethan50oftotalrevenueinrecentyearsIn2021thetop3revenuesourceswerebrokeragecommissionandhandlingchargeincomemarginfinancingandsecuritieslendingaccountingfor55246oftotalrevenuerespectivelyTheCompanyservesitsChineseretailinvestorsmainlybasedinHongKongandmainlandChinathroughtheFutubullplatformReportwhileitsinternationalinvestorsintheUSSingaporeandAustraliaareservedthroughtheMoomoobrandedplatformtheinternationalversionofFutubullCompanySeethelastpagefordisclaimerPage4of17TablePageHeaderFutuHoldingsLtdFUTUUSFigure-3Futufocusesonasset-lightbusinessesFigure-4Revenuebreakdownin20211raMthgiRelbaTIPOsubscriptionservice24Enterprisepublicrelationsservice100Fundsdistribution14Currencyexchangeservice28service1080Bankdeposits28IPOfinancing2860Securitieslending564066716565Brokerage5656commissionand20handlingcharge16December2022income550Marginfinancing0242201720182019202020211H22asset-lightbusinessincomeasset-heavybusinessincomeSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalFutusservicesmainlyserveretailinvestorswealthmanagementdemandFutusone-stopproprietarydigitalplatformenablesinvestorstotradestocksandotherlistedinstrumentstoobtainfinancingandshortsellstocksandtoinvestinotherwealthmanagementproductssuchasmutualfundproductsFutuprovidestimelymarketdataandinformationtofacilitate2raMthgiRelbaTinvestingdecisionsandembedsasocialcommunityintotheplatformforinvestorstoexchangeinvestingideasFigure-5FutumainlyservesretailinvestorsbutalsoprovidesservicestocorporateclientsToRetailToCorporateClientsClientsValue-addedServicesmanyOnlineInvestingServicesIPODistributionofwhicharefreetradingcommissionMarketdataandTradeExecutionInvestorsRelationsvolumerateInformationFUTUUSMarginFinancingandMFSLUserCommunityandSocialEmployeeStockinterestrateOwnershipPlanESOPSecuritiesLendingBalanceInteractionmanagement富途控股WealthManagementAUMfeesharedOtherServicesIPOyieldenhancementetcSourcetheCompanyGuotaiJunanInternationalFutuHoldingsLtdFutuaimsatmakinginvestingeasierthroughtechnologyanditregardspremierinvestingexperienceandstrongtechnologyinfrastructureasitsmaincompetitivestrengthsItcreatesstronguserexperiencewithflexibleaccessfullydigitalizedandseamlessprocessreal-timeandcomprehensivemarketdataandinformationandanembeddedsocialcommunitytoconnectusersinvestorsandcompaniesFutumadesignificantinvestmentsintotechnologicalinfrastructurewhichdriveseveryfunctionofitsbusinessItsstrongtechnology-drivenplatformsaredesignedwithflexibilitystabilityscalabilityandsecurityinmindandensureinvestorsapremierinvestingexperienceFuturecordedsurgingnetprofitsandhighROEinrecentyearsFutuspayingclientsgrewrapidlyinrecentyearsFutususerbaseexpandedrapidlyinrecentyearsAsat3Q22Futusnumberofusersregisteredclientsandpayingclientsreached192mn313mnand144mnrespectivelyuparound4times10timesand17timesrespectivelycomparedto2017TheconversionratesofpayingclientshavealsorisensteadilyinrecentyearsbothintermsofpayingclientsasapercentageofregisteredclientsandoftotalusersReportCompanySeethelastpagefordisclaimerPage5of17TablePageHeaderFutuHoldingsLtdFUTUUSFigure-6FutususerbaseexpandedrapidlyinrecentFigure-7Theconversionratesofpayingclientsroseyearssteadilyinrecentyears1raMthgiRelbaT2500000050045246145020000000400364350279276150000003002642501000000020015016December2022727550000001004324265021000201720182019202020213Q22201720182019202020213Q22PayingclientsregisteredclientsTotalnumberofusersRegisteredclientsPayingclientsPayingclientstotalusersSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalExpandingclientbasedroveuptotalbalanceofclientassetsandtradingvolumesAsat3Q22FuturecordedaboveHK3696mnintotalclientassetsaround8timestheamountofclientassetsattheendof2017Totaltradingvolumealsosurgedaround10timestoaboveHK6trnin2021comparedwitharoundHK500bnin20172raMthgiRelbaTFigure-8TotalclientassetsgrewinrecentyearsFigure-9Totaltradingvolumegrewinrecentyears450000HKDmn2507000000HKDmn3504000003002006000000350000250500000030000015020025000040000001001502000003000000100150000502000000501000000FUTUUS10000005000000-500-50201720182019202020213Q2220172018201920202021富途控股TotalclientassetsYoYRHSTotaltradingvolumeYoYRHSSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalFutusnetprofitssurgedinrecentyearsandROEremainedhighFutusnetprofitswitnesseddramaticincreaseinrecentyearsuparound20timesin3yearsfromHK143mnin2019toHK2810mnin2021drivenbybothsurgesinrevenueandFutuHoldingsLtdimprovementinnetprofitmarginsSupportedbyincreasingbalanceofclientassetsandtradingvolumestheCompanysrevenuesrecordeda6-foldincreasefromHK1062mnin2019toHK7115mnin2021ThankstostrongscaleeffecttheCompanysnetprofitmarginswidenedby260pptsfrom13in2019to39in2021AsFutubettermeetstradingdemandofinvestorsbyprovidingtechnology-driventradingplatformstheCompanyachievedhighernetprofitmarginandassetturnoverthantheaverageofitslistedChinesebrokerpeersandthushigherROEReportCompanySeethelastpagefordisclaimerPage6of17TablePageHeaderFutuHoldingsLtdFUTUUSFigure-10ThesurgeinnetprofitwasdrivenbothrevenueFigure-11FutusROEwashigherthantheaverageofitsandnetprofitmarginlistedChinesebrokerpeersROE1raMthgiRelbaT3008000HKDmn5002447000400395250358400192600020050003001501204000200100783000135365020004610016December2022-15100000000-25-50-1000-100201720182019202020211H22201720182019202020211H22TotalrevenueShareholdersnetprofitFutuListedChinesebrokersaverageShareholdersnetprofitmarginRHSSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyWindUpfintechIBKRGuotaiJunanInternationalTable-3FutusROEwashigherthantheaverageofitslistedChinesebrokerpeersROE2021ROENetProfitMarginAssetTurnoverEquityMultiplierFutu19239582482raMthgiRelbaTListedChineseBrokersAverage882996049SourcetheCompanyWindGuotaiJunanInternationalDemandfordiversificationwilldriveoverseasinvestmentstoincreasebeyondexpectationGlobalwealthgrewrapidlyat77CAGRbetween2016and2021AccordingtotheGlobalWealthReport2022byBostonConsultingGroupBCGglobalwealthgrewrapidlyfromUS3260trnin2016toUS4727trnin2021implyingaCAGRof77InparticulartotalwealthinAsiaexcludingJapangrewataCAGRof90fromUS827trnin2016toUS127trnin2021FUTUUSFigure-12WealthgrewrapidlyinrecentyearsespeciallyinAsiaex-Japan500USDtn95富途控股400903008520080FutuHoldingsLtd10075070GlobalAisaex-Japan201620215-yearCAGRRHSSourceWindWorldBankGuotaiJunanInternationalAspeoplebecomewealthierdemandforregionaldiversificationincreasesAspeoplebecomewealthierontheonehanddemandforwealthmanagementproductsandserviceswillbemorediverseontheotherhandtheywillpaymoreattentiontothepreservationoftheirwealthandbecomemoreriskaverseThusinvestorswilltendtoinvestindifferentassetclassesorinassetsindifferentregionstodiversifyinvestmentandinvestmentriskIncreasingdemandforgeographicaldiversificationhasdrivenanincreaseintheallocationtooverseasassetsWeReportbelievethataspeoplebecomewealthierdemandforgeographicaldiversificationwillincreaseandmoremoneywillflowtooverseasassetsWeuseforeignresidentsholdingsofUScorporatestockstomeasureoverseasinvestmentsofinvestorsastheUSstockmarketisthelargestequitymarketintheworldandpeopleincountriesandregionswithhigherGDPpercapitaCompanyhavehigherproportionofoverseasinvestmentsintheirportfolioEspeciallyforthoseinregionswithGDPpercapitaaboveUS35000suchcorrelationismoreobviousSeethelastpagefordisclaimerPage7of17TablePageHeaderFutuHoldingsLtdFUTUUSFigure-13PeopleinregionswithhigherGDPpercapitaallocatemoremoneytooverseasassetssuchasUSequities401raMthgiRelbaTNorway353025Singapore20Switzerland202115CanadaDenmarkSweden10China16December2022HongKongJapan5KoreaAustraliaHoldingsUSCorporateofStocksasofWealth0020000400006000080000100000GDPpercapitaUSD2021SourceWorldBankBoardofgovernorsoftheFederalReserveSystemCreditSuisseGuotaiJunanInternationalInrecentyearsoverseasinvestmenthasbeengainingpopularityThevalueofUSstockholdingsforinvestorsinHongKongSingaporeandAustraliagrewatafasterCAGRthanUSstockmarketcapitalizationdidbetween2018and2021indicatingadditionalfundinflowsintotheUSstockmarketfromthoseregionsinrecentyearsTheproportionofinvestorswho2raMthgiRelbaTinvestedinoverseasstockmarketsincreaseddramaticallyto31inbothHongKongandAustraliain2021representinganincreaseinoverseasinvestmentdemandWeexpectoverseasinvestmentdemandtoincreasebeyondmarketexpectationdrivenby1growingglobalwealthand2increasinginvestmentallocationtooverseasassetssupportedbydemandforgeographicaldiversificationFigure-14InrecentyearsoverseasinvestmenthasbeengainingpopularityFUTUUS富途控股FutuHoldingsLtdSourceWorldBankBoardofgovernorsoftheFederalReserveSystemBostonConsultingGroupGuotaiJunanInternationalFigure-15MorestockinvestorsinHongKonginvestedinFigure-16MoreinvestorsinAustraliainvestedinoverseasstockmarketsoverseasstockmarkets3535303025252020151510105500OverseasstockmarketinvestorsasofstockinvestorsHKOverseasstockmarketinvestorsasofinvestorsAUReport2017201920212014201720202021SourceTheInvestorandFinancialEducationCouncilGuotaiJunanSourceAustralianSecuritiesExchangeTheAustralianSecuritiesandInternationalInvestmentsCommissionGuotaiJunanInternationalCompanySeethelastpagefordisclaimerPage8of17TablePageHeaderFutuHoldingsLtdFUTUUSInternationalizationstrategyensuredFutuabetterpositiontocaptureincreasingdemandforoverseasinvestment1raMthgiRelbaTAsat1H22Futuheld51licensesindifferentmarketsallowingittoprovideclientswithbroadglobalaccesstooverseasmarketsmeetingclientdemandforregionaldiversificationRootedinHongKongformorethan10yearsFutuhasgraduallyexpandeditsfootprinttoothermarketsandobtainedlicensesindifferentregionsComparedwithmostofitscompetitorsFutuisabletoprovideuserswithaccesstomoremarkets16December2022Table-4FutuholdslicensesinseveralregionsMarketDetailsHongKongSFCType1LicensefordealinginsecuritiesSFCType2LicensefordealinginfuturescontractsSFCType3LicenseforleveragedforeignexchangetradingSFCType4LicenseforadvisingonsecuritiesSFCType5LicenseforadvisingonfuturescontractsSFCType7LicenseforprovidingautomatedtradingservicesSFCType9LicenseforassetmanagementMPFIntermediarySEHKParticipantHKSCCDirectClearingParticipantSEHKChinaConnectExchangeParticipantHKSCCChinaConnectClearingParticipantSEHKOptionsTradingExchangeParticipantSEOCHDirectClearingParticipantHKFEFuturesCommissionMerchantandHKCCClearingParticipantMemberofLondonStockExchangeandTurquoise2raMthgiRelbaTTheUnitedStatesRegulatedbytheUnitedStatesSecuritiesandExchangeCommissionSECMemberoftheFinancialIndustryRegulatoryAuthorityIncFINRAMemberoftheSecuritiesInvestorProtectionCorporationSIPCMemberoftheDepositoryTrustCompanyDTCMemberoftheNationalSecuritiesClearingCorporationNSCCMemberoftheOptionsClearingCorporationOCCSingaporeCapitalMarketsServicesCMSLicensewithexemptFinancialAdviserEFAstatusSGXsfullmembershipsClearingMemberofTheCentralDepositoryPteLtdCDPTradingMemberofSingaporeExchangeSecuritiesTradingLimitedSGX-STTradingandClearingMemberofSingaporeExchangeDerivativesTradingLimitedSGX-DTDepositoryAgentofCDPFUTUUSAustraliaAustralianFinancialServicesAFSLicenseSourcetheCompanyGuotaiJunanInternational富途控股Table-5Futuprovidesmulti-marketaccesstoitsusersStockMarketOptionMarketChinaFutuHoldingsLtdMainClientbaseBrokerNameHKUSSGAUStockHKUSSGconnectGreaterChinaInternationalFutuMoomooGreaterChinaInternationalTigerGreaterChinaUSWebullGreaterChinaHuataiInternationalInteractivebrokersUSRobinhoodSGDBSAUCommSecAUCMCMarketsReportSourceCompanywebsitesGuotaiJunanInternationalAlargeglobaluserbaseenablesFututobenefitfromgrowingglobalwealthFutuhasaccumulatedalargeglobaluserCompanybasewith186mntotalusers3mnregisteredclientsandaround14mnpayingclientsasat1H22ThankstothelargepayingSeethelastpagefordisclaimerPage9of17TablePageHeaderFutuHoldingsLtdFUTUUSclientbaseFutuislikelytobenefitfromthegrowthofclientwealthPayingclientstototaluserratiowasonlyat75asat1H22indicatinggreatconversionpotential1raMthgiRelbaTFigure-17Asat1H22FutuhasaccumulatedalargeandFigure-18Thepayingclienttototaluserratiowasonlydiversepayingclientbase75asat1H2275USothers80721070015mn60HongKong16December2022SG3850431505mn02mn40263024212010OnshoreChina0037201720182019202020211H2205mmPayingclientstotalusersSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternational2raMthgiRelbaTFutustargetclientsareinwealthyandfast-growingregionsandthusFutuislikelytobenefitfromtheincreasingdemandforoverseasassetsFutustargetclientsareinregionswithhigherGDPpercapitaandhigherGDPpercapitagrowthratesthantheworldaverageForexampleGDPpercapitainHongKongSingaporeAustraliaandtheUSrangedfromaroundUS50000toUS73000in2021muchhigherthantheworldaveragerepresentinglucrativemarketswithhighproportionofwealthbeingallocatedtooverseasassetsBesidesGDPpercapitainalltargetregionsexceptHongKonggrewfasterthantheglobalaverageThusweexpectFututobenefitfromtheincreasingdemandforoverseasassetsFigure-19FutustargetclientsareinregionswithhighGDPpercapitaandhighGDPpercapitagrowthratesUSD80000566051FUTUUS70000506000037374050000富途控股4000026303000020200001010000000MainlandChinaHongKongSARSingaporeAustraliaUnitedStatesFutuHoldingsLtd201620172018201920202021WorldGDPpercapita20215-yearCAGRRHS5-yearCAGRWorld2021RHSSourceWindWorldBankGuotaiJunanInternationalTechnology-driventradingplatformsprovidedbyFutumeetstradingdemandServicesprovidedbytraditionalbrokersdonotfullymeetdemandAccordingtoasurveyconductedbyTradeIdeasin2021morethan50ofinvestorsarenotsatisfiedwiththeinsightsandresearchthattheirbrokersprovideAnotherretailinvestingsurveyconductedbyBNYMellonandtheWorldEconomicForumin2022showedthatthree-quartersofcurrentretailinvestorswouldinvestmoreiftheyhadmoreopportunitiestolearnaboutinvestingBesidesforthosenotcurrentlyinvesting70saideducationininvestingwouldmakethemmorelikelytoinvestThuswebelievethatinvestorsdemandinformationandservicesthatmakeinvestingeasierandhelpthemtomakebetterinvestmentdecisionstraditionalbrokersdonotmeetsuchdemandReportCompanySeethelastpagefordisclaimerPage10of17TablePageHeaderFutuHoldingsLtdFUTUUSFigure-20Investordemandforwealthmanagementserviceshasnotbeensatisfiedbytraditionalbrokers1raMthgiRelbaT16December2022SourceTradeIdeasWebelievethatthetechnology-driventradingplatformsprovidedbyFutubettermeetinvestortradingdemandForover10yearsFutuhasdevelopedaproprietaryandhighlyautomatedtechnologyinfrastructureencompassingeveryaspectofitsbusinessoperationsfromaccountopeningfundtransferstradingandinvestmenttoriskmanagementFutulowers2raMthgiRelbaTinvestmentbarriersforretailinvestorsbyprovidingafullydigitalizedandseamlessinvestmentprocesswhiletraditionalbrokerageservicesmayhavetediousaccountopeningprocessesandhard-to-useappsFutualsohelpsinvestorstomakegoodinvestmentdecisionsbyofferingcomprehensivemarketinformationvisualfundamentalanalysisandoffersasocialcommunitywhilemosttraditionalbrokersjustprovidetradeexecutiontoolsandmanylackthetechnologicalcapabilitiestoprovidecomprehensivedigitalizedservicesConvenientFutuoffersitsplatformsthroughIOSAndroidMacandPCapplicationsaswellasthroughinternetbrowserswithanintuitiveuserinterfaceItofferscompletelyonline-basedaccountopeningserviceswhichtakeslessthanthreeminutesandtimelyfundtransferserviceswhichnormallytakeslessthanfiveminutesBesidestradeexecutionserviceiseasytouseandclientscanaccesstovariousproductsacrossdifferentmarketsonitsplatformsInformativeandeducativeFutuprovidesreal-timemarketdatanewsalertsandadvancedfilteringtoolstohelpFUTUUSinvestorsmonitormarketsItdeliversvisualanalysisoffundamentalconditionsthatenablesuserstomakebetterinvestmentdecisionsBesidesitoffersacommunitythroughitsplatformstoenableuserstoexchangetradingideasandinvestmenteducationcoursestoequipuserswithinvestmentknowledgetomakeinformedinvestmentdecisions富途控股Thankstopremieruserexperienceitsclientretentionrateremainedabove98in3Q22despitepoormarketconditionsFigure-21Thankstopremieruserexperienceclientretentionratesremainedhighatabove97990980FutuHoldingsLtd9709609509409309209109001Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q22SourcetheCompanyGuotaiJunanInternationalHeavyinvestmentinRDensuredstrongtechnologicalcapacityFutuconsistentlyspentmoremoneyonresearchanddevelopmentRDthanitscompetitorstoenhanceitsdigitalinfrastructureFuturecorded70CAGRbetween2017and2021ReportinRDexpensewhichreachedaroundHK800mnin2021morethantwicetheaverageRDexpensespentbyChinesebrokersin2021CompanySeethelastpagefordisclaimerPage11of17TablePageHeaderFutuHoldingsLtdFUTUUSFigure-22Futuconsistentlyspentmoremoneyinresearchanddevelopmentthanitscompetitors1raMthgiRelbaT900HKDmn80070060050040030020016December2022100020172018201920202021ChineseBrokersAverageRDFutuRDTigerRDSourcetheCompanySecuritiesAssociationofChinaUpFintechholdingGuotaiJunanInternationalEmpoweredbytechnologyFutuisabletoevolveandadapttochangequicklytoprovideservicesthatmeetinvestordemandensuringpremieruserexperienceItsstrongtechnology-drivenplatformsaredesignedwithflexibilityandstabilityatitscoreWithconfigurabletemplatesFutuisabletoevolveandadapttoindustrychangequicklytoconsistentlyprovideservices2raMthgiRelbaTthatmeetinvestordemandForexamplein1H22Futuwasabletoevolvequicklyreleasing99versionsofitsmobileappanddesktopclientsandadding3989newfeaturesFutustechnologyensuressecureandstabletradingservicesamidvolatilemarketenvironmentsensuringpremieruserexperienceFutuislikelytoattractfundinflowsandrecordearningsbeyondmarketexpectationInthecontextofincreasingdemandforoverseasinvestmentsasFutuprovidesmulti-marketaccessandsatisfiesinvestortradingdemandbyitstechnologicaltradingplatformsweexpectittoattractfundinflowsbeyondexpectationandthustorecordrevenuesbeyondmarketexpectationBesidesweexpecttheCompanytomaintainhighnetprofitmargininthefutureduetoitscompetitiveservicesandthusrecordearningsexceedingmarketexpectationFUTUUS富途控股FutuHoldingsLtdReportCompanySeethelastpagefordisclaimerPage12of17TablePageHeaderFutuHoldingsLtdFUTUUSForecastsandValuation1raMthgiRelbaTTable-6Futusoperationalandfinancialinformationforecasts2019202020211H222022E2023E2024EFinancialInformationHKDmnTotalrevenues10623311711533887360904312125Brokerageincome51119903913200140234598734116December2022Interestincome46596625181196293738843887Otherincome85355684191400561897Grossprofitmargin735790830871876871856Shareholdersnetprofitmargin135400395358375401404Shareholdersnetprofit143132628101214276136274898KeyMetricsPayingclients198382516721124422213871461494955173495520349552raMthgiRelbaTSequentialaddition65561318339727501142924250733240000300000AssetspercapitaHKDmn044055033031030033039TotalclientassetsHKDmn87100285200407800433600448487572535793632TradingvelocityofUsers127217142139119117140TotaltradingvolumeHKDmn872600346370061364562667700507889159699849531673Grosscommissionratebps59576475797777ROEFUTUUSProfitmargin135400395358375401404Assetturnover57718264697378富途控股EquityMultiplier84864856545558ROE78244192120131158177SourcetheCompanyGuotaiJunanInternationalFutuHoldingsLtdWeforecasttotalbalanceofclientassetstochangeyoyby100277386in2022-2024respectivelydrivenbygrowingclientbaseandassetspercapitaWeexpectclientadditionstoslowdownin2023duetopotentialriskofglobalrecessionbuttorecoverin2024Thusweforecastadditionofpayingclientstobe250733240000300000in2022-2024respectivelyWeexpectFututocontinuetoattractcapitalinflowsthankstogrowingwealthandincreasingallocationtooverseasassetsThereforeweforecastassetspercapitatobeHK030mnHK033mnHK039mnasattheendof2022-2024respectivelyWeforecasttotalrevenuestoriseyoyby34229341andshareholdersnetprofittochangeyoyby-18314350in2022-2024respectivelyWeforecastbrokerageincometochangeyoyby28143597in2022-2024respectivelyWeexpectcommissionratestoremainhighasFutustechnologicaltradingplatformsbettermeetsinvestortradingdemandWeexpecttradingactivitiestoremainpooramidsluggishequitymarketbuttorecoverin2024ThereforeweforecasttradingvolumetochangeyoybyReport-172175597in2022-2024respectivelyWeexpectinterestratesearnedbyFututoremainhighin2022and2023duetointerestratehikesbuttodropin2024WeCompanyexpectmarginfinancingandsecuritieslendingbalancetogrowwithclientassetsThusweforecastinterestincometochangeyoyby16632301in2022-2024respectivelySeethelastpagefordisclaimerPage13of17TablePageHeaderFutuHoldingsLtdFUTUUSWeexpectnetprofitmargintoremainhighin2022-2024thankstoFutuscompetitiveservicesThusweforecastnetprofitmargintobe375401404in2022-2024respectively1raMthgiRelbaTInitiatewithBuyratingwithaTPofUS8220InthecontextofincreasingdemandforoverseasinvestmentweexpectFututorecordearningsbeyondmarketexpectationasitprovidesmulti-marketaccessesandtechnology-driventradingplatformsthatmeetinvestortradingdemandHenceweassign2023EPERof250xhigherthanthepeersweightedaveragePERandinitiatewithinvestmentratingofBuy16December2022Catalysts1Higher-than-expectedclientassetgrowth2Faster-than-expecteddovishUSFederalReservepivotoninterestratehikesRisks1MarketrisksWeaknessinstockmarketsmayleadtodecreaseinclientassetsandlacklustertradingactivitywhichwilladverselyaffectFutusoperations2CompetitionrisksIntensecompetitionintheonlinebrokerageindustrymayleadtolower2rcommissionaMthgfeeisRorelosslbinaTmarketshare3RegulatoryrisksFutudoesnotholdanylicensesforprovidingsecuritiesbrokeragebusinessinmainlandChinaIfitsactivitiesinmainlandChinaweredeemedbyrelevantregulatorsasprovisionofsecuritiesbusinessitsmainlandChineseclientbaseandoperationsmaybeadverselyaffectedFUTUUS富途控股FutuHoldingsLtdReportCompanySeethelastpagefordisclaimerPage14of17TablePageHeaderFutuHoldingsLtdFUTUUSTable-7PeersComparisonCompanyStockCodeCurrencyLastpricePEfiscalyearPBfiscalyearROEDYMktCap1raMthgiRelbaTHK21A22F23F24F21A22F23F24F22F22FHKmFutuHoldingsLtd-AdrFUTUUSUSD6709027926620316238383229129na76702UpFintechHoldingLtd-AdrTIGRUSUSD504075657302801531617161412na5991InteractiveBrokersGro-ClAIBKRUSUSD6979021317913513029nanana31706229475SchwabCharlesCorpSCHWUSUSD7706027119616113830363532201111118844EastMoneyInformationCo-A300059CHCNY196902852832311885641353016804290442SimpleAverage17233312021543433292616507WeightedAverage2922141711473537353120709SourceBloombergGuotaiJunanInternational16December20222raMthgiRelbaTFUTUUS富途控股FutuHoldingsLtdReportCompanySeethelastpagefordisclaimerPage15of17TablePageHeaderFutuHoldingsLtdFUTUUSFinancialStatementsandRatiosTableIncomeStatementTableBalanceSheetIncomeStatement1BalanceraMSheetthgiRelbaTYearend31DecHKDm2020A2021A2022F2023F2024FYearend31DecHKDm2020A2021A2022F2023F2024FTotalrevenues331171157360904312125Cashcashequivalents43522592926663381004102008Totalcosts696120691311641744Loansandadvances1882529587360644374957469Grossprofit261559096446787910381AccountReceivables8077104488237999312753Researchanddevelopmentexpenses513805121415141908Otherassets9142212170019032152Sellingandmarketingexpenses385139298810941467Totalassets71338101539112634136649174382Generalandadminexpenses2485298449921330AccountPayables5105467193824989960112820016December2022Othersnet182282150100Borrowings548363577006926512253Profitbeforetax14503185311841295576SecuritiessoldunderagreementstoIncometax125375357502678repurchase54534468000Profitaftertax13262810276136274898Otherliabitlites10412535210627673643Non-controllinginterest00000Totalliabilities630308055391609111633144095Shareholdersprofitloss13262810276136274898TotalShareholdersequity830820986210252501630287BasicEPS1022718721196352579734837Minorityinterest00000DilutedEPS1009818433181092379232130Totalequity830820986210252501630287TableCashFlowStatementCashFlowStatementTableFinancialRatioFinancialRatios2raMthgiRelbaTYearend31DecHKDm2020A2021A2022F2023F2024F2020A2021A2022F2023F2024FOperatingactivitiesOperationNetincome13262810276136274898Brokerageincomegrowth289296628143597Netincreaseinloansandadvances14646107656477768513720Interestincomegrowth1077160816632301NetincreaseinaccountspayabletoOtherincomegrowth3163927415400600clientsandbrokers3367316130136341710328599Revenuegrowth2119114934229341Others1042163486341463Shareholdersprofitgrowth8259112018314350CashfromOperatingActivities20457601298711241118315ProfitabilityInvestingactivitiesGrossprofitmargin790830876871856Purchaseofshort-terminvestments2071170300300300Shareholdersnetprofitmargin400395375401404Others37206000Assetturnover7182697378EquityMultiplierx8648545558CashfromInvestingActivities244964300300300FUTUUSFinancingactivitiesROAA2933262931Purchaseoftreasurystock01179279600ROAE244192131158177ValuationmetricsxBorrowingnet3715117064822592988富途控股Others4692105638102BPSHKD6411398149517792154CashfromFinancingActivities840710554222922592990CurrentPE509279268204151NetChangesinCash286191560373411437121005CurrentPB8137353024EffectofFXratechange1167000TPPE623342328250185CashatBegofYear1490343522592926663381004TPPB9946433630CashatEndofYear43522592926663381004102008FutuHoldingsLtdSourcetheCompanyGuotaiJunanInternationalReportCompanySeethelastpagefordisclaimerPage16of17TablePageHeaderFutuHoldingsLtdFUTUUSCompanyTableCompanyRatingDefinitionRatingDefinitionTheBenchmarkNASDAQCompositeIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral16December2022Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReportFUTUUS4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport富途控股6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERFutuHoldingsLtdThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2022GuotaiJunanSecuritiesHongKongLimitedAllRightsReservedReport27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanySeethelastpagefordisclaimerPage17of17