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康_0971

康_0971

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0勋章

2024-08-03

$高通(QCOM)$ 各种数据，各种理财什么手段，看空美股，我觉得可笑，明明每次都是涨多了回调而已，230回调到161附近，已经很便宜，可以承担风险的马上买，不能承担风险的稳定几天买，美股就是大跌大买，大涨大卖

2024-06-05

$UiPath(PATH)$ 回购了[开心]

2024-05-01

$老虎证券(TIGR)$ 3.5以下买到的概率应该很小了

2024-04-23

$老虎证券(TIGR)$ 涨停

2024-04-18

$老虎证券(TIGR)$ 这波反弹到3.46-3.59，再跌

2024-04-17

亏惨了

@杨帆1977:$老虎证券(TIGR)$ 加油吧

2024-04-06

这篇文章不错，转发给大家看看

抱歉，原内容已删除

2024-04-04

$老虎证券(TIGR)$ 上窜下跳，还得跌一波

2024-03-27

；国际化拓展不及预期，国际客户大幅上涨，哪里不及预期了

中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升

2024-03-27

机构驱动客户资产和老虎新增客户加速有啥关系，🦐发文

中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升

2024-03-27

$老虎证券(TIGR)$ 难道比疫情的时候还困难，这是要打到多低啊

2024-03-27

跌这么垃圾什么情况什么意思，巫师

2024-03-27

$老虎证券(TIGR)$ 用老虎挣点，全毁这里了[流泪]

2024-03-24

$老虎证券(TIGR)$ up母公司还在不断减持[流泪]

2024-03-24

联合创始人一直在减持吗

2024-03-23

$老虎证券(TIGR)$ 我预测和四年前一样回购

2023-03-23

好

抱歉，原内容已删除

2022-07-14

$Root, Inc.(ROOT)$这货跌的很规整[财迷]

2022-07-14

$中国脐带血库(CO)$感觉会被私有化搞定董事会和股东之争，什么价钱同意被私有化

2022-06-18

$中国脐带血库(CO)$还能创新高

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&nbsp;</a>3.5以下买到的概率应该很小了","text":"$老虎证券(TIGR)$ 3.5以下买到的概率应该很小了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/301023521689752","isVote":1,"tweetType":1,"viewCount":2033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":298129275445480,"gmtCreate":1713814202974,"gmtModify":1713814204430,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>涨停","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>涨停","text":"$老虎证券(TIGR)$ 涨停","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/298129275445480","isVote":1,"tweetType":1,"viewCount":1900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":296609597984840,"gmtCreate":1713452078642,"gmtModify":1713452080224,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>这波反弹到3.46-3.59，再跌","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>这波反弹到3.46-3.59，再跌","text":"$老虎证券(TIGR)$ 这波反弹到3.46-3.59，再跌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/296609597984840","isVote":1,"tweetType":1,"viewCount":3484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":296255882305560,"gmtCreate":1713365807029,"gmtModify":1713365808692,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"亏惨了","listText":"亏惨了","text":"亏惨了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/296255882305560","repostId":"296154876866840","repostType":1,"repost":{"id":296154876866840,"gmtCreate":1713333420911,"gmtModify":1713333468254,"author":{"id":"3555112578661940","authorId":"3555112578661940","name":"杨帆1977","avatar":"https://static.tigerbbs.com/7a5128c060dc9dbe1fdf91e73de72d5e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555112578661940","authorIdStr":"3555112578661940"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>上窜下跳，还得跌一波","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>上窜下跳，还得跌一波","text":"$老虎证券(TIGR)$ 上窜下跳，还得跌一波","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":1,"link":"https://laohu8.com/post/291694603595912","isVote":1,"tweetType":1,"viewCount":4863,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3546346388943858","authorId":"3546346388943858","name":"狗仔汪汪队","avatar":"https://static.tigerbbs.com/c8f244632c78f6235a31dba220af6740","crmLevel":4,"crmLevelSwitch":0,"idStr":"3546346388943858","authorIdStr":"3546346388943858"},"content":"你就想骗我卖股票！不是好人","text":"你就想骗我卖股票！不是好人","html":"你就想骗我卖股票！不是好人"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":288558694498424,"gmtCreate":1711481574841,"gmtModify":1711481576761,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"；国际化拓展不及预期，国际客户大幅上涨，哪里不及预期了","listText":"；国际化拓展不及预期，国际客户大幅上涨，哪里不及预期了","text":"；国际化拓展不及预期，国际客户大幅上涨，哪里不及预期了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/288558694498424","repostId":"1125455110","repostType":2,"repost":{"id":"1125455110","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1711432658,"share":"https://www.laohu8.com/m/news/1125455110?lang=&edition=full","pubTime":"2024-03-26 13:57","market":"us","language":"zh","title":"中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升","url":"https://stock-news.laohu8.com/highlight/detail?id=1125455110","media":"老虎资讯综合","summary":"发展趋势新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。总收入环比稳健，获客成本下降明显。","content":"<p>文章来源：中金公司</p><p><strong>4Q23 收入基本符合、盈利略低于我们预期</strong></p><p><a href=\"https://laohu8.com/S/TIGR\">老虎证券</a> 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，Non\u0002GAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。</p><p><strong>发展趋势</strong></p><p>新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。</p><p>总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&amp;A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。</p><p>产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。</p><p><strong>盈利预测与估值</strong></p><p>由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。</p><p><strong>风险</strong></p><p>市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2024-03-26 13:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>文章来源：中金公司</p><p><strong>4Q23 收入基本符合、盈利略低于我们预期</strong></p><p><a href=\"https://laohu8.com/S/TIGR\">老虎证券</a> 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，Non\u0002GAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。</p><p><strong>发展趋势</strong></p><p>新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。</p><p>总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&amp;A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。</p><p>产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。</p><p><strong>盈利预测与估值</strong></p><p>由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。</p><p><strong>风险</strong></p><p>市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4dc07ee61db7080412aa8876596e51c5","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125455110","content_text":"文章来源：中金公司4Q23 收入基本符合、盈利略低于我们预期老虎证券 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，NonGAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。发展趋势新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。盈利预测与估值由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。风险市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。","news_type":1,"symbols_score_info":{"TIGR":1.1}},"isVote":1,"tweetType":1,"viewCount":1875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":288558177497384,"gmtCreate":1711481496808,"gmtModify":1711481498688,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"机构驱动客户资产和老虎新增客户加速有啥关系，🦐发文","listText":"机构驱动客户资产和老虎新增客户加速有啥关系，🦐发文","text":"机构驱动客户资产和老虎新增客户加速有啥关系，🦐发文","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/288558177497384","repostId":"1125455110","repostType":2,"repost":{"id":"1125455110","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1711432658,"share":"https://www.laohu8.com/m/news/1125455110?lang=&edition=full","pubTime":"2024-03-26 13:57","market":"us","language":"zh","title":"中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升","url":"https://stock-news.laohu8.com/highlight/detail?id=1125455110","media":"老虎资讯综合","summary":"发展趋势新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。总收入环比稳健，获客成本下降明显。","content":"<p>文章来源：中金公司</p><p><strong>4Q23 收入基本符合、盈利略低于我们预期</strong></p><p><a href=\"https://laohu8.com/S/TIGR\">老虎证券</a> 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，Non\u0002GAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。</p><p><strong>发展趋势</strong></p><p>新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。</p><p>总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&amp;A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。</p><p>产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。</p><p><strong>盈利预测与估值</strong></p><p>由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。</p><p><strong>风险</strong></p><p>市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ 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#494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2024-03-26 13:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>文章来源：中金公司</p><p><strong>4Q23 收入基本符合、盈利略低于我们预期</strong></p><p><a href=\"https://laohu8.com/S/TIGR\">老虎证券</a> 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，Non\u0002GAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。</p><p><strong>发展趋势</strong></p><p>新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。</p><p>总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&amp;A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。</p><p>产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。</p><p><strong>盈利预测与估值</strong></p><p>由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。</p><p><strong>风险</strong></p><p>市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4dc07ee61db7080412aa8876596e51c5","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125455110","content_text":"文章来源：中金公司4Q23 收入基本符合、盈利略低于我们预期老虎证券 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，NonGAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。发展趋势新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。盈利预测与估值由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 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涨停","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/298129275445480","isVote":1,"tweetType":1,"viewCount":1900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":296255882305560,"gmtCreate":1713365807029,"gmtModify":1713365808692,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"亏惨了","listText":"亏惨了","text":"亏惨了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/296255882305560","repostId":"296154876866840","repostType":1,"repost":{"id":296154876866840,"gmtCreate":1713333420911,"gmtModify":1713333468254,"author":{"id":"3555112578661940","authorId":"3555112578661940","name":"杨帆1977","avatar":"https://static.tigerbbs.com/7a5128c060dc9dbe1fdf91e73de72d5e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555112578661940","authorIdStr":"3555112578661940"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>加油吧","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>加油吧","text":"$老虎证券(TIGR)$ 加油吧","images":[{"img":"https://static.tigerbbs.com/b46cf84068727a7677161b7b05c3ddee","width":"906","height":"1406"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/296154876866840","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":292095761158392,"gmtCreate":1712338327863,"gmtModify":1712338329567,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/292095761158392","repostId":"292086564171952","repostType":1,"isVote":1,"tweetType":1,"viewCount":2093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":288558694498424,"gmtCreate":1711481574841,"gmtModify":1711481576761,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"；国际化拓展不及预期，国际客户大幅上涨，哪里不及预期了","listText":"；国际化拓展不及预期，国际客户大幅上涨，哪里不及预期了","text":"；国际化拓展不及预期，国际客户大幅上涨，哪里不及预期了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/288558694498424","repostId":"1125455110","repostType":2,"repost":{"id":"1125455110","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1711432658,"share":"https://www.laohu8.com/m/news/1125455110?lang=&edition=full","pubTime":"2024-03-26 13:57","market":"us","language":"zh","title":"中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升","url":"https://stock-news.laohu8.com/highlight/detail?id=1125455110","media":"老虎资讯综合","summary":"发展趋势新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。总收入环比稳健，获客成本下降明显。","content":"<p>文章来源：中金公司</p><p><strong>4Q23 收入基本符合、盈利略低于我们预期</strong></p><p><a href=\"https://laohu8.com/S/TIGR\">老虎证券</a> 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，Non\u0002GAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。</p><p><strong>发展趋势</strong></p><p>新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。</p><p>总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&amp;A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。</p><p>产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。</p><p><strong>盈利预测与估值</strong></p><p>由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。</p><p><strong>风险</strong></p><p>市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2024-03-26 13:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>文章来源：中金公司</p><p><strong>4Q23 收入基本符合、盈利略低于我们预期</strong></p><p><a href=\"https://laohu8.com/S/TIGR\">老虎证券</a> 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，Non\u0002GAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。</p><p><strong>发展趋势</strong></p><p>新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。</p><p>总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&amp;A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。</p><p>产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。</p><p><strong>盈利预测与估值</strong></p><p>由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。</p><p><strong>风险</strong></p><p>市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4dc07ee61db7080412aa8876596e51c5","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125455110","content_text":"文章来源：中金公司4Q23 收入基本符合、盈利略低于我们预期老虎证券 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，NonGAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。发展趋势新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。盈利预测与估值由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。风险市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。","news_type":1,"symbols_score_info":{"TIGR":1.1}},"isVote":1,"tweetType":1,"viewCount":1875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":288558177497384,"gmtCreate":1711481496808,"gmtModify":1711481498688,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"机构驱动客户资产和老虎新增客户加速有啥关系，🦐发文","listText":"机构驱动客户资产和老虎新增客户加速有啥关系，🦐发文","text":"机构驱动客户资产和老虎新增客户加速有啥关系，🦐发文","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/288558177497384","repostId":"1125455110","repostType":2,"repost":{"id":"1125455110","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1711432658,"share":"https://www.laohu8.com/m/news/1125455110?lang=&edition=full","pubTime":"2024-03-26 13:57","market":"us","language":"zh","title":"中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升","url":"https://stock-news.laohu8.com/highlight/detail?id=1125455110","media":"老虎资讯综合","summary":"发展趋势新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。总收入环比稳健，获客成本下降明显。","content":"<p>文章来源：中金公司</p><p><strong>4Q23 收入基本符合、盈利略低于我们预期</strong></p><p><a href=\"https://laohu8.com/S/TIGR\">老虎证券</a> 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，Non\u0002GAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。</p><p><strong>发展趋势</strong></p><p>新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。</p><p>总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&amp;A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。</p><p>产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。</p><p><strong>盈利预测与估值</strong></p><p>由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。</p><p><strong>风险</strong></p><p>市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ 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class=\"title\">\n中金公司：老虎证券新增客户加速增长，机构驱动客户资产大幅提升\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2024-03-26 13:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>文章来源：中金公司</p><p><strong>4Q23 收入基本符合、盈利略低于我们预期</strong></p><p><a href=\"https://laohu8.com/S/TIGR\">老虎证券</a> 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，Non\u0002GAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。</p><p><strong>发展趋势</strong></p><p>新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。</p><p>总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&amp;A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。</p><p>产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。</p><p><strong>盈利预测与估值</strong></p><p>由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。</p><p><strong>风险</strong></p><p>市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4dc07ee61db7080412aa8876596e51c5","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125455110","content_text":"文章来源：中金公司4Q23 收入基本符合、盈利略低于我们预期老虎证券 4Q23 总收入同比+10%/环比基本持平至 6,998 万美元，NonGAAP 净利润同比-77%/环比-93%至 106 万美元，收入端基本符合、利润端略低于我们预期，主要受美元贬值带来超 700 万美元的非现金汇兑损失影响；2023 年全年 Non-GAPP 净利润同比+2.37x 至 4,271 万美元。发展趋势新增客户加速增长，强劲入金叠加持仓市值上涨推动客户资产大幅提升。公司 4Q 新增入金客户 3.9 万人（环比+59%/同比+43%）至 90.5 万人，新客户分地区来看，新加坡及周边 60%+/美国近 20%/澳新 10%/中国香港10%；公司指引 24 年新增入金客户 15 万人。用户资产方面，客户净入金创新高、环比+4.5x/同比+4.9x 至 82 亿美元、主要受益于机构客户入金贡献，叠加客户持仓市值增长 35 亿美元，推动总客户资产规模环比+62%/同比+118%至 306 亿美元、其中大中华区以外的客户资产占比超 3/4；分地区来看，新加坡 4Q 新客户平均净入金创历史新高的 1.6 万美元，中国香港客户资产环比+151%、净入金超 1-3Q23 总和。此外，两融余额环比+28%至28.3 亿美元、客户资产渗透率 9.3%；财富管理规模环比+25%，持仓人数环比+17%、4Q 新入金客户平均每 4 个中有 1 个使用财富管理服务。总收入环比稳健，获客成本下降明显。1）收入端：4Q23 交易佣金、利息净收入、其他收入分别占净收入的 41%：50%：9%，其中：交易佣金环比-5%/同比-12%至 2,195 万美元，对应总交易量环比+2%至 818 亿美元（其中正股交易量环比-11%至 197 亿美元）、综合换手率环比-1.1x 至 3.3x、主因机构客户交易活跃度及换手率较低，综合佣金率环比-7%至 2.7bps（正股佣金率环比小幅提升至 6.5bps）；利息净收入环比-8%/同比+5%至 2,714万美元，其他业务收入环比-9%/同比-16%至 490 万美元。2）成本端：总费用环比+8%/同比+3%至 5,251 万美元，其中：市场营销费用环比+12%至579 万美元、对应净新增用户上升、单客成本下降至不到 150 美元；员工费用环比+2%，市场数据及通讯费用环比+13%，G&A 费用环比+34%；执行及清算成本环比-5%、对应费率 10.2%，折旧摊销费用环比-2%。此外，其他费用项 166 万美元（vs.3Q 收入 673 万美元），主要受汇兑损失影响。产品生态不断完善、服务零售及机构投资者多元需求，如 4Q 上线结构化票据产品，1 月起支持交易比特币现货 ETF，同时香港 1 号牌获 SFC 批准、公司预计未来 1-2 个月向本地专业投资者提供虚拟资产交易，我们认为产品完善将持续提升用户体验。建议关注后续美港股市场 beta 带来的催化。盈利预测与估值由于小幅上调费用端假设，下调 24e 盈利 10%至 4,944 万美元，引入 25e盈利 5,874 万美元。当前交易于 14x/12x 24e/25e P/E；下调目标价 6%至6 美元，对应 19x/16x 24e/25e P/E 及 34%上行空间；维持跑赢行业评级。风险市场成交及景气度低迷；行业竞争超预期；国际化拓展不及预期。","news_type":1,"symbols_score_info":{"TIGR":1.1}},"isVote":1,"tweetType":1,"viewCount":2373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":288556637294880,"gmtCreate":1711481203411,"gmtModify":1711481204942,"author":{"id":"3478145944297792","authorId":"3478145944297792","name":"康_0971","avatar":"https://static.tigerbbs.com/61bd74e2ac73ba39a05977bfeee3667f","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3478145944297792","authorIdStr":"3478145944297792"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>难道比疫情的时候还困难，这是要打到多低啊","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$ &nbsp;</a>难道比疫情的时候还困难，这是要打到多低啊","text":"$老虎证券(TIGR)$ 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