一路发财1687 personal page - To The Moon

一路发财1687

No personal profile

33Follow

2Followers

2Topic

0Badge

一路发财1687

2022-12-02

$Tiger Brokers(TIGR)$ 🚀🚀🚀To the moon

一路发财1687

2021-08-28

$SGOCO Group Ltd(SGOC)$Go go go

一路发财1687

2021-06-14

$ContextLogic Inc.(WISH)$Base on Fibonacci and the bottom end of Elliot's Wave. It got a chance to hit 18.

一路发财1687

2021-05-28

$AMC Entertainment(AMC)$Fasten your seat belt. We are gonna lift off. ? ? ?

一路发财1687

2021-06-15

$AMC Entertainment(AMC)$See you on the moon

一路发财1687

2022-09-09

$BlackBerry(BB)$Option expired soon

一路发财1687

2021-09-01

$GameStop(GME)$To the moon soon

一路发财1687

02-15

$黑莓(BB)$ 👍👍👍 https://www.prnewswire.com/news-releases/blackberry-is-first-mdm-vendor-to-receive-bsi-clearance-for-blackberry-uem-brightsite-usage-with-apple-indigo-302060115.html

一路发财1687

2023-01-20

$Alphabet(GOOGL)$ Lift off. We are gonna lift off to the moon🚀🚀🚀

一路发财1687

2022-10-06

$BlackBerry(BB)$Good ⛽⛽🛫

一路发财1687

2022-06-26

$Tiger Brokers(TIGR)$Watch out! It's gonna lift off soon. 🚀🚀🚀

一路发财1687

2022-04-07

$BriaCell Therapeutics Corp.(BCTX)$Gold mine

一路发财1687

2021-08-31

$Dynavax(DVAX)$To the moon

一路发财1687

02-23

$Kodiak Gas Services, Inc,(KGS)$ 👍👍👍

一路发财1687

2022-12-16

$BioVie Inc(BIVI)$ Nice 🤑🤑🤑

一路发财1687

2022-12-03

Great ariticle, would you like to share it?

中金：老虎国际 3Q22 业绩超预期，国际化战略持续强化

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":3574605043611727,"uuid":"3574605043611727","gmtCreate":1611511020183,"gmtModify":1611511020183,"name":"一路发财1687","pinyin":"ylfc1687yilufacai1687","introduction":"","introductionEn":"","signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":2,"headSize":33,"tweetSize":27,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":2,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":12,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.07.27","exceedPercentage":"80.73%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.06.09","exceedPercentage":"93.94%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.10.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"cbe1c45c584340f3bd9ae6c77e0e9981-1","templateUuid":"cbe1c45c584340f3bd9ae6c77e0e9981","name":"Academy Experiencer","description":"5 lessons learned","bigImgUrl":"https://community-static.tradeup.com/news/fb5ae275631fb96a92d475cdc85d2302","smallImgUrl":"https://community-static.tradeup.com/news/c2660a1935bd2105e97c9915619936c3","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":6,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":5,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":3,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":276863206633632,"gmtCreate":1708619567995,"gmtModify":1708619570891,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/KGS\">$Kodiak Gas Services, Inc,(KGS)$ </a> 👍👍👍","listText":"<a href=\"https://ttm.financial/S/KGS\">$Kodiak Gas Services, Inc,(KGS)$ </a> 👍👍👍","text":"$Kodiak Gas Services, Inc,(KGS)$ 👍👍👍","images":[{"img":"https://community-static.tradeup.com/news/a4dcbf1f029601ffaec587547863b07b","width":"882","height":"1608"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/276863206633632","isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":274290674565240,"gmtCreate":1708003280279,"gmtModify":1708008774514,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BB\">$黑莓(BB)$ </a> 👍👍👍 https://www.prnewswire.com/news-releases/blackberry-is-first-mdm-vendor-to-receive-bsi-clearance-for-blackberry-uem-brightsite-usage-with-apple-indigo-302060115.html","listText":"<a href=\"https://ttm.financial/S/BB\">$黑莓(BB)$ </a> 👍👍👍 https://www.prnewswire.com/news-releases/blackberry-is-first-mdm-vendor-to-receive-bsi-clearance-for-blackberry-uem-brightsite-usage-with-apple-indigo-302060115.html","text":"$黑莓(BB)$ 👍👍👍 https://www.prnewswire.com/news-releases/blackberry-is-first-mdm-vendor-to-receive-bsi-clearance-for-blackberry-uem-brightsite-usage-with-apple-indigo-302060115.html","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/274290674565240","isVote":1,"tweetType":1,"viewCount":308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9956721019,"gmtCreate":1674215665131,"gmtModify":1676538930997,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$&nbsp;</a>Lift off. We are gonna lift off to&nbsp;the moon🚀🚀🚀","listText":"<a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$&nbsp;</a>Lift off. We are gonna lift off to&nbsp;the moon🚀🚀🚀","text":"$Alphabet(GOOGL)$ Lift off. We are gonna lift off to the moon🚀🚀🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956721019","isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9928306062,"gmtCreate":1671184994757,"gmtModify":1676538505399,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BIVI\">$BioVie Inc(BIVI)$ &nbsp;</a>Nice 🤑🤑🤑","listText":"<a href=\"https://ttm.financial/S/BIVI\">$BioVie Inc(BIVI)$ &nbsp;</a>Nice 🤑🤑🤑","text":"$BioVie Inc(BIVI)$ Nice 🤑🤑🤑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9928306062","isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965414227,"gmtCreate":1669997499670,"gmtModify":1676538286222,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965414227","repostId":"1164238220","repostType":2,"repost":{"id":"1164238220","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":1669358882,"share":"https://ttm.financial/m/news/1164238220?lang=&edition=fundamental","pubTime":"2022-11-25 14:48","market":"us","language":"zh","title":"中金：老虎国际 3Q22 业绩超预期，国际化战略持续强化","url":"https://stock-news.laohu8.com/highlight/detail?id=1164238220","media":"老虎资讯综合","summary":"预测 3Q22 Non-GAAP净利润环比+9%。","content":"<p>分析员：姚泽宇、蒲寒、樊优</p><p><b>3Q22业绩超过我们预期</b></p><p>老虎证券3Q22总收入同比-9%/环比+4%至5,541万美元，Non-GAAP净 利润同比+26%/环比+91%至663万美元，超过我们此前376万美元的预 期，主要由于交易佣金收入及利息相关收入增长超预期、叠加精细化成本运 营下经营效率提升，推动盈利能力环比进一步改善。</p><p><b>发展趋势</b></p><p>澳新地区贡献近1/5新用户，客户资产受市场影响有所回落、但净入金较为 强劲。公司3Q新增付费用户2.3万人至75.4万人，其中近八成来自于海外 地区(澳新地区占比提升至19%)，客户留存率维持98%高位。用户资产方 面，客户净入金超7亿美元、但受美股市场持续下行对净值的影响，客户资 产环比-13%至130亿美元、客均资产环比-15%至1.7万美元，其中新加坡 客户质量持续提升、新客户平均净入金破1.1万美元(vs. 2Q/1Q:$US 9,000/8,000);两融余额环比-5%至16亿美元、客户资产渗透率为12%。</p><p>交易佣金及利息净收入超预期、精细化成本运营带动盈利能力改善。3Q交易佣金、利息净收入、其他收入分别占净收入的48%:44%:8%，其 中:1)交易佣金同比-27%/环比-13%至2,450万美元，对应综合换手率 环比-0.07x至5.6x、综合佣金率环比-5%至3.1bps;2)利息净收入同比+42%/环比+82%至2,264万美元，主要受益于加息周期叠加自清算推进 下资金运用效率提升;3)其他业务收入同比-45%/环比-57%至396万美 元，主要受IPO市场影响。费用方面，总营业费用同比-13%/环比-9%至4,729万美元，其中:自清算推进带动执行及清算成本环比-16%、对应费 率环比-0.5ppt至13.1%;营销成本环比-12%、对应单客成本环比+9%至326美元;员工费用/通讯及市场费/G&amp;A费用分别环比-6%/-9%/-19%。</p><p>市场风险偏好提升下的弹性标的;国际化战略持续强化。短期而言，我们 预计市场成交量边际回暖或对公司业绩形成一定支撑，同时短期平台经济监 管缓解下市场风险偏好有所提升;往前看，公司美股正股自清算已基本完 成，新产品功能持续上线(如推出美股碎股交易、在新加坡推出老虎钱袋子 等)，新加坡市场竞争优势巩固、澳新地区新增客户贡献提升、中国香港地 区零售展业布局加快(公司预计将于12月正式开始展业)，我们预计将为 公司长期用户增长及利润率进一步提升提供增长动能。</p><p><b>盈利预测与估值</b></p><p>考虑佣金及利息收入增长超预期、叠加精细化成本运营下盈利能力改善，我 们上调22年盈利至1,436万美元(vs.前值872万美元)，上调23年盈利18%至3,755万美元。公司当前交易于20x 23e P/E，上调目标价19%至6.4美元，对应28x 23e P/E及42%上行空间;维持跑赢行业评级。</p><p><b>风险</b></p><p> 监管政策不确定性;港美股市场大幅波动;国际化拓展低于预期。</p><p></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：老虎国际 3Q22 业绩超预期，国际化战略持续强化</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：老虎国际 3Q22 业绩超预期，国际化战略持续强化\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\">2022-11-25 14:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>分析员：姚泽宇、蒲寒、樊优</p><p><b>3Q22业绩超过我们预期</b></p><p>老虎证券3Q22总收入同比-9%/环比+4%至5,541万美元，Non-GAAP净 利润同比+26%/环比+91%至663万美元，超过我们此前376万美元的预 期，主要由于交易佣金收入及利息相关收入增长超预期、叠加精细化成本运 营下经营效率提升，推动盈利能力环比进一步改善。</p><p><b>发展趋势</b></p><p>澳新地区贡献近1/5新用户，客户资产受市场影响有所回落、但净入金较为 强劲。公司3Q新增付费用户2.3万人至75.4万人，其中近八成来自于海外 地区(澳新地区占比提升至19%)，客户留存率维持98%高位。用户资产方 面，客户净入金超7亿美元、但受美股市场持续下行对净值的影响，客户资 产环比-13%至130亿美元、客均资产环比-15%至1.7万美元，其中新加坡 客户质量持续提升、新客户平均净入金破1.1万美元(vs. 2Q/1Q:$US 9,000/8,000);两融余额环比-5%至16亿美元、客户资产渗透率为12%。</p><p>交易佣金及利息净收入超预期、精细化成本运营带动盈利能力改善。3Q交易佣金、利息净收入、其他收入分别占净收入的48%:44%:8%，其 中:1)交易佣金同比-27%/环比-13%至2,450万美元，对应综合换手率 环比-0.07x至5.6x、综合佣金率环比-5%至3.1bps;2)利息净收入同比+42%/环比+82%至2,264万美元，主要受益于加息周期叠加自清算推进 下资金运用效率提升;3)其他业务收入同比-45%/环比-57%至396万美 元，主要受IPO市场影响。费用方面，总营业费用同比-13%/环比-9%至4,729万美元，其中:自清算推进带动执行及清算成本环比-16%、对应费 率环比-0.5ppt至13.1%;营销成本环比-12%、对应单客成本环比+9%至326美元;员工费用/通讯及市场费/G&amp;A费用分别环比-6%/-9%/-19%。</p><p>市场风险偏好提升下的弹性标的;国际化战略持续强化。短期而言，我们 预计市场成交量边际回暖或对公司业绩形成一定支撑，同时短期平台经济监 管缓解下市场风险偏好有所提升;往前看，公司美股正股自清算已基本完 成，新产品功能持续上线(如推出美股碎股交易、在新加坡推出老虎钱袋子 等)，新加坡市场竞争优势巩固、澳新地区新增客户贡献提升、中国香港地 区零售展业布局加快(公司预计将于12月正式开始展业)，我们预计将为 公司长期用户增长及利润率进一步提升提供增长动能。</p><p><b>盈利预测与估值</b></p><p>考虑佣金及利息收入增长超预期、叠加精细化成本运营下盈利能力改善，我 们上调22年盈利至1,436万美元(vs.前值872万美元)，上调23年盈利18%至3,755万美元。公司当前交易于20x 23e P/E，上调目标价19%至6.4美元，对应28x 23e P/E及42%上行空间;维持跑赢行业评级。</p><p><b>风险</b></p><p> 监管政策不确定性;港美股市场大幅波动;国际化拓展低于预期。</p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e51dca4aea5a4f4975d48e2264c0446","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164238220","content_text":"分析员：姚泽宇、蒲寒、樊优3Q22业绩超过我们预期老虎证券3Q22总收入同比-9%/环比+4%至5,541万美元，Non-GAAP净 利润同比+26%/环比+91%至663万美元，超过我们此前376万美元的预 期，主要由于交易佣金收入及利息相关收入增长超预期、叠加精细化成本运 营下经营效率提升，推动盈利能力环比进一步改善。发展趋势澳新地区贡献近1/5新用户，客户资产受市场影响有所回落、但净入金较为 强劲。公司3Q新增付费用户2.3万人至75.4万人，其中近八成来自于海外 地区(澳新地区占比提升至19%)，客户留存率维持98%高位。用户资产方 面，客户净入金超7亿美元、但受美股市场持续下行对净值的影响，客户资 产环比-13%至130亿美元、客均资产环比-15%至1.7万美元，其中新加坡 客户质量持续提升、新客户平均净入金破1.1万美元(vs. 2Q/1Q:$US 9,000/8,000);两融余额环比-5%至16亿美元、客户资产渗透率为12%。交易佣金及利息净收入超预期、精细化成本运营带动盈利能力改善。3Q交易佣金、利息净收入、其他收入分别占净收入的48%:44%:8%，其 中:1)交易佣金同比-27%/环比-13%至2,450万美元，对应综合换手率 环比-0.07x至5.6x、综合佣金率环比-5%至3.1bps;2)利息净收入同比+42%/环比+82%至2,264万美元，主要受益于加息周期叠加自清算推进 下资金运用效率提升;3)其他业务收入同比-45%/环比-57%至396万美 元，主要受IPO市场影响。费用方面，总营业费用同比-13%/环比-9%至4,729万美元，其中:自清算推进带动执行及清算成本环比-16%、对应费 率环比-0.5ppt至13.1%;营销成本环比-12%、对应单客成本环比+9%至326美元;员工费用/通讯及市场费/G&A费用分别环比-6%/-9%/-19%。市场风险偏好提升下的弹性标的;国际化战略持续强化。短期而言，我们 预计市场成交量边际回暖或对公司业绩形成一定支撑，同时短期平台经济监 管缓解下市场风险偏好有所提升;往前看，公司美股正股自清算已基本完 成，新产品功能持续上线(如推出美股碎股交易、在新加坡推出老虎钱袋子 等)，新加坡市场竞争优势巩固、澳新地区新增客户贡献提升、中国香港地 区零售展业布局加快(公司预计将于12月正式开始展业)，我们预计将为 公司长期用户增长及利润率进一步提升提供增长动能。盈利预测与估值考虑佣金及利息收入增长超预期、叠加精细化成本运营下盈利能力改善，我 们上调22年盈利至1,436万美元(vs.前值872万美元)，上调23年盈利18%至3,755万美元。公司当前交易于20x 23e P/E，上调目标价19%至6.4美元，对应28x 23e P/E及42%上行空间;维持跑赢行业评级。风险 监管政策不确定性;港美股市场大幅波动;国际化拓展低于预期。","news_type":1},"isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965495473,"gmtCreate":1669995523792,"gmtModify":1676538285576,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$ &nbsp;</a>🚀🚀🚀To the moon","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$ &nbsp;</a>🚀🚀🚀To the moon","text":"$Tiger Brokers(TIGR)$ 🚀🚀🚀To the moon","images":[{"img":"https://community-static.tradeup.com/news/1d2dcfa41345736c1157941294a8303f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9965495473","isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9915155424,"gmtCreate":1665004192069,"gmtModify":1676537540462,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BB\">$BlackBerry(BB)$</a>Good ⛽⛽🛫","listText":"<a href=\"https://ttm.financial/S/BB\">$BlackBerry(BB)$</a>Good ⛽⛽🛫","text":"$BlackBerry(BB)$Good ⛽⛽🛫","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9915155424","isVote":1,"tweetType":1,"viewCount":249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9936157960,"gmtCreate":1662732843551,"gmtModify":1676537129310,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BB\">$BlackBerry(BB)$</a>Option expired soon","listText":"<a href=\"https://ttm.financial/S/BB\">$BlackBerry(BB)$</a>Option expired soon","text":"$BlackBerry(BB)$Option expired soon","images":[{"img":"https://community-static.tradeup.com/news/1f56294c522b325f40cedb20090b40b1","width":"1080","height":"2400"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9936157960","isVote":1,"tweetType":1,"viewCount":91,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9048805418,"gmtCreate":1656173559435,"gmtModify":1676535779971,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>Watch out! It's gonna lift off&nbsp;soon. 🚀🚀🚀","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>Watch out! It's gonna lift off&nbsp;soon. 🚀🚀🚀","text":"$Tiger Brokers(TIGR)$Watch out! It's gonna lift off soon. 🚀🚀🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9048805418","isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012934703,"gmtCreate":1649262448147,"gmtModify":1676534480717,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BCTX\">$BriaCell Therapeutics Corp.(BCTX)$</a>Gold mine","listText":"<a href=\"https://ttm.financial/S/BCTX\">$BriaCell Therapeutics Corp.(BCTX)$</a>Gold mine","text":"$BriaCell Therapeutics Corp.(BCTX)$Gold mine","images":[{"img":"https://community-static.tradeup.com/news/14c1e806787ba3cb67d509bfdfae2126","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012934703","isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":816857269,"gmtCreate":1630489771951,"gmtModify":1676530318083,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>To the moon soon","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>To the moon soon","text":"$GameStop(GME)$To the moon soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/816857269","isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818599572,"gmtCreate":1630417874096,"gmtModify":1676530298114,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DVAX\">$Dynavax(DVAX)$</a>To the moon&nbsp;","listText":"<a href=\"https://laohu8.com/S/DVAX\">$Dynavax(DVAX)$</a>To the moon&nbsp;","text":"$Dynavax(DVAX)$To the moon","images":[{"img":"https://static.tigerbbs.com/483968fc079d162bfab3d884da3c98ac","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/818599572","isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":819404371,"gmtCreate":1630082466493,"gmtModify":1676530221212,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SGOC\">$SGOCO Group Ltd(SGOC)$</a>Go go go","listText":"<a href=\"https://laohu8.com/S/SGOC\">$SGOCO Group Ltd(SGOC)$</a>Go go go","text":"$SGOCO Group Ltd(SGOC)$Go go go","images":[{"img":"https://static.tigerbbs.com/9eedc650bcfe22f9a93b46d8893240b0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/819404371","isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":160050074,"gmtCreate":1623767269098,"gmtModify":1703818797882,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>See you on the moon&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>See you on the moon&nbsp;","text":"$AMC Entertainment(AMC)$See you on the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160050074","isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184943224,"gmtCreate":1623682096568,"gmtModify":1704208628655,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Base on Fibonacci and the bottom end of Elliot's Wave. It got a chance to hit 18.&nbsp;","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Base on Fibonacci and the bottom end of Elliot's Wave. It got a chance to hit 18.&nbsp;","text":"$ContextLogic Inc.(WISH)$Base on Fibonacci and the bottom end of Elliot's Wave. It got a chance to hit 18.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/184943224","isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3571663332586550","authorId":"3571663332586550","authorIdStr":"3571663332586550","name":"thepigoala","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"idStr":"3571663332586550"},"content":"Nice, I have similar TP of $17 based on the third EW formation","text":"Nice, I have similar TP of $17 based on the third EW formation","html":"Nice, I have similar TP of $17 based on the third EW formation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134040627,"gmtCreate":1622195095769,"gmtModify":1704181260437,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Fasten your seat belt. We are gonna lift off. ? ? ?&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Fasten your seat belt. We are gonna lift off. ? ? ?&nbsp;","text":"$AMC Entertainment(AMC)$Fasten your seat belt. We are gonna lift off. ? ? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/134040627","isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576807236070433","authorId":"3576807236070433","authorIdStr":"3576807236070433","name":"_GOD_","avatar":"https://static.tigerbbs.com/a7926464e49b85685a50f1e80f5ff8cd","crmLevel":3,"crmLevelSwitch":1,"idStr":"3576807236070433"},"content":"YoU GOING TO CRASH HAHA","text":"YoU GOING TO CRASH HAHA","html":"YoU GOING TO CRASH HAHA"}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9965495473,"gmtCreate":1669995523792,"gmtModify":1676538285576,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$ &nbsp;</a>🚀🚀🚀To the moon","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$ &nbsp;</a>🚀🚀🚀To the moon","text":"$Tiger Brokers(TIGR)$ 🚀🚀🚀To the moon","images":[{"img":"https://community-static.tradeup.com/news/1d2dcfa41345736c1157941294a8303f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9965495473","isVote":1,"tweetType":1,"viewCount":567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":819404371,"gmtCreate":1630082466493,"gmtModify":1676530221212,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SGOC\">$SGOCO Group Ltd(SGOC)$</a>Go go go","listText":"<a href=\"https://laohu8.com/S/SGOC\">$SGOCO Group Ltd(SGOC)$</a>Go go go","text":"$SGOCO Group Ltd(SGOC)$Go go go","images":[{"img":"https://static.tigerbbs.com/9eedc650bcfe22f9a93b46d8893240b0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/819404371","isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":184943224,"gmtCreate":1623682096568,"gmtModify":1704208628655,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Base on Fibonacci and the bottom end of Elliot's Wave. It got a chance to hit 18.&nbsp;","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Base on Fibonacci and the bottom end of Elliot's Wave. It got a chance to hit 18.&nbsp;","text":"$ContextLogic Inc.(WISH)$Base on Fibonacci and the bottom end of Elliot's Wave. It got a chance to hit 18.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/184943224","isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3571663332586550","authorId":"3571663332586550","authorIdStr":"3571663332586550","name":"thepigoala","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"idStr":"3571663332586550"},"content":"Nice, I have similar TP of $17 based on the third EW formation","text":"Nice, I have similar TP of $17 based on the third EW formation","html":"Nice, I have similar TP of $17 based on the third EW formation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134040627,"gmtCreate":1622195095769,"gmtModify":1704181260437,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Fasten your seat belt. We are gonna lift off. ? ? ?&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Fasten your seat belt. We are gonna lift off. ? ? ?&nbsp;","text":"$AMC Entertainment(AMC)$Fasten your seat belt. We are gonna lift off. ? ? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/134040627","isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576807236070433","authorId":"3576807236070433","authorIdStr":"3576807236070433","name":"_GOD_","avatar":"https://static.tigerbbs.com/a7926464e49b85685a50f1e80f5ff8cd","crmLevel":3,"crmLevelSwitch":1,"idStr":"3576807236070433"},"content":"YoU GOING TO CRASH HAHA","text":"YoU GOING TO CRASH HAHA","html":"YoU GOING TO CRASH HAHA"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160050074,"gmtCreate":1623767269098,"gmtModify":1703818797882,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>See you on the moon&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>See you on the moon&nbsp;","text":"$AMC Entertainment(AMC)$See you on the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160050074","isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9936157960,"gmtCreate":1662732843551,"gmtModify":1676537129310,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BB\">$BlackBerry(BB)$</a>Option expired soon","listText":"<a href=\"https://ttm.financial/S/BB\">$BlackBerry(BB)$</a>Option expired soon","text":"$BlackBerry(BB)$Option expired soon","images":[{"img":"https://community-static.tradeup.com/news/1f56294c522b325f40cedb20090b40b1","width":"1080","height":"2400"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9936157960","isVote":1,"tweetType":1,"viewCount":91,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":816857269,"gmtCreate":1630489771951,"gmtModify":1676530318083,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>To the moon soon","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>To the moon soon","text":"$GameStop(GME)$To the moon soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/816857269","isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":274290674565240,"gmtCreate":1708003280279,"gmtModify":1708008774514,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BB\">$黑莓(BB)$ </a> 👍👍👍 https://www.prnewswire.com/news-releases/blackberry-is-first-mdm-vendor-to-receive-bsi-clearance-for-blackberry-uem-brightsite-usage-with-apple-indigo-302060115.html","listText":"<a href=\"https://ttm.financial/S/BB\">$黑莓(BB)$ </a> 👍👍👍 https://www.prnewswire.com/news-releases/blackberry-is-first-mdm-vendor-to-receive-bsi-clearance-for-blackberry-uem-brightsite-usage-with-apple-indigo-302060115.html","text":"$黑莓(BB)$ 👍👍👍 https://www.prnewswire.com/news-releases/blackberry-is-first-mdm-vendor-to-receive-bsi-clearance-for-blackberry-uem-brightsite-usage-with-apple-indigo-302060115.html","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/274290674565240","isVote":1,"tweetType":1,"viewCount":308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9956721019,"gmtCreate":1674215665131,"gmtModify":1676538930997,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$&nbsp;</a>Lift off. We are gonna lift off to&nbsp;the moon🚀🚀🚀","listText":"<a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$&nbsp;</a>Lift off. We are gonna lift off to&nbsp;the moon🚀🚀🚀","text":"$Alphabet(GOOGL)$ Lift off. We are gonna lift off to the moon🚀🚀🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956721019","isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915155424,"gmtCreate":1665004192069,"gmtModify":1676537540462,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BB\">$BlackBerry(BB)$</a>Good ⛽⛽🛫","listText":"<a href=\"https://ttm.financial/S/BB\">$BlackBerry(BB)$</a>Good ⛽⛽🛫","text":"$BlackBerry(BB)$Good ⛽⛽🛫","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9915155424","isVote":1,"tweetType":1,"viewCount":249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9048805418,"gmtCreate":1656173559435,"gmtModify":1676535779971,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>Watch out! It's gonna lift off&nbsp;soon. 🚀🚀🚀","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>Watch out! It's gonna lift off&nbsp;soon. 🚀🚀🚀","text":"$Tiger Brokers(TIGR)$Watch out! It's gonna lift off soon. 🚀🚀🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9048805418","isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012934703,"gmtCreate":1649262448147,"gmtModify":1676534480717,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BCTX\">$BriaCell Therapeutics Corp.(BCTX)$</a>Gold mine","listText":"<a href=\"https://ttm.financial/S/BCTX\">$BriaCell Therapeutics Corp.(BCTX)$</a>Gold mine","text":"$BriaCell Therapeutics Corp.(BCTX)$Gold mine","images":[{"img":"https://community-static.tradeup.com/news/14c1e806787ba3cb67d509bfdfae2126","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012934703","isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":818599572,"gmtCreate":1630417874096,"gmtModify":1676530298114,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/DVAX\">$Dynavax(DVAX)$</a>To the moon&nbsp;","listText":"<a href=\"https://laohu8.com/S/DVAX\">$Dynavax(DVAX)$</a>To the moon&nbsp;","text":"$Dynavax(DVAX)$To the moon","images":[{"img":"https://static.tigerbbs.com/483968fc079d162bfab3d884da3c98ac","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/818599572","isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":276863206633632,"gmtCreate":1708619567995,"gmtModify":1708619570891,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/KGS\">$Kodiak Gas Services, Inc,(KGS)$ </a> 👍👍👍","listText":"<a href=\"https://ttm.financial/S/KGS\">$Kodiak Gas Services, Inc,(KGS)$ </a> 👍👍👍","text":"$Kodiak Gas Services, Inc,(KGS)$ 👍👍👍","images":[{"img":"https://community-static.tradeup.com/news/a4dcbf1f029601ffaec587547863b07b","width":"882","height":"1608"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/276863206633632","isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9928306062,"gmtCreate":1671184994757,"gmtModify":1676538505399,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BIVI\">$BioVie Inc(BIVI)$ &nbsp;</a>Nice 🤑🤑🤑","listText":"<a href=\"https://ttm.financial/S/BIVI\">$BioVie Inc(BIVI)$ &nbsp;</a>Nice 🤑🤑🤑","text":"$BioVie Inc(BIVI)$ Nice 🤑🤑🤑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9928306062","isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965414227,"gmtCreate":1669997499670,"gmtModify":1676538286222,"author":{"id":"3574605043611727","authorId":"3574605043611727","authorIdStr":"3574605043611727","name":"一路发财1687","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574605043611727"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965414227","repostId":"1164238220","repostType":2,"repost":{"id":"1164238220","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":1669358882,"share":"https://ttm.financial/m/news/1164238220?lang=&edition=fundamental","pubTime":"2022-11-25 14:48","market":"us","language":"zh","title":"中金：老虎国际 3Q22 业绩超预期，国际化战略持续强化","url":"https://stock-news.laohu8.com/highlight/detail?id=1164238220","media":"老虎资讯综合","summary":"预测 3Q22 Non-GAAP净利润环比+9%。","content":"<p>分析员：姚泽宇、蒲寒、樊优</p><p><b>3Q22业绩超过我们预期</b></p><p>老虎证券3Q22总收入同比-9%/环比+4%至5,541万美元，Non-GAAP净 利润同比+26%/环比+91%至663万美元，超过我们此前376万美元的预 期，主要由于交易佣金收入及利息相关收入增长超预期、叠加精细化成本运 营下经营效率提升，推动盈利能力环比进一步改善。</p><p><b>发展趋势</b></p><p>澳新地区贡献近1/5新用户，客户资产受市场影响有所回落、但净入金较为 强劲。公司3Q新增付费用户2.3万人至75.4万人，其中近八成来自于海外 地区(澳新地区占比提升至19%)，客户留存率维持98%高位。用户资产方 面，客户净入金超7亿美元、但受美股市场持续下行对净值的影响，客户资 产环比-13%至130亿美元、客均资产环比-15%至1.7万美元，其中新加坡 客户质量持续提升、新客户平均净入金破1.1万美元(vs. 2Q/1Q:$US 9,000/8,000);两融余额环比-5%至16亿美元、客户资产渗透率为12%。</p><p>交易佣金及利息净收入超预期、精细化成本运营带动盈利能力改善。3Q交易佣金、利息净收入、其他收入分别占净收入的48%:44%:8%，其 中:1)交易佣金同比-27%/环比-13%至2,450万美元，对应综合换手率 环比-0.07x至5.6x、综合佣金率环比-5%至3.1bps;2)利息净收入同比+42%/环比+82%至2,264万美元，主要受益于加息周期叠加自清算推进 下资金运用效率提升;3)其他业务收入同比-45%/环比-57%至396万美 元，主要受IPO市场影响。费用方面，总营业费用同比-13%/环比-9%至4,729万美元，其中:自清算推进带动执行及清算成本环比-16%、对应费 率环比-0.5ppt至13.1%;营销成本环比-12%、对应单客成本环比+9%至326美元;员工费用/通讯及市场费/G&amp;A费用分别环比-6%/-9%/-19%。</p><p>市场风险偏好提升下的弹性标的;国际化战略持续强化。短期而言，我们 预计市场成交量边际回暖或对公司业绩形成一定支撑，同时短期平台经济监 管缓解下市场风险偏好有所提升;往前看，公司美股正股自清算已基本完 成，新产品功能持续上线(如推出美股碎股交易、在新加坡推出老虎钱袋子 等)，新加坡市场竞争优势巩固、澳新地区新增客户贡献提升、中国香港地 区零售展业布局加快(公司预计将于12月正式开始展业)，我们预计将为 公司长期用户增长及利润率进一步提升提供增长动能。</p><p><b>盈利预测与估值</b></p><p>考虑佣金及利息收入增长超预期、叠加精细化成本运营下盈利能力改善，我 们上调22年盈利至1,436万美元(vs.前值872万美元)，上调23年盈利18%至3,755万美元。公司当前交易于20x 23e P/E，上调目标价19%至6.4美元，对应28x 23e P/E及42%上行空间;维持跑赢行业评级。</p><p><b>风险</b></p><p> 监管政策不确定性;港美股市场大幅波动;国际化拓展低于预期。</p><p></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：老虎国际 3Q22 业绩超预期，国际化战略持续强化</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：老虎国际 3Q22 业绩超预期，国际化战略持续强化\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\">2022-11-25 14:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>分析员：姚泽宇、蒲寒、樊优</p><p><b>3Q22业绩超过我们预期</b></p><p>老虎证券3Q22总收入同比-9%/环比+4%至5,541万美元，Non-GAAP净 利润同比+26%/环比+91%至663万美元，超过我们此前376万美元的预 期，主要由于交易佣金收入及利息相关收入增长超预期、叠加精细化成本运 营下经营效率提升，推动盈利能力环比进一步改善。</p><p><b>发展趋势</b></p><p>澳新地区贡献近1/5新用户，客户资产受市场影响有所回落、但净入金较为 强劲。公司3Q新增付费用户2.3万人至75.4万人，其中近八成来自于海外 地区(澳新地区占比提升至19%)，客户留存率维持98%高位。用户资产方 面，客户净入金超7亿美元、但受美股市场持续下行对净值的影响，客户资 产环比-13%至130亿美元、客均资产环比-15%至1.7万美元，其中新加坡 客户质量持续提升、新客户平均净入金破1.1万美元(vs. 2Q/1Q:$US 9,000/8,000);两融余额环比-5%至16亿美元、客户资产渗透率为12%。</p><p>交易佣金及利息净收入超预期、精细化成本运营带动盈利能力改善。3Q交易佣金、利息净收入、其他收入分别占净收入的48%:44%:8%，其 中:1)交易佣金同比-27%/环比-13%至2,450万美元，对应综合换手率 环比-0.07x至5.6x、综合佣金率环比-5%至3.1bps;2)利息净收入同比+42%/环比+82%至2,264万美元，主要受益于加息周期叠加自清算推进 下资金运用效率提升;3)其他业务收入同比-45%/环比-57%至396万美 元，主要受IPO市场影响。费用方面，总营业费用同比-13%/环比-9%至4,729万美元，其中:自清算推进带动执行及清算成本环比-16%、对应费 率环比-0.5ppt至13.1%;营销成本环比-12%、对应单客成本环比+9%至326美元;员工费用/通讯及市场费/G&amp;A费用分别环比-6%/-9%/-19%。</p><p>市场风险偏好提升下的弹性标的;国际化战略持续强化。短期而言，我们 预计市场成交量边际回暖或对公司业绩形成一定支撑，同时短期平台经济监 管缓解下市场风险偏好有所提升;往前看，公司美股正股自清算已基本完 成，新产品功能持续上线(如推出美股碎股交易、在新加坡推出老虎钱袋子 等)，新加坡市场竞争优势巩固、澳新地区新增客户贡献提升、中国香港地 区零售展业布局加快(公司预计将于12月正式开始展业)，我们预计将为 公司长期用户增长及利润率进一步提升提供增长动能。</p><p><b>盈利预测与估值</b></p><p>考虑佣金及利息收入增长超预期、叠加精细化成本运营下盈利能力改善，我 们上调22年盈利至1,436万美元(vs.前值872万美元)，上调23年盈利18%至3,755万美元。公司当前交易于20x 23e P/E，上调目标价19%至6.4美元，对应28x 23e P/E及42%上行空间;维持跑赢行业评级。</p><p><b>风险</b></p><p> 监管政策不确定性;港美股市场大幅波动;国际化拓展低于预期。</p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e51dca4aea5a4f4975d48e2264c0446","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164238220","content_text":"分析员：姚泽宇、蒲寒、樊优3Q22业绩超过我们预期老虎证券3Q22总收入同比-9%/环比+4%至5,541万美元，Non-GAAP净 利润同比+26%/环比+91%至663万美元，超过我们此前376万美元的预 期，主要由于交易佣金收入及利息相关收入增长超预期、叠加精细化成本运 营下经营效率提升，推动盈利能力环比进一步改善。发展趋势澳新地区贡献近1/5新用户，客户资产受市场影响有所回落、但净入金较为 强劲。公司3Q新增付费用户2.3万人至75.4万人，其中近八成来自于海外 地区(澳新地区占比提升至19%)，客户留存率维持98%高位。用户资产方 面，客户净入金超7亿美元、但受美股市场持续下行对净值的影响，客户资 产环比-13%至130亿美元、客均资产环比-15%至1.7万美元，其中新加坡 客户质量持续提升、新客户平均净入金破1.1万美元(vs. 2Q/1Q:$US 9,000/8,000);两融余额环比-5%至16亿美元、客户资产渗透率为12%。交易佣金及利息净收入超预期、精细化成本运营带动盈利能力改善。3Q交易佣金、利息净收入、其他收入分别占净收入的48%:44%:8%，其 中:1)交易佣金同比-27%/环比-13%至2,450万美元，对应综合换手率 环比-0.07x至5.6x、综合佣金率环比-5%至3.1bps;2)利息净收入同比+42%/环比+82%至2,264万美元，主要受益于加息周期叠加自清算推进 下资金运用效率提升;3)其他业务收入同比-45%/环比-57%至396万美 元，主要受IPO市场影响。费用方面，总营业费用同比-13%/环比-9%至4,729万美元，其中:自清算推进带动执行及清算成本环比-16%、对应费 率环比-0.5ppt至13.1%;营销成本环比-12%、对应单客成本环比+9%至326美元;员工费用/通讯及市场费/G&A费用分别环比-6%/-9%/-19%。市场风险偏好提升下的弹性标的;国际化战略持续强化。短期而言，我们 预计市场成交量边际回暖或对公司业绩形成一定支撑，同时短期平台经济监 管缓解下市场风险偏好有所提升;往前看，公司美股正股自清算已基本完 成，新产品功能持续上线(如推出美股碎股交易、在新加坡推出老虎钱袋子 等)，新加坡市场竞争优势巩固、澳新地区新增客户贡献提升、中国香港地 区零售展业布局加快(公司预计将于12月正式开始展业)，我们预计将为 公司长期用户增长及利润率进一步提升提供增长动能。盈利预测与估值考虑佣金及利息收入增长超预期、叠加精细化成本运营下盈利能力改善，我 们上调22年盈利至1,436万美元(vs.前值872万美元)，上调23年盈利18%至3,755万美元。公司当前交易于20x 23e P/E，上调目标价19%至6.4美元，对应28x 23e P/E及42%上行空间;维持跑赢行业评级。风险 监管政策不确定性;港美股市场大幅波动;国际化拓展低于预期。","news_type":1},"isVote":1,"tweetType":1,"viewCount":141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}