You need to create a writer. For Jpeg, use the FPWriteJpeg unit, and do
var writer : TFPWriterJPEG;
begin
writer := TFPWriterJPEG.Create;
writer.CompressionQuality:= 95; //any quality here
bitmap.SaveToFile(filename, writer);
writer.Free;
end;
For Png file, it is not a lossy compression, so there is nothing to be set.