Investment Rating - The report does not explicitly state the investment rating for Qifu Technology Inc (3660 HK) Core Insights - Qifu Technology reported a 6.3% year-on-year increase in revenue to RMB 4.16 billion and a 23.3% year-on-year increase in net profit to RMB 1.413 billion for Q2 2024 [2][6] - The return on equity (ROE) for Q2 2024 was 25.4%, up approximately 3 percentage points year-on-year [2][6] - The company has repurchased 10.7 million ADSs, achieving over 60% of its target repurchase amount of up to 19.7 per ADS [2][6] Summary by Sections Financial Performance - Revenue for Q2 2024 was RMB 4.16 billion, a 6.3% increase year-on-year, while net profit reached RMB 1.413 billion, reflecting a 23.3% increase year-on-year [2][6] - The net take rate improved to 4.4%, up 0.9 percentage points quarter-on-quarter and 1.1 percentage points year-on-year [2][6] - The average internal rate of return (IRR) for Q2 2024 was 21.6%, a slight increase of 0.1 percentage points quarter-on-quarter [2][6] User and Loan Metrics - The cumulative number of users approved for credit lines increased by 1.3 million quarter-on-quarter to 53.6 million, marking a 13.1% year-on-year growth [3][6] - New loan originations in Q2 2024 totaled RMB 95.4 billion, down 23.2% year-on-year and 3.8% quarter-on-quarter, with platform services contributing 64.9% of the total [3][6] - The 90-day delinquency rate was 3.4%, while the 30-day recovery rate improved by 1.2 percentage points quarter-on-quarter to 86.3% [3][6] Outlook - The company expects net profit for Q3 2024 to be between RMB 15.5 billion and RMB 16.5 billion, representing a year-on-year increase of 31% to 40% [4][6] - Loan IRR is anticipated to fluctuate around 21.6% [4][6] - Asset quality indicators are expected to continue improving in Q3 2024, with potential for additional loan loss provisions [4][6]
奇富科技-S：资产质量延续改善趋势，回购已完成目标的60%+