Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 115.43, corresponding to a P/E ratio of 6.2x for 2024 [3]. Core Views - Profit growth is driven by an increase in take rate, a decrease in financing costs, and improved risk metrics, with the take rate being the primary factor for the profit increase [3]. - The company reported a revenue of RMB 8.313 billion for H1 2024, a year-on-year increase of 10.64%, and an adjusted net profit of RMB 2.618 billion, up 23.33% year-on-year [3]. - The report highlights that the company's risk indicators have improved, and financing costs have decreased, leading to an upward adjustment of the adjusted net profit forecasts for 2024-2026 to RMB 5.6 billion, RMB 6.2 billion, and RMB 7.1 billion respectively, reflecting year-on-year growth rates of 26%, 11%, and 15% [3]. Summary by Sections Financial Performance - For Q2 2024, the company achieved a revenue growth of 6.29%, primarily due to a 42% increase in financing income to RMB 1.69 billion, driven by an increase in on-balance sheet loan balances [3]. - The adjusted net profit for Q2 2024 was RMB 1.413 billion, a 23% increase year-on-year, attributed to the expansion of the take rate, which reached 4.4% in Q2 2024 compared to 3.3% in Q2 2023 [3]. - The company’s on-balance sheet loan balance was RMB 157.8 billion, down 14.5% year-on-year [3]. Risk and Management - The report indicates that the company is focusing on risk management and operational efficiency optimization, which is expected to contribute to profit growth in the future [3]. - The company is also progressing with a USD 350 million share repurchase plan, which reflects management's confidence in the company's future [3]. Market Data - The current stock price is HKD 84.45, with a market capitalization of HKD 27.577 billion [5]. - The stock has traded within a range of HKD 53.40 to HKD 84.45 over the past 52 weeks [5].
奇富科技-S：奇富科技2024年半年报点评：融资成本下降和风险改善驱动业绩增长