Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company is expected to benefit from improved risk indicators and an acceleration in loan facilitation growth, with a projected 11% quarter-on-quarter profit growth in Q4 2024 [3][2]. - The target price has been raised from 7.20, indicating a potential upside of 19.4% [3][10]. Financial Performance - In Q3 2024, the company's net profit attributable to shareholders reached 624 million RMB, marking a 10% year-on-year increase and a 13% quarter-on-quarter increase [1][2]. - The company's net income for Q3 2024 grew by 2.5% year-on-year and 3.4% quarter-on-quarter, while expenses increased by 2.7% year-on-year and 4.1% quarter-on-quarter [1][2]. Loan Facilitation Growth - Loan facilitation in Q3 2024 grew by 1.8% year-on-year, with domestic and international markets growing by 0.8% and 22% respectively [2]. - The company maintains its annual guidance for loan facilitation growth at 5-10% for the domestic market and 20-40% for the international market [2]. International Business Expansion - The international business accounted for 5.2% of loan facilitation in Q3 2024, with revenue contribution from international operations rising to 19.4%, up 1.1 percentage points year-on-year [2]. - The company aims for international business to represent 50% of total revenue by 2030 [2]. Risk Indicators - The 90-day delinquency rate improved to 2.5%, a decrease of 15 basis points quarter-on-quarter, while the collection rate increased to 88.5%, up 50 basis points [2].
信也科技（FINV）：交银国际研究：国际业务增长亮眼，风险指标延续改善态势
交银国际·2024-11-20 02:20