FinVolution(FINV) 交银国际证券·2025-03-19 16:09Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][6][18]. Core Insights - The company reported Q4 earnings that met expectations, with a net profit of 681 million RMB, reflecting a year-on-year growth of 28.7% and a quarter-on-quarter growth of 9.1% [6]. - The revenue guidance for 2025 shows a strong growth forecast of 10-15%, with international business revenue expected to account for 25% of total revenue [6]. - The international business is showing a positive growth trend, with a year-on-year increase in loan facilitation of 26.1% in Q4, and a target to reach 50% of revenue from international operations by 2030 [6]. - The company is enhancing shareholder returns, with a 17% increase in dividends per ADS for 2024 and a new dividend payout ratio of 20-30% of net profit starting in 2025 [6]. - The target price has been raised to 10.72 [6][14]. Financial Overview - The company’s revenue is projected to grow from 12,547 million RMB in 2023 to 14,391 million RMB in 2025, representing a compound annual growth rate (CAGR) of approximately 10.1% [5][8]. - Net profit is expected to increase from 2,341 million RMB in 2023 to 2,745 million RMB in 2025, with a year-on-year growth rate of 18.6% in 2025 [5][8]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 7.5 in 2023 to 5.8 in 2025, indicating improving valuation metrics [5][8]. - The average daily trading volume is reported at 4.58 million shares, with a market capitalization of approximately 1.33 billion USD [4].