证券研究报告 奇富科技-S (3660 HK/QFIN US) 2025 年中期策略会速递— 盈利高质量，贷款质量稳健 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国香港/美国 | 其他多元金融 | 6 月 4 日奇富科技出席了我们组织的 2025 年中期策略会，会上公司回顾了 1Q25 的经营情况，并解答了投资者关注的问题。1Q25 需求具有韧性，同 时营销策略持续优化。贷款质量保持健康，C-M2 基本稳定。另外公司重视 股东回报，股份回购持续推进。我们认为公司运营稳健，质量稳定，利润"安 全垫"较为充足，预计 25 年盈利有望进一步提升，维持"买入"评级。 贷款质量保持稳健，盈利质量高 1Q25 C-M2 比例略升至 0.60%（4Q24：0.57%），首日逾期率升至 5.0% （4Q24：4.8%），30 天回款率环比持平于 88.1%。贷款质量仍然维持健康。 基于当前的宏观环境，结合公司谨慎的贷款投放和对风险的重视，我们预计 内年的 C-M2 比例有望大致维持在当前水平。另外 1Q25 的拨备计提率约 4.9 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company demonstrates resilient demand and stable loan quality, with a focus on shareholder returns through ongoing share buybacks. The operational stability and quality are expected to enhance profitability in 2025 [1][2][4] Summary by Sections Loan Quality and Profitability - The C-M2 ratio slightly increased to 0.60% in Q1 2025 from 0.57% in Q4 2024, while the first-day overdue rate rose to 5.0% from 4.8%. The 30-day repayment rate remained stable at 88.1%. The loan quality is considered healthy, with a provisioning rate of approximately 4.9%, significantly higher than the long-term vintage overdue rate of 2.5-3.5%, indicating a strong profit cushion [2] Demand and Customer Acquisition Strategy - In Q1 2025, the company achieved a loan issuance of 88.9 billion RMB, reflecting a slight decrease of 1.1% quarter-on-quarter, indicating resilient credit demand. The customer acquisition cost per new credit user increased to 384 RMB from 312 RMB in Q4 2024, attributed to a higher proportion of API channel acquisitions and increased spending on high-cost information flow channels [3] Shareholder Returns - As of May 19, 2025, the company repurchased shares worth 178 million USD under a 450 million USD buyback plan, with expectations to complete the remaining amount within the year. The anticipated minimum shareholder return for the year is approximately 10%, supported by a commitment to a 20-30% dividend payout ratio [4] Profit Forecast - The company maintains its profit forecasts for 2025, 2026, and 2027 at 7.1 billion, 7.7 billion, and 8.2 billion RMB respectively. The target prices are set at 55.6 USD and 220.9 HKD, based on a PE ratio of 6.5x for 2025 and DCF methods [5]

Core Insights - Sustainable development has become a consensus among Chinese companies venturing abroad, particularly in Indonesia, which emphasizes "downstream" processing in its economic cooperation with China [1][2][4] - Indonesia, rich in nickel resources, has implemented a "downstream" policy over the past decade to encourage local processing and refining of minerals, moving away from raw mineral exports [1][4] - Chinese companies have significantly contributed to Indonesia's downstream processing, with investments leading to the establishment of extensive nickel and stainless steel production facilities [1][5] Investment Trends - Indonesia's focus on downstream processing is evident in its investment policies, with the country moving from being the 12th largest source of foreign investment from China in 2013 to the 2nd largest by 2024 [4][5] - The average growth rate of Chinese investment in Indonesia over the past decade has been 59%, indicating a strong interest in the region [5] Market Opportunities - Companies like Greenmech have shifted their focus to Indonesia due to the country's rich nickel resources, despite initial challenges in sourcing high-grade nickel ore [5] - The Indonesian market is attractive due to its large population of approximately 280 million and a young demographic, providing a substantial labor force at competitive costs [5][6] Sustainable Development Initiatives - Chinese companies are increasingly investing in local talent development and sustainable practices, such as establishing research laboratories to train local professionals in metallurgy and mining technology [7][8] - The first Global Enterprise Co-Building High-Quality "Belt and Road" Summit highlighted the commitment of Chinese companies to promote inclusive and sustainable economic growth in their overseas operations [8]

零钱往哪放？理财收益率跟踪 金十数据5月29日讯，腾讯理财通余额+7日年化收益率最高为1.6880%，最低为1.0300%，微信零钱通7 日年化收益率最高为1.3570%，最低为1.1840%，支付宝余额宝7日年化收益率最高为1.5120%，最低为 1.1150%。 ...

Core Insights - The article provides a comparison of the annualized yields of various financial products offered by major platforms, highlighting the differences in returns for consumers [1] Group 1: Annualized Yield Comparison - Tencent's LiCaiTong offers a maximum 7-day annualized yield of 1.7200% and a minimum of 1.0300% [1] - WeChat's WeChat Pay offers a maximum 7-day annualized yield of 1.3420% and a minimum of 1.1740% [1] - Alipay's Yu'e Bao provides a maximum 7-day annualized yield of 1.4890% and a minimum of 1.1310% [1]

Group 1: Core Insights - The rise of internet project financing platforms is driven by the need for more accessible and flexible funding options for entrepreneurs, as traditional financing methods are often limited [3] - These platforms facilitate the connection between capital and creative projects through online project displays, smart investor matching, and financing consultation [1][8] - The continuous advancement of internet technology, including big data and artificial intelligence, enhances the platforms' ability to assess project risks and improve investment decision-making accuracy [4] Group 2: Current Development Status - The market scale of internet project financing platforms is expanding as more entrepreneurs recognize their benefits, leading to increased funding through these platforms [9] - Innovative financing models such as equity crowdfunding, debt financing, and joint investment are emerging, providing entrepreneurs with diverse funding options [9] - Supportive policies and strengthened regulations are creating a favorable legal environment for platform development while ensuring market order and investor protection [9] Group 3: Future Trends - Internet project financing platforms will continue to explore diversified financing models, including supply chain and industry chain finance, to meet the needs of various entrepreneurs and investors [8] - Technological innovation and smart development will be driven by the application of big data, artificial intelligence, and blockchain, enhancing risk assessment and investment decision-making [8] - Cross-industry collaboration will be pursued to build ecosystems that offer additional services, such as policy interpretation and legal consulting, to support entrepreneurs [8] - The platforms are expected to move towards internationalization, collaborating with overseas platforms to introduce quality international projects and provide more global development opportunities for entrepreneurs [8]

零钱往哪放？理财收益率跟踪 金十数据5月23日讯，腾讯理财通余额+7日年化收益率最高为1.6910%，最低为1.0540%，微信零钱通7 日年化收益率最高为1.3310%，最低为1.1830%，支付宝余额宝7日年化收益率最高为1.5170%，最低为 1.1350%。 ...

Core Viewpoint - Zhongcheng is emerging as a prominent player in the shared farm investment sector, driven by its unique business model and innovative concepts in the rapidly evolving internet finance era [1] Group 1: Company Culture and Innovation - Zhongcheng's corporate culture, based on "integrity, innovation, responsibility, and service," is a key factor in its success, enhancing employee recognition and belonging through training and cultural activities [3] - The professional technical team at Zhongcheng plays a crucial role in technological innovation, providing strong support for the company's digital transformation through continuous innovation and optimization [3] - Zhongcheng aims to offer intelligent algorithm model analysis services tailored to the business needs of various financial institutions, enhancing its service innovation and product development capabilities [3] Group 2: Mission and Vision - Zhongcheng's mission is to "be a financial steward and a good caretaker for investors," reflecting its responsibility towards investors and commitment to society [5] - The company is focused on building a financial ecosystem that provides diverse investment options while supporting the development of the shared farm industry [5] - Zhongcheng has announced plans for an IPO in late July, with the vision of becoming a leading brand in China's internet financial management platform industry, emphasizing the importance of social responsibility in its operations [6]

Core Insights - The article provides a comparison of the annualized yield rates for various financial products offered by Tencent, WeChat, and Alipay, highlighting the differences in returns for consumers [1] Group 1: Yield Rates Comparison - Tencent's LiCaiTong has a 7-day annualized yield rate ranging from a high of 1.5610% to a low of 1.0380% [1] - WeChat's wallet service offers a 7-day annualized yield rate between 1.3240% and 1.2050% [1] - Alipay's Yu'e Bao shows a 7-day annualized yield rate with a maximum of 1.5120% and a minimum of 1.1460% [1]

众橙自成立以来，始终将"坚守普惠初心"作为平台的核心理念。普惠金融的本质在于让金融服务触达更 广泛的群体，尤其是那些在传统金融体系中被忽视的小微企业和个人。众橙通过创新的互联网金融模 式，为这些群体提供了更加便捷、高效的融资渠道，助力他们实现创业梦想和事业发展。 众橙的运营模式以轻资产、重风控为特色。轻资产模式意味着众橙能够以较低的成本运营，从而为用户 提供更具竞争力的服务；而重风控则确保了平台的稳健性和安全性。众橙深知，安全可控是互联网金融 行业的第一要务，为用户提供安全可控的交易平台是企业的义不容辞的社会责任和道德底线。因此，众 橙在风险防控方面投入了大量资源，通过先进的技术手段和严格的管理流程，确保每一笔交易的安全 性。 在互联网金融蓬勃发展的时代，普惠金融的理念逐渐深入人心。互联网农业作为普惠金融的重要领域， 不仅为小微企业和个人提供了更多机会，也为金融创新开辟了广阔空间。众橙共享农庄投资平台正是在 这样的背景下应运而生，凭借其轻资产、重风控的运营模式，致力于将高效、便捷的金融服务普及到更 多群体，分享互联网金融创新的成果。 众橙即将于7月下旬正式上市，这标志着其在金融领域的深耕取得了阶段性成果，也预 ...