嘉银科技20241120

Key Points Industry and Company * Company: Jiayin Group * Industry: Financial Technology, Credit Facilitation Core Views and Arguments * Third Quarter Performance: * Loan facilitation volume reached RMB 26.5 billion, setting a new record. * Revenue from loan facilitation services reached RMB 1.1 billion, up 18.1% year-on-year. * Core business maintained steady profit growth with an 18.1% annual profit rate. * Technology empowerment focused on large language models, data platform construction, and intelligent operations. * Asset quality improved with a 61-90 days delinquency rate of 0.55%. * Market Outlook: * Optimistic about future development with a projected loan facilitation volume of at least RMB 25 billion in the fourth quarter. * Focus on high-quality borrowers and user value. * Strategic adjustments in overseas markets, particularly in Nigeria. * Financial Performance: * Net revenue decreased by 1.5% year-on-year to RMB 1.444.9 billion. * Net income decreased by 16.8% year-on-year to RMB 269.6 million. * Basic and diluted net income per share were both RMB 1.27. * Cash and cash equivalents stood at RMB 7.412 billion as of September 30, 2024. Other Important Points * Technology Empowerment: * Deepened application of large language models and strengthened data platform construction. * Developed self-developed machine learning platform to improve credit risk control and customer marketing efficiency. * Launched knowledge-driven operation model and self-developed AI agents. * Borrower Acquisition: * Increased investment in borrower acquisition and explored diverse acquisition channels. * Launched joint operation projects with leading financial institutions and internet platforms. * Risk Management: * Implemented precise and flexible risk management strategies. * Continuously iterated risk control models and improved asset quality. * Dividend Policy: * Board approved a revised dividend policy with a cash dividend of at least 15% of the previous fiscal year's net profit after tax to be declared and distributed once per fiscal year starting from 2025.