中信里昂上調奇富科技-S(03660.HK)目標價至44美元
在最新研報中，中信里昂證券（CLSA）宣佈將奇富科技的目標價從29.90美元上調至44美元，並重申“跑贏大盤”（Outperform）評級。這一調整反映出中信里昂對奇富科技強勁的三季度業績和積極的股東回報政策的信心。
奇富科技在2024年第三季度的表現超出了市場預期，淨利潤顯著增長，take rate大幅提升，風險指標持續改善。分析師預計，奇富科技2024年和2025年的淨利潤將分別增長9.9%和5.2%。此外，公司宣佈了一項新的4.5億美元股票回購計劃，從2025年1月1日開始。
在第三季度，奇富科技的收入同比增長了2.1%，成本和運營費用同比下降了28%。這一結果使得GAAP和非GAAP淨利潤分別達到了18億人民幣和18.3億人民幣，同比增長了58%和55%。增長的驅動因素包括貸款發放量的增加（環比增長13%）、資金成本的降低（環比下降40個基點）、貸款撥備的回沖、銷售和市場成本的降低以及業務結構的轉變。take rate環比增長1.4個百分點至5.9%，風險指標再次改善，30天的催收率上升了1.1個百分點至87.4%，而D1逾期率下降了0.2個百分點至4.6%。
報吿還指出，儘管奇富科技預計第四季度的淨利潤將在17.5億人民幣至18.5億人民幣之間，非GAAP淨利潤在18億人民幣至19億人民幣之間（同比增長57%和65%），但公司對宏觀環境持謹慎態度，並未從風險指標中捕捉到支持貸款增長的強烈信號。
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