《大行報告》瑞銀下調360數科(QFIN.US)目標價至28.4美元 評級「買入」
瑞銀發表研究報告指,360數科(03360.HK)(QFIN.US)去年第四季非通用會計準則下純利達到9億人民幣,大致符合市場預期,但仍較該行預期低約14%。期內貸款量按季下跌5.5%,接近公司經營指引的下限。
報告指出,中國重新開放後,公司的資產質量於今年首季有所恢復,全年貸款量指引為按年增長10%至20%,而瑞銀預期為增長20%。瑞銀認為,如果消費情緒從今年第二季起開始恢復正常,貸款量仍有可能實現20%以上增長。展望未來,隨著消費信貸需求逐步恢復,預計提前還款的負面影響將有所減輕。
瑞銀將360數科2023至2025年每股盈利預測下調11%至16%,並將今年貸款量增長預測從20%下調至15%,美股目標價由30美元降至28.4美元,認為現價水平風險回報具吸引力,維持「買入」評級。
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