<p><strong>SoFi Technologies</strong>（SOFI -1.16%）的股价在发布第三季度财报后下跌，尽管这家金融服务公司公布了强劲的业绩并发布了乐观的指引。自十月初以来，该股表现出色，但今年的涨幅仅为适度。</p>
<p>让我们更仔细地看看公司的近期业绩，以判断这是否是投资者的买入机会。</p>
<h2>改善的趋势</h2>
<p>SoFi 称其第三季度是历史上最强的一季度，业绩相当令人印象深刻。公司的收入同比增长 30%，达到 6.971 亿美元，而调整后的息税折旧摊销前利润（EBITDA）飙升 90%，达到 1.862 亿美元。</p>
<p>与此同时，其有形账面价值同比增长 16%，达到每股 4 美元，环比增长 2%。</p>
<p>公司的业绩主要得益于其金融服务部门，该部门的收入翻了一番，达到 2.383 亿美元。该部门的贡献利润从 330 万美元飙升至 9980 万美元。</p>
<p>这一增长得益于其贷款平台业务，该业务本质上是一个引导生成业务，将借款人推荐给其他方。该业务的平台注册收入费用激增 5 倍，达到 5560 万美元。该部门的交易收入也飙升 211%，达到 1200 万美元。</p>
<p>与此同时，该部门的净利息收入（NII）激增 66%，达到 1.541 亿美元。SoFi 表示，这得益于客户存款的增加。总体来看，使用的金融产品数量增加了 33%。每个产品的年化收入增长了 53%，达到 81 美元。</p>
<p>在其贷款部门，收入增长 14%，达到 3.962 亿美元，净利息收入（NII）增长 19%。其贡献利润跃升 17%，达到 2.389 亿美元。总贷款发放量增长 23%。</p>
<p>与此同时，技术部门的收入增长 14%，达到 1.025 亿美元。贡献利润增长 2%，达到 3300 万美元。总客户数量增长 17%，达到 1.602 亿。</p>
<p>从增长的角度来看，本季度似乎一切都对 SoFi 有利；各项业绩均表现强劲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU3NTkvZ2V0dHlpbWFnZXMtMTM3MzEwOTYzOC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU3NTkvZ2V0dHlpbWFnZXMtMTM3MzEwOTYzOC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>对 SoFi 的一个批评是其信用指标，但公司看到其违约率从第二季度的 3.84% 下降至 3.52%。SoFi 确实出售了一些后期逾期贷款，但表示如果没有出售，其整体年化净违约率仍将从第二季度的 5.4% 降至第三季度的 5%。</p>
<p>总体而言，它表示其个人贷款借款人的平均收入为 16.4 万美元，加权平均 FICO 评分为 746。学生贷款借款人的平均收入为 13.5 万美元，加权平均 FICO 评分为 765。因此，似乎公司并没有向次级借款人放贷以推动其增长。</p>
<p>展望未来，SoFi 预测全年的调整后净收入将在 25.35 亿至 25.5 亿美元之间，增长率为 22% 至 23%。这高于其之前对收入在 24.3 亿至 24.7 亿美元之间的预期，相当于 17% 至 19% 的增长。它还将调整后的 EBITDA 指引上调至 6.4 亿至 6.45 亿美元，高于之前的 6.05 亿至 6.15 亿美元的预期。</p>
<h2>现在是买入的时机吗？</h2>
<p>以 45 倍的前瞻市盈率（P/E）和约 2.6 倍的市净率（P/TBV）来看，SoFi 在传统指标上并不便宜。然而，该公司正在强劲增长，其信用质量也有所改善。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a3d612af618c296865cec59d373cc26a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a3d612af618c296865cec59d373cc26a.png"/></p>
<p>SOFI 市盈率（前瞻 1 年）数据来源于 YCharts。</p>
<p>总体而言，尽管这是一个出色的季度，但股价仍然下跌。市场对信用质量和增长放缓感到担忧，但在本季度，增长加速，信用质量改善。同时，考虑到美联储正处于降息周期的开始，经济状况良好，这对同时进行自有贷款发放和为其他贷款方生成线索的公司来说是一个强有力的组合。</p>
<p>尽管如此，这并不是一只便宜的股票，且在经济疲软时可能会受到影响。因此，我认为在当前水平上该股更适合持有。</p>

SOFI

<p>SoFi Technologies (SOFI) 的股票尽管第三季度业绩强劲，收入增长了 30%，调整后的 EBITDA 飙升了 90%，但仍然下跌。该公司在其金融服务部门实现了显著增长，收入翻了一番以上。SoFi 改善了其信用指标，坏账率下降。公司上调了全年收入和 EBITDA 指引，显示出强劲的增长潜力。然而，考虑到前瞻市盈率为 45，该股票被认为价格昂贵，尽管增长强劲，但由于经济脆弱性，目前可能更适合持有</p>

<p><strong>SoFi Technologies</strong>(SOFI -1.16%) shares were falling following its third-quarter results despite the financial-service company posting strong results and issuing upbeat guidance. The stock had made a huge month since the start of October but is up just modestly on the year.</p>
<div class="lb-trans"><p><strong>SoFi Technologies</strong>（SOFI -1.16%）的股价在发布第三季度财报后下跌，尽管这家金融服务公司公布了强劲的业绩并发布了乐观的指引。自十月初以来，该股表现出色，但今年的涨幅仅为适度。</p>
</div><p>Let's take a closer look at the company's recent results to see if this is a buying opportunity for investors.</p>
<div class="lb-trans"><p>让我们更仔细地看看公司的近期业绩，以判断这是否是投资者的买入机会。</p>
</div><h2>Improving trends</h2>
<div class="lb-trans"><h2>改善的趋势</h2>
</div><p>SoFi called its Q3 the strongest in its history, and the results were pretty impressive. The company's revenue jumped 30% to $697.1 million, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) soared 90% to $186.2 million.</p>
<div class="lb-trans"><p>SoFi 称其第三季度是历史上最强的一季度，业绩相当令人印象深刻。公司的收入同比增长 30%，达到 6.971 亿美元，而调整后的息税折旧摊销前利润（EBITDA）飙升 90%，达到 1.862 亿美元。</p>
</div><p>Its tangible book value, meanwhile, rose 16% year over year to $4 per share. It grew by 2% sequentially.</p>
<div class="lb-trans"><p>与此同时，其有形账面价值同比增长 16%，达到每股 4 美元，环比增长 2%。</p>
</div><p>The company's results were led by its financial services segment, which saw revenue more than double to $238.3 million. The segment's contribution profit soared from $3.3 million to $99.8 million.</p>
<div class="lb-trans"><p>公司的业绩主要得益于其金融服务部门，该部门的收入翻了一番，达到 2.383 亿美元。该部门的贡献利润从 330 万美元飙升至 9980 万美元。</p>
</div><p>The growth was powered by its loan platform business, which is essentially a lead-generation business where it refers borrowers to other parties. The business saw its platform-revenue fees surge 5 times to $55.6 million. The segment also saw interchange revenue skyrocket by 211% to $12 million.</p>
<div class="lb-trans"><p>这一增长得益于其贷款平台业务，该业务本质上是一个引导生成业务，将借款人推荐给其他方。该业务的平台注册收入费用激增 5 倍，达到 5560 万美元。该部门的交易收入也飙升 211%，达到 1200 万美元。</p>
</div><p>Net-interest income (NII) in the segment, meanwhile, surged 66% to $154.1 million. SoFi said this was driven by increased customer deposits. Overall, it saw a 33% increase in the number of financial products being used. Its annualized revenue per product rose 53% of $81.</p>
<div class="lb-trans"><p>与此同时，该部门的净利息收入（NII）激增 66%，达到 1.541 亿美元。SoFi 表示，这得益于客户存款的增加。总体来看，使用的金融产品数量增加了 33%。每个产品的年化收入增长了 53%，达到 81 美元。</p>
</div><p>For its lending segment, revenue increased 14% to $396.2 million, with net-interest income (NII) rising 19%. Its contribution profit jumped 17% to $238.9 million. Total loan-origination volumes jumped 23%.</p>
<div class="lb-trans"><p>在其贷款部门，收入增长 14%，达到 3.962 亿美元，净利息收入（NII）增长 19%。其贡献利润跃升 17%，达到 2.389 亿美元。总贷款发放量增长 23%。</p>
</div><p>Technology-segment revenue, meanwhile, climbed 14% to $102.5 million. Contribution profit rose 2% to $33 million. Total clients jumped 17% to 160.2 million.</p>
<div class="lb-trans"><p>与此同时，技术部门的收入增长 14%，达到 1.025 亿美元。贡献利润增长 2%，达到 3300 万美元。总客户数量增长 17%，达到 1.602 亿。</p>
</div><p>From a growth perspective, it appears everything was working in SoFi's favor this quarter; all results across the board were strong.</p>
<div class="lb-trans"><p>从增长的角度来看，本季度似乎一切都对 SoFi 有利；各项业绩均表现强劲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU3NTkvZ2V0dHlpbWFnZXMtMTM3MzEwOTYzOC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F795759%2Fgettyimages-1373109638.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>One knock on SoFi had been its credit metrics, but the company saw its charge-off rate decline to 3.52% from 3.84% in Q2. SoFi did sell some later-stage delinquencies but said that, if it hadn't, its all-in annualized net charge-off rate would still have dropped from 5.4% in Q2 to 5% in Q3.</p>
<div class="lb-trans"><p>对 SoFi 的一个批评是其信用指标，但公司看到其违约率从第二季度的 3.84% 下降至 3.52%。SoFi 确实出售了一些后期逾期贷款，但表示如果没有出售，其整体年化净违约率仍将从第二季度的 5.4% 降至第三季度的 5%。</p>
</div><p>Overall, it said its personal loan borrowers have an average income of $164,000 and weighted-average FICO score of 746. Student loan borrowers, meanwhile, have an average income of $135,000 with a weighted-average FICO score of 765. As such, it does not appear that the company is lending to subprime borrowers to help fuel its growth.</p>
<div class="lb-trans"><p>总体而言，它表示其个人贷款借款人的平均收入为 16.4 万美元，加权平均 FICO 评分为 746。学生贷款借款人的平均收入为 13.5 万美元，加权平均 FICO 评分为 765。因此，似乎公司并没有向次级借款人放贷以推动其增长。</p>
</div><p>Looking ahead, SoFi forecast full-year adjusted-net revenue of between $2.535 billon to $2.55 billion, representing growth of 22% to 23%. This was above its prior outlook for revenue between $2.43 to $2.47 billion, equal to 17% to 19% growth. It also upped its adjusted EBITDA guidance to a range of $640 million to $645 million, up from its previous view of $605 million to $615 million.</p>
<div class="lb-trans"><p>展望未来，SoFi 预测全年的调整后净收入将在 25.35 亿至 25.5 亿美元之间，增长率为 22% 至 23%。这高于其之前对收入在 24.3 亿至 24.7 亿美元之间的预期，相当于 17% 至 19% 的增长。它还将调整后的 EBITDA 指引上调至 6.4 亿至 6.45 亿美元，高于之前的 6.05 亿至 6.15 亿美元的预期。</p>
</div><h2>Is it time to buy the dip?</h2>
<div class="lb-trans"><h2>现在是买入的时机吗？</h2>
</div><p>At a forward price-to-earnings (P/E) ratio of 45 times and a price-to-tangible book value (P/TBV) of about 2.6 times, SoFi is not cheap based on traditional metrics. However, the company is growing strongly, and its credit quality improved sequentially.</p>
<div class="lb-trans"><p>以 45 倍的前瞻市盈率（P/E）和约 2.6 倍的市净率（P/TBV）来看，SoFi 在传统指标上并不便宜。然而，该公司正在强劲增长，其信用质量也有所改善。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a3d612af618c296865cec59d373cc26a.png" alt="" original-src="https://media.ycharts.com/charts/a3d612af618c296865cec59d373cc26a.png"/></p>
<p>SOFI PE Ratio (Forward 1y) data by YCharts.</p>
<div class="lb-trans"><p>SOFI 市盈率（前瞻 1 年）数据来源于 YCharts。</p>
</div><p>Overall, the stock dipped despite what was a great quarter. There had been worries about credit quality and decelerating growth, but growth accelerated and credit quality improved during the quarter. Meanwhile, the company should be in a good position moving forward, with the Federal Reserve at the start of a rate-cutting cycle and the economy holding up well. That should be a strong combination for a company involved in both originating its own loans as well as generating leads for other lenders.</p>
<div class="lb-trans"><p>总体而言，尽管这是一个出色的季度，但股价仍然下跌。市场对信用质量和增长放缓感到担忧，但在本季度，增长加速，信用质量改善。同时，考虑到美联储正处于降息周期的开始，经济状况良好，这对同时进行自有贷款发放和为其他贷款方生成线索的公司来说是一个强有力的组合。</p>
</div><p>That said, this is not a cheap stock, and it would be vulnerable to any weakening in the economy. As such, I'd view the stock more of a hold at current levels.</p>
<div class="lb-trans"><p>尽管如此，这并不是一只便宜的股票，且在经济疲软时可能会受到影响。因此，我认为在当前水平上该股更适合持有。</p>
</div>

尽管前景乐观，SoFi 股票下跌。投资者是否应该逢低买入？