<p><strong>SoFi Technologies</strong>(SOFI -1.71%) 股票今年表現波動較大。去年曾取得復甦進展，股價翻倍，但截至 2024 年最後一個季度，年初至今下跌了 19%。</p>
<p>讓我們深入瞭解一下 SoFi 的情況，為什麼投資者感到失望，以及現在是否是一個合適的購買時機。</p>
<h2>時機恰到好處的銀行</h2>
<p>SoFi 最初是一家學生貸款合作社，作為一家由應屆畢業生創立的年輕銀行，它針對學生和年輕專業人士，提供符合他們口味的用户界面。它是一家全數字化銀行，提供高存款利率、低費用和易於使用的平台，符合年輕、數字化精通的客户的需求。</p>
<p>SoFi 目前有很多積極的方面。它吸引了數十萬新客户，並推出了更多新產品，收入以兩位數的速度增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzMTMvc29maS1tZW1iZXItZ3Jvd3RoLXEyLTI0LnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzMTMvc29maS1tZW1iZXItZ3Jvd3RoLXEyLTI0LnBuZyZ3PTcwMA"/></p>
<p>圖片來源：SoFi。</p>
<p>SoFi 於 2022 年收購了 Pacific Bancorp 並獲得了銀行特許經營權，不斷擴大其產品和服務線。這有助於增加會員的參與度，提高收入，並減輕將所有業務都放在貸款上的風險。這使得 SoFi 能夠在高利率環境下保持增長，當時貸款面臨壓力。</p>
<p>這也帶來了規模化和利潤。SoFi 在 2024 年第二季度連續第三次實現盈利，並預計將保持盈利。第二季度後，它提高了業績指引，華爾街分析師預計 2024 年每股收益為 0.10 美元，2025 年為 0.26 美元。</p>
<p>那麼問題出在哪裏呢？</p>
<h2>現在對於任何銀行來説都不是合適的時機</h2>
<p>SoFi 是一家金融科技公司。它不是您傳統的、成熟的銀行，沒有可靠的現金流和吸引人的股息。它仍在努力朝着這些特點發展。其技術聚焦導致了其一直在報告的強勁增長，但另一方面也帶來了風險和波動性。</p>
<p>SoFi 目前面臨的情況是，貸款業務部門，即較大的部門，增長放緩。這也在很大程度上導致了 SoFi 的新利潤，如果增長放緩或減少，投資者就會感到擔憂。</p>
<p>讓我們看看第二季度的情況。總收入同比增長 20%，實現了 1700 萬美元的淨利潤。金融服務和技術平台，即其兩個非貸款業務部門，同比增長 46%。聽起來很不錯。</p>
<p>更深入地挖掘，您會注意到貸款業務部門的收入僅同比增長 3%，仍佔收入的大部分——55%。此外，其貢獻利潤為 1.98 億美元，較去年增長 8%。其他部門的綜合貢獻利潤僅為 8600 萬美元。至少目前來看，儘管管理層大談其擴張模式的實力，但貸款仍然是 SoFi 的支柱。</p>
<h2>SoFi 股票觸底了嗎？</h2>
<p>SoFi 股票今年波動較大，市場難以定價。雖然有很多利好，但也存在明顯的擔憂。到目前為止，擔憂一直佔據上風。</p>
<p>然而，情況可能開始發生變化。首先，如果利率開始下降，貸款業務部門應該會得到一定提振。目前，即使增長放緩，也有令人鼓舞的結果。第二季度，各類貸款產品同比增長 19%，放款量增長 22%。隨着房地產行業的復甦，尤其是抵押貸款，應該會開始加速。</p>
<p>市場已經察覺到這一點，SoFi 股票在過去一個月上漲了 16%。如果您有很強的風險承受能力，這看起來是一個不錯的買入機會；這種機會不太可能持續太久。如果您對一些風險有一點胃口，您可能希望以這個價格建立一小倉位。</p>

SOFI

<p>SoFi Technologies（SOFI）股票今年以來波動較大，儘管去年有強勁的回升，但已下跌 19%。這家面向年輕專業人士的金融科技公司雖然實現了收入增長，但在貸款業務方面面臨挑戰，僅同比增長 3%。然而，隨着總貸款產品增長 19% 和最近股價上漲 16%，分析師表示，對於那些風險承受能力較高、利率可能下降的投資者來説，這可能是一個不錯的買入機會</p>

<p><strong>SoFi Technologies</strong>(SOFI -1.71%) stock has been volatile this year. It made progress on a comeback last year, doubling in price, but it's down 19% year to date as we close in on the last quarter of 2024.</p>
<div class="lb-trans"><p><strong>SoFi Technologies</strong>(SOFI -1.71%) 股票今年表現波動較大。去年曾取得復甦進展，股價翻倍，但截至 2024 年最後一個季度，年初至今下跌了 19%。</p>
</div><p>Let's get into what SoFi's all about, why investors have been disappointed, and whether or not it's a good idea to buy right now.</p>
<div class="lb-trans"><p>讓我們深入瞭解一下 SoFi 的情況，為什麼投資者感到失望，以及現在是否是一個合適的購買時機。</p>
</div><h2>The right bank at the right time</h2>
<div class="lb-trans"><h2>時機恰到好處的銀行</h2>
</div><p>SoFi started as a student loan cooperative, and as a young bank started by recent grads, it targets students and young professionals with a user interface that speaks their language. It was developed as an all-digital bank, and it offers high savings rates, low fees, and an easy-to-use platform that check the boxes for its young, digital-savvy clientele.</p>
<div class="lb-trans"><p>SoFi 最初是一家學生貸款合作社，作為一家由應屆畢業生創立的年輕銀行，它針對學生和年輕專業人士，提供符合他們口味的用户界面。它是一家全數字化銀行，提供高存款利率、低費用和易於使用的平台，符合年輕、數字化精通的客户的需求。</p>
</div><p>There are many things going right at SoFi. It's attracting hundreds of thousands of new customers and adding even more new products, and revenue is growing at double-digit rates.</p>
<div class="lb-trans"><p>SoFi 目前有很多積極的方面。它吸引了數十萬新客户，並推出了更多新產品，收入以兩位數的速度增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODkzMTMvc29maS1tZW1iZXItZ3Jvd3RoLXEyLTI0LnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F789313%2Fsofi-member-growth-q2-24.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: SoFi.</p>
<div class="lb-trans"><p>圖片來源：SoFi。</p>
</div><p>SoFi acquired Pacific Bancorp in 2022 and got a bank charter, and it's been expanding its line of products and services. That helps to increase engagement among its membership and generate higher revenue as well as mitigate the risk of putting all of its business in lending. That's allowed it to stay in growth mode throughout the high-interest-rate environment, when lending is under pressure.</p>
<div class="lb-trans"><p>SoFi 於 2022 年收購了 Pacific Bancorp 並獲得了銀行特許經營權，不斷擴大其產品和服務線。這有助於增加會員的參與度，提高收入，並減輕將所有業務都放在貸款上的風險。這使得 SoFi 能夠在高利率環境下保持增長，當時貸款面臨壓力。</p>
</div><p>It's also leading to scale and profits. SoFi reported its third consecutive quarterly profit in the 2024 second quarter, and it's expecting to stay profitable. It raised guidance after the second quarter, and Wall Street analysts are expecting earnings per share of $0.10 in 2024 and $0.26 in 2025.</p>
<div class="lb-trans"><p>這也帶來了規模化和利潤。SoFi 在 2024 年第二季度連續第三次實現盈利，並預計將保持盈利。第二季度後，它提高了業績指引，華爾街分析師預計 2024 年每股收益為 0.10 美元，2025 年為 0.26 美元。</p>
</div><p>So what's the problem?</p>
<div class="lb-trans"><p>那麼問題出在哪裏呢？</p>
</div><h2>It's not the right time for any bank</h2>
<div class="lb-trans"><h2>現在對於任何銀行來説都不是合適的時機</h2>
</div><p>SoFi is a fintech company. It's not your standard, established bank, with reliable cash flow and attractive dividends. It's still working its way toward those features. Its tech focus is leading to the strong growth it's been reporting, but the flip side of that is risk and volatility.</p>
<div class="lb-trans"><p>SoFi 是一家金融科技公司。它不是您傳統的、成熟的銀行，沒有可靠的現金流和吸引人的股息。它仍在努力朝着這些特點發展。其技術聚焦導致了其一直在報告的強勁增長，但另一方面也帶來了風險和波動性。</p>
</div><p>What's happening at SoFi is that the lending segment, which is the larger segment, has been reporting slow growth. It's also largely responsible for SoFi's new profits, and if growth is slowing down or decreasing, investors get worried.</p>
<div class="lb-trans"><p>SoFi 目前面臨的情況是，貸款業務部門，即較大的部門，增長放緩。這也在很大程度上導致了 SoFi 的新利潤，如果增長放緩或減少，投資者就會感到擔憂。</p>
</div><p>Here's how it played out in the second quarter. Total revenue increased 20% year over year, and it posted a consolidated net profit of $17 million. Financial services and tech platform, its two nonlending segments, increased 46% year over year. Sounds fabulous.</p>
<div class="lb-trans"><p>讓我們看看第二季度的情況。總收入同比增長 20%，實現了 1700 萬美元的淨利潤。金融服務和技術平台，即其兩個非貸款業務部門，同比增長 46%。聽起來很不錯。</p>
</div><p>Digging deeper, you'll notice that lending segment revenue increased only 3% year over year, and it still accounts for the bulk of revenue -- 55%. What's more, its contribution profit was $198 million, an 8% increase over last year. The other segments' combined contribution profit was only $86 million. For now, at least, as much as management talks up the strength of its expansion model, lending remains SoFi's bread and butter.</p>
<div class="lb-trans"><p>更深入地挖掘，您會注意到貸款業務部門的收入僅同比增長 3%，仍佔收入的大部分——55%。此外，其貢獻利潤為 1.98 億美元，較去年增長 8%。其他部門的綜合貢獻利潤僅為 8600 萬美元。至少目前來看，儘管管理層大談其擴張模式的實力，但貸款仍然是 SoFi 的支柱。</p>
</div><h2>Has SoFi stock bottomed out?</h2>
<div class="lb-trans"><h2>SoFi 股票觸底了嗎？</h2>
</div><p>SoFi stock has gone up and down this year as the market has found it difficult to price. There's so much good, but there are clear concerns. So far this year, the concerns have been winning out.</p>
<div class="lb-trans"><p>SoFi 股票今年波動較大，市場難以定價。雖然有很多利好，但也存在明顯的擔憂。到目前為止，擔憂一直佔據上風。</p>
</div><p>However, things might be starting to change. First and foremost, if interest rates start coming down, the lending segment should get a nice boost. As it is, even with the slowdown, there are encouraging results. Total loan products increased 19% over last year in the second quarter with a 22% increase in origination volume. As the housing industry rebounds, which could take a while, mortgages in particular should begin to accelerate.</p>
<div class="lb-trans"><p>然而，情況可能開始發生變化。首先，如果利率開始下降，貸款業務部門應該會得到一定提振。目前，即使增長放緩，也有令人鼓舞的結果。第二季度，各類貸款產品同比增長 19%，放款量增長 22%。隨着房地產行業的復甦，尤其是抵押貸款，應該會開始加速。</p>
</div><p>The market is already sensing this, and SoFi stock is up 16% over the past month. If you have a strong risk tolerance, this looks like a good opportunity to buy shares on the dip; it isn't likely to last much longer. If you have even a small appetite for some risk, you might want to take a small position at this price.</p>
<div class="lb-trans"><p>市場已經察覺到這一點，SoFi 股票在過去一個月上漲了 16%。如果您有很強的風險承受能力，這看起來是一個不錯的買入機會；這種機會不太可能持續太久。如果您對一些風險有一點胃口，您可能希望以這個價格建立一小倉位。</p>
</div>

SoFi 股票是否值得購買？