<p><strong>SoFi Technologies</strong>（SOFI -1.16%）的股價在發佈第三季度財報後下跌，儘管這家金融服務公司公佈了強勁的業績併發布了樂觀的指引。自十月初以來，該股表現出色，但今年的漲幅僅為適度。</p>
<p>讓我們更仔細地看看公司的近期業績，以判斷這是否是投資者的買入機會。</p>
<h2>改善的趨勢</h2>
<p>SoFi 稱其第三季度是歷史上最強的一季度，業績相當令人印象深刻。公司的收入同比增長 30%，達到 6.971 億美元，而調整後的息税折舊攤銷前利潤（EBITDA）飆升 90%，達到 1.862 億美元。</p>
<p>與此同時，其有形賬面價值同比增長 16%，達到每股 4 美元，環比增長 2%。</p>
<p>公司的業績主要得益於其金融服務部門，該部門的收入翻了一番，達到 2.383 億美元。該部門的貢獻利潤從 330 萬美元飆升至 9980 萬美元。</p>
<p>這一增長得益於其貸款平台業務，該業務本質上是一個引導生成業務，將借款人推薦給其他方。該業務的平台註冊收入費用激增 5 倍，達到 5560 萬美元。該部門的交易收入也飆升 211%，達到 1200 萬美元。</p>
<p>與此同時，該部門的淨利息收入（NII）激增 66%，達到 1.541 億美元。SoFi 表示，這得益於客户存款的增加。總體來看，使用的金融產品數量增加了 33%。每個產品的年化收入增長了 53%，達到 81 美元。</p>
<p>在其貸款部門，收入增長 14%，達到 3.962 億美元，淨利息收入（NII）增長 19%。其貢獻利潤躍升 17%，達到 2.389 億美元。總貸款發放量增長 23%。</p>
<p>與此同時，技術部門的收入增長 14%，達到 1.025 億美元。貢獻利潤增長 2%，達到 3300 萬美元。總客户數量增長 17%，達到 1.602 億。</p>
<p>從增長的角度來看，本季度似乎一切都對 SoFi 有利；各項業績均表現強勁。</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>圖片來源：Getty Images。</p>
<p>對 SoFi 的一個批評是其信用指標，但公司看到其違約率從第二季度的 3.84% 下降至 3.52%。SoFi 確實出售了一些後期逾期貸款，但表示如果沒有出售，其整體年化淨違約率仍將從第二季度的 5.4% 降至第三季度的 5%。</p>
<p>總體而言，它表示其個人貸款借款人的平均收入為 16.4 萬美元，加權平均 FICO 評分為 746。學生貸款借款人的平均收入為 13.5 萬美元，加權平均 FICO 評分為 765。因此，似乎公司並沒有向次級借款人放貸以推動其增長。</p>
<p>展望未來，SoFi 預測全年的調整後淨收入將在 25.35 億至 25.5 億美元之間，增長率為 22% 至 23%。這高於其之前對收入在 24.3 億至 24.7 億美元之間的預期，相當於 17% 至 19% 的增長。它還將調整後的 EBITDA 指引上調至 6.4 億至 6.45 億美元，高於之前的 6.05 億至 6.15 億美元的預期。</p>
<h2>現在是買入的時機嗎？</h2>
<p>以 45 倍的前瞻市盈率（P/E）和約 2.6 倍的市淨率（P/TBV）來看，SoFi 在傳統指標上並不便宜。然而，該公司正在強勁增長，其信用質量也有所改善。</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）數據來源於 YCharts。</p>
<p>總體而言，儘管這是一個出色的季度，但股價仍然下跌。市場對信用質量和增長放緩感到擔憂，但在本季度，增長加速，信用質量改善。同時，考慮到美聯儲正處於降息週期的開始，經濟狀況良好，這對同時進行自有貸款發放和為其他貸款方生成線索的公司來説是一個強有力的組合。</p>
<p>儘管如此，這並不是一隻便宜的股票，且在經濟疲軟時可能會受到影響。因此，我認為在當前水平上該股更適合持有。</p>

SOFI

<p>SoFi Technologies (SOFI) 的股票儘管第三季度業績強勁，收入增長了 30%，調整後的 EBITDA 飆升了 90%，但仍然下跌。該公司在其金融服務部門實現了顯著增長，收入翻了一番以上。SoFi 改善了其信用指標，壞賬率下降。公司上調了全年收入和 EBITDA 指引，顯示出強勁的增長潛力。然而，考慮到前瞻市盈率為 45，該股票被認為價格昂貴，儘管增長強勁，但由於經濟脆弱性，目前可能更適合持有</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%）的股價在發佈第三季度財報後下跌，儘管這家金融服務公司公佈了強勁的業績併發布了樂觀的指引。自十月初以來，該股表現出色，但今年的漲幅僅為適度。</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>讓我們更仔細地看看公司的近期業績，以判斷這是否是投資者的買入機會。</p>
</div><h2>Improving trends</h2>
<div class="lb-trans"><h2>改善的趨勢</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 稱其第三季度是歷史上最強的一季度，業績相當令人印象深刻。公司的收入同比增長 30%，達到 6.971 億美元，而調整後的息税折舊攤銷前利潤（EBITDA）飆升 90%，達到 1.862 億美元。</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>與此同時，其有形賬面價值同比增長 16%，達到每股 4 美元，環比增長 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>公司的業績主要得益於其金融服務部門，該部門的收入翻了一番，達到 2.383 億美元。該部門的貢獻利潤從 330 萬美元飆升至 9980 萬美元。</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>這一增長得益於其貸款平台業務，該業務本質上是一個引導生成業務，將借款人推薦給其他方。該業務的平台註冊收入費用激增 5 倍，達到 5560 萬美元。該部門的交易收入也飆升 211%，達到 1200 萬美元。</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>與此同時，該部門的淨利息收入（NII）激增 66%，達到 1.541 億美元。SoFi 表示，這得益於客户存款的增加。總體來看，使用的金融產品數量增加了 33%。每個產品的年化收入增長了 53%，達到 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>在其貸款部門，收入增長 14%，達到 3.962 億美元，淨利息收入（NII）增長 19%。其貢獻利潤躍升 17%，達到 2.389 億美元。總貸款發放量增長 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>與此同時，技術部門的收入增長 14%，達到 1.025 億美元。貢獻利潤增長 2%，達到 3300 萬美元。總客户數量增長 17%，達到 1.602 億。</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>從增長的角度來看，本季度似乎一切都對 SoFi 有利；各項業績均表現強勁。</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>圖片來源：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>對 SoFi 的一個批評是其信用指標，但公司看到其違約率從第二季度的 3.84% 下降至 3.52%。SoFi 確實出售了一些後期逾期貸款，但表示如果沒有出售，其整體年化淨違約率仍將從第二季度的 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>總體而言，它表示其個人貸款借款人的平均收入為 16.4 萬美元，加權平均 FICO 評分為 746。學生貸款借款人的平均收入為 13.5 萬美元，加權平均 FICO 評分為 765。因此，似乎公司並沒有向次級借款人放貸以推動其增長。</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>展望未來，SoFi 預測全年的調整後淨收入將在 25.35 億至 25.5 億美元之間，增長率為 22% 至 23%。這高於其之前對收入在 24.3 億至 24.7 億美元之間的預期，相當於 17% 至 19% 的增長。它還將調整後的 EBITDA 指引上調至 6.4 億至 6.45 億美元，高於之前的 6.05 億至 6.15 億美元的預期。</p>
</div><h2>Is it time to buy the dip?</h2>
<div class="lb-trans"><h2>現在是買入的時機嗎？</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）和約 2.6 倍的市淨率（P/TBV）來看，SoFi 在傳統指標上並不便宜。然而，該公司正在強勁增長，其信用質量也有所改善。</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）數據來源於 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>總體而言，儘管這是一個出色的季度，但股價仍然下跌。市場對信用質量和增長放緩感到擔憂，但在本季度，增長加速，信用質量改善。同時，考慮到美聯儲正處於降息週期的開始，經濟狀況良好，這對同時進行自有貸款發放和為其他貸款方生成線索的公司來説是一個強有力的組合。</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>儘管如此，這並不是一隻便宜的股票，且在經濟疲軟時可能會受到影響。因此，我認為在當前水平上該股更適合持有。</p>
</div>

儘管前景樂觀，SoFi 股票下跌。投資者是否應該逢低買入？