SDICSI 2025 年 04 月 10 日 移卡(9923.HK) 2H24 业绩不及预期：总收入 15 亿元，同比降 20%，较彭博一致预期低 11%， 其中一站式支付较市场预期低 6%（8,600 万元），商户解决方案较市场预期低 43%（2.4 亿元）。毛利同比增 15%，好于市场预期 2%，主要因支付业务毛利好 于预期，整体毛利率 28%，同比及环比均提升 9 个百分点。归母净利润 5100 万元，利润率 3.4%，对比去年同期为亏损 2,200 万元。经调整 EBITDA 为 2.2 亿 元，同比降 17%，EBITDA 利润率 14.7%。 支付业务承压：下半年 GPV 为 1.17 万亿元，同比降 18%，环比持平，综合费 率为 11.5 个基点，同比/环比下降 1.1/0.8 个基点。全年 GPV 为 2.34 万亿元， 剔除非经常性收入调整影响的费率为 11.9 个基点，同比下降 1.4 个基点，与行 业费率下行趋势一致。 商户解决方案&到店电商：2H24 收入同比降 30%，主要因付费商户规模下降， 战略聚焦利润率更高的优质客户，当前对支付商户的渗透率近 20%，中长期仍 有提升潜力。 ...

SDICSI 2025 年 04 月 10 日 移卡(9923.HK) 2H24 业绩不及预期，2025 年支付业务有望恢复增长 移卡 2H24 收入低于市场预期 11%，支付业务（收入占比 89%）低于预期 6%， 主要因 GPV 降幅大于预期。2024 年海外业务取得阶段性进展，全年 GPV 11 亿 元，预计中长期仍有较大提升潜力。我们预计 2025 年支付业务恢复同比高个 位数增长，收入增速快于 GPV 增速，带动利润企稳回升。给予 2025 年 13 倍 市盈率估值，目标价 8.2 港元，维持增持评级。 报告摘要 2H24 业绩不及预期：总收入 15 亿元，同比降 20%，较彭博一致预期低 11%， 其中一站式支付较市场预期低 6%（8,600 万元），商户解决方案较市场预期低 43%（2.4 亿元）。毛利同比增 15%，好于市场预期 2%，主要因支付业务毛利好 于预期，整体毛利率 28%，同比及环比均提升 9 个百分点。归母净利润 5100 万元，利润率 3.4%，对比去年同期为亏损 2,200 万元。经调整 EBITDA 为 2.2 亿 元，同比降 17%，EBITDA 利润率 14.7%。 支 ...

Core Viewpoint - The performance of the company in 2024 is generally in line with market expectations, with a revenue decline of 22% year-on-year to 3.1 billion yuan, while net profit increased significantly by 6.1 times to 82.45 million yuan [1] Group 1: Financial Performance - The adjusted EBITDA for 2024 decreased by 31% year-on-year to 380 million yuan, reflecting the impact of macroeconomic conditions [1] - The company is currently trading at 8x/5x EV/EBITDA for 2025/2026 estimates, with a target price reduction of 39% to 9.5 HKD, indicating an 18% upside potential [1] - The gross payment volume (GPV) for 2024 decreased by 19% year-on-year to 2.34 trillion yuan, primarily due to macroeconomic fluctuations and a decline in average transaction amounts per customer [2] Group 2: Business Segments - The company's overseas payment transaction volume increased nearly fivefold to over 1.1 billion yuan, benefiting from its ongoing global expansion strategy [2] - The overall fee rate for the company's acquiring business slightly decreased by 0.6 basis points year-on-year to 11.5 basis points, leading to a 23% decline in overall acquiring business revenue to 2.7 billion yuan [2] - The value-added services, including merchant solutions and in-store e-commerce services, contributed 13% to total revenue, with a slight increase of 1.2 percentage points year-on-year [3] Group 3: Operational Efficiency - The company has enhanced its operational efficiency through AI deployment, reducing related operational expenses by 20% in 2024, with sales, management, and R&D expenses each decreasing by approximately 11% [4] - Financial costs decreased by over 30% year-on-year due to streamlined debt structure and cost control measures, contributing to the significant increase in net profit [4] - The gross margin for value-added services remained stable at 87.2%, supported by high product profitability and cost management [3]

Core Insights - The company reported a revenue of 3.087 billion yuan for the year 2024, representing a year-on-year decline of 21.9, while profit increased to 73 million yuan, showing a growth of over 6 times [1] - The overall gross margin improved from 18.7% in 2023 to 23.6% in 2024, attributed to the application of artificial intelligence across its three main business lines [1] - The contribution of value-added services to total revenue increased from 11.8% in 2023 to 13.0% in 2024, indicating an optimization in revenue composition [1] Revenue and Profit - The revenue from merchant solutions reached 340 million yuan in 2024, down 6.4% year-on-year, with a gross margin of 87.2% [2] - The gross margin for in-store e-commerce services rose to 81.3% [2] - The overseas business continued to grow rapidly, with a total transaction volume exceeding 1.1 billion yuan, marking a nearly 5-fold increase year-on-year [2] Cost Control and Efficiency - The company achieved a reduction in sales, administrative, and R&D expenses by 11%, 10.8%, and 10.5% respectively, due to the broader application of artificial intelligence [1] - Overall operational expenses were reduced by 20%, contributing to improved cost efficiency [2] Payment Business Performance - The gross payment volume (GPV) for the payment business reached 2.34 trillion yuan, reflecting a year-on-year decline of 19% [1] - The peak daily transaction count approached 60 million transactions [1] - The gross margin for the second half of the year increased by 212.1% to 289.8 million yuan, achieving a margin of 21.6% [1]

Core Insights - The company achieved a revenue of 3.087 billion RMB in 2024, with a profit of 73 million RMB, representing over a sixfold increase compared to the previous year [1] - The overall gross margin improved from 18.7% in 2023 to 23.6% in 2024, indicating enhanced operational efficiency [1][3] Group 1: Financial Performance - The company's revenue composition has been optimized, with value-added services contributing 13.0% to total revenue in 2024, up from 11.8% in 2023 [3] - Payment gross profit increased from 92.9 million RMB in the first half of 2024 to 290 million RMB in the second half, maintaining market leadership [3] Group 2: Business Operations - The company’s core business, one-stop payment services, remains industry-leading, with a total payment volume (GPV) of 23.4 trillion RMB in 2024 and peak daily transaction counts reaching nearly 60 million [2] - The company has seen a significant reduction in sales, administrative, and R&D expenses by 11.0%, 10.8%, and 10.5% respectively, due to the extensive application of artificial intelligence [2] Group 3: International Expansion - The overseas business experienced rapid growth, with transaction volume exceeding 1.1 billion RMB, a nearly fivefold increase year-on-year [4] - The company has expanded its international partnerships with major payment networks and banks, enhancing its global payment network coverage and service quality [4] Group 4: AI Integration - The company is leveraging artificial intelligence across various business lines, with AI Agent products being developed for retail, tourism, and entertainment sectors to meet diverse client needs [5] - AI applications have penetrated the company's business processes, achieving significant cost reduction and efficiency improvements [5]

Core Viewpoint - The company reported a decline in revenue for 2024, but significant growth in profit, indicating a shift towards improved profitability despite lower transaction volumes [1][2]. Financial Performance - Total revenue for 2024 was 3.087 billion RMB, a year-on-year decrease of 21.9% [1]. - Net profit reached 73 million RMB, an increase of over 600% compared to the previous year [1]. - Gross profit margin improved from 18.7% in 2023 to 23.6% in 2024 [2]. Business Operations - The company's GPV (Gross Payment Volume) for 2024 was 2.34 trillion RMB, down 19% from 2.88 trillion RMB in the previous year [1]. - The decline in GPV and revenue was attributed to economic fluctuations and a high base effect from the previous year [1]. - The company operates three main business lines: one-stop payment services, in-store e-commerce services, and merchant solutions [2]. Growth Areas - The one-stop payment service remains the core revenue driver, although it experienced a decline [2]. - International business continued to grow rapidly, with transaction volume exceeding 1.1 billion RMB, a nearly fivefold increase year-on-year [2]. - The contribution of value-added services to total revenue increased from 11.8% in 2023 to 13.0% in 2024 [2]. Cost Management - Sales, administrative, and R&D expenses decreased by 11.0%, 10.8%, and 10.5% respectively, with a 20% reduction in related operational costs [3]. - The company attributed these reductions to the widespread application of artificial intelligence across various business lines [3]. Technological Advancements - The AI Lab established in 2017 has been instrumental in deploying AI technologies to enhance operational efficiency and risk management [4]. - The company has developed tools like "Y-Copilot" to improve internal coding practices and "Xiao Ka Assistant" for enhancing customer service and content creation [4]. - Future plans include extending non-payment applications and value-added products to support diversified and international business growth [4].

Core Insights - The company, Yika Co., Ltd., reported a significant increase in revenue and profit for the fiscal year 2024, with total revenue reaching 3.087 billion RMB and a profit of 73 million RMB, marking a growth of over six times compared to the previous year [1] - The overall gross profit margin improved from 18.7% in 2023 to 23.6% in 2024, indicating enhanced operational efficiency [1] Group 1: Financial Performance - Total revenue for 2024 was 3.087 billion RMB, with a gross profit margin increase to 23.6% from 18.7% in 2023 [1] - The profit for the year was 73 million RMB, representing a growth of over 600% year-on-year [1] - In the second half of 2024, gross profit rose by 42.7% to 429 million RMB [1] Group 2: Business Segments - The core business of one-stop payment services generated a GPV of 23.4 trillion RMB, with revenue of 2.686 billion RMB and peak daily transaction volume reaching nearly 60 million transactions [1] - The gross profit margin for payment services in the second half of 2024 increased to 21.6%, leading to a rise in payment gross profit from 92.9 million RMB in the first half to 290 million RMB in the second half [1] - The contribution of value-added services, including merchant solutions and in-store e-commerce, increased from 11.8% in 2023 to 13.0% in 2024, with higher gross margins compared to payment services [1] Group 3: Merchant Solutions and E-commerce - The gross profit margin for merchant solutions remained stable at approximately 87.2%, with annual revenue of 340 million RMB [2] - The company utilized AI algorithms for precise advertising targeting and dynamic creative generation, significantly enhancing conversion rates and achieving industry-leading marketing services [2] - The in-store e-commerce business saw a strategic upgrade, resulting in a doubling of average revenue and profit contributions from merchants, with pre-revenue accounting for about 50% of in-store e-commerce revenue [2] Group 4: Operational Strategy - The company focused on refined operations and extensive AI applications, including tools for automated scene-based store construction, AI content creation, and live streaming planning, which greatly improved operational efficiency [2] - By gradually phasing out less profitable clients and concentrating on large clients, the company enhanced its full-service marketing capabilities and attracted well-known brands in key consumer sectors, leading to a continuous increase in store numbers [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 9.90 [6][7]. Core Insights - The company's performance in 2024 was impacted by a decline in payment transaction volume (GPV), which fell by 19% year-on-year, leading to a net profit of RMB 0.82 billion, significantly below expectations [1][2]. - Despite the challenges, the company has seen rapid growth in its overseas business, with transaction volume increasing nearly fivefold in 2024 [1][2]. - The company is expected to return to growth in its core payment business in 2025, driven by an improving consumer sentiment and its leading position in the QR code payment sector [1][2]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of RMB 3.09 billion and a net profit of RMB 0.82 billion, with a significant non-recurring expense related to transaction fee adjustments [1][5]. - The adjusted payment fee rate for 2024 was 11.9 bps, down 1.4 bps year-on-year, while the adjusted gross margin for payment services was 17% [2][4]. Business Segments - The merchant solutions segment saw a revenue decline of 6% in 2024, with a gross margin of 87% [3]. - The in-store business is nearing breakeven, with a gross margin improvement from 80.3% in 2023 to 81.3% in 2024 [3]. Profit Forecast and Valuation - The profit forecasts for 2025, 2026, and 2027 have been revised down to RMB 2.1 billion, RMB 2.4 billion, and RMB 3.3 billion respectively, reflecting a significant reduction of 53% and 60% [4][17]. - The company is valued using a sum-of-the-parts (SOTP) approach, with expected multiples of 16.3x PE for payment services, 5.1x PS for merchant solutions, and 2.5x PS for in-store e-commerce [4][12].

Group 1 - The core business of the company is one-stop payment services, with a total payment transaction volume (GPV) of 2.34 trillion RMB in 2024, generating revenue of 2.686 billion RMB [1] - The overall gross margin improved from 18.7% in 2023 to 23.6% in 2024, while the profit for the period reached 73 million RMB, representing an increase of over six times compared to the previous year [1] - The company has seen significant growth in its overseas business, with transaction volume exceeding 1.1 billion RMB, marking a nearly fivefold year-on-year increase [1] Group 2 - The company has established an AI Lab since 2017, which began deploying and applying artificial intelligence in 2023, leading to a reduction in sales, administrative, and R&D expenses by 11.0%, 10.8%, and 10.5% respectively in 2024 [1] - The company launched the first local AI Agent solution in Southeast Asia, enhancing merchant services through AI technology, which significantly improved user experience and order conversion rates in restaurants [2] - The company's in-store e-commerce business is nearing breakeven, with a consensus on the potential for large-scale development while maintaining stable and healthy growth [2]

Core Insights - The company reported a significant increase in revenue and profit for the fiscal year 2024, with total revenue reaching 3.087 billion RMB and net profit growing over six times to 73 million RMB compared to the previous year [1] - The company's core business, one-stop payment services, achieved a gross payment volume (GPV) of 2.34 trillion RMB, with revenue from this segment amounting to 2.686 billion RMB [1] - The company has expanded its overseas business significantly, with transaction volume exceeding 1.1 billion RMB, marking a nearly fivefold increase year-on-year [1] Financial Performance - Total revenue for 2024 was 3.087 billion RMB, with a gross margin improvement from 18.7% in 2023 to 23.6% in 2024 [1] - Net profit reached 73 million RMB, representing a growth of over 600% compared to the previous year [1] - The company's value-added services contributed 13.0% to total revenue, up from 11.8% in 2023, with gross margin for these services also improving from 18.7% to 23.6% [1] Business Expansion - The company partnered with 6,000 SaaS partners, a 32% increase year-on-year, and collaborated with nearly 160 acquiring banks [2] - The company achieved record-high business volume in precision marketing, with revenue from merchant solutions reaching 340 million RMB, a year-on-year increase of approximately 87.2% [2] - The company is focusing on high-quality, profitable clients in its local e-commerce services, adding new brands such as InterContinental Hotels and Joy City [2] International Growth - The company has established partnerships with major global payment networks like Visa, Mastercard, and UnionPay, enhancing its international payment acceptance capabilities [3] - The company has expanded its overseas operations into markets like Japan, Singapore, and Hong Kong, helping local merchants in sectors such as dining and tourism to globalize [3] - The company is also collaborating with its invested company, Fushi Technology, to provide a one-stop digital platform for international brands in Southeast Asia [4] Strategic Focus - The company aims to leverage artificial intelligence to enhance operational efficiency and product competitiveness [4] - The company is prioritizing localized operations in its global expansion strategy, responding to local market demands while utilizing its domestic operational experience [4] - The company plans to deepen the commercialization of a broader product matrix to solidify its position as a leading cross-regional one-stop payment and business empowerment technology platform [4]