交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月27日 港元12.16 港元14.00↓ +15.1% 移卡 (9923 HK) 支付业务支撑收入增长，关注到店业务转型及海外支付拓展  2023年业绩符合预期。2023年收入40亿元人民币（下同），同比增16%， 个股评级 受支付业务强劲增长驱动，部分被到店业务下降抵消。经调整EBITDA同 中性 比增161%至5.6亿元，符合预期，主要受益于支付业务利润扩张及到店亏 损收窄。 1年股价表现  支付业务支撑业绩增长。1）2023年支付规模（GPV）/支付收入为2.9万 9923 HK 亿元/35亿元，同比增29%/27%，受益于线下消费复苏以及代理商渠道扩 10% MSCI中国指数 张，活跃支付商户数同比增13%至920万，但环比2023年上半年持平。剔 0% -10% 除非经常性收入调整影响，支付费率维持上行，同比提升 1 个基点至 -20% 0.133%。2）受竞争影响，到店GMV增30%至43亿元（下半年环比降22% -30% 至19亿元），收入同比降71%，均弱于年初预期，主要受平台政策调整 -40% 及服务商竞争加剧影响。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 30.01, corresponding to a 2024 P/E of 40x [3][4] Core Views - The company's payment business is expected to continue growing, driving overall revenue growth, while the on-site e-commerce business faces pressure due to intensified competition [2][3] - The company's one-stop payment GPV reached RMB 2.88 trillion in 2023, a YoY increase of 29.19%, with the fee rate increasing from 0.123% in 2022 to 0.133% [3] - The on-site e-commerce business revenue was RMB 1.03 billion in 2023, a YoY decrease of 71.01%, primarily due to market competition and strategic profit-sharing with merchants [3] - The company's net profit in 2023 was RMB 0.1 billion, a YoY decrease of 89%, mainly due to a one-time payment of RMB 3.44 billion related to transaction fee adjustments [3] Financial Summary - Revenue for 2023 was RMB 3.951 billion, a YoY increase of 15.58% [3] - Revenue is projected to grow to RMB 4.774 billion in 2024, RMB 5.351 billion in 2025, and RMB 5.882 billion in 2026 [2][3] - Net profit is expected to recover to RMB 3.24 billion in 2024, RMB 4.16 billion in 2025, and RMB 5.51 billion in 2026 [3] - The PE ratio is forecasted to be 12.5x in 2024, 10.2x in 2025, and 8.0x in 2026 [2] Business Performance - The company's one-stop payment business saw a significant increase in transaction volume post-pandemic, with active merchants exceeding 1.6 million, a QoQ increase of 30.8% [3] - The on-site e-commerce business is expected to maintain growth in 2024, with GMV continuing to increase and costs significantly reduced under the partner model [3] Market and Industry Context - The company's unique positioning in serving small and medium-sized offline merchants and its independent scalable ecosystem are expected to drive future performance [3] - The rapid growth of the QR code payment market and the on-site e-commerce market are identified as key catalysts for the company's future growth [3]

2024 年 03 月 23 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 陈梦竹 S0350521090003 支付业务量价齐[T 升abl ，e_T 到itle 店] 电商亏损收窄 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn ——移卡（ ） 年财报点评 9923.HK 2023 联系人 ： 罗婉琦 S0350122040042 luowq@ghzq.com.cn 最近一年走势 事件 : 2024年3月21日公司发布2023 年财报，2023年实现营收39.5亿元 （YoY+16%），毛利润7.4亿元（YoY-28.4%），Non-GAAPEBITDA5.6 亿元（YoY+160.6%）。报告期内，公司在清算机构的要求下向其待处理 账户支付与交易手续费率调整相关的款项，对2023年整体收入造成非经 常性影响约3.44亿元。 投资要点 : 相对恒生指数表现 2024/03/22  整体业绩表现：公司2023年营收及经调整利润保持稳健增长，其中， 表现 1M 3M 12M 支付业务收入增长主要受益于线下消 ...

证券研究报告 | 2024年03月22日 移卡（09923.HK）2023 年报点评 买入 支付业务强劲，到店电商净亏损收窄 核心观点 公司研究·财报点评 营收实现不错增长。2023全年实现营收39.5亿元，同比增长15.6%，实现 银行·其他银行Ⅱ 归母净利润1011万元。主要是在清算机构的要求下，公司根据交易手续费 证券分析师：田维韦 证券分析师：王剑 率调整向其支付了相关费用3.44亿元。公司披露的经调整EBITDA为5.56 021-60875161 021-60875165 tianweiwei@guosen.com.cnwangjian@guosen.com.cn 亿元，同比增长了161%。 S0980520030002 S0980518070002 支付业务增长强劲。2023年支付业务收入34.8亿元，同比增长26.5%。占 证券分析师：陈俊良 021-60933163 收入总额的88.2%。如果还原3.44亿元非经常性收入的影响，2023年支付 chenjunliang@guosen.com.cn 业务收入则同比增长了39%（2021-2022年增速在20%左右）。其中，2023 S09805 ...

Financial Data and Key Metrics Changes - Total revenue for 2023 reached RMB 5.1 billion, representing a year-on-year increase of 15.6% [26] - Gross profit decreased by 28.4% year-on-year to RMB 738 million, with a gross profit margin declining from 30.2% to 18.7% [26][27] - Adjusted EBITDA grew by 160.6% year-on-year to RMB 556 million, primarily due to increased GPV and fee rates in one-stop payment services [27][44] Business Line Data and Key Metrics Changes - One-stop payment services achieved a GPV growth of 29.2% year-on-year, reaching RMB 2.9 trillion, with 9.2 million active merchants, a 13.3% increase [16][17] - In-store e-commerce services saw a GMV increase of 30% to surpass RMB 4.3 billion, with gross profit margin improving to 80.3% [19][20] - Merchant solutions revenue rose by 17.2% in 2023 to RMB 363 million, with active merchants exceeding 1.6 million, a 30.8% increase [21][22] Market Data and Key Metrics Changes - The company expanded its international presence, serving over 5,000 merchants in Singapore, including well-known brands like Rolex and Starbucks [10][58] - The company established Epay Singapore and Epay America to facilitate global expansion and cross-border transactions [9][19] Company Strategy and Development Direction - The company focuses on increasing commercialization efforts, maintaining compliance, and growing market share through SaaS digital solutions and digital marketing [6][7] - The strategy includes enhancing digital marketing capabilities and integrating payment solutions to strengthen merchant relationships [20][21] - The company aims to expand its overseas market presence, particularly in Southeast Asia and North America, while exploring new fintech opportunities [51][58] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of small and medium-sized offline merchants as a key driver of growth amid China's economic recovery [5][13] - The company is optimistic about leveraging AI technology to enhance operational efficiency and reduce costs, with a focus on future revenue generation [12][41] - Management expressed confidence in achieving breakeven in 2024 through improved fee structures and increased merchant penetration [36][61] Other Important Information - The company scored 54 in S&P Global ESG ratings and A- in corporate sustainability indices, reflecting its commitment to ESG initiatives [24][52] - The establishment of an ESG committee aims to oversee the company's sustainability efforts and support small merchants [24][54] Q&A Session Summary Question: Details on in-store e-commerce and traffic digital marketing strategy - The company has repositioned itself as an all-traffic merchant service provider, enabling merchants to operate across multiple platforms and enhancing digital marketing capabilities [32][34] Question: Impact of AI technology on business operations - AI technology has improved coding efficiency and content generation, with over 50% of in-store e-commerce content now generated by AI [40][41] Question: Growth drivers of the payment business and competitive advantage - The growth in GPV is driven by targeting small merchants in resilient industries, expanding distribution channels, and increasing monetization through improved fee rates [49][51]

Financial Performance - Total revenue for the year ended December 31, 2023, increased by 15.6% to RMB 3,950.6 million from RMB 3,418.0 million in 2022[7] - The adjusted EBITDA for the year rose significantly by 160.6% to RMB 556.0 million compared to RMB 213.4 million in 2022[7] - The gross profit decreased by 28.4% to RMB 738.2 million, with a gross margin of 18.7%, down from 30.2% in 2022[7] - Revenue increased by 15.6% from RMB 3,418.0 million in 2022 to RMB 3,950.6 million in 2023, primarily driven by growth in one-stop payment services[19] - One-stop payment service revenue rose by 26.5% from RMB 2,754.3 million in 2022 to RMB 3,485.0 million in 2023, attributed to increased GPV and fee rates[21] - The company reported a significant increase in receivables, with accounts receivable rising to RMB 355,059 thousand in 2023 from RMB 274,642 thousand in 2022, an increase of approximately 29.2%[71] - The company’s revenue from one-stop payment services was RMB 3,484,960,000 for the year ended December 31, 2023, compared to RMB 2,754,252,000 in 2022, marking an increase of approximately 26.5%[97] Transaction Volume and Merchant Activity - The total payment transaction volume (GPV) for the one-stop payment service grew by 29.2% to RMB 2,882.9 billion, with 71.2% of transactions being app-based[2] - The number of active payment service merchants increased by 13.3% to 9.2 million[2] - The number of active merchants using merchant solutions increased by 30.8% to over 1.6 million[2] - The total merchant transaction volume (GMV) for in-store e-commerce services exceeded RMB 4.3 billion, reflecting a year-on-year growth of 30.3%[2] - The peak daily transaction volume for app-based payments reached nearly 60 million transactions[2] Cost and Profitability - Operating costs increased by 34.6% from RMB 2,387.1 million in 2022 to RMB 3,212.4 million in 2023, mainly due to higher commissions paid to payment distribution channels[24] - Gross profit decreased from RMB 1,030.9 million in 2022 to RMB 738.2 million in 2023, resulting in a gross margin decline from 30.2% to 18.7%[26] - The gross margin for the one-stop payment service dropped from 19.3% to 9.7%, attributed to increased commissions for distribution channels and adjustments related to transaction fee rates[27] - Sales expenses decreased by 67.7% from RMB 386.5 million to RMB 125.0 million, primarily due to a streamlined cost structure in in-store e-commerce services[28] - Administrative expenses increased by 5.0% from RMB 322.8 million to RMB 338.8 million, mainly due to higher employee benefits[28] Shareholder Actions and Equity - A total of approximately HKD 113.3 million was used to purchase 7,280,400 shares, representing 1.63% of the issued shares as of December 31, 2023[15] - The company repurchased 3,001,600 shares for approximately HKD 45.5 million, accounting for 0.67% of the issued shares as of December 31, 2023[15] - The company issued USD 70 million convertible bonds with a 6.25% interest rate, raising a net amount of approximately USD 68.1 million (equivalent to HKD 533.3 million)[63] - The planned use of the convertible bond proceeds includes 80% for expanding overseas business and 20% for enhancing competitiveness in China[64] Assets and Liabilities - Total assets increased from RMB 7,290.0 million as of December 31, 2022, to RMB 8,420.4 million as of December 31, 2023, representing a growth of approximately 15.5%[43] - Total liabilities rose from RMB 4,608.7 million to RMB 5,803.0 million, an increase of about 25.9%[43] - The debt-to-equity ratio increased from 39.5% to 45.3%, primarily due to the rise in borrowings[44] - Cash and cash equivalents decreased by 44.2% from RMB 1,591.5 million to RMB 887.9 million, attributed to share buybacks and operational cash usage[44] Risk Management and Compliance - The company faces various financial risks, including market risk, credit risk, and liquidity risk, with risk management overseen by senior management[80] - The company has implemented standardized credit management procedures to assess the credit status of loan applicants comprehensively[83] - The company has a policy to ensure that service sales are made to customers with appropriate credit records, and it regularly reviews the recoverability of accounts receivable[82] - The company has established monitoring procedures to ensure follow-up actions are taken to recover overdue debts[82] Corporate Governance - The company has adhered to the corporate governance code principles, with a commitment to high ethical standards and transparency[145] - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting process and internal controls, ensuring adherence to accounting principles[148] - There were no reported incidents of non-compliance with the employee written guidelines regarding insider trading as of December 31, 2023[147] Future Outlook - The company anticipates continued growth in revenue driven by the expansion of its merchant solutions and e-commerce services in the upcoming fiscal year[97] - The company plans to expand its overseas market presence and enhance local payment infrastructure, targeting partnerships with foreign banks and local enterprises[14]

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[移I Tnaf 卡bol]e （_Ti 9tl 9e] 2 3） [评Tab级le_：Inv est] 增持 当前价格（港元）： 12.12 支付稳健增长，到店业务承压 2024.03.18 海 ——移卡 2023年度业绩前瞻 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 孙坤(分析师) 52周内股价区间（港元） 11.88-24.90 当前股本（百万股） 443 公 021-38676647 021-38038260 当前市值（百万港元） 5,369 司 liuxinqi@gtjas.com sunkun024098@gtjas.com 证书编号 S0880515050001 S0880523030001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023 年公司支付交易量有望继续提升，带动支付业务继续稳健增长；到店电商业务 移卡 恒生指数 竞争加剧，预计收入出现下滑。 香 6% 摘要： 港 -5% [T abl维e_S持um公m司ar“y]增 持”评级， ...

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[移I Tnaf 卡bol]e （_Ti 9tl 9e] 2 3） [评Tab级le_：Inv est] 增持 当前价格（港元）： 12.12 支付稳健增长，到店业务承压 2024.03.18 海 ——移卡 2023年度业绩前瞻 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 孙坤(分析师) 52周内股价区间（港元） 11.88-24.90 当前股本（百万股） 443 公 021-38676647 021-38038260 当前市值（百万港元） 5,369 司 liuxinqi@gtjas.com sunkun024098@gtjas.com 证书编号 S0880515050001 S0880523030001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023 年公司支付交易量有望继续提升，带动支付业务继续稳健增长；到店电商业务 移卡 恒生指数 竞争加剧，预计收入出现下滑。 香 6% 摘要： 港 -5% [T abl维e_S持um公m司ar“y]增 持”评级， ...

计算机/软件开发 公 司 研 移卡（09923.HK） 支付业务预计快速增长，到店业务战略调整 究 2024年03月14日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 荀月（联系人） wuliuyan@kysec.cn xunyue@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122100036 日期 2024/3/13 港 当前股价(港元) 12.280  支付业务预计快速增长，到店业务战略调整 股 一年最高最低(港元) 25.800/11.800 考虑到支付业务一次性调整及提费下渠道佣金激励较高，到店业务受平台服务商 公 司 总市值(亿港元) 54.40 竞争加剧导致 GTV 及佣金率承压及合伙人模式下佣金率较低，我们下调公司 信 流通市值(亿港元) 54.40 2023-2025年净利润预测至0.11/4.1/5.6亿元（前值：4.3/7.2/9.2亿元），对应EPS 息 总股本(亿股) 4.43 0.02/0.93/1.27 元，对应同比增速-89%/3671%/37%，当前股价 12.28HKD 对应 更 新 流通港股(亿股) 4.43 ...

2024 年 03 月 06 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 陈梦竹 S0350521090003 支付业务短期调[T 整abl ，e_T 到itle 店] 业务竞争加剧 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn ——移卡（ ） 年财报前瞻 9923.HK 2023 联系人 ： 罗婉琦 S0350122040042 luowq@ghzq.com.cn 最近一年走势 核心观点 :  主要财务指标前瞻：我们预计移卡公司2023年实现总营收39.1亿 元（YoY+15%），其中支付业务收入预计34.5亿元（YoY+25%）， 商户解决方案收入预计3.7亿元（YoY+20%），到店电商业务收入 预计1.0亿元（YoY-72%）；预计公司实现净利润0.1亿元（YoY-85%）， 主要受到支付业务一次性收入调整的影响。  支付业务GPV延续高增长，费率短期承压：我们预计2023年支付 业务GPV同比增长29%至2.9万亿元，活跃支付服务商户数量同比 相对恒生指数表现 2024/03/05 增长15 ...