Summary of Conference Call Company Overview - The company discussed is Kanan, which specializes in the production of uniforms and commercial driving services [1] Key Points and Arguments - The senior director of the company, Mr. Yang, was invited to provide insights into the recent developments of the company [1] Other Important Content - The introduction highlighted the company's focus on its core business areas, indicating a strategic emphasis on uniforms and driving services [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has accelerated its marketing strategy and is continuously expanding its overseas presence, having established operations in Singapore, the United States, and Hong Kong [3] - The company achieved significant revenue growth in 2023, with total revenue reaching 3.95 billion yuan, a year-on-year increase of 15.6% [3] - The adjusted EBITDA for 2023 was 560 million yuan, reflecting a substantial year-on-year increase of 160.6%, indicating improved profitability and operational efficiency [3] - The company’s gross profit for 2023 was 740 million yuan, with a gross margin of 18.7%, down 11.5 percentage points year-on-year, primarily due to adjustments in non-recurring income [3] - The company’s one-stop payment service revenue grew by 26.5% year-on-year to 3.48 billion yuan, driven by increases in GPV and fee rates [4] - The company’s GMV exceeded 4.3 billion yuan in 2023, a year-on-year increase of 30.3%, attributed to improved operational strategies and service quality [4] - The company’s merchant solutions revenue increased by 17.2% year-on-year to 360 million yuan, with the number of active merchant solution clients exceeding 1.6 million, a year-on-year increase of 30.8% [4] - The report forecasts the company’s net profit attributable to shareholders for 2024-2026 to be 930 million, 1.79 billion, and 2.36 billion yuan respectively, with corresponding EPS of 0.21, 0.40, and 0.53 yuan [4][6] Financial Summary - The company’s total revenue for 2022 was 3.42 billion yuan, with a projected revenue of 4.54 billion yuan for 2024, reflecting a growth rate of 15% [6] - The company’s net profit for 2022 was 154 million yuan, with a projected net profit of 930 million yuan for 2024, indicating a significant recovery and growth trajectory [6][7] - The report provides a detailed financial forecast, including EBITDA and PE ratios, indicating a positive outlook for the company’s financial performance [6][7]

Yeahka 移卡 Yeahka Limited 移卡有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司 ) Stock Code: 9923.HK 股份代號：9923.HK nning ma mmm Al u munimum PAY [1] Yeahka HK2 ■ ANNUAL REPO 目 錄 2 公司資料 5 五年財務概要 6 主席報告 9 管理層討論與分析 27 董事及高級管理層 32 董事會報告 69 企業管治報告 94 獨立核數師報告 105 綜合全面收益表 107 綜合財務狀況表 109 綜合權益變動表 111 綜合現金流量表 113 綜合財務報告附註 and and the second of the successful e with a see a com the control of the : 230 釋義 " 公司資料 註冊辦事處 Vistra (Cayman) Limited P.O. Box 31119 Grand Pavilion Hibiscus Way, 802 ...

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 HK$15.90, reflecting a potential upside of 26% from the current price of HK$12.58 [1][15]. Core Insights - The company is focusing on increasing payment fees rather than transaction volume growth in 2024, aiming for a 1 basis point increase in payment fees [4][5]. - The company has adjusted its earnings forecasts downward, with a 24% reduction for 2024 and a 34% reduction for 2025, primarily due to lower expected growth in total payment volume (TPV) and in-store e-commerce [12][15]. - The company reported a significant increase in adjusted EBITDA by 85% to RMB 265 million for 2H23, although adjusted net profit decreased by 68% to RMB 31 million due to non-recurring service fee adjustments [8][9]. Summary by Sections Investment Rating - Current rating: Buy - Target price: HK$15.90 - Current share price: HK$12.58 - Upside potential: +26% [1][15]. Financial Performance - 2H23 adjusted EBITDA increased by 85% to RMB 265 million, while adjusted net profit decreased by 68% to RMB 31 million [8][9]. - Revenue from one-stop payment services grew by 11% to RMB 1.65 billion in 2H23, driven by a 25% increase in TPV [8][10]. - The company reported a total payment volume (TPV) of RMB 14.6 trillion for 2H23, with a 30% increase in QR code-based TPV [8][10]. Earnings Forecasts - The 2024 adjusted net profit forecast has been reduced by 24% to RMB 427 million, and the 2025 forecast has been reduced by 34% to RMB 480 million [12][15]. - The 2024 revenue forecast is now RMB 4.91 billion, reflecting a 24% year-on-year growth [13][15]. - The company expects a compound annual growth rate (CAGR) of 12.5% for adjusted net profit from 2024 to 2026 [15][16]. Market Position and Strategy - The company aims to achieve a balance between payment fee increases and transaction volume growth, focusing on enhancing its merchant acquiring business and expanding overseas [5][15]. - The company plans to achieve breakeven in its in-store e-commerce segment in 2024, despite a 78% decline in revenue in 2H23 [4][8].

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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 YEAHKA LIMITED 移卡有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9923） 截至二零二三年十二月三十一日止年度 年度業績公告 移卡有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬 公司（統稱「本集團」）截至二零二三年十二月三十一日止年度（「報告期」）經審核 綜合業績，連同截至二零二二年十二月三十一日止年度的比較數字。 於本公告，「移卡」及「我們」指本公司，如文義另有所指則為本集團。 1 業務回顧及展望 業務亮點 • 進一步鞏固一站式支付龍頭地位： • 一站式支付服務的總支付交易量（「GPV」）同比增加29.2%至人民幣 28,829億元，其中71.2%為基於應用程式的支付服務； • 活躍支付服務商戶數1同比增長13.3%至9.2百萬； • 費率2由二零二二年的12.3個基點上升至二零二三年的13.3個基點，同比 上升1個基點； • 基於應用程序的支付 ...

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， ...