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]
中金：维持移卡(09923)“跑赢行业”评级 降目标价至9.5港元