Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company's payment business has experienced a decline in both volume and pricing, which is the primary reason for the decrease in performance. The acceleration of overseas business expansion is expected to become a new growth point [2][5]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.578 billion RMB, a year-on-year decrease of 23.49%. The net profit was 33 million RMB, an increase of 7.35% year-on-year. The payment business revenue was 1.347 billion RMB, down 27% year-on-year, with a gross payment volume (GPV) decline of 17.8% to 11.7 trillion RMB [5]. - The payment fee rate decreased to 0.123% in the first half of 2024, compared to 0.141% in the first half of 2023 and 0.125% in the second half of 2023 [5]. - The merchant solutions business saw a revenue increase of 21.2% to 202 million RMB, with the number of active merchants growing by 5.8% year-on-year. The gross margin improved from 87.6% in the same period of 2023 to 90.9% [5]. - The in-store e-commerce business generated 29 million RMB, down 52% year-on-year, as the company phased out less profitable merchants, leading to a significant improvement in gross margin, which increased by 4.6% to 81.5% [5]. Growth Catalysts - The company is rapidly expanding its overseas payment business, with GPV in Singapore growing by over 50% year-on-year. The company aims to leverage its extensive merchant cooperation experience and technology to continue expanding in the overseas payment market [5]. - The in-store e-commerce business is expected to turn profitable in the second half of the year as the company optimizes its input-output ratio [5].
移卡2024年半年报点评：支付量价下滑拖累业绩，加速海外布局