Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company has experienced a decline in revenue due to macroeconomic factors affecting its payment business, but growth in merchant solutions has offset some of these losses [2][3] - The overseas payment business is expanding, with significant growth in Singapore, while the company is adjusting its in-store business strategy to focus on higher profitability [2][3] - The company is expected to achieve breakeven in its in-store e-commerce segment by the second half of 2024 [2] Financial Performance Summary - For H1 2024, the company reported revenue of 1.578 billion yuan, a year-over-year decrease of 23.5%, with a gross profit of 300 million yuan, down 18.0% [2] - The net profit for H1 2024 was 33 million yuan, showing a year-over-year increase of 7.3% [2] - Non-GAAP EBITDA for H1 2024 was 163 million yuan, down 43.9% year-over-year [2] Business Segment Analysis - The one-stop payment service revenue decreased by 26.6% to 1.35 billion yuan in H1 2024, primarily due to a 17.8% decline in total GPV [2] - Merchant solutions revenue grew by 21.2% to 202 million yuan, with an increase in active merchants by 5.8% [2] - The in-store e-commerce service revenue fell by 51.9% to 29 million yuan, attributed to a strategic shift towards more profitable clients [2] Future Projections - Revenue projections for 2024-2026 are estimated at 3.418 billion yuan, 3.992 billion yuan, and 4.521 billion yuan respectively, with net profits expected to be 118 million yuan, 275 million yuan, and 399 million yuan [3][4] - The diluted EPS is projected to be 0.34 yuan, 0.78 yuan, and 1.14 yuan for the years 2024, 2025, and 2026 respectively [4]
移卡：公司动态研究：海外支付业务持续拓展，到店业务策略调整，扭亏为盈趋势不变