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]
移卡：跟踪报告：营销战略加速升级，海外版图持续扩大