【移卡（9923.HK）】全球化战略加速升级，海外版图持续扩大 ——跟踪报告（王一峰/李爱娅）

Core Viewpoint - The company is experiencing a recovery in performance driven by its global expansion strategy and continuous growth in its marketing services customer base [2]. Financial Performance - In 2024, the company achieved total operating revenue of 3.09 billion, a year-on-year decrease of 21.9%, while the net profit attributable to shareholders was 82 million, showing a slight increase [3]. - The company's payment service fee rate for 2024 was 11.9 basis points, consistent with industry trends, indicating stable commercialization capabilities [3]. Payment Business - The revenue from the one-stop payment service in 2024 was 2.69 billion, down 22.9% year-on-year, primarily due to macroeconomic fluctuations affecting average transaction amounts [4]. - The gross margin for the one-stop payment service reached 14.2%, an increase of 4.5 percentage points year-on-year, demonstrating significant profitability resilience [4]. - The company maintains a leading position in the industry, with peak daily transaction counts approaching 60 million and a 32% year-on-year increase in the number of SaaS partners [4]. Merchant Solutions - Revenue from merchant solutions in 2024 was 340 million, a decrease of 6.4% from 360 million in 2023, but the gross margin remained stable at 87.2% [5]. - The company focuses on higher profitability customer segments, maintaining strong product profitability and cost control [5]. E-commerce Services - Revenue from in-store e-commerce services was 60 million in 2024, down 40.4% from 100 million in 2023, although the gross margin improved from 80.3% to 81.3% [7]. - The company optimized its charging model, ensuring that upfront revenue contributed 50% to in-store e-commerce income, which supports the profitability of each service project [7]. International Expansion - The company's overseas GPV transaction volume exceeded 1.1 billion in 2024, a nearly fivefold year-on-year increase, indicating strong market expansion capabilities [8]. - The company deepened its penetration into vertical markets, adding well-known brands such as Clinique, Bose, Leica, and Xiaomi to its client roster, enhancing business resilience [8]. - The company joined major payment networks like Visa, Mastercard, and UnionPay International, and established deep collaborations with banks such as Citibank, HSBC, and Barclays to improve global payment network coverage [8].