业绩基本符合市场预期 机构：中金公司 研究员：樊优/姚泽宇 风险 市场竞争加剧，宏观经济不确定性，海外展业不及预期，监管趋严风险。 AI 赋能提升运营效率，有效财务管理改善盈利能力；关注全球布局进展。 得益于AI 在各业务条线的更广泛应用，1H25 销售、行政及研发开支合计同比-19%，营业利润同比+3% 至5,880 万元。此外，公司积极升级股权结构及优化财务成本，1H25 融资成本同比-53%，推动税前利 润同比+24%至4,511 万元。公司在美国取得联邦支付牌照和亚利桑那州州级支付牌照，在日本获得日本 经济产业省的正式批准、授权展开线上线下扫码收单业务，公司预计将持续拓展于全球主要经济体的版 图。 盈利预测与估值 考虑费率回升及利润率改善，小幅上调25 年调整后EBITDA 3%至3.9 亿元、基本维持26 年调整后 EBITDA 4.4 亿元。公司当前交易于14x/10.5x25e/26e EV/EBITDA；考虑收入利润改善、市场情绪改 善，上调目标价65%至15.7 港币，对应17x/13x 25e/26e EV/EBITDA 及20%上行空间；维持跑赢行业评 级。 移卡1H25 总收入同比+4 ...

Group 1 - The core viewpoint of the articles highlights the significant stock price movements of companies such as 德邦股份 and 翠微股份, with 德邦股份 experiencing a 72.16% increase over a short period and 翠微股份 facing a 39.11% decline in revenue year-on-year [1][3][4] Group 2 - 德邦股份 has seen its stock price rise to 22.88 yuan per share, achieving a five-day consecutive increase, while the trading volume has reached a turnover rate of 24.27% [1] - The company has clarified that it has not yet implemented autonomous driving logistics vehicles, and this concept will not impact its performance [1] - 翠微股份 reported a revenue of 22.29 billion yuan in 2024, a decrease of 39.11% year-on-year, with a net profit loss of 6.87 billion yuan [3] - In the first quarter of 2025, 翠微股份 generated 5.66 billion yuan in revenue, down 9.83% year-on-year, with a net profit loss of 819.3 million yuan [3] - The company attributes its revenue decline to changes in the retail market environment, payment industry policies, and the closure of its subsidiary store for reconstruction [4]

Core Viewpoint - Cuiwei Co., Ltd. (603123) has reported significant declines in revenue from retail and acquiring businesses due to changes in the retail market environment, payment industry policies, and the closure and reconstruction of its subsidiary, the Zhongguancun store [1] Group 1: Company Performance - The company is currently experiencing a substantial decrease in revenue from its retail and acquiring businesses [1] - The main business operations of the company are still in a loss-making state [1] - The company has conducted a self-inspection and confirmed that its production and operational activities are normal, with no significant changes in daily operations [1] Group 2: Market Environment - The external market environment and industry policies have not undergone significant changes [1]