移卡（09923）今日盘中大跌5.02%，引起市场关注。该公司股价下跌可能与近期发布的券商研报有关。
交银国际最新发布的研报维持移卡"中性"评级，但将目标价从13港元下调至9.6港元。研报指出，移卡2024年下半年收入为15亿元人民币，同比下降20%，主要受支付交易规模下降影响。尽管如此，经调整EBITDA环比增长35%，主要得益于支付业务毛利率的优化。交银国际预计2025年移卡支付GPV和收入分别为2.45万亿元和29.6亿元，同比增长5%和10%。
分析认为，移卡股价下跌可能反映了投资者对公司全年业绩表现的不确定性。尽管支付业务边际有所改善，但收入和交易规模的下降仍然令市场担忧。此外，目标价的下调也可能影响投资者信心。然而，值得关注的是，公司正在加强AI对业务的赋能，提升商户服务能力，并加速海外扩张。2024年海外GPV已达11亿元，增值服务也已在香港、新加坡和日本落地，这些举措可能为公司未来增长带来新的机遇。
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