金吾财讯 | 交银国际研报指，移卡(09923)2024下半年收入15亿元（人民币，下同），同比降20%，主要受支付交易规模下降影响（同比-20%），经调整EBITDA同比降17%至2.2亿元，但环比增35%，主要因支付业务毛利率优化。该行指，支付业务边际改善，关注增值服务及海外拓展：该行预计2025年支付GPV/收入为2.45万亿元/29.6亿元，同比增5%/10%，对应支付费率提升0.6个基点。公司强化AI对业务赋能，提升商户服务能力，并加速海外扩张，2024年海外GPV达11亿元，增值服务已在中国香港、新加坡、日本落地。基于2025年12倍市盈率，该行下调其目标价至9.6港元(原13港元)，维持中性评级。支付业务边际改善，但全年表现仍有不确定性。关注海外业务拓展，以及AI赋能下高利润率的增值服务收入及利润增长。
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