金吾财讯 | 国证国际发研指，移卡(09923)去年总收入15亿元，同比降20%，较一致预期低11%，其中一站式支付较市场预期低6%（8,600万元），商户解决方案较市场预期低43%（2.4亿元）。毛利同比增15%，好于市场预期2%，主要因支付业务毛利好于预期，整体毛利率28%，同比及环比均提升9个百分点。归母净利润5100万元，利润率3.4%，对比去年同期为亏损2,200万元。经调整EBITDA为2.2亿元，同比降17%，EBITDA利润率14.7%。该行指，公司支付业务承压，下半年GPV为1.17万亿元，同比降18%，环比持平，综合费率为11.5个基点，同比/环比下降1.1/0.8个基点。全年GPV为2.34万亿元，剔除非经常性收入调整影响的费率为11.9个基点，同比下降1.4个基点，与行业费率下行趋势一致。该行表示，预计2025年支付业务GPV同比增9%，费率或有小幅上调空间，预计收入增速略大于GPV增速。预计利润端恢复常态化水平，预计全年经调整归母净利润（剔除股份支付影响计算所得）2.7亿元，给予2025年13倍市盈率，目标价8.2港元，维持增持评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.