移卡2H24 收入低于市场预期11%,支付业务(收入占比89%)低于预期6%,主要因GPV 降幅大于预期。2024 年海外业务取得阶段性进展,全年GPV 11 亿元,预计中长期仍有较大提升潜力。我们预计2025 年支付业务恢复同比高个位数增长,收入增速快于GPV 增速,带动利润企稳回升。给予2025 年13 倍市盈率估值,目标价8.2 港元,维持增持评级。报告摘要2H24 业绩不及预期:总收入15...
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