Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 12.0, down from HKD 14.3 [5][3]. Core Insights - The company's total revenue for the first half of 2024 decreased by 23% year-on-year, with payment business GPV and revenue declining by 18% and 27% respectively. However, the increase in the proportion of merchant solutions revenue has led to an improvement in overall gross margin [2][3]. - The report anticipates that payment revenue will stabilize in the second half of 2024, projecting adjusted net profits of RMB 250 million and RMB 320 million for 2024 and 2025 respectively [3][2]. Financial Performance Summary - Total revenue for the first half of 2024 was RMB 1.58 billion, with a year-on-year decline of 23%. The one-stop payment service revenue fell by 27% to RMB 1.35 billion, accounting for 85% of total revenue. Merchant solutions revenue increased by 21% to RMB 200 million, raising its share to 13% [2][3]. - Gross profit decreased by 18% to RMB 300 million, with merchant solutions contributing 61% and one-stop payment contributing 31% to gross profit. The overall gross margin improved to 19% due to the higher margin of merchant solutions [2][3]. - The company reported a net profit of RMB 31.6 million, a decline of 5% year-on-year, with adjusted EBITDA falling by 44% to RMB 160 million, primarily due to the drop in payment revenue and adjustments in non-recurring income [2][3]. Business Segment Analysis - Payment business GPV for the first half of 2024 was RMB 1.2 trillion, down 18% year-on-year. The overall payment fee rate was 12.3 bps, compared to 14.1 bps in the first half of 2023 [2][3]. - The number of active merchants in the merchant solutions segment reached approximately 1.6 million, a year-on-year increase of 6%, indicating improved penetration into payment merchants [2][3]. - The e-commerce service segment reported a revenue decline of 52% to RMB 29 million, but the net loss narrowed to RMB 15.6 million, reflecting an optimization in the business model [2][3]. Future Outlook - The report expects macroeconomic consumption to remain weak in July and August, but anticipates a slowdown in the year-on-year decline of payment business GPV to 8% in the second half of 2024, with payment revenue expected to stabilize [3][2]. - The company has announced a USD 10 million share buyback plan to enhance shareholder returns, which may provide some support for the stock price [3][2].
移卡：上半年业绩承压，支付业务下半年或有望企稳