移卡(09923.HK)跟蹤報告：正式納入港股通，下半年業務發展提速，維持“買入”評級
機構：光大證券
評級：買入
◆1H2020 公司科技賦能商業服務超預期增長。移卡公佈 2020 年半年報，上半年實現收入 10.8 億元，YoY+5.1%，其中支付業務 YoY-11%至 8.9億，科技賦能商業業務 YoY+540%至 2 億，超出我們此前的預期；1H2020毛利 3.3 億元，YoY+16.5%；淨利潤為 2.2 億元，較 1H2019 扭虧為盈。
◆科技賦能商業業務未來仍有較大成長空間。
營銷服務：1H2020 公司在線營銷服務收入為 1.44 億元，YoY+1183%。公司在線營銷服務受益於 1）二維碼掃碼業務的發展，尤其是交易筆數的直接增加；2）對接外部流量平台的增多。我們認為公司外部流量平台的對接是營銷服務未來重點發力方向。
SaaS 產品：1H2020 公司 SaaS 產品收入同比增長 228%至 1167萬元。公司 SaaS 產品收費模式以硬件銷售（一次性預付）+訂閲服務費（年付費）為主，現階段公司處在快速擴張期，整體定價較 低。我們認為，1H2020 公司科技賦能商業業務商户滲透率僅為12%，仍有較高提升空間。
金融科技業務：1H2020，公司金融科技業務 YoY+137%至 3600 萬元。我們認為，公司未來將注重風險與收益的平衡，穩健發展金融科技業務。
◆長期來看，我們看好移卡的發展空間。目前移卡 SaaS 業務整體仍處在起步階段，我們看好移卡在 SaaS 產品、在線營銷以及金融科技方面的全面佈局，特別是隨着移卡支付交易量擴大及支付細分垂直領域不斷落地，帶來的 SaaS 產品及在線營銷收入的快速增長。
◆投資建議：維持“買入”評級。移卡已於 8 月 14 日被調入恆生指數，9 月 7 日正式加入港股通，內地投資者可通過港股通進行配置，公司股票資金流入有望進一步增加。我們認為，公司管理團隊實力雄厚，戰略方向清晰，上半年公司科技賦能商業業績超預期增長。公司 SaaS業務目前尚處在起步階段，我們持續看好公司科技賦能商户業務發展空間。我們維持 20E-22E 收入/淨利預測 27/4 億元，36/5 億元，45/7億元，維持“買入”評級。
◆風險提示：央行數字貨幣推行面臨不確定性；科技賦能商業業務發展進度不達預期；收單市場競爭激烈致公司未來收入存在下降可能。
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