Guotai Junan believes that in 2023, the mobile card (09923) payment transaction volume is expected to continue to increase, driving the payment business to continue to grow steadily; competition in the in-store e-commerce business intensifies, and revenue is expected to decline.
The Zhitong Finance App learned that Guotai Junan released a research report stating that it will maintain the “increase in holdings” rating of the mobile card (09923) and adjust the target price to HK$30.01. The company's payment business is expected to remain steady in 2023, and in-store e-commerce business revenue may decline. Considering increased market competition, the company's in-store e-commerce business is under pressure. The 2023-25 revenue will be adjusted to 37.1/46.4/5.29 billion yuan (same unit, 44.3/56.4/7.07 billion yuan before adjustment), and net profit of 0.08/308/417 million yuan (before adjustment of 344/452/511 million yuan). The bank said that the company's payment transaction volume is expected to continue to increase in 2023, driving the payment business to continue to grow steadily; competition in the in-store e-commerce business intensifies, and revenue is expected to decline.