证券代码：300773 证券简称：拉卡拉 公告编号：2024-033 拉卡拉支付股份有限公司 关于部分股东减持股份计划预披露公告 计划减持的股东保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 二、本次减持计划的主要内容 | 减持人 | 减持 | 股份 | 减持 | 拟减持 | 减持占剔 | 拟减持 | 减持 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 目的 | 来源 | 期间 | 数量 | 除回购股 | 价格 | 方式 | | | | | | | 份后总股 | | | （一）本次减持计划相关情况 | | | | | | | | 本比例 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 孙浩然 | 个人资 | 首 次 公 | 集中竞 | 不 | 超 | 过 | 0.50% | 根据减持 | 集 中 竞 | | | 金需求 | 开 发 行 | 价减持 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 13.07 RMB, indicating a potential upside from the current market price of 11.90 RMB [6]. Core Insights - The company has shown a significant increase in its non-net profit, which grew by 45.86% year-on-year in H1 2024, suggesting a positive trend in profitability [1]. - The digital payment business has experienced revenue growth of 3.67% year-on-year, driven by a 28% increase in QR code transaction volume, which now accounts for 31% of total transactions [2]. - The company is focusing on enhancing its technology services, with a notable increase in partnerships with financial institutions, which is expected to contribute to revenue growth in the future [3]. - The competitive landscape is improving, with a reduction in the number of payment service providers, which is likely to benefit the company's profitability [4]. Financial Performance - In H1 2024, the company reported total revenue of 2.984 billion RMB, a year-on-year increase of 0.40%, while the net profit attributable to shareholders was 419 million RMB, down 17.98% year-on-year [1]. - The company's earnings per share (EPS) for 2024-2026 are projected to be 1.05 RMB, 1.28 RMB, and 1.51 RMB respectively, indicating a positive growth trajectory [1]. - The average price-to-earnings (PE) ratio for comparable companies in 2024 is estimated at 12.4 times, which aligns with the company's valuation [10]. Business Segments - The digital payment segment generated 2.634 billion RMB in revenue in H1 2024, with a gross margin of 30.20%, reflecting a strong performance driven by increased transaction volumes and improved net fee rates [2]. - The technology services segment reported a revenue of 170 million RMB, although it saw a decline of 16.89% year-on-year, indicating challenges in this area [3]. - The company has successfully integrated AI and big data technologies into its services, enhancing its product offerings and operational efficiency [3]. Market Context - As of March 2024, the total consumption amount of bank cards in China reached 33.52 trillion RMB, growing by 1.45% year-on-year, while non-bank payment institutions processed 85.93 trillion RMB in network payments, up 1.50% year-on-year [4]. - The report highlights a trend of consolidation in the payment industry, with 15 payment licenses being revoked in 2023, which may lead to a more favorable competitive environment for the company [4].

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 拉卡拉（300773）公司半年报点评 2024 年 08 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 08 [ Table_StockInfo 月 09 日收盘价（元） ] | 11.90 | | 52 周股价波动（元） | 11.03-20.00 | | 总股本 / 流通 A 股（百万股） | 800/734 | | 总市值 / 流通市值（百万元） | 9520/8739 | | 相关研究 | | | [Table_ReportInfo] 《数字支付领先企业，费率提升打开利润空 | | | 间》 2024.07.31 | | 市场表现 [Table_QuoteInfo] -41.71% -33.71% -25.71% -17.71% -9.71% -1.71% 拉卡拉 海通综指 2023 ...

Summary of Conference Call Company Involved - The conference call involves Lakala, a company that recently released its semi-annual report. Core Points and Arguments - The call featured two key leaders from Lakala: the Deputy General Manager and former Secretary of the Board, Mr. Zhu, and the Government Affairs Representative, Mr. Tian [1]. Other Important Content - The company expressed gratitude for the support received during the report release [1].

[Table_Title] 拉卡拉（300773.SZ） 提费增厚毛利，延续高位派息 [Table_Summary] 核心观点： ⚫ 公司发布 2024 年半年报。24 年半年度公司实现营收 29.8 亿元， yoy+0.45%，归母净利 4.2 亿元，yoy-18.0%，主要受去年同期投资收 益较高的因素影响。扣非的归母净利润 4.1 亿元，yoy+45.9%。扣非净 利润维持增长主要受益于（1）支付交易量保持在较高水平，形成规模 效应，上半年公司支付交易金额达 2.15 万亿元，较高的交易规模使得 公司在收入和经营成本上更具优势，为实现较好的效益奠定坚实基础。 （2）扫码支付增长较快，扫码交易金额占比提高。上半年公司实现扫 码交易金额 6,738 亿元，同比增长 28%，扫码金额占整体比重自去年 同期 23%提升至 31%。（3）毛利率和净费率水平有所提升。上半年， 公司支付整体净费率水平同比提高了 1 个基点，数字支付业务毛利率 30.20%同比提升 2.7 个百分点。 ⚫ 支付业务整体较为稳健。24H1 公司银行卡交易金额为 1.48 万亿元， 受行业整体下行影响，同比减少 15%，但降幅低于行业水平 ...

证券研究报告 金融公司|公司点评|拉卡拉（300773） 毛利率稳步提升，盈利有望向好 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月10日 证券研究报告 |报告要点 拉卡拉发布 2024 年半年报。2024H1 公司实现营收 29.8 亿元，同比+0.45%，实现归母净利润 4.2 亿元，同比-17.98%，实现扣非后归母净利润 4.1 亿元，同比+45.86%。单季度看，2Q24 公 司实现营收 14.9 亿元，同比+2.71%，实现归母净利润 2.1 亿元，同比-16.73%，实现扣非后 归母净利润 1.8 亿元，同比+90.83%。 |分析师及联系人 刘雨辰 黄楷 SAC：S0590522100001 SAC：S0590522090001 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年08月10日 拉卡拉(300773) 毛利率稳步提升，盈利有望向好 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 非银金融/多 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 21.60 CNY, corresponding to a 20x P/E for 2024 [4][5]. Core Views - The company is experiencing steady growth alongside high dividends, which enhances its attractiveness to investors. The improvement in competitive landscape has led to an increase in payment market share and net acquiring fee rates, driving revenue growth. The company has initiated mid-term dividends, with a dividend yield that is appealing [3][4]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 2.982 billion CNY, a year-on-year increase of 0.45%. The net profit attributable to shareholders was 419 million CNY, down 17.98% year-on-year, while the net profit excluding non-recurring items was 412 million CNY, up 45.86% year-on-year. These results are in line with expectations [4]. - The payment business generated 2.634 billion CNY in revenue, a year-on-year increase of 3.67%, while other businesses contributed 350 million CNY, down 19% year-on-year. The growth in the payment business is the main driver of overall revenue growth [4]. Market Position and Strategy - The company’s transaction volume in the payment business was 21.5 trillion CNY, a decrease of 5.29% year-on-year. However, the net acquiring fee rate improved to 0.1225%, an increase of 1 basis point year-on-year, which is a key factor in the growth of the payment business. In Q2 2024, the net acquiring fee rate further increased to 0.1268% [4]. - The company has seen an increase in its QR code payment share, with transaction amounts reaching 673.8 billion CNY, up 28% year-on-year, and QR code transactions now account for 31% of the total [4]. Dividend Policy - The company has initiated mid-term dividends, distributing 320 million CNY, which represents 78% of the net profit excluding non-recurring items. The dividend yield has reached 3.4%, making it attractive to investors. The company has a history of maintaining a high dividend payout ratio and is expected to continue this trend as performance improves [4]. Future Outlook - The report anticipates continued growth in the company’s payment business due to an increase in market share and the enhancement of its "payment+" industry solutions. The company is also exploring B2B foreign trade business models to provide integrated cross-border payment solutions for Chinese brands [4].

Investment Rating - Maintains an "Overweight" rating with a target price adjusted to 21.60 RMB, corresponding to a 20x P/E for 2024 [4][5] Core Views - The company's payment market share has increased due to improved competitive landscape, leading to higher net fee rates and driving performance growth [3][4] - The company initiated an interim dividend with an attractive dividend yield, supporting continued optimism for its growth and future dividend payouts [4] - The payment business grew by 3.67% YoY in H1 2024, contributing significantly to revenue growth, with transaction volume reaching 2.15 trillion RMB, despite a 5.29% YoY decline [4] - The net fee rate for payment services increased to 0.1225%, up by 1 basis point YoY, with Q2 2024 seeing a further rise to 0.1268% [4] - The company's cross-border payment business has served over 90,000 merchants, focusing on B2B foreign trade and providing tailored solutions for Chinese brands going global [4] Financial Performance - H1 2024 revenue reached 2.982 billion RMB, with net profit attributable to shareholders at 419 million RMB, down 17.98% YoY, while non-GAAP net profit increased by 45.86% YoY to 412 million RMB [4] - Adjusted EPS forecasts for 2024-2026 are 1.08, 1.22, and 1.36 RMB, respectively, reflecting a downward revision from previous estimates [4] - The company's gross margin for payment services improved to 30.2%, up 2.7 percentage points YoY [4] - Interim dividend payout for H1 2024 was 320 million RMB, representing 78% of non-GAAP net profit, with a semi-annual dividend yield of 3.4% [4] Market and Valuation - The company's total market capitalization stands at 9.52 billion RMB, with a current share price of 11.90 RMB [5][6] - The 52-week price range is between 11.36 and 20.57 RMB [6] - The company's P/E ratio for 2024 is projected at 11.00, with a P/B ratio of 2.43 [10] Industry and Competitive Landscape - The company benefits from an improved competitive environment in the offline payment market, leading to higher fee rates and market share [4] - The company's "payment+" industry solutions and open platform have expanded revenue sources by addressing diverse customer needs such as收款, 分账, 订单, 报表, and 营销 [4]

一 开源证券 非银金融/多元金融 公 司 研 究 拉卡拉（300773.SZ） 2024 年 08 月 10 日 费率延续提升且市占率稳定，中期分红提升股东回报 ——拉卡拉 2024H1 业绩点评 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/9 | | 当前股价 ( 元 ) | 11.90 | | 一年最高最低 ( 元 ) | 21.32/11.03 | | 总市值 ( 亿元 ) | 95.20 | | 流通市值 ( 亿元 ) | 87.39 | | 总股本 ( 亿股 ) | 8.00 | | 流通股本 ( 亿股 ) | 7.34 | | 近 3 个月换手率 (%) | 73.1 | 高超（分析师） 唐关勇（联系人） gaochao1@kysec.cn 证书编号：S0790520050001 tangguanyong@kysec.cn 证书编号：S0790123070030 支付费率延续提升且市占率稳定，中期分红提升股东回报 2024 上半年公司营收 29.8 亿元，同比+0.45%，归母净 ...

一 开源证券 非银金融/多元金融 公 司 研 究 拉卡拉（300773.SZ） 2024 年 08 月 10 日 费率延续提升且市占率稳定，中期分红提升股东回报 ——拉卡拉 2024H1 业绩点评 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/9 | | 当前股价 ( 元 ) | 11.90 | | 一年最高最低 ( 元 ) | 21.32/11.03 | | 总市值 ( 亿元 ) | 95.20 | | 流通市值 ( 亿元 ) | 87.39 | | 总股本 ( 亿股 ) | 8.00 | | 流通股本 ( 亿股 ) | 7.34 | | 近 3 个月换手率 (%) | 73.1 | 高超（分析师） 唐关勇（联系人） gaochao1@kysec.cn 证书编号：S0790520050001 tangguanyong@kysec.cn 证书编号：S0790123070030 支付费率延续提升且市占率稳定，中期分红提升股东回报 2024 上半年公司营收 29.8 亿元，同比+0.45%，归母净 ...