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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.98 billion yuan for H1 2024, a year-on-year increase of 0.45%. The net profit attributable to the parent company was 420 million yuan, down 18% year-on-year, while the net profit excluding non-recurring items increased by 46% year-on-year to 410 million yuan, aligning with expectations [2] - The overall gross margin and payment gross margin for H1 2024 were 32.9% and 30.2%, respectively, reflecting increases of 3.4 percentage points and 2.7 percentage points year-on-year, primarily due to the rise in payment fees and high growth in QR code GPV [2] - The company maintains a stable market share in card GPV, and with an optimized industry structure, payment fees are expected to continue rising. The "payment + technology" service model has significant potential to meet the real needs of merchants [2] Financial Summary and Valuation Indicators - The company declared an interim dividend of 0.4 yuan per share, with a dividend payout ratio of 76%, resulting in an annualized dividend yield of 6.7% based on the current stock price [2] - The projected net profits for 2024-2026 are 830 million yuan, 1.08 billion yuan, and 1.27 billion yuan, representing year-on-year growth of 82%, 30%, and 18%, respectively. The current valuation corresponds to P/E ratios of 11.4, 8.8, and 7.5 times for the respective years [2][3] - The company's GPV for H1 2024 was 21.5 trillion yuan, a year-on-year decrease of 5%, with card and QR code transaction volumes declining by 15% and increasing by 28%, respectively. The card GPV market share among the top 10 players was 16.4%, up 1.4 percentage points year-on-year [2][3] - The payment net fee rate reached 0.1225% in H1 2024, an increase of 0.1 percentage points year-on-year, benefiting from fee increases on certain products [2][3]

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 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 12 months [1]. Core Insights - The company reported a net profit of 420 million RMB for 1H24, a year-over-year decrease of 18%, while the non-deducted net profit increased by 46% to 410 million RMB [1]. - Total revenue for 1H24 reached 2.98 billion RMB, reflecting a year-over-year growth of 0.4%, with payment business revenue showing positive growth [1]. - The company’s payment transaction volume (GPV) was 21.5 trillion RMB, a year-over-year decline of 5.3%, but the net fee rate improved, indicating better profitability [1]. - The company is focusing on AI empowerment and expanding overseas payment services, which are expected to drive future growth [1]. Financial Performance Summary - For 1H24, the company’s revenue breakdown included payment services at 2.63 billion RMB (up 3.7% YoY), technology services at 170 million RMB (down 16.9% YoY), and other businesses at 180 million RMB (down 20.1% YoY) [1]. - The company’s investment income significantly declined to 20 million RMB, a year-over-year drop of 92.3%, primarily due to losses from joint ventures [1]. - Cost control measures were effective, with sales, management, and R&D expense ratios showing slight improvements [1]. Future Projections - The company is projected to achieve total revenue of 6.14 billion RMB in 2024, with a year-over-year growth of 3.35%, and a net profit of 740 million RMB, reflecting a growth of 61.65% [2]. - EPS is expected to rise from 0.59 RMB in 2023 to 0.92 RMB in 2024, indicating strong earnings growth [2]. - The company’s ROE is forecasted to improve from 12.21% in 2023 to 17.75% in 2024, showcasing enhanced profitability [2]. Market Position and Strategy - The company is expanding its merchant base and enhancing its digital payment products, which are expected to drive growth in small and medium-sized enterprises [1]. - The company has made significant advancements in AI technology, which is being integrated into merchant services to improve operational efficiency [1]. - The company is also actively exploring international payment business opportunities, with a focus on building a robust external card acceptance network [1].

Dividend Distribution - The company plans to distribute a cash dividend of 4 RMB per 10 shares to all shareholders, based on a total of 800,019,942 shares[2]. - The company has not proposed any stock bonus distribution, focusing solely on cash dividends for this period[2]. - The company distributed dividends totaling 400,009,971.00 CNY during the period[109]. Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥2.98 billion, a slight increase of 0.45% compared to ¥2.97 billion in the same period last year[13]. - Net profit attributable to shareholders decreased by 17.98% to approximately ¥419.5 million from ¥511.5 million year-on-year[13]. - The net profit after deducting non-recurring gains and losses increased by 45.86% to approximately ¥411.7 million, compared to ¥282.3 million in the previous year[13]. - The net cash flow from operating activities surged by 109.31% to approximately ¥671.6 million, up from ¥320.9 million in the same period last year[13]. - Total assets at the end of the reporting period were approximately ¥10.79 billion, a decrease of 12.00% from ¥12.26 billion at the end of the previous year[13]. - The net assets attributable to shareholders increased slightly by 0.52% to approximately ¥3.77 billion from ¥3.75 billion year-on-year[13]. - Basic and diluted earnings per share decreased by 18.18% to ¥0.54, down from ¥0.66 in the same period last year[13]. - The weighted average return on equity was 10.78%, down from 14.19% in the previous year, reflecting a decrease of 3.41%[13]. Risk Management - The report emphasizes the importance of risk awareness among investors regarding future development strategies and operational plans, highlighting the uncertainty of achieving these goals[2]. - The company has detailed potential risk factors and countermeasures in the report, specifically in the section on risks and responses[2]. - The company has established a comprehensive risk control process to mitigate industry policy risks and market competition risks[40]. - The company has established a comprehensive risk control and compliance system, achieving a fraud risk monitoring coverage rate of over 95% and maintaining a business fraud loss rate at one in a million[41]. Corporate Governance - The financial report has been confirmed as true, accurate, and complete by the company's management, including the responsible accounting personnel[2]. - All directors attended the board meeting that reviewed this half-year report, ensuring corporate governance compliance[2]. - The company has not conducted any investor communication activities during the reporting period[42]. - The company has not made any changes to its board of directors, supervisors, or senior management during the reporting period[46]. Subsidiaries and Market Expansion - The report discusses the company's major subsidiaries and their significant matters, indicating ongoing market expansion efforts[4]. - The company has outlined its investment status and significant asset and equity sales during the reporting period[3]. Research and Development - The report includes a section on research and development expenditures, reflecting the company's commitment to innovation[4]. - Research and development investment rose by 10.53% to 125.3 million yuan, reflecting increased labor and outsourcing costs[25]. Payment Solutions and Technology - The company provides comprehensive payment solutions, including B2C, B2B, cross-border, and foreign card payments, with transaction amounts leading the industry[18]. - The cross-border payment network covers over 100 countries, facilitating global collection and payment services for import and export enterprises[18]. - The company has developed a digital service platform for SMEs, enhancing their financing capabilities through blockchain technology[19]. - The intelligent risk control system achieves a fraud risk monitoring coverage of over 95%, maintaining a fraud loss rate of one in a million[20]. - The company has launched innovative products such as merchant wallet apps and digital operation platforms, reinforcing its industry-leading position[21]. Financial Position and Cash Flow - Cash and cash equivalents at the end of the reporting period amounted to CNY 6,207,601,384, representing 57.52% of total assets, down from 60.44% at the end of the previous year[28]. - The company's total investments during the reporting period were CNY 138,588,858, a decrease of 54.78% compared to CNY 306,472,463 in the same period last year[32]. - The company reported a total external guarantee amount of 70 million, with an actual guarantee amount of 15.12 million during the reporting period[72]. - The company has no major related party transactions during the reporting period[68]. Taxation and Compliance - The company is recognized as a high-tech enterprise by the Beijing tax authorities, benefiting from a reduced corporate income tax rate of 15% from 2023 to 2025[198]. - The company has subsidiaries with varying corporate income tax rates, including 25% for 拉卡拉云商网络有限公司 and 15% for 拉卡拉支付股份有限公司[194][197]. Environmental and Social Responsibility - There were no significant environmental or social responsibility issues reported during the period[54]. - The company has implemented measures to reduce carbon emissions, although specific details were not disclosed[53]. Shareholder Information - The company has a total share capital of 800,020,000 shares, with a base for the cash dividend distribution set at 800,019,942 shares[47]. - Lenovo Holdings Co., Ltd. holds 26.14% of the shares, amounting to 209,134,665 shares[80]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[88].

拉卡拉支付股份有限公司（以下简称"公司"）第三届董事会第二十四次会议和第三届 监事会第十五次会议审议通过了《关于审议公司 2024 年中期利润分配方案的议案》，本方 案尚需要提交 2024 年第一次临时股东大会审议，具体情况如下： 证券代码：300773 证券简称：拉卡拉 公告编号：2024-029 拉卡拉支付股份有限公司 关于公司 2024 年中期利润分配方案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 三、备查文件 1、第三届董事会第二十四次会议决议公告； 一、利润分配方案基本情况 公司合并报表 2024 年上半年实现归母净利润 419,499,539.48 元，母公司 2024 年上半 年实现净利润 434,017,981.73 元。截至 2024 年 6 月 30 日，母公司累计未分配利润为 1,495,390,348.14 元，合并报表未分配利润为 1,208,616,871.42 元。 鉴于公司目前盈利状况良好，为积极回报股东，根据中国证监会鼓励分红的有关规定以 及《公司章程》中关于利润分配政策的要求，在保证公司健康可持续发展的情况下，公 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2024-030 拉卡拉支付股份有限公司 关于修订《公司章程》的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 2024 年 8 月 9 日，拉卡拉支付股份有限公司（以下简称"公司"）召开第三届董事会 第二十四次会议，审议通过《关于修订<公司章程>的议案》。现将有关事项公告如下： 执照换发、章程备案等手续。变更后的《公司章程》条款的修改以市场监督管理部门最终核 准、登记为准。 特此公告。 拉卡拉支付股份有限公司董事会 2024 年 8 月 10 日 2 一、《公司章程》具体修订内容 为匹配工商系统中对于企业经营范围的最新归类，现修订《公司章程》中相关文字表述， 具体如下： | 修订前 | 修订后 | | --- | --- | | 第十三条 公司的经营范围：银行卡收单（除宁波市以外地 | | | 区）；互联网支付；数字电视支付； 预付卡受理（全国）； | 第十三条 公司的经营范围：非银行支付业务；网络文化经营； | | | 基础电信业务；第二类增值电信业务。（依法须经批准的项目， | | 移动电话支付； ...

二、监事会会议审议情况 证券代码：300773 证券简称：拉卡拉 公告编号：2024-028 拉卡拉支付股份有限公司 第三届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 拉卡拉支付股份有限公司（以下简称"公司"）第三届监事会第十五次会议以定期会议方式召集与召 开，会议通知于 2024 年 7 月 30 日以邮件方式送达公司全体监事，并于 2024 年 8 月 9 日在公司会议室以现 场方式召开。应出席监事 3 人，实际出席会议监事 3 人。会议由监事会主席寇莹女士主持。本次会议的召 集和召开程序符合《公司法》等法律、法规和《公司章程》的规定。 此项议案尚需提交股东大会审议。 表决结果：全部监事表决结果为 3 票赞成，0 票弃权，0 票反对。 内容详见公司同日在中国证监会指定的信息披露网站巨潮资讯网（www.cninfo.com.cn）披露的《关于 公司 2024 年中期利润分配方案的公告》。 与会监事认真审议并通过了如下议案，并决议如下： （一）通过《关于审议公司 2024 年半年度报告及摘要的议案》 监事 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2024-027 拉卡拉支付股份有限公司 第三届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 2024 年 8 月 9 日，拉卡拉支付股份有限公司（以下简称"公司"）第三届董事会第二 十四次会议以通讯方式召开。本次会议以定期会议方式召集与召开，会议通知已于 2024 年 7 月 30 日以邮件方式送达公司全体董事。会议应出席董事 7 人，实际出席会议董事 7 人。 会议由董事长孙陶然先生主持。本次会议的召集和召开程序符合《公司法》等法律、法规和 《公司章程》的规定。 二、董事会会议审议情况 与会董事认真审议并通过了如下议案，并决议如下： （一）通过《关于审议公司 2024 年半年度报告及摘要的议案》 公司《2024 年半年度报告》《2024 年半年度报告摘要》符合法律、行政法规，报告内 容真实、准确、完整地反映了公司 2024 年上半年的经营情况，不存在虚假记载、误导性陈 述或者重大遗漏。 表决结果：全部董事表决结果为 7 票赞成，0 票弃权，0 票反对 ...