[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 ...

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].

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 ...