[Table_Title] 拉卡拉（300773.SZ） [Table_Summary] 核心观点： [Table_Page] 年报点评|多元金融 [分析师： Table_Author]陈福 2024-03-22 [Table_PageText] 拉卡拉|年报点评 [Table_PageText] 拉卡拉|年报点评 李怡华 ：研究员，上海财经大学财务管理硕士，2023 年进入广发证券发展研究中心。 [Table_CompanyInvestDescription] 广发证券—公司投资评级说明 持有： 预期未来 12 个月内，股价相对大盘的变动幅度介于-5%～+5%。 本报告由广发证券股份有限公司或其关联机构制作，广发证券股份有限公司及其关联机构以下统称为"广发证券"。本报告的分销依据不同 国家、地区的法律、法规和监管要求由广发证券于该国家或地区的具有相关合法合规经营资质的子公司/经营机构完成。 广发证券股份有限公司具备中国证监会批复的证券投资咨询业务资格，接受中国证监会监管，负责本报告于中国（港澳台地区除外）的分 销。 本报告所提及证券可能不被允许在某些国家或地区内出售。请注意，投资涉及风险，证券价格可能会波动 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.99 CNY, based on a 2024 PE of 18 times [27]. Core Insights - The company's digital payment business has shown significant recovery, with a gross profit margin increase to 26.3% in 2023, up 6 percentage points year-on-year [4]. - The overall revenue for 2023 reached 59.34 billion CNY, a 10.60% increase from the previous year, while the net profit attributable to shareholders was 4.58 billion CNY, marking a 131.85% growth [16]. - The report anticipates continued growth in revenue and net profit for 2024-2026, with projected revenues of 65.95 billion CNY, 72.81 billion CNY, and 80.44 billion CNY, respectively [19]. Financial Performance Summary - In 2023, the company achieved a revenue of 59.34 billion CNY, with a net profit of 4.58 billion CNY, and a gross margin of 28.40% [16]. - The first quarter of 2024 saw a revenue of 14.94 billion CNY, a slight decline of 1.74% year-on-year, but the gross margin improved to 34.08% [16]. - The company’s EBITDA is projected to grow from 752 million CNY in 2023 to 1.647 billion CNY by 2026, reflecting a recovery in profitability [6]. Market Context - The third-party payment industry is experiencing a recovery, with a 4.5% year-on-year increase in total card consumption and an 11.46% increase in network payment amounts processed by non-bank payment institutions [1]. - Regulatory changes, such as the introduction of the "Non-bank Payment Institutions Supervision Management Regulations," are expected to enhance the market's competitive landscape [1].

股 票 研 究 5,366 5,934 6,786 7,808 8,472 4,128 4,252 4,461 4,981 5,311 21 22 27 31 34 544 491 679 781 678 230 261 292 336 390 197 535 1,087 1,368 1,686 0 -161 0 0 0 -58 127 68 78 17 -18 -3 -8 -23 -23 78 538 1,104 1,403 1,721 121 56 165 210 257 -1 -1 5 6 7 -1,437 458 930 1,191 1,460 5,177 768 3,224 3,779 4,023 258 258 258 258 258 1,743 1,743 1,743 1,743 1,743 1,514 1,264 873 475 475 333 197 363 368 368 10,443 5,668 8,060 8,161 8,535 6,736 6,044 8,322 8,254 8,370 357 357 357 357 357 3,350 3,408 3,542 3,730 3,988 ...

来源：公司年报、国金证券研究所 业绩简评 : 陈泽敏（执业51130524020004） Chenz: min@gjzd.com.cn chenz: min@gjzd.com.cn chenz: min@gjzd.com.cn http://w.cn maxiaoting@gizq.com.cn 1.《拉卡拉公司点评：支付业务进一步修复，盈利水平回 升》, 2023.10.22 2.《拉干部出贡献；支付业务逐步修复，大额投资收益； 民成并利润公司高; 2023.7.31 升可期》2023.5.13 | --- | --- | --- | --- | --- | --- | |-------------------------------|---------|----------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 5,394 | 5,938 | 6,360 | 6,755 | 7,134 | | 营业收入增长率 | -18.50% | 10.0 ...

相关研究报告 请务必参阅正文后面的信息披露和法律声明 1 / 4 公司信息更新报告 《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于2017年7月1日起正 式实施。根据上述规定，开源证券评定此研报的风险等级为R4（中高风险），因此通过公共平台推送的研报其适用 的投资者类别仅限定为专业投资者及风险承受能力为C4、C5的普通投资者。若您并非专业投资者及风险承受能力 为C4、C5的普通投资者，请取消阅读，请勿收藏、接收或使用本研报中的任何信息。 因此受限于访问权限的设置，若给您造成不便，烦请见谅！感谢您给予的理解与配合。 | --- | --- | --- | --- | |----------|--------|-----------------|--------------------------------------------| | | 评级 | | 说明 | | | 买入（ | Buy ） | 预计相对强于市场表现 20% 以上； | | 证券评级 | 增持（ | outperform ） | 预计相对强于市场表现 5% ～ 20% ； | | | 中性（ | Ne ...

拉卡拉支付股份有限公司 规范与关联方资金往来的管理制度 二○二四年【四】月 拉卡拉支付股份有限公司 规范与关联方资金往来的管理制度 第一章 总则 第一条 为完善拉卡拉支付股份有限公司（以下简称"公司"）法人治理结构，保证 公司正常运作，促进公司规范、健康发展，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司监管指引第 8 号--上市公司资金往来、对外担保的监管要求》 《深圳证券交易所创业板股票上市规则》等有关法律、法规、规章及规范性文件，以及 《拉卡拉支付股份有限公司章程》（以下简称《公司章程》）、《拉卡拉支付股份有限公司 关联交易管理制度》的规定，特制定本制度。 第二条 公司及纳入公司合并会计报表范围的子公司与控股股东、实际控制人及其 关联方之间资金往来适用本制度。 除本条规定外，本制度所称的公司均指公司及纳入公司合并会计报表范围的子公司。 第二章 控股股东和实际控制人行为规则 （一）要求公司无偿向自身、其他单位或者个人提供资金、商品、服务或者其他资 产； （二）要求公司以不公平的条件，提供或者接受资金、商品、服务或者其他资产； （三）要求公司向不具有清偿能力的单位或者个人提供资金、商品、服 ...

公司在任独立董事王小兰女士、李焰女士及蔡曙涛女士均能够胜任独立董事 的职责要求，其未在公司担任除独立董事以外的任何职务，也未在公司主要股东 单位担任任何职务，与公司以及主要股东之间不存在妨碍独立董事进行独立客观 判断的关系，不存在影响独立董事独立性的情况，符合《上市公司独立董事管理 办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等法律、法规、规范性文件及《公司章程》中关于独立董事的任职资格及 独立性的相关要求。 拉卡拉支付股份有限公司董事会 拉卡拉支付股份有限公司董事会 关于独立董事 2023 年度保持独立性情况的专项意见 拉卡拉支付股份有限公司（以下简称"公司"）董事会根据《上市公司独立 董事管理办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》等要求，并结合独立董事出具的《2023 年度独立董事关于独立 性自查情况的报告》，就公司在任独立董事的独立性情况进行评估并出具如下专 项意见： 2024 年 4 月 19 日 ...

拉卡拉支付股份有限公司 2023 年度监事会工作报告 2023 年，拉卡拉支付股份有限公司（以下简称"公司"）监事会严格按照 《公司法》《证券法》《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》等法律法规以及《公司章程》《公司监事会议事规则》等 规章制度的规定，本着对全体股东负责的精神，认真地履行了自身的职责，依法 独立行使职权，紧密围绕完善公司治理结构、促进公司依法规范运作的核心任务 开展了各项工作，对公司的经营管理以及董事、管理层履职情况进行了有效监督， 充分发挥了监事会在上市公司治理结构中的重要作用，切实维护了公司、股东及 广大员工的利益。公司监事会 2023 年度工作情况如下： 一、2023 年度公司监事会工作情况 报告期内，公司共召开了 7 次监事会，具体如下： | 序 | 召开时间 | 会议届次 | 审议事项 | | --- | --- | --- | --- | | 号 | | | | | 1 | 2023/1/16 | 第三届监事会第七次会议 | 关于收购简链科技股权暨关联交易的议案 | | 2 | 2023/4/27 | 第三届监事会第八次会议 | | | | | ...

独立董事年度述职报告 一、独立董事的基本情况 （一）独立董事基本情况 李焰女士，1956 年出生，中国国籍，无境外永久居留权，博士学历。历任中 国人民大学商学院任教授、财务金融系主任；2014 年至今任职中国人民大学商 学院任教授、中国人民大学小微金融研究中心任主任、中国普惠金融研究院任理 事会秘书长；历任数知科技独立董事、海兰信股份独立董事、北京天智航医疗科 技股份有限公司独立董事；2018 年至今于赤峰吉隆黄金矿业股份有限公司任独 立董事。目前任公司董事会独立董事。 （二）是否存在影响独立性的情况说明 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务，也未 在公司主要股东处担任任何职务，与公司以及公司主要股东之间不存在妨碍本人 进行独立客观判断的关系，本人任职符合《上市公司独立董事管理办法》第六条 规定的独立性要求，不存在影响本人独立性的情况。 二、独立董事年度履职概况 （一）出席董事会及股东会会议情况 报告期内，公司共召开了 9 次董事会，2 次股东大会，本人出席董事会及股 东会情况如下： | 独立董 | 任职状 | 应出席 | 实际出席董事会 | 委托出 | 缺席董 | 出席股 | | - ...

Financial Performance - The company achieved a revenue of 5.934 billion yuan in 2023, representing a year-on-year growth of 10.6%[1] - The net profit attributable to shareholders was 458 million yuan, with a non-recurring profit of 569 million yuan, showing a year-on-year increase of 6.9%[1] - The revenue from payment services was 5.18 billion yuan, accounting for 87.28% of total revenue, with a year-on-year growth of 13.06%[8] - The company reported a 10.60% increase in total revenue from domestic operations, while international revenue dropped to zero[8] - The total operating revenue for 2023 reached RMB 5,934,478,586.44, representing a year-on-year increase of 10.60% compared to RMB 5,365,796,526.95 in 2022[109] - The net profit attributable to shareholders was RMB 457,663,018.74, a significant turnaround from a loss of RMB 1,437,123,234.69 in the previous year, marking an increase of 131.85%[109] - The net profit after deducting non-recurring gains and losses was RMB 568,992,294.29, compared to a loss of RMB 120,672,385.86 in 2022, reflecting a growth of 572.12%[109] - The net cash flow from operating activities was RMB 378,247,609.18, a substantial improvement from a negative cash flow of RMB 356,876,381.66 in the previous year, indicating a growth of 205.99%[109] - Basic and diluted earnings per share were both RMB 0.59, a recovery from a loss of RMB 1.84 per share in 2022, representing an increase of 132.07%[109] Market and Transaction Growth - The company processed a total of 3.31 trillion yuan in bank card transactions, further increasing its market share[1] - The company reported a 31% year-on-year growth in QR code transaction volume, reaching 1.2 trillion yuan, which accounted for 27% of total payment transactions[1] - The company launched over 1.59 million new payment terminals and gained 1 million monthly active users for its merchant wallet app, contributing to a 159% increase in QR code transaction volume[4] - The company’s digital payment business achieved significant growth, with a rapid increase in QR code payments, reflecting the success of its systematic service capabilities[175] - The transaction amount for QR code payments grew by 31% year-on-year, increasing its share of total transaction volume from 20% to 27%[190] - The domestic third-party payment market is recovering, with the total amount of card consumption reaching 136 trillion yuan in 2023, a year-on-year increase of 4.5%, and non-bank payment institutions processing network payment amounts of 340.25 trillion yuan, up 11.46%[161] Cash Flow and Assets - The company achieved a net cash flow from operating activities of ¥378,247,609.18 in 2023, a significant increase of 205.99% compared to the previous year[18] - The company reported a total of ¥7,412,611,865.20 in cash and cash equivalents at year-end, an increase of 10.87% from the previous year[20] - The net cash flow from financing activities decreased by 41.12% to ¥690,708,030.58, primarily due to repayment of bank loans[19] - The company’s total assets increased, with cash reserves significantly bolstered by an increase in customer deposits to ¥6,608,947,797.25[22] - The total assets at the end of 2023 amounted to RMB 12,263,887,592.16, which is an increase of 17.43% from RMB 10,442,960,117.56 at the end of 2022[109] Research and Development - Research and development (R&D) expenses amounted to ¥249,947,304.82, representing 4.21% of total revenue, slightly down from 4.27% in 2022[17] - The number of R&D personnel increased by 13.16% to 447 in 2023, with a notable rise in the 40-50 age group by 92.31%[17] - The company completed the development of several key projects, including a new data platform and a next-generation data center, aimed at enhancing operational efficiency[15] - The company's research and development expenses increased by 9.1% year-on-year, amounting to approximately 249.95 million yuan[185] Strategic Initiatives and Future Outlook - The company anticipates continued growth in the payment market in 2024, driven by the recovery of the domestic economy and favorable government policies[46] - The company plans to explore applications of artificial intelligence in the payment industry, leveraging its existing AI technology to provide intelligent solutions for merchants and financial institutions[47] - The company is focused on accelerating its international business, enhancing cross-border payment capabilities through differentiated innovations[55] - The company plans to expand its market presence through new product introductions and strategic initiatives[24] - Future strategies include potential mergers and acquisitions to strengthen its competitive position in the payment industry[113] Risk Management and Compliance - The company aims to enhance its risk control and compliance systems, achieving a fraud risk monitoring coverage rate of over 95% and maintaining a business fraud loss rate at one in a million[50] - The company has established a comprehensive risk control process to ensure compliance and orderly business operations[56] - The company recognizes the competitive risks in the rapidly evolving third-party payment industry and aims to enhance merchant service capabilities to avoid performance decline[67] Dividend and Shareholder Returns - The company reported a cash dividend of 5 RMB per 10 shares, totaling a distribution based on 800,019,942 shares[93] - The company emphasized its commitment to the "Quality Return Dual Improvement" action plan[74] Technology and Innovation - The company has developed AI-driven products such as decision robots and report robots for financial institutions, enhancing risk assessment and customer management capabilities[154] - The company’s cloud-based digital solutions integrate payment, settlement, and risk control capabilities for small and medium-sized banks and industry clients[155] - The company has accelerated the transformation of cutting-edge technologies such as AI, big data, and blockchain, with AI robot products already in use at 15 banks and financial institutions[189] - The company has invested in the AIGC field, including virtual humans and the metaverse, with projects already in development and application[189] Customer Base and Market Position - The company’s top five customers accounted for only 2.33% of total sales, indicating a diversified customer base[28] - The company has a strong brand influence and industry position, supported by a robust service network and partnerships with major card organizations, ensuring sustainable growth[155] - The company has strengthened its acceptance capabilities by supporting various payment methods, including card, QR code, and digital RMB, positioning itself as a leader in the domestic payment industry[191]