Lakala(SZ:300773) KAIYUAN SECURITIES·2024-07-03 23:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [6][45]. Core Viewpoints - The company is embracing the digital economy with three main operational strategies: promoting digital payments, sharing digital technology, and realizing data value. This approach aims to expand its digital service ecosystem [6][7]. - The second quarter of 2024 is expected to see an expansion in industry prosperity due to stable transaction volumes and rising fees, with a focus on the profitability elasticity from price increases [6]. - The forecasted net profits for 2024-2026 are 830 million, 1.08 billion, and 1.27 billion yuan respectively, representing year-on-year growth of 82%, 30%, and 18% [6]. Financial Summary - The company's revenue for 2023 is projected at 5.94 billion yuan, with a year-on-year growth of 10.1%. The net profit for 2023 is expected to be 458 million yuan, recovering from a loss of 1.44 billion yuan in 2022 [18]. - The gross margin is anticipated to improve from 23.5% in 2022 to 28.4% in 2023, with net profit margins turning positive at 7.7% [18]. - The company's price-to-earnings (P/E) ratio is projected to be 12.1, 9.3, and 7.9 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [18]. Strategic Focus Areas - The company is focused on building a digital service ecosystem that integrates payment, technology, finance, and data, enhancing its service offerings to small and micro enterprises [6][7]. - It aims to create a sustainable workplace with over 10% of employees covered by stock incentive plans and extensive training programs [6]. - The company is committed to social responsibility, having donated 16.81 million yuan to charity in 2023 and implementing a smart fraud prevention system that recovered 12.92 million yuan in losses [6].