Lakala(SZ:300773) Haitong Securities·2024-07-31 06:31Investment Rating - The report assigns an "Outperform" rating to the company [1][28]. Core Views - The company has significantly improved its profits in 2023, with a main business revenue of 5.934 billion yuan, a year-on-year increase of 10.60%, and a net profit attributable to shareholders of 458 million yuan, a year-on-year increase of 131.85% [3][4]. - The growth in profits is attributed to an expanded market share in the acquiring business, an increase in the proportion of QR code transactions, improved payment transaction structure, and effective conversion of merchant value through "payment + technology" services [3][5]. - The company is recognized as a leading player in the digital payment industry, leveraging its brand influence, industry scale, R&D innovation, data resources, and corporate culture to maintain a competitive edge [5][28]. Financial Performance Summary - In 2023, the company achieved a main business revenue of 5.934 billion yuan, with a net profit of 458 million yuan and a significant increase in net profit margin to 7.7% [4][13]. - The company forecasts revenue growth for 2024-2026 at 60.23 billion yuan, 67.74 billion yuan, and 76.28 billion yuan, respectively, with net profits projected at 926 million yuan, 1.125 billion yuan, and 1.342 billion yuan [28][13]. - The gross profit margin is expected to improve, with projections of 31.6% in 2024, 32.9% in 2025, and 33.7% in 2026 [4][13]. Business Segmentation - The digital payment business generated 5.18 billion yuan in revenue in 2023, reflecting a year-on-year growth of 13.1% [6]. - The technology services segment achieved revenue of 347 million yuan, with a modest growth of 1.5% [6]. - The company continues to innovate its product offerings, introducing new digital payment products and enhancing its technology services to meet market demands [19][18]. Market Position and Strategy - The company is positioned as a market leader in digital payments, providing comprehensive payment solutions across various scenarios, including online and offline B2C payments, B2B payments, and cross-border payments [26][28]. - The integration of advanced technologies such as AI, cloud computing, and big data into its services is a key strategy for enhancing operational efficiency and customer engagement [18][19]. - The company has established a robust service network and maintains strong partnerships with global card organizations and major banks, enhancing its market reach [26].