Lakala(SZ:300773) KAIYUAN SECURITIES·2024-08-11 02:30Investment 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]