Lakala(SZ:300773) Haitong Securities·2024-08-12 07:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][8] Core Insights - The company reported a significant increase in non-recurring net profit for Q2 2024, with a year-on-year growth of 90.83% [5] - The overall revenue for H1 2024 was 29.82 billion yuan, a slight increase of 0.45% year-on-year, while the net profit attributable to shareholders decreased by 17.98% due to high investment income in the previous year [5] - The company achieved a payment transaction volume of 21.5 trillion yuan in the first half of the year, with a notable growth in QR code payment transactions, which accounted for 31% of the total payment volume [5][6] Financial Performance Summary - For H1 2024, the company reported operating revenue of 29.82 billion yuan, with a net profit of 4.19 billion yuan and a non-recurring net profit of 4.12 billion yuan [5] - The company’s gross margin improved to 32.91%, an increase of 3.4 percentage points year-on-year, indicating enhanced profitability [5] - The company distributed cash dividends totaling 320 million yuan in H1 2024, with a dividend of 4 yuan per 10 shares [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 60.23 billion yuan, 66.69 billion yuan, and 75.08 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.4%, 10.7%, and 12.6% [8] - The net profit attributable to shareholders is expected to reach 9.26 billion yuan, 11.08 billion yuan, and 13.22 billion yuan for the same years, reflecting significant growth rates of 102.3%, 19.7%, and 19.3% respectively [8] Valuation Metrics - The company is assigned a dynamic PE ratio of 14-16 times for 2024, with a reasonable value range estimated between 16.24 and 18.56 yuan per share [8][9]