Lakala(SZ:300773) Guolian Securities·2024-10-29 10:41Investment Rating - The investment rating for the company is "Buy" [2][4] Core Insights - The company reported a revenue of 4.389 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.78%, and a net profit attributable to shareholders of 513 million yuan, down 17.49% year-on-year. Despite this, the company maintains a stable market share and has seen rapid growth in QR code transaction amounts. The company has also jointly invested 30 million yuan to establish Kaola Xinke, aiming to create a leading credit information service enterprise [2][6][4]. Financial Performance - For the first three quarters of 2024, the company achieved a payment transaction amount of 3.19 trillion yuan, maintaining industry leadership with a stable market share. QR code transaction amounts reached 1 trillion yuan, growing by 18.86% year-on-year, while card transaction amounts decreased by 14.80% year-on-year, which is lower than the overall industry decline. The digital payment business revenue was 3.91 billion yuan, up 1.89% year-on-year [6][4]. Future Projections - The company expects revenues of 6.067 billion yuan, 6.638 billion yuan, and 7.331 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 2.23%, 9.42%, and 10.43%. The net profit attributable to shareholders is projected to be 695 million yuan, 822 million yuan, and 974 million yuan for the same years, with growth rates of 51.96%, 18.19%, and 18.55% respectively [6][7]. Market Position - The company is positioned as a leader in the third-party payment sector, benefiting from the recovery of offline consumption and an increase in net fee rates. The establishment of Kaola Xinke is expected to enhance its capabilities in the credit information service sector, leveraging its strengths in payment technology and financial technology [2][6].