Lakala(300773) 国联证券·2024-04-23 09:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.99 CNY, based on a 2024 PE of 18 times [27]. Core Insights - The company's digital payment business has shown significant recovery, with a gross profit margin increase to 26.3% in 2023, up 6 percentage points year-on-year [4]. - The overall revenue for 2023 reached 59.34 billion CNY, a 10.60% increase from the previous year, while the net profit attributable to shareholders was 4.58 billion CNY, marking a 131.85% growth [16]. - The report anticipates continued growth in revenue and net profit for 2024-2026, with projected revenues of 65.95 billion CNY, 72.81 billion CNY, and 80.44 billion CNY, respectively [19]. Financial Performance Summary - In 2023, the company achieved a revenue of 59.34 billion CNY, with a net profit of 4.58 billion CNY, and a gross margin of 28.40% [16]. - The first quarter of 2024 saw a revenue of 14.94 billion CNY, a slight decline of 1.74% year-on-year, but the gross margin improved to 34.08% [16]. - The company’s EBITDA is projected to grow from 752 million CNY in 2023 to 1.647 billion CNY by 2026, reflecting a recovery in profitability [6]. Market Context - The third-party payment industry is experiencing a recovery, with a 4.5% year-on-year increase in total card consumption and an 11.46% increase in network payment amounts processed by non-bank payment institutions [1]. - Regulatory changes, such as the introduction of the "Non-bank Payment Institutions Supervision Management Regulations," are expected to enhance the market's competitive landscape [1].