近日，2025智通财经第八届投资年会暨科大硅谷硬科技投资生态大会在安徽举办，第八届投资年会"资 本市场最具价值影响力榜单"评选结果揭晓，拉卡拉支付股份有限公司（下称"拉卡拉"）凭借稳健的业 绩基础、清晰的成长路径及持续释放的市场潜力，荣获年度最具影响力企业榜单——"最具投资价值 奖"。 该评选由智通财经自2018年发起，已连续举办八届，围绕企业的盈利能力、成长性、创新力与长期价值 等核心指标，对资本市场中的优质标的进行系统评估。拉卡拉此次获奖，体现了资本市场对其商业模 式、发展质量与中长期成长性的高度认可。 拉卡拉以支付为核心基础设施，持续向商户经营服务延伸，逐步形成覆盖国内支付收单、跨境支付、 SaaS与数据服务的综合业务体系。 在支付行业由"规模扩张"向"价值提升"转型的背景下，公司正积极 加速AI与业务融合，构建更具粘性与盈利弹性的增长路径。 从经营表现上看，2025年前三季度，拉卡拉实现营收40.68 亿元，归母净利润3.39 亿元，公司境内综合 收单及跨境支付交易总额达2.99万亿元，持续保持行业领先水平；跨境支付金额为602亿元，同比增长 77.56%，保持快速增长态势。公司大力推进"支付+Saa ...

Core Viewpoint - Feishu announces its participation in the Double 11 preparations, leveraging AI and multi-dimensional spreadsheets to enhance e-commerce efficiency [1] Group 1: Company Initiatives - Feishu has recently announced a series of e-commerce efficiency practices in collaboration with various companies such as Yifeili, Hefeng Yiyang, Jiao Nai, Nutrition Factory, and Dedao [1] - Since 2025, Feishu has been working with e-commerce industry enterprises to implement AI practices, showcasing multi-dimensional spreadsheets as a specific pathway for integrating AI with business operations [1]

Core Viewpoint - The company reported a revenue of 6.452 billion yuan in 2024, representing a year-over-year increase of 8.22%, with a net profit of 1.428 billion yuan, up 60.92% year-over-year, indicating strong financial performance despite a decline in Q1 2025 [1] Group 1: Game Business - The gaming segment achieved a revenue of 4.662 billion yuan in 2024, with a year-over-year growth of 3.66% and a gross margin of 72.70%, reflecting a 1.56 percentage point increase [2] - The net profit from gaming was 1.552 billion yuan, up 40.47% year-over-year, with a net profit margin of 33.28%, an increase of 8.72 percentage points [2] - The company expects a natural decline in revenue from existing products in Q1 2025, leading to an overall revenue decrease of 11.07% year-over-year [2][3] Group 2: Future Outlook - The company plans to maintain long-term operations for existing games, with expectations for stable revenue from key titles like "Age of Origins" and "War and Order" [3] - New games "Stellar Sanctuary" and "Next Agers" are set to launch in overseas markets by the end of 2024, with plans for large-scale promotion in mid to late 2025 [3] - The company has additional RPG and SLG games in the pipeline, which are anticipated to contribute to revenue growth [3] Group 3: Computer Business - The computer and other businesses generated revenue of 1.790 billion yuan in 2024, marking a year-over-year increase of 22.21% [4] - AI/ICT operations accounted for 1.478 billion yuan, growing 20.53% year-over-year, while IoT/communications revenue reached 133 million yuan, up 62.30% [4] - The company is focusing on integrating AI across various business lines, enhancing profitability and growth potential [4] Group 4: Profit Forecast and Investment Rating - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.59, 0.64, and 0.69 yuan, respectively, reflecting a downward revision from previous estimates [5] - The current price-to-earnings (PE) ratios are projected at 19, 18, and 17 times for 2025-2027 [5] - The company maintains a "buy" rating, supported by strong computer business growth and a robust pipeline of new games [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's existing games are operating steadily while awaiting the launch of new games [1] - The gaming business shows robust performance with a strong pipeline of new games [8] - The computer business is experiencing significant growth driven by innovations in AI and ICT [8] Financial Performance Summary - Total revenue for 2023 is projected at 5,962 million, with a year-on-year growth of 24.06% [1] - Net profit attributable to the parent company for 2023 is expected to be 887.18 million, reflecting a year-on-year increase of 63.84% [1] - Earnings per share (EPS) for 2023 is estimated at 0.45 yuan [1] Revenue and Profit Forecast - Revenue is expected to reach 6,452 million in 2024, with a year-on-year growth of 8.22% [1] - The net profit for 2024 is projected at 1,427.67 million, indicating a year-on-year increase of 60.92% [1] - EPS for 2024 is forecasted to be 0.73 yuan [1] Game Business Insights - The gaming segment achieved revenue of 46.62 billion in 2024, with a year-on-year growth of 3.66% and a gross margin of 72.70% [8] - Key games such as "Age of Origins" and "War and Order" continue to perform well, contributing significantly to revenue [8] - New games like "Stellar Sanctuary" and "Next Agers" are set to launch in 2025, with expectations for substantial contributions to revenue [8] Computer Business Performance - The computer and other businesses generated revenue of 17.90 billion in 2024, reflecting a year-on-year increase of 22.21% [8] - AI/ICT operations accounted for 14.78 billion, growing by 20.53% year-on-year [8] - The company is actively integrating AI into various business lines, enhancing service offerings [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 19.49, 17.96, and 16.66 respectively [1] - The company maintains a strong financial position with a net asset value per share of 3.70 yuan [6]