5月20日下午，拉卡拉（300773.SZ）2024年年度暨2025年第一季度网上业绩说明会成功在全景网举办。 交流会中，问及机器人发展布局，拉卡拉董事、总经理王国强称，公司推行"AI First"理念，以AI技术 为核心引擎，以"AI+数据"中台为依托，以AI场景化应用为落脚点，不断推动研发、风控、运营、客服 等工作的智能化升级。深度融合多模态处理、AIGC自助生成等AI能力，推出更多面向内部运营和商户 经营的场景化AI Agent，更好满足内部运营需要和商户服务需求。 就AI客服智能体，王国强介绍，公司AI客服智能体，在全年800+万次客户接线服务中实现超70%人工 替代；AI风控智能体100%覆盖商户入网审核作业，准确率达85%；贷后管理AI智能体、培训AI智能体 等已在银行客户成功落地。 王国强强调，2025年，公司加快AI融合步伐，重塑新一代商户钱包APP产品，通过多模态智能对话重构 支付服务，打造商户智慧开店、智慧经营的智能体应用。 谈及外延式发展战略，王国强表示，公司扎实推进"推广数字支付、共享数字科技、兑现数据价值"的经 营战略，进一步稳固支付业务的领先优势，同时，加快支付与SaaS融合，推动 ...

Core Viewpoint - The decline in payment transaction volume is the primary reason for the company's performance downturn, but as an industry leader, the company is expected to benefit from supply-side clearing and maintain a positive outlook for its development [1]. Financial Summary - The company maintains a "Buy" rating with a target price of 27.90 yuan, corresponding to a 31x P/E for 2026. Projected revenues and net profits for 2024 are 57.62 million yuan, 3.51 million yuan, and 5.53 million yuan, respectively, reflecting year-on-year declines of -2.98%, -23.26%, and -2.82%. For Q1 2025, revenues and net profits are projected at 13.00 million yuan, 1.01 million yuan, and 0.85 million yuan, showing year-on-year declines of -13.02%, -51.71%, and -62.97%. EPS estimates for 2025-2027 have been adjusted to 0.76, 0.91, and 1.11 yuan, respectively [2]. Payment Business Performance - In 2024, the company's payment business revenue is projected at 51.65 billion yuan, accounting for 90% of total revenue. The total transaction volume for the year is expected to be 4.22 trillion yuan, a year-on-year decrease of -6.43%. Notably, the scan code transaction volume is expected to increase by 13% to 1.36 trillion yuan, while card transaction volume is expected to decline by -14% to 2.86 trillion yuan. The net fee rate for the year is projected at 0.1224%, slightly improved from the end of 2023. The decline in revenue is primarily attributed to the drop in transaction volume [3]. Quarterly Performance - For Q4, the company anticipates revenues, net profits, and net profits excluding non-recurring items of 13.70 million yuan, -1.62 million yuan, and 0.37 million yuan, respectively, with quarter-on-quarter declines of -2.74%, -273.17%, and -64.20%. The transaction volume is expected to be 1.04 trillion yuan, a quarter-on-quarter decrease of -1.21%. The net fee rate is projected at 0.1219%, a slight decrease from Q3 [3]. Strategic Initiatives - The company is deeply investing in the "Payment+" business to drive transformation and growth. It is expected to benefit from increased market share due to supply-side clearing in the payment industry. The company is accelerating the integration of payment services with the SaaS industry, having covered 50,000 brand catering merchants in Q1 2025 with customized SaaS products. The cross-border payment business is also showing strong growth, with the number of cross-border merchants and transaction volume increasing by 76% and 85%, respectively. Additionally, the company is enhancing its merchant wallet app through AI to create intelligent applications for smart store management [4]. Market Dynamics - The competitive landscape in the offline acquiring market is improving, leading to enhanced fee rates and scale [5].