Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 21.60 CNY, corresponding to a 20x P/E for 2024 [4][5]. Core Views - The company is experiencing steady growth alongside high dividends, which enhances its attractiveness to investors. The improvement in competitive landscape has led to an increase in payment market share and net acquiring fee rates, driving revenue growth. The company has initiated mid-term dividends, with a dividend yield that is appealing [3][4]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 2.982 billion CNY, a year-on-year increase of 0.45%. The net profit attributable to shareholders was 419 million CNY, down 17.98% year-on-year, while the net profit excluding non-recurring items was 412 million CNY, up 45.86% year-on-year. These results are in line with expectations [4]. - The payment business generated 2.634 billion CNY in revenue, a year-on-year increase of 3.67%, while other businesses contributed 350 million CNY, down 19% year-on-year. The growth in the payment business is the main driver of overall revenue growth [4]. Market Position and Strategy - The company’s transaction volume in the payment business was 21.5 trillion CNY, a decrease of 5.29% year-on-year. However, the net acquiring fee rate improved to 0.1225%, an increase of 1 basis point year-on-year, which is a key factor in the growth of the payment business. In Q2 2024, the net acquiring fee rate further increased to 0.1268% [4]. - The company has seen an increase in its QR code payment share, with transaction amounts reaching 673.8 billion CNY, up 28% year-on-year, and QR code transactions now account for 31% of the total [4]. Dividend Policy - The company has initiated mid-term dividends, distributing 320 million CNY, which represents 78% of the net profit excluding non-recurring items. The dividend yield has reached 3.4%, making it attractive to investors. The company has a history of maintaining a high dividend payout ratio and is expected to continue this trend as performance improves [4]. Future Outlook - The report anticipates continued growth in the company’s payment business due to an increase in market share and the enhancement of its "payment+" industry solutions. The company is also exploring B2B foreign trade business models to provide integrated cross-border payment solutions for Chinese brands [4].

Investment Rating - Maintains an "Overweight" rating with a target price adjusted to 21.60 RMB, corresponding to a 20x P/E for 2024 [4][5] Core Views - The company's payment market share has increased due to improved competitive landscape, leading to higher net fee rates and driving performance growth [3][4] - The company initiated an interim dividend with an attractive dividend yield, supporting continued optimism for its growth and future dividend payouts [4] - The payment business grew by 3.67% YoY in H1 2024, contributing significantly to revenue growth, with transaction volume reaching 2.15 trillion RMB, despite a 5.29% YoY decline [4] - The net fee rate for payment services increased to 0.1225%, up by 1 basis point YoY, with Q2 2024 seeing a further rise to 0.1268% [4] - The company's cross-border payment business has served over 90,000 merchants, focusing on B2B foreign trade and providing tailored solutions for Chinese brands going global [4] Financial Performance - H1 2024 revenue reached 2.982 billion RMB, with net profit attributable to shareholders at 419 million RMB, down 17.98% YoY, while non-GAAP net profit increased by 45.86% YoY to 412 million RMB [4] - Adjusted EPS forecasts for 2024-2026 are 1.08, 1.22, and 1.36 RMB, respectively, reflecting a downward revision from previous estimates [4] - The company's gross margin for payment services improved to 30.2%, up 2.7 percentage points YoY [4] - Interim dividend payout for H1 2024 was 320 million RMB, representing 78% of non-GAAP net profit, with a semi-annual dividend yield of 3.4% [4] Market and Valuation - The company's total market capitalization stands at 9.52 billion RMB, with a current share price of 11.90 RMB [5][6] - The 52-week price range is between 11.36 and 20.57 RMB [6] - The company's P/E ratio for 2024 is projected at 11.00, with a P/B ratio of 2.43 [10] Industry and Competitive Landscape - The company benefits from an improved competitive environment in the offline payment market, leading to higher fee rates and market share [4] - The company's "payment+" industry solutions and open platform have expanded revenue sources by addressing diverse customer needs such as收款, 分账, 订单, 报表, and 营销 [4]

一 开源证券 非银金融/多元金融 公 司 研 究 拉卡拉（300773.SZ） 2024 年 08 月 10 日 费率延续提升且市占率稳定，中期分红提升股东回报 ——拉卡拉 2024H1 业绩点评 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/9 | | 当前股价 ( 元 ) | 11.90 | | 一年最高最低 ( 元 ) | 21.32/11.03 | | 总市值 ( 亿元 ) | 95.20 | | 流通市值 ( 亿元 ) | 87.39 | | 总股本 ( 亿股 ) | 8.00 | | 流通股本 ( 亿股 ) | 7.34 | | 近 3 个月换手率 (%) | 73.1 | 高超（分析师） 唐关勇（联系人） gaochao1@kysec.cn 证书编号：S0790520050001 tangguanyong@kysec.cn 证书编号：S0790123070030 支付费率延续提升且市占率稳定，中期分红提升股东回报 2024 上半年公司营收 29.8 亿元，同比+0.45%，归母净 ...

一 开源证券 非银金融/多元金融 公 司 研 究 拉卡拉（300773.SZ） 2024 年 08 月 10 日 费率延续提升且市占率稳定，中期分红提升股东回报 ——拉卡拉 2024H1 业绩点评 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/9 | | 当前股价 ( 元 ) | 11.90 | | 一年最高最低 ( 元 ) | 21.32/11.03 | | 总市值 ( 亿元 ) | 95.20 | | 流通市值 ( 亿元 ) | 87.39 | | 总股本 ( 亿股 ) | 8.00 | | 流通股本 ( 亿股 ) | 7.34 | | 近 3 个月换手率 (%) | 73.1 | 高超（分析师） 唐关勇（联系人） gaochao1@kysec.cn 证书编号：S0790520050001 tangguanyong@kysec.cn 证书编号：S0790123070030 支付费率延续提升且市占率稳定，中期分红提升股东回报 2024 上半年公司营收 29.8 亿元，同比+0.45%，归母净 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 12 months [1]. Core Insights - The company reported a net profit of 420 million RMB for 1H24, a year-over-year decrease of 18%, while the non-deducted net profit increased by 46% to 410 million RMB [1]. - Total revenue for 1H24 reached 2.98 billion RMB, reflecting a year-over-year growth of 0.4%, with payment business revenue showing positive growth [1]. - The company’s payment transaction volume (GPV) was 21.5 trillion RMB, a year-over-year decline of 5.3%, but the net fee rate improved, indicating better profitability [1]. - The company is focusing on AI empowerment and expanding overseas payment services, which are expected to drive future growth [1]. Financial Performance Summary - For 1H24, the company’s revenue breakdown included payment services at 2.63 billion RMB (up 3.7% YoY), technology services at 170 million RMB (down 16.9% YoY), and other businesses at 180 million RMB (down 20.1% YoY) [1]. - The company’s investment income significantly declined to 20 million RMB, a year-over-year drop of 92.3%, primarily due to losses from joint ventures [1]. - Cost control measures were effective, with sales, management, and R&D expense ratios showing slight improvements [1]. Future Projections - The company is projected to achieve total revenue of 6.14 billion RMB in 2024, with a year-over-year growth of 3.35%, and a net profit of 740 million RMB, reflecting a growth of 61.65% [2]. - EPS is expected to rise from 0.59 RMB in 2023 to 0.92 RMB in 2024, indicating strong earnings growth [2]. - The company’s ROE is forecasted to improve from 12.21% in 2023 to 17.75% in 2024, showcasing enhanced profitability [2]. Market Position and Strategy - The company is expanding its merchant base and enhancing its digital payment products, which are expected to drive growth in small and medium-sized enterprises [1]. - The company has made significant advancements in AI technology, which is being integrated into merchant services to improve operational efficiency [1]. - The company is also actively exploring international payment business opportunities, with a focus on building a robust external card acceptance network [1].

拉卡拉支付股份有限公司（以下简称"公司"）第三届董事会第二十四次会议和第三届 监事会第十五次会议审议通过了《关于审议公司 2024 年中期利润分配方案的议案》，本方 案尚需要提交 2024 年第一次临时股东大会审议，具体情况如下： 证券代码：300773 证券简称：拉卡拉 公告编号：2024-029 拉卡拉支付股份有限公司 关于公司 2024 年中期利润分配方案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 三、备查文件 1、第三届董事会第二十四次会议决议公告； 一、利润分配方案基本情况 公司合并报表 2024 年上半年实现归母净利润 419,499,539.48 元，母公司 2024 年上半 年实现净利润 434,017,981.73 元。截至 2024 年 6 月 30 日，母公司累计未分配利润为 1,495,390,348.14 元，合并报表未分配利润为 1,208,616,871.42 元。 鉴于公司目前盈利状况良好，为积极回报股东，根据中国证监会鼓励分红的有关规定以 及《公司章程》中关于利润分配政策的要求，在保证公司健康可持续发展的情况下，公 ...

拉卡拉支付股份有限公司 2024 年半年度报告全文 拉卡拉支付股份有限公司 2024 年半年度报告 【2024 年 8 月】 1 拉卡拉支付股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王国强、主管会计工作负责人周钢及会计机构负责人(会计主 管人员)周钢声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及的未来发展战略、经营计划等前瞻性内容属于计划性 事项，能否实现取决于市场状况变化等多种因素，存在不确定性，并不代表 公司对未来的盈利预测，也不构成公司对投资者及相关人士的实质性承诺。 投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异，敬请投资者注意投资风险。 公司在本半年度报告中详细阐述了未来可能存在的风险因素及对策，具体 内容详见本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"，敬请投资者予以关注 ...

关于召开 2024 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300773 证券简称：拉卡拉 公告编号：2024-031 拉卡拉支付股份有限公司 拉卡拉支付股份有限公司（以下简称"拉卡拉"或"公司"）第三届董事会第 二十四次会议决定于 2024 年 8 月 26 日下午 2:45 召开公司 2024 年第一次临时 股东大会，现将会议有关事项通知如下： 一、召开会议基本情况 1、召集人：公司董事会 2、会议召开的合法、合规性：公司第三届董事会第二十四次会议审议通过了 《关于提请召开 2024 年第一次临时股东大会的议案》，本次会议召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 3、会议召开方式：本次股东大会采取现场投票和网络投票相结合的方式召开。 （1）现场投票：股东本人出席现场会议或通过授权委托他人出席现场会议。 （2）网络投票：本次股东大会将通过深圳证券交易所交易系统和互联网投票 系统向公司股东提供网络形式的投票平台，公司股东可以在网络投票时间内通过 上述系统行使表决权。公司股东只能选择现 ...

二、监事会会议审议情况 证券代码：300773 证券简称：拉卡拉 公告编号：2024-028 拉卡拉支付股份有限公司 第三届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 拉卡拉支付股份有限公司（以下简称"公司"）第三届监事会第十五次会议以定期会议方式召集与召 开，会议通知于 2024 年 7 月 30 日以邮件方式送达公司全体监事，并于 2024 年 8 月 9 日在公司会议室以现 场方式召开。应出席监事 3 人，实际出席会议监事 3 人。会议由监事会主席寇莹女士主持。本次会议的召 集和召开程序符合《公司法》等法律、法规和《公司章程》的规定。 此项议案尚需提交股东大会审议。 表决结果：全部监事表决结果为 3 票赞成，0 票弃权，0 票反对。 内容详见公司同日在中国证监会指定的信息披露网站巨潮资讯网（www.cninfo.com.cn）披露的《关于 公司 2024 年中期利润分配方案的公告》。 与会监事认真审议并通过了如下议案，并决议如下： （一）通过《关于审议公司 2024 年半年度报告及摘要的议案》 监事 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2024-030 拉卡拉支付股份有限公司 关于修订《公司章程》的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 2024 年 8 月 9 日，拉卡拉支付股份有限公司（以下简称"公司"）召开第三届董事会 第二十四次会议，审议通过《关于修订<公司章程>的议案》。现将有关事项公告如下： 执照换发、章程备案等手续。变更后的《公司章程》条款的修改以市场监督管理部门最终核 准、登记为准。 特此公告。 拉卡拉支付股份有限公司董事会 2024 年 8 月 10 日 2 一、《公司章程》具体修订内容 为匹配工商系统中对于企业经营范围的最新归类，现修订《公司章程》中相关文字表述， 具体如下： | 修订前 | 修订后 | | --- | --- | | 第十三条 公司的经营范围：银行卡收单（除宁波市以外地 | | | 区）；互联网支付；数字电视支付； 预付卡受理（全国）； | 第十三条 公司的经营范围：非银行支付业务；网络文化经营； | | | 基础电信业务；第二类增值电信业务。（依法须经批准的项目， | | 移动电话支付； ...