Lakala(300773) 国泰君安·2024-08-11 05:01Investment 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].