证 券 研 究 报 告 证券分析师 洪依真 A0230519060003 hongyz@swsresearch.com 研究支持 罗宇琦 A0230124070004 luoyq@swsresearch.com 行 业 及 产 业 行 业 研 究 / 行 业 深 度 相关研究 - 联系人 罗宇琦 (8621)23297818× luoyq@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 04 月 12 日 技术创新加速人民币国际化，中国 支付方案出海先行 看好 —— GenAI 系列之 56 暨 Fintech 系列深度之 19 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 计算机 ⚫ 人民币国际化是中美博弈关键战略，正向循环开始形成。1）2024 年以来，政策密集 出台，重心是鼓励跨境电商和跨境支付系统发展。2021-2023 年每年仅两份相关政策 文件，2024 年以来已有 11 份相关政策文件或相关会议报道；2）人民币国际化，中国 跨境贸易是推动力、跨境支付是润滑剂，预计跨境支付支持政策有长期性。 ⚫ CIPS、mBridge、Brics Pa ...

证券代码： 300130 证券简称：新国都 深圳市新国都股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 面向通过网络提问的广大投资者 时间 2025 年 4 月 11 日 15:00-17:00 地点 "价值在线"平台（www.ir-online.cn） 上市公司接待人 员姓名 董事长兼总经理：刘祥先生 财务总监：郭桥易先生 董事会秘书：李喆芳女士 独立董事：杨小平先生 投资者关系活动 主要内容介绍 （本投资者关系活动记录表中涉及的未来经营计划、预测 是公司基于目前的行业、市场环境制定的公司战略发展规 划及判断，并不构成业绩承诺，敬请投资者保持足够的风险 意识，并且应当理解计划、预测与承诺之间的差异。） 公司于 2025 年 4 月 3 日在巨潮资讯网上披露了《关于 召开 2024 年度网上业绩说明会的公告》（公告编号：2025- 016），定于 2025 年 4 月 11 日下午 15:00 至 17:00 于价值 在线平台召开 2024 年度网上 ...

Summary of Conference Call Notes Companies Involved - New大陆 (Newland) - 新国都 (Newland Payment) Key Points and Arguments Financial Performance - Newland is expected to benefit from consumer policies and industry optimization, with a projected profit growth of over 20% in Q1, leading to an annual net profit of 1.3 to 1.4 billion yuan, with a current valuation of approximately 20 times earnings [2][3] - Newland Payment's Q1 performance may be slightly weaker, but an annual profit of at least 700 million yuan is anticipated, with a current valuation of only 17 times earnings, indicating high cost-effectiveness [2][3] - Newland's Q1 profit is projected to reach around 300 million yuan, while Newland Payment's actual profit last year was close to 700 million yuan, with expectations for a better performance in the second half of the year [3][5] Industry Dynamics - The payment industry is experiencing optimization, benefiting leading companies like Newland and Newland Payment, which are seeing improved bargaining power and significantly higher net fee rates [2][6] - The gross profit margins of leading acquiring institutions have increased, indicating a notable improvement in industry profitability quality [7] Payment Volume Projections - Newland's payment volume for 2024 is expected to be between 2.2 to 2.3 trillion yuan, while Newland Payment's is projected at 1.47 trillion yuan, with expectations for better performance in the second half of the year [2][8] International Expansion - Both companies are actively expanding into overseas payment device markets, focusing on high-end markets in Latin America, the Middle East, and Europe, with Newland's Latin American market growing at approximately 15% [2][10] - Newland Payment's overseas device revenue grew by 64% year-on-year, indicating strong international demand [10] Cross-Border Payment Growth - Cross-border payments and local acquiring services are becoming significant growth areas, with higher fee rates overseas compared to domestic markets, enhancing profitability [12][13] - Newland has established localized teams overseas and plans to significantly increase transaction volumes, while Newland Payment aims to expand its transaction scale tenfold this year [14] AI Applications - Both companies are leveraging AI for internal and merchant empowerment, with Newland focusing on customized marketing solutions and Newland Payment investing in an overseas AIGC subsidiary [15] Regulatory Impact - The 网中网号 policy is expected to create a substantial market for Newland, particularly in the QR code verification space, with potential revenue increases of 20-30% market share translating to 20-30 billion yuan in revenue growth [16] Valuation Insights - Newland's 2025 net profit is projected between 1.3 to 1.4 billion yuan, with a market cap of approximately 30 billion yuan, resulting in a valuation of 21 to 23 times earnings, while Newland Payment's valuation remains at 17 times earnings [5][16] Other Important Insights - The payment industry is seeing a consolidation of resources towards leading companies, enhancing their ability to expand merchant resources and pricing power [6] - The overall improvement in industry profitability quality is evidenced by rising net fee rates and gross profit margins across leading firms [7]

Investment Rating - Maintain 'Outperform' rating with a target price adjusted to RMB 23.31, based on a 19x PE for 2025 [3][6] Core Insights - The company's performance is impacted by tax and goodwill impairment, with 2024 revenue projected at RMB 3.15 billion, down 17.20% YoY, and net profit at RMB 234 million, down 68.98% YoY [3][6] - Long-term profitability is expected to improve due to industry concentration and strategic optimization, with gross profit margins increasing from 21.78% in 2021 to 40.56% in 2024 [3][6] - Domestic transaction turnover is stabilizing, while cross-border payment and AIGC (Artificial Intelligence Generated Content) are expected to expand profit opportunities [3][6] Financial Data and Forecasts - 2024 financial projections include: - Revenue: RMB 3,148 million - Net profit: RMB 234 million - Recurring net profit: RMB 492 million [2][4] - EPS forecasts for 2025 and 2026 are adjusted to RMB 1.23 and RMB 1.37 respectively, with a new forecast for 2027 at RMB 1.50 [3][6] - The company is expected to process transaction turnover of approximately RMB 14.7 trillion in 2024, a decrease of 24.2% YoY [3][6] Market and Operational Developments - The company has established a cross-border business unit and obtained necessary licenses, including the Hong Kong MSO license, to enhance its overseas payment capabilities [3][6] - The revenue from payment devices in 2024 is projected at RMB 941 million, with overseas revenue contributing RMB 901 million, representing 95.75% of total revenue [3][6] - High-end markets in Europe, the USA, and Japan are showing significant growth potential, with revenue from these markets increasing by 63.61% YoY to RMB 271 million [3][6]

数字货币板块持续走高，中油资本（000617）涨停，海联金汇（002537）、飞天诚信（300386）此前封 板,四方精创（300468）、拉卡拉（300773）、新国都（300130）涨超10%，华峰超纤（300180）、雄 帝科技（300546）、高伟达（300465）、京北方（002987）、中亦科技（301208）等跟涨。 暗盘资金正涌入这些股票，点击速看>>> ...

国内收单流水逐渐企稳，跨境支付和AIGC 打开盈利空间。2024 年公司全年累计处理交易流水约1.47 万 亿元，同比-24.2%，其中月度交易流水总体保持平稳态势，下半年交易流水较上半年小幅增长。 在跨境支付方面，公司已组建成立跨境事业群，24 年成功获得中国香港MSO 牌照，继续完善海外支付 牌照储备，截至24 年底已取得卢森堡PI 牌照、中国香港MSO 牌照、美国MSB 牌照。我们认为海外收 单市场规模和收单费率均显著高于国内，有望打开公司盈利增长空间。AIGC 方面，公司子公司拾贰区 已成功发布首款AI"数字员工"产品，并已初步在数字营销及短视频电商、品牌代运营、MCN 等行业实 现了商业化落地。 本报告导读： 公司24 年业绩受补税和商誉减值拖累出现下滑，但受益于支付行业集中度提升，公司盈利能力持续改 善，积极布局设备出海、跨境支付以及 AIGC 亦能打开盈利空间。 投资要点： 维持"增持" 评级。考虑国内线下消费仍在逐步恢复，公司收单流水短期波动，我们调整公司2025-2026 年EPS 预测值为1.23/1.37 元（原值为1.64/1.98 元），新增2027 年EPS 预测值为1.50 元。 ...

暗盘资金正涌入这些股票，点击速看>>> 跨境支付(CIPS)板块走高，青岛金王（002094）、中亦科技（301208）涨停，中油资本（000617）此前 封板，华峰超纤（300180）、新国都（300130）、艾融软件涨超10%，四方精创（300468）、拉卡拉 （300773）、京北方（002987）、高伟达（300465）、小商品城（600415）等跟涨。 ...

点评 事件 公司发布2024 年年报，2024 年全年实现营业收入31.48 亿元，同比下降17.2%；归母净利润2.34 亿元， 同比下降68.98%，扣非后归母净利润4.92 亿元，同比下降29.63%。 单Q4 而言，2024Q4 实现营业收入7.03 亿元，同比下降22.52%；归母净利润-0.63 亿元， 同比下降 131.11%， 扣非后归母净利润-0.51 亿元， 同比下降127.93%。 控股子公司上海拾贰区成功发布基于通用智能体技术(AIAgent)打造的首款AI"数字员工"产品，可结合 下游垂直行业客户需求进行个性化定制，助力企业客户构建以"数字员工"为主体的下一代智能组织，已 初步在数字营销及短视频电商、品牌代运营、MCN 等行业实现商业化落地。 公司参股公司面向海外市场推出的AIGC 应用产品商业化成效明显，2024 年实现营收1.53 亿元，净利润 1.01 亿元，为公司贡献约3700 万元投资收益。 涉税调整及商誉减值大幅影响表观利润，剔除相关影响业绩表现符合预期公司2024 年表观净利润大幅 下滑，主要原因为：1）嘉联支付涉税调整，影响营业外支出3.33 亿元；1）对子公司长沙法 ...

重要内容提示： 证券代码：300130 证券简称：新国都 公告编号：2025-016 深圳市新国都股份有限公司 关于召开2024年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 四、投资者问题征集及方式 为充分尊重投资者、提升公司与投资者之间的交流效率，现就公司 2024 年 度网上业绩说明会提前向投资者公开征集问题。各位投资者可于即日起至 2025 年 4 月 11 日（星期五）15:00 前，通过上述线上交流平台的"进入会议—互动 交流"界面进行提问，公司将在信息披露允许范围内对本次业绩说明会上投资者 普遍关注的问题进行重点回答。 欢迎广大投资者参与！ 深圳市新国都股份有限公司（以下简称公司）已于 2025 年 3 月 29 日在巨潮 资讯网上披露了《2024 年年度报告》及《2024 年年度报告摘要》。为便于广大投 资者更加全面深入地了解公司经营业绩、发展战略等情况，公司拟举办业绩说明 会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 4 月 11 日（星期五 ...

Group 1 - The company reported a revenue of 3.148 billion yuan for 2024, a year-on-year decrease of 17.20% [1] - The net profit attributable to shareholders was 234 million yuan, down 68.98% year-on-year, primarily due to tax-related adjustments and goodwill impairment [1] - The company's gross margin for 2024 was 40.56%, an increase of 1.76 percentage points year-on-year, while the net profit margin was 7.35%, a decrease of 12.49 percentage points year-on-year [1] Group 2 - Subsidiary Jialian Payment achieved an operating income of approximately 2.117 billion yuan in 2024, a year-on-year decline of 17.93%, with a total transaction volume of about 14.7 trillion yuan [1] - The company has launched a new payment feature called "Tap to Pay" in collaboration with Alipay, allowing users to complete payments by tapping their devices [2] - The company is expanding its AI business, with a subsidiary successfully launching an AI "digital employee" product tailored to meet the needs of various industries [2] Group 3 - The company maintains a stable performance with ongoing growth in overseas and innovative businesses, projecting EPS of 1.34, 1.48, and 1.74 yuan for 2025-2027 [2]