NEWLAND(SZ:000997) GOLDEN SUN SECURITIES·2024-09-06 00:10Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's H1 2024 performance met market expectations, with total revenue of 3.636 billion yuan, a year-on-year decrease of 5.25%, and a net profit attributable to shareholders of 530 million yuan, down 6.15% year-on-year. Excluding certain factors, the net profit grew by 21.36% year-on-year [1][2]. - The overseas sales of smart terminal clusters accounted for 75% of total revenue, with a gross margin of 40.90%, an increase of 2.59 percentage points year-on-year. The company is focusing on sustainable clients and businesses, optimizing its merchant structure [1]. - The company has established partnerships with several banks to facilitate digital RMB payment channels, with nearly 15,000 merchants enabled for digital RMB services by the end of June [2]. Financial Summary - For 2024-2026, the projected revenues are 9.030 billion yuan, 10.598 billion yuan, and 12.321 billion yuan, respectively. The projected net profits are 1.295 billion yuan, 1.639 billion yuan, and 2.037 billion yuan, respectively [2][3]. - The company's financial metrics show a projected EPS of 1.25 yuan for 2024, with a P/E ratio of 9.9 and a P/B ratio of 1.7 [3][4]. - The gross margin is expected to improve to 40.9% in 2024, with a net profit margin of 14.3% [3][4].