新大陆：前三季度收入微降，回购彰显发展信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in revenue for the first three quarters, with total revenue of 5.57 billion yuan, down 5.3% year-on-year, and a net profit attributable to shareholders of 820 million yuan, which remained flat compared to the previous year [1] - The report highlights that the decline in revenue is primarily due to regulatory impacts from policy document No. 259, which has accelerated the clearing of the third-party payment industry, leading to a general decrease in transaction volumes [1] - The company has initiated a share buyback plan with a total amount not less than 350 million yuan and not exceeding 700 million yuan, reflecting confidence in future development [1] - The report anticipates a recovery in the consumer market starting from September, which is expected to benefit the company's payment services, leading to improved performance in the fourth quarter [1] Financial Summary - For the first three quarters, the company achieved a gross profit margin of 42.2%, an increase of 1.5 percentage points year-on-year, likely due to the increased proportion of QR code transactions [1] - The company expects revenues of 8.42 billion yuan, 9.98 billion yuan, and 11.56 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 2%, 19%, and 16% [2] - The net profit attributable to shareholders is projected to be 1.1 billion yuan, 1.42 billion yuan, and 1.76 billion yuan for the same years, with growth rates of 10%, 29%, and 24% respectively [2] - The report indicates that the company's cash flow from operating activities decreased significantly, with a net cash flow of -15.2 billion yuan, a decline of 85.5% year-on-year, primarily due to an increase in accounts receivable [1][3]