NEWLAND(000997) GOLDEN SUN SECURITIES·2025-04-24 07:38Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company's performance in 2024 met expectations, with a net profit of 1.01 billion yuan, a year-on-year increase of 0.59%. The first quarter of 2025 saw a record net profit of 311 million yuan, up 25.16% year-on-year [1][2]. - The company is focusing on cross-border payment services and AI, aiming to enhance its position in the digital commercial services sector [3][4]. - The company has initiated a share buyback program, demonstrating confidence in its future growth [2]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 7.745 billion yuan, a decrease of 6.11% year-on-year, while the smart terminal cluster generated 3.595 billion yuan in revenue, up 12.36% [2]. - For Q1 2025, the operating revenue was 1.896 billion yuan, an increase of 8.92% year-on-year, primarily driven by rapid growth in smart payment terminal sales [2]. - The company expects operating revenues of 8.527 billion yuan, 9.968 billion yuan, and 10.890 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.379 billion yuan, 1.718 billion yuan, and 1.836 billion yuan for the same years [4][6]. Market Position and Strategy - The company maintains deep cooperation with six major international credit card organizations, expanding its foreign currency acceptance network across 331 cities [4]. - The total transaction scale of the company's payment services exceeded 520 billion yuan in Q1 2025, with a notable increase in QR code payment transactions [3][4]. - The company aims to leverage the trend of RMB internationalization and the restructuring of global supply chains to enhance its comprehensive payment solutions [3].