NEWLAND(000997) Shenwan Hongyuan Securities·2025-04-26 11:42Investment Rating - The report maintains a "Buy" rating for the company [2][23]. Core Insights - The company reported a total revenue of 77.45 billion yuan for 2024, a year-on-year decrease of 6.11%, while the net profit attributable to the parent company was 10.10 billion yuan, a slight increase of 0.59% [7][8]. - In Q1 2025, the company achieved a revenue of 18.96 billion yuan, reflecting a year-on-year growth of 8.92%, and a net profit of 3.11 billion yuan, up 25.16% year-on-year [7][8]. - The company is advancing its overseas hardware localization strategy, with significant revenue growth in key regions such as Latin America and Europe [13][14]. - The increase in value-added service revenue is expected to be a key growth driver moving forward, with the company providing services to over 390,000 active merchants and achieving a revenue of 1.135 billion yuan from these services [18][19]. - The company is investing heavily in AI application research, aiming to enhance customer operations through AI technologies [20][21]. Financial Data and Profit Forecast - The company forecasts total revenues of 96.28 billion yuan and 108.06 billion yuan for 2025 and 2026, respectively, with a new forecast for 2027 set at 118.87 billion yuan [23]. - The expected net profit attributable to the parent company for 2025 and 2026 is projected to be 13.75 billion yuan and 16.92 billion yuan, respectively, with a new forecast for 2027 at 17.94 billion yuan [23]. - The company's current price-to-earnings ratio is estimated at 20x based on the 2025 profit forecast [23].