NEWLAND(SZ:000997) Xinda Securities·2025-04-30 07:51Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is leveraging AI technology in its payment solutions, enhancing its product offerings and operational efficiency [1]. Financial Summary - The total revenue for 2023 was 8.250 billion RMB, with a projected increase to 8.500 billion RMB in 2025, reflecting a growth rate of 9.7% [2]. - The net profit attributable to shareholders is expected to grow from 1.010 billion RMB in 2024 to 1.227 billion RMB in 2025, marking a year-on-year increase of 21.5% [2]. - The gross margin is projected to improve from 36.5% in 2024 to 37.2% in 2025 [2]. - The earnings per share (EPS) are forecasted to rise from 0.98 RMB in 2024 to 1.19 RMB in 2025, with corresponding price-to-earnings (P/E) ratios of 27.31 and 22.47 respectively [2].