sunline(SZ:300348) ZHESHANG SECURITIES·2025-06-27 07:16Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company is actively researching stablecoin-related digital solutions and seeking partners for potential collaboration in stablecoin issuance and operation [1][17] - The company has accumulated relevant technology and experience in stablecoin operations, with overseas revenue reaching 129 million, accounting for 7.43% of total revenue in 2024 [2][23] - Stablecoins are recognized for their importance in enhancing payment efficiency and the status of fiat currencies, with significant implications for the internationalization of the RMB [3][42] Summary by Sections Section 1: Technology Accumulation and Overseas Experience - The company is engaged in the development of digital solutions for stablecoins and is exploring partnerships for issuance and operation [1][17] - It has extensive experience in building systems for stablecoin operations, having successfully implemented projects in Southeast Asia [2][21] - Major tech companies are entering the stablecoin space, which may present opportunities for the company [26] Section 2: Strategic Significance of Stablecoins - Stablecoins are transforming global payment methods, significantly reducing cross-border transaction costs and settlement times [3][34] - The dominance of USD-pegged stablecoins in the market enhances the influence of the US dollar globally, with implications for the RMB's internationalization [3][42] Section 3: Profit Forecast and Valuation - The company’s revenue is projected to reach 1.999 billion, 2.334 billion, and 2.695 billion from 2025 to 2027, with corresponding net profits of 116 million, 164 million, and 206 million [4][12] - The projected P/E ratios for 2025-2027 are 126.26, 88.92, and 70.87, respectively [4][12]