NEWLAND(SZ:000997) Shenwan Hongyuan Securities·2025-10-30 03:16Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's revenue and profit exceeded expectations, with total revenue for Q1-Q3 2025 reaching 62.44 billion yuan, a year-on-year increase of 12%, and net profit attributable to the parent company at 9.18 billion yuan, also up 12% year-on-year [7]. - The gross margin improved in Q3 2025, rising to 35.71% from 32.92% in Q2 2025, indicating a recovery in profitability [7]. - The company experienced significant growth in overseas payment device revenue, with a year-on-year increase of over 26% in Q3 2025 [7]. - The total transaction volume for payment services reached 1.62 trillion yuan in Q1-Q3 2025, with Q3 alone showing a growth of over 18% year-on-year [7]. - The company is advancing its AI and overseas expansion strategies, with over 150,000 merchants trialing its AI marketing products [7]. - The report forecasts revenue for 2025-2027 to be 96.28 billion, 108.06 billion, and 118.87 billion yuan respectively, with net profits projected at 13.75 billion, 16.92 billion, and 17.94 billion yuan [7]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 96.28 billion yuan, with a year-on-year growth rate of 24.3% [6]. - The net profit for 2025 is projected to be 13.75 billion yuan, reflecting a year-on-year increase of 36.2% [6]. - The earnings per share (EPS) for 2025 is expected to be 1.36 yuan [6]. - The company's return on equity (ROE) is projected to be 17.8% for 2025 [6].