新大陆（000997）：Q3净利润同比提升，AI智能体扩展顺利

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company has shown robust revenue growth, with a 12.04% year-on-year increase in revenue to 6.244 billion yuan for the first three quarters of 2025, and a 12.15% increase in net profit to 918 million yuan [1][8] - The growth in the third quarter of 2025 was particularly strong, with a 14.86% increase in revenue to 2.224 billion yuan and a 29.77% increase in non-net profit to 338 million yuan, driven by the rapid expansion of overseas smart terminal business and steady growth in domestic merchant operation services [1][8] - The company is accelerating its overseas market expansion, achieving over 26% year-on-year growth in overseas payment device revenue, particularly in the high-margin and high-barrier European and American markets [1][2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 62.44 billion yuan, a 12.04% increase year-on-year, and a net profit of 9.18 billion yuan, up 12.15% [1][8] - In Q3 2025, the company reported revenue of 22.24 billion yuan, a 14.86% increase year-on-year, and a net profit of 3.23 billion yuan, up 11.75% [1][8] Market Expansion - The company is focusing on expanding its overseas market presence, with significant breakthroughs in Europe, America, and emerging markets in Latin America and the Middle East [1][2] - The total payment service transaction volume reached 16.2 trillion yuan in the first three quarters of 2025, with Q3 showing a year-on-year growth of over 18% [2] Future Projections - The company maintains its profit forecast, expecting revenues of 8.6 billion yuan in 2025, 9.53 billion yuan in 2026, and 10.76 billion yuan in 2027, with corresponding net profits of 1.22 billion yuan, 1.47 billion yuan, and 1.81 billion yuan respectively [3][11] - The expected EPS for 2025, 2026, and 2027 is projected to be 1.18 yuan, 1.42 yuan, and 1.76 yuan respectively [3][11]