CASHWAY(SH:603106) China Post Securities·2025-11-17 08:31Investment Rating - The report assigns a "Buy" rating for the company, with an expected increase in stock price relative to the benchmark index of over 20% within six months [7]. Core Insights - The company has adjusted its product and service structure significantly, leading to stable revenue growth. For the first three quarters of 2025, it achieved revenue of 265 million yuan, a year-on-year increase of 3.22%, and a net profit attributable to shareholders of 17.8 million yuan [5][9]. - The company is focusing on product innovation and research and development, enhancing its technological barriers. It has improved the success rate of data encryption transmission to 99.9% in financial self-service devices and optimized its cash processing speed to over 720 notes per minute [9]. - The company is actively expanding into overseas markets, successfully launching products in countries like Bangladesh and the Philippines, which is expected to contribute to revenue growth in the future [9]. Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 442 million yuan in 2025, 492 million yuan in 2026, and 543 million yuan in 2027, with growth rates of 0.96%, 11.46%, and 10.27% respectively [10]. - The net profit attributable to shareholders is projected to be 59.05 million yuan in 2025, 75.26 million yuan in 2026, and 82.90 million yuan in 2027, reflecting growth rates of 47.16%, 27.47%, and 10.15% respectively [10]. - Earnings per share (EPS) are expected to be 0.11 yuan in 2025, 0.14 yuan in 2026, and 0.16 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 103, 81, and 74 [10].