XGD(SZ:300130) GOLDEN SUN SECURITIES·2026-02-06 06:24Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 400 million to 500 million yuan for the year 2025, representing a year-on-year increase of 70.79% to 113.49% [1]. - The growth in net profit is primarily due to a low base from the previous year, which was affected by tax adjustments and goodwill impairment [1]. - The company is focusing on expanding its hardware and software offerings internationally, with significant growth in its cross-border payment business and the PayKKa platform [2][3]. - The company has submitted an application for listing on the Hong Kong Stock Exchange to enhance its global business expansion and diversify financing channels [3]. Financial Performance Summary - The projected revenues for 2025, 2026, and 2027 are 35.51 billion, 41.08 billion, and 48.48 billion yuan, respectively, with net profits of 4.77 billion, 5.98 billion, and 7.90 billion yuan [4]. - The company reported a revenue of 3.801 billion yuan in 2023, with a projected decline to 3.148 billion yuan in 2024, followed by a recovery to 3.551 billion yuan in 2025 [5]. - The net profit for 2023 was 755 million yuan, with a significant projected increase to 477 million yuan in 2025 [5].