XGD(SZ:300130) GOLDEN SUN SECURITIES·2026-02-06 06:31Investment 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 in 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, while the net profit excluding non-recurring items is projected to decline due to increased investments in cross-border payments and artificial intelligence [1] - The company is accelerating its globalization strategy through hardware and software expansion, with significant growth in its proprietary brand PayKKa and cross-border payment services [2][3] Financial Performance - The company forecasts revenues of 3.55 billion, 4.11 billion, and 4.85 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 477 million, 598 million, and 790 million yuan [4][5] - The revenue growth rates are projected at 12.8%, 15.7%, and 18.0% for the years 2025, 2026, and 2027 respectively, while net profit growth rates are expected to be 103.8%, 25.3%, and 32.0% [5][10] - The company’s earnings per share (EPS) is projected to be 0.84 yuan in 2025, increasing to 1.39 yuan by 2027 [5][10] Business Strategy - The company is focusing on expanding its payment hardware business and enhancing its cross-border payment capabilities to support small and medium enterprises in international markets [2] - The AI Agent product is being developed to improve efficiency in various verticals, including digital marketing and payment processing, enhancing customer experience [3] - The company has submitted an application for listing on the Hong Kong Stock Exchange to further its global business expansion and diversify financing channels [3]