NEWLAND(SZ:000997) Minsheng Securities·2024-04-22 17:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved a revenue of 8.25 billion yuan in 2023, representing a year-on-year growth of 12%. The net profit attributable to shareholders was 1.004 billion yuan, a significant recovery from a loss of 0.382 billion yuan in the previous year. The net profit excluding non-recurring items reached 1.084 billion yuan, up 137% year-on-year [2]. - In Q4 2023, the company reported a revenue of 2.366 billion yuan, a 28% increase year-on-year, and a net profit of 0.185 billion yuan, recovering from a loss of 0.754 billion yuan in the same period last year [2]. - The payment business experienced a dual boost from increased transaction volume and fee rates, with merchant operations and value-added services generating 3.882 billion yuan in revenue, a 33.57% increase year-on-year, and a gross margin of 41.19%, up 13.99 percentage points [2]. - The company is expanding its overseas business, with electronic payment products generating 3.199 billion yuan in revenue, a slight decline of 4.07% year-on-year, but with a gross margin of 37.68%, an increase of 4.41 percentage points from 2022. Overseas revenue reached 2.253 billion yuan, up 8.69% year-on-year [2]. - The company reported a record high cash flow, with operating cash flow reaching 2.227 billion yuan, a 113% increase year-on-year, and announced a strong dividend plan of 0.5 yuan per share, totaling 0.507 billion yuan [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.24 billion yuan, 1.501 billion yuan, and 1.659 billion yuan, with year-on-year growth rates of 24%, 21%, and 11% respectively. The current market capitalization corresponds to a PE ratio of 14, 12, and 11 for 2024, 2025, and 2026 [2][3]. Financial Summary - In 2023, the company reported total revenue of 8.25 billion yuan, with a growth rate of 11.9%. The net profit attributable to shareholders was 1.004 billion yuan, reflecting a growth rate of 362.9% [3]. - The projected revenue for 2024 is 9.197 billion yuan, with a growth rate of 11.5%, and for 2025, it is expected to reach 10.249 billion yuan, maintaining a growth rate of 11.4% [3]. - The company's gross margin is projected to stabilize around 40% in the coming years, with net profit margins improving to 15% by 2026 [7].