NEWLAND(SZ:000997) GOLDEN SUN SECURITIES·2024-04-25 01:32Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's annual report for 2023 shows that total revenue reached 8.25 billion yuan, an increase of 11.94% year-on-year, while net profit attributable to shareholders was 1.004 billion yuan, a significant increase of 362.91% year-on-year, aligning with expectations [1] - The third-party payment sector is entering a pivotal moment, with the company experiencing a 25.35% year-on-year growth in its digital industry cluster revenue, driven by the clearing of supply-side issues and a return to value [1] - The overseas sales of smart terminal clusters have increased, with international sales accounting for over 70% of the cluster's revenue, reflecting the company's successful localization efforts in overseas markets [1] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 8.25 billion yuan, up 11.94% from the previous year, and net profit of 1.004 billion yuan, up 362.91% year-on-year [1][2] - The smart terminal cluster generated revenue of 3.199 billion yuan, a decrease of 4.07% year-on-year, while the digital industry cluster saw revenue of 5.037 billion yuan, an increase of over 25.35% year-on-year [1] Market Position and Strategy - The company has deepened its overseas business localization, achieving overseas sales revenue of 2.253 billion yuan, with a year-on-year growth of 8.69% [1] - The company has established partnerships with major banks, resulting in transaction volumes exceeding 6.8 trillion yuan and a total subsidy of over 547 million yuan in transaction fees [1] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 9.03 billion yuan, 10.598 billion yuan, and 12.321 billion yuan respectively, with net profits expected to be 1.295 billion yuan, 1.639 billion yuan, and 2.037 billion yuan [2][7]