Core Insights - UnionPay Data has signed cooperation agreements with several local financial institutions in Sri Lanka, including LB Finance PLC and Dialog Finance PLC, to provide debit and credit card issuance systems and cross-border QR code payment solutions, enhancing payment services and promoting economic and cultural exchanges between China and Sri Lanka [2][3] Group 1: Partnership and Solutions - The collaboration aims to empower local institutions by improving payment service offerings and expanding payment options for residents [2] - UnionPay Data has established partnerships with nearly 50 financial institutions across 17 countries and regions, including markets such as Hong Kong, Macau, Cambodia, Myanmar, Laos, Malaysia, Suriname, and New Zealand [2] - The company provides comprehensive support for card issuance, QR code payments, cross-border remittances, mobile wallets, and 3DS, facilitating quick card issuance, convenient card usage, and secure payments [2] Group 2: Market Expansion and Strategy - In 2023, UnionPay Data has enhanced its card acquiring system product line to support overseas institutions in accepting mainstream payment methods across various scenarios, both online and offline [3] - The company is expanding its market reach to South Asian countries such as the Maldives, Nepal, and Bangladesh, offering customized solutions to meet local financial institutions' digital transformation needs [3] - This partnership with Sri Lankan financial institutions is a significant achievement under UnionPay's "globalization" strategy, aimed at improving the global payment network and promoting cross-border financial connectivity [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company, Tianyang Technology, is a leader in the credit card system market, maintaining the top market share for six consecutive years. It is also expanding into the stablecoin sector, leveraging its technological advantages [4][5]. - In 2024, the company reported total revenue of 1.766 billion yuan, a year-on-year decrease of 8.76%, and a net profit attributable to shareholders of 78 million yuan, down 33.6% [4][10]. - The company's innovative solutions in cross-border payments significantly reduce transaction times to under 30 seconds and lower fees, providing a competitive edge in the market [6][8]. Company Overview - Latest closing price: 25.20 yuan - Total shares: 474 million, circulating shares: 408 million - Total market capitalization: 11.9 billion yuan, circulating market capitalization: 10.3 billion yuan - 52-week high/low: 27.05/10.36 yuan - Debt-to-asset ratio: 23.3% - Price-to-earnings ratio: 120.00 - Largest shareholder: Ouyang Jianping [3]. Financial Projections - Expected EPS for 2025-2027 are 0.20, 0.26, and 0.35 yuan, with corresponding P/E ratios of 127.96, 95.54, and 70.68 [10][12]. - Revenue projections for 2025-2027 are 2.040 billion, 2.417 billion, and 2.873 billion yuan, with growth rates of 15.5%, 18.5%, and 18.8% respectively [12][15]. - Net profit projections for the same period are 92.57 million, 123.99 million, and 167.60 million yuan, with growth rates of 19.44%, 33.93%, and 35.18% respectively [12][15]. Market Position and Strategy - The company is positioned as a key player in the banking IT solutions market, ranking fourth in the Chinese banking IT solutions market as of 2024 [4]. - The company is actively exploring partnerships with licensed financial institutions to enhance its stablecoin offerings and cross-border payment solutions, particularly in emerging markets like Southeast Asia and the Middle East [9][10].