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].