Core Viewpoint - The company has demonstrated strong growth in revenue and profit, driven by overseas expansion and innovative payment solutions, positioning itself as a leader in the digital payment services industry [4][5][6]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 6.244 billion, a year-on-year increase of 12.04%, and a net profit attributable to shareholders of 918 million, up 12.15% year-on-year [4]. - For Q3 2025, revenue reached 2.224 billion, reflecting a year-on-year growth of 14.86%, while net profit attributable to shareholders was 323 million, an increase of 11.75% year-on-year [4]. Overseas Expansion - The company accelerated its overseas market sales, achieving over 26% year-on-year growth in overseas payment device revenue in the first three quarters of 2025 [5]. - The total transaction volume of payment services reached 16.2 trillion in the first three quarters, with Q3 alone accounting for nearly 570 billion, representing a year-on-year growth of over 18% [5]. Technological Advancements - In September 2025, the company launched a dedicated large model for the payment industry, developed in collaboration with Alibaba Cloud, enhancing its capabilities in understanding payment industry knowledge and analyzing merchant behaviors [6]. - The company is building an ecosystem of intelligent agents in the payment industry, with several AI-driven products already in trial use by over 150,000 merchants [6]. Strategic Initiatives - The company is actively following the implementation of the "National Network Identity Authentication Public Service Management Measures" to provide secure and convenient identity verification solutions [8]. - It is also focusing on cross-border payment opportunities by establishing payment licenses in relevant countries and regions, supporting Chinese enterprises going abroad and local merchants [8].

2025 年 11 月 5 日 公司研究 前三季度经营稳健向好，海外业务持续突破 ——新大陆（000997.SZ）2025 年三季报点评 要点 公司披露 2025 年三季报：2025 年前三季度实现营收 62.44 亿元，同比+12.04%； 归母净利润 9.18 亿元，同比+12.15%；扣非归母净利润 9.37 亿元，同比+14.03%。 其中25Q3营收22.24亿元，同比+14.86%，归母净利润3.23亿元，同比+11.75%； 扣非归母净利润 3.38 亿元，同比+29.77%。 海外拓展加速，支付服务交易规模保持逐季度环比增长趋势：1、智能终端板块， 公司加速拓展海外市场销售，在欧美及拉美、中东非等新兴市场取得较大的突破， 2025 年前三季度，公司海外支付设备收入同比增长超 26%。2、商户运营服务 板块，2025 年前三季度，公司支付服务交易总规模达 1.62 万亿，其中 Q3 支付 服务交易总规模近 5,700 亿，同比增长超 18%，自 2024 年三季度以来保持逐季 度环比增长趋势。至 2025 年 9 月底，公司年内推出的 AI 营销产品已有超 15 万 商户试用，公司将持续加码 A ...

Investment Rating - The report maintains an "Outperform" rating for the company, expecting a relative performance exceeding the benchmark index by over 10% in the next 12-18 months [4][9]. Core Insights - The company is projected to have a net profit attributable to shareholders of RMB 1.28 billion for 2025, with adjustments to RMB 1.57 billion and RMB 1.91 billion for 2026 and 2027 respectively. The EPS forecasts for 2025-2027 are RMB 1.26, RMB 1.55, and RMB 1.89 [4][9]. - The target price is set at RMB 38.71, based on a 25x PE ratio for 2026, referencing comparable companies [4][9]. - In Q3 2025, the company reported a revenue increase of 14.86% year-on-year, with a net profit attributable to shareholders rising by 29.77% year-on-year [4][9]. - For the first three quarters of 2025, total revenue reached RMB 62.44 billion, up 12.04% year-on-year, while net profit attributable to shareholders was RMB 9.18 billion, an increase of 12.15% year-on-year [4][9]. - The gross profit margin (GPM) for Q3 was 35.71%, a slight decrease of 0.25 percentage points year-on-year, but showed recovery from Q2 due to improved market conditions [4][9]. Financial Summary - The company’s total revenue is projected to grow from RMB 8.25 billion in 2023 to RMB 11.705 billion by 2027, reflecting a compound annual growth rate (CAGR) of 18.3% [3][4]. - The net profit attributable to shareholders is expected to increase significantly from RMB 1.004 billion in 2023 to RMB 1.913 billion in 2027, indicating a CAGR of 22% [3][4]. - The sales gross margin is expected to improve from 35.2% in 2023 to 42.5% by 2027, demonstrating operational efficiency [3][4]. Business Performance - The merchant operation services segment recorded a transaction volume of RMB 16.2 trillion in the first three quarters, with Q3 alone contributing nearly RMB 570 billion, marking an over 18% year-on-year growth [4][9]. - The smart terminal sector achieved over 26% year-on-year growth in overseas payment equipment revenue in Q3, indicating strong market penetration in emerging markets [4][9]. - The company launched an industry-specific AI model and has seen over 150,000 merchants trialing its AI marketing products, showcasing innovation in technology integration [4][9].