2025 年 8 月 26 日 公司研究 海外业务成为增长新引擎，多领域布局实现突破 ——新大陆（000997.SZ）2025 年半年报点评 要点 公司披露 2025 年中报：25H1 营收 40.20 亿元，同比+10.54%；归母净利润 5.95 亿元，同比+12.36%；扣非归母净利润 5.99 亿元，同比+6.72%。其中 25Q2 营 收 21.23 亿元，同比+12.03%，归母净利润 2.84 亿元，同比+1.06%。 海外拓展顺利推进，支付服务交易规模逐季提升：1、智能终端集群，25H1 营 收 18.98 亿元，同比增加 24.90%，主要系公司持续推进全球化战略，加速拓展 欧美以及拉美新兴市场的区域及客户所致，海外业务收入占集群总收入比例超 76%。其中：（1）数字支付终端：25 H1 公司实现智能 POS 等产品销量合计超 过 430 万台，其中智能 POS 出货量近 140 万台。分区域看，欧美区域出货量及 营收同比增长均超 90%；拉美地区营收同比增长超 20%；墨西哥、阿根廷等新 兴市场规模迅速增长，为公司未来进一步巩固拉美主导地位奠定基础。（2）智 能感知识别：公司持续深耕垂直行 ...

Summary of Key Points from Conference Call Records Industry and Company Involvement - **Companies Involved**: Huawei, UBTECH, Tianqi Co., Yongyi Co., Chaoyang Technology, and others - **Industries**: Robotics, Consumer Electronics, Textile, Light Industry, Cross-border E-commerce, Military Communication, and Office Furniture Core Insights and Arguments 1. **Huawei and UBTECH Collaboration**: Huawei signed a comprehensive cooperation agreement with UBTECH to innovate in humanoid robots and intelligent manufacturing, leveraging Huawei's AI infrastructure to support UBTECH's innovation center [1] 2. **Industrial Application of Humanoid Robots**: UBTECH has successfully implemented humanoid robots in over 12 automotive factories, saving over 300,000 CNY in labor costs per unit annually [1] 3. **US-China Tariff Reduction**: A significant reduction in tariffs was announced, with the US cutting tariffs from a maximum of 145% to 34%, which is expected to alleviate profit losses in export-oriented industries [5][10] 4. **Beneficiary Industries**: The reduction in tariffs is anticipated to benefit sectors such as home appliances, electronics, and machinery, with specific companies like Rongtai Health and Stone Technology highlighted for their export exposure [5][10] 5. **Consumer Electronics**: Chaoyang Technology, with 79% of its business overseas, primarily supplies Apple, indicating strong reliance on major clients [3][15] 6. **Cross-border E-commerce Growth**: Companies like Saiwei Times and Chuangyuan Co. are positioned to benefit from the growing cross-border e-commerce market, with significant revenue from North America [7] 7. **Military Communication**: A company identified as a core supplier for military communication systems is expanding its market share, particularly in wireless communication for various military platforms [7][8] 8. **Acquisition of SMS Business**: A company announced the acquisition of SMS, a leading manufacturer of grinding machines, which is expected to enhance its capabilities in producing precision components for humanoid robots [9] 9. **Office Furniture Market**: Yongyi Co. is poised to benefit from tariff reductions, with a significant portion of its revenue derived from the US market [13] Other Important but Potentially Overlooked Content 1. **Emerging Technologies**: Companies are increasingly focusing on AI integration and smart manufacturing, with partnerships like that of Newland and Alibaba Cloud to enhance digital payment solutions [14] 2. **Market Dynamics**: The conference highlighted the importance of adapting to changing market conditions, particularly in light of US-China trade relations and tariff adjustments [5][10] 3. **Product Diversification**: Companies are diversifying their product offerings to include biodegradable materials and advanced manufacturing technologies, reflecting a trend towards sustainability [10][13] 4. **Investment in R&D**: Companies are investing in research and development for advanced robotics and AI technologies, indicating a shift towards more intelligent manufacturing solutions [11][17] This summary encapsulates the key points from the conference call records, providing insights into industry trends, company strategies, and market dynamics.

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is actively integrating AI technologies into its products, enhancing capabilities in payment solutions and machine vision [1]. Financial Summary - The company’s total revenue is projected to grow from 8.250 billion RMB in 2023 to 10.431 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.8% [2]. - The net profit attributable to shareholders is expected to increase from 1.004 billion RMB in 2023 to 1.671 billion RMB in 2027, reflecting a CAGR of 15.7% [2]. - The earnings per share (EPS) are forecasted to rise from 0.97 RMB in 2023 to 1.62 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 27.47 to 16.50 [2][3].

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is leveraging AI technology in its payment solutions, enhancing its product offerings and operational efficiency [1]. Financial Summary - The total revenue for 2023 was 8.250 billion RMB, with a projected increase to 8.500 billion RMB in 2025, reflecting a growth rate of 9.7% [2]. - The net profit attributable to shareholders is expected to grow from 1.010 billion RMB in 2024 to 1.227 billion RMB in 2025, marking a year-on-year increase of 21.5% [2]. - The gross margin is projected to improve from 36.5% in 2024 to 37.2% in 2025 [2]. - The earnings per share (EPS) are forecasted to rise from 0.98 RMB in 2024 to 1.19 RMB in 2025, with corresponding price-to-earnings (P/E) ratios of 27.31 and 22.47 respectively [2].

Core Viewpoint - The company reported a total revenue of 77.45 billion yuan and a net profit of 10.10 billion yuan for the year 2024, reflecting a 10% year-on-year growth in net profit, while maintaining a cash dividend distribution of 5.50 yuan per 10 shares [7][8][9]. Company Overview - The company is a digital service provider integrating smart terminals, big data processing, and data scenario operation capabilities, focusing on empowering the digital economy through technological innovation [6][8]. - The company operates in over 120 countries and regions, contributing to the digital transformation of countries along the Belt and Road Initiative [6][8]. Business Segments Smart Terminal Cluster - The smart terminal cluster generated a total revenue of 35.95 billion yuan, with a year-on-year growth of 12.36% and a gross margin of 38.53% [10]. - The digital payment terminal business saw significant growth, with over 700 million units sold, and overseas sales volume exceeding 4 million units, accounting for nearly 84% of total revenue [12][14]. - The intelligent recognition terminal business strengthened its technology integration with AI, achieving a 37% year-on-year revenue growth in the medical sector [16]. Industry Digitalization Cluster - The industry digitalization cluster reported a revenue of 41.33 billion yuan, a decline of 17.96% year-on-year, primarily due to accelerated industry regulation [17]. - The company maintained its leading position in payment services, achieving a transaction scale exceeding 2 trillion yuan [18]. - The company provided digital financial services to over 100,000 small and micro enterprises, with a total loan issuance of 420,000 [19]. Financial Performance - The company achieved a total revenue of 18.96 billion yuan in the first quarter of 2025, marking an 8.92% year-on-year increase, with a net profit of 3.11 billion yuan, a 25.16% increase [24]. - The operating cash flow reached 370 million yuan, reflecting a significant increase of 422.55% year-on-year [24]. Strategic Initiatives - The company is actively pursuing a globalization strategy, enhancing local operations in Europe and North America, and focusing on compliance and sustainable development in the third-party payment industry [8][9]. - The company is leveraging AI technology to enhance operational efficiency and reduce costs, with significant advancements in product intelligence and value enhancement [9][21].