NEWLAND(000997) 国海证券·2025-04-26 15:40Investment Rating - The report maintains a "Buy" rating for the company [1][11][12] Core Insights - In Q1 2025, the company's net profit attributable to shareholders reached a record high for a single quarter, driven by improved profitability of products and services [5][11] - The company is positioned as a leading player in the domestic third-party payment industry, with a gradual recovery in its primary acquiring business and stable growth in electronic payment products [11] - The company is benefiting from the acceleration of the trusted digital identity ecosystem construction, leveraging its core technology advantages in QR code [9][11] Financial Performance Summary - For 2024, the company reported revenue of 7.745 billion yuan, a year-on-year decrease of 6.11%, and a net profit of 1.01 billion yuan, an increase of 0.59% [4] - In Q1 2025, the company achieved revenue of 1.896 billion yuan, a year-on-year increase of 8.92%, and a net profit of 311 million yuan, a year-on-year increase of 25.16% [4][5] - The company expects revenue growth of 12% in 2025, reaching 8.667 billion yuan, and net profit growth of 29%, reaching 1.304 billion yuan [11][12] Business Segment Insights - The smart terminal segment saw rapid sales growth, with the company operating seven global Industry 4.0 manufacturing bases to enhance supply chain management [5][6] - The merchant operations segment reported a total payment service transaction volume exceeding 5.2 trillion yuan in Q1 2025, with a stable upward trend [5][8] - The company has established deep cooperation with six major international credit card organizations to expand its foreign currency acceptance network [8] Future Outlook - The company anticipates continued growth in its revenue and net profit from 2025 to 2027, with projected revenues of 9.812 billion yuan and net profits of 1.521 billion yuan by 2026 [11][12] - The company is actively developing AI-driven solutions to enhance merchant operations and customer service [9]