Glory Financial on January 9th | GF SEC's research report indicates that Newland Digital Technology (000997.SZ) is the only supplier of QR code security chips, one of four QR code module suppliers, and one of nine companies whose products were shortlisted. The company has multiple products and projects implemented in the field of trustworthy digital identity authentication. According to estimates, the future market demand for CTID terminal devices is approximately 0.21 billion units, with each device typically equipped with one module, containing one chip. If the official draft of the Internet number certificate is successfully launched in 2025, related equipment upgrades are expected to start, which will likely bring a new business increment to the company. Based on the company's historical valuation and comparable company valuations, a 15x PE for the company in 2025 is granted, with a reasonable value of 20.01 yuan/share, maintaining the company's 'Buy' rating.