Group 1 - The core viewpoint of the article is that Dongwu Securities has issued a "buy" rating for Nasda (002180.SZ) with a latest price of 23.33 yuan, based on several positive factors [2] - The introduction of national testing standards for information technology innovation (信创国测标准) is expected to lead to a continuous increase in market share for Bentu [2] - The competitive strength of Jihai Micro is continuously strengthening, which is another reason for the positive rating [2]

Group 1 - The core viewpoint of the report is that Nasta (002180) is positioned as a leading domestic printer manufacturer with strengthening competitiveness, supported by the introduction of national standards for information security and testing [1][3] - The new 3.0 version of the evaluation guidelines from the China Information Security Testing Center is expected to enhance the demand for domestic components in printers, which will likely lead to an increase in market share for Nasta's brand, Bantu [1] - Bantu has established a strategic partnership with Huawei, adapting over 200 products to the HarmonyOS, which is anticipated to further solidify its position in the domestic market [1] Group 2 - Nasta's self-developed A3 laser printer is set to launch in 2024, with performance metrics showing significant improvements, including a world record for continuous printing [1] - The company is actively expanding into the high-end printer market, which is expected to drive up product average prices and gross margins [1] - The report predicts a decrease in EPS for 2025 and 2026 due to the sale of Lexmark and increased R&D investments, but maintains a positive outlook on market share growth and product introductions [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is a leading domestic printer manufacturer with continuously strengthening competitiveness. The introduction of national standards for information security is expected to enhance the market share of its products [8] - The company has made significant advancements in its product performance, particularly with the launch of its A3 laser printer and the "Kangda" series, which has set a world record for continuous printing [8] - The report anticipates that the company's market share will continue to grow due to its strategic partnerships and the increasing demand for domestic products in the printing sector [8] Financial Forecasts - Total revenue is projected to increase from 24,062 million RMB in 2023 to 33,892 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 7.12% [1] - The net profit attributable to the parent company is expected to rise from a loss of 6,185.11 million RMB in 2023 to a profit of 2,394.04 million RMB in 2027, reflecting a significant recovery and growth trajectory [1] - The earnings per share (EPS) is forecasted to improve from -4.35 RMB in 2023 to 1.68 RMB in 2027, indicating a strong turnaround in profitability [1] Market Data - The closing price of the company's stock is 23.76 RMB, with a market capitalization of approximately 33,783.84 million RMB [6] - The price-to-earnings (P/E) ratio is projected to decrease from 45.09 in 2024 to 14.11 in 2027, suggesting an improving valuation as earnings grow [1][6] Operational Highlights - The company has successfully adapted over 200 products to the Huawei HarmonyOS, enhancing its competitive edge in the domestic market [8] - The report notes that the company has established partnerships with major automotive manufacturers, which will support its growth in the automotive chip sector [8]

Core Viewpoint - The company has completed the repurchase and cancellation of 1,110,416 restricted shares due to the failure to meet performance targets and the departure of certain incentive recipients, which represents 0.078% of the total share capital before cancellation [2][12][17]. Group 1: Repurchase Details - The repurchase involved 446 incentive recipients, with a total repurchase amount of 27,506,981.60 yuan sourced from the company's own funds [2][19]. - After the repurchase, the total number of shares will be adjusted from 1,422,989,339 to 1,421,878,923 [4][20]. - The repurchased shares were part of the 2022 restricted stock incentive plan, which was not fulfilled due to unmet performance criteria [17][21]. Group 2: Performance and Compliance - The company did not meet the performance target for the 2024 fiscal year, with a reported net profit growth rate of -35.59% compared to 2021, leading to the cancellation of shares for 432 incentive recipients [16][17]. - The repurchase and cancellation of shares were conducted in accordance with the company's incentive plan regulations, which stipulate that unfulfilled performance conditions result in the cancellation of unvested shares [14][16]. Group 3: Legal and Procedural Aspects - The repurchase and cancellation procedures have been completed and registered with the China Securities Depository and Clearing Corporation [3][20]. - Legal opinions regarding the repurchase and cancellation were provided by Beijing Jindu (Guangzhou) Law Firm, ensuring compliance with relevant regulations [6][11].

证券代码：002180 证券简称：纳思达 公告编号：2025-059 纳思达股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 的回购和注销登记手续。 特别提示： 占注销前总股本比例的 0.078%。回购总金额为 27,506,981.60 元，资金来源于自有 资金。 纳思达股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第七届董事 会第二十三次会议和第七届监事会第二十二次会议，分别审议通过了《关于回购注销 部分限制性股票的议案》，根据立信会计师事务所（特殊普通合伙）出具的《关于纳 思达股份有限公司限制性股票激励计划 2024 年度业绩指标完成情况鉴证报告》（信 会师报字[2025]第 ZM10100 号），公司未满足该年度业绩考核目标，以及公司股权激 励对象 14 人已离职，公司对首次授予的第三个解除限售期和预留授予的第二个解除 限售期已获授予但尚未解锁的限制性股票 1,110,416 股进行回购注销处理，该事项已 提交公司 2024 年度股东大会审议通过。截止本公告披露日，公司已在中国证券登记 结算有限责任公司深圳分公司办理 ...

证券日报网讯 8月12日晚间，纳思达发布公告称，本次回购注销共涉及激励对象446人，本次回购注销 股份共计1，110，416股，占注销前总股本比例的0.078%。回购总金额为27，506，981.60元，资金来源 于自有资金。公司已在中国证券登记结算有限责任公司深圳分公司完成了前述限制性股票的回购和注销 登记手续。回购注销完成后，公司股份总数将由目前的1，422，989，339股调整为1，421，878，923 股。 （文章来源：证券日报） ...

证券代码：002180 证券简称：纳思达 公告编号：2025-059 纳思达股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 2022 年 2 月 28 日，公司召开第六届董事会第二十九次会议和第六届监事会第二 十三次会议，分别审议通过了《关于〈公司 2022 年限制性股票激励计划（草案）〉 及其摘要的议案》《关于〈公司 2022 年限制性股票激励计划实施考核管理办法〉的 议案》《关于提请股东大会授权董事会办理限制性股票激励计划有关事宜的议案》等 议案，关联董事已进行回避表决，独立董事发表了明确同意的独立意见，公司独立董 事肖永平先生就提交股东大会审议的本次限制性股票激励计划相关议案向全体股东 征集了投票权。北京市金杜（广州）律师事务所出具了《北京市金杜（广州）律师事 务所关于纳思达股份有限公司 2022 年限制性股票激励计划的法律意见书》。 1、本次回购注销共涉及激励对象 446 人，本次回购注销股份共计 1,110,416 股， 占注销前总股本比例的 0.078%。回购总金额为 27,506,9 ...

Core Viewpoint - Nasda (002180) announced that as of the date of the announcement, the company and its subsidiaries have no overdue external guarantees, no external guarantees involved in litigation, and no losses incurred due to being judged against guarantees [1] Group 1 - The company has confirmed the absence of overdue external guarantees [1] - There are no external guarantees currently involved in any litigation [1] - The company has not incurred any losses due to being judged against guarantees [1]

证券代码：002180 证券简称：纳思达 公告编号：2025-058 纳思达股份有限公司 关于公司为全资子公司提供对外担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 承兑汇票、信用证或担保函(包括备用信用证，下同)而对债务人享有的债权(包 括或有债权),以及债权人因其他银行授信业务而对债务人享有的债权(包括或有 债权)。本合同项下的保证为连带责任保证，保证的范围为全部主合同项下主债 权本金及利息、复利、罚息、违约金、损害赔偿金和实现债权的费用。实现债权 的费用包括但不限于催收费用、诉讼费(或仲裁费)、保全费、公告费、执行费、 律师费、差旅费及其它费用。 2、为信息技术担保 一、 担保情况概述 纳思达股份有限公司（以下简称"公司"）于 2024 年 12 月 3 日召开第七 届董事会第二十次会议、第七届监事会第十九次会议及于 2024 年 12 月 19 日召 开 2024 年第四次临时股东大会，分别审议通过了《关于 2025 年度为全资子公司 提供担保额度预计的议案》，公司为珠海格之格数码科技有限公司（以下简称"格 之格数码"）提供不超过 6. ...

证券代码：002180 证券简称：纳思达 公告编号：2025-057 纳思达股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 29 日） 8、资金来源：部分闲置募集资金 纳思达股份有限公司（以下简称"公司"）于 2024 年 12 月 3 日召开第七届 董事会第二十次会议和第七届监事会第十九次会议，分别审议通过了《关于使用 部分闲置募集资金进行现金管理的议案》，为提高募集资金使用效率，在确保不 影响募集资金项目建设和募集资金使用的情况下，公司计划使用最高额度不超过 人民币 1.5 亿元的暂时闲置募集资金进行现金管理，适时购买安全性高、流动性 好的低风险产品。公司董事会授权公司经营管理层行使该项投资决策权并签署相 关合同文件，授权期限为第七届董事会第二十次会议审议通过之日起 12 个月内 有效。具体内容详见公司于 2024 年 12 月 4 日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2024-099）。 现将进展公告如下： 一、 ...