Company Overview - Nasda has experienced a decline for six consecutive trading days, with a cumulative drop of -4.97% [1] - Founded in 2000, Nasda started with the production of general printing consumables and has since focused on the research, development, production, and sales of products in the printing imaging industry [1] - Currently, Nasda is the fourth largest laser printer manufacturer globally and a leading enterprise in the specialized integrated circuit chip design and general consumables industry [1] Financial Performance - The financial report indicates that Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among Nasda's top ten shareholders, having reduced its holdings in the second quarter of this year [1] - Year-to-date, the fund has achieved a return of 5.04%, ranking 2269 out of 3420 in its category [1][2] Fund Manager Profile - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management since joining Huatai-PineBridge in 2004 [3][4] - Liu Jun holds a master's degree in financial management from Fudan University and has held various positions within the company, including director of the index investment department [3][4]

民生证券研报指出，纳思达手握核心硬科技，全球头部厂商国际化前景广阔。公司掌握了打印机各级源 代码和完整的软固件核心技术，拥有自主知识产权的打印机引擎。2024年奔图在金融等重点行业不断突 破，信创市场出货量同比增长50%。公司是全球打印机市场的龙头，旗下奔图竞争力持续提升，龙头地 位不断巩固。同时，极海微作为国内半导体领域领军企业，汽车、工业等领域拓展打开成长新空间。首 次覆盖，给予"推荐"评级。 ...

Group 1 - The core viewpoint of the report is a recommendation for Nasda (002180.SZ) with a current price of 23.29 yuan, highlighting its strong potential in both printer and chip businesses [2] Group 2 - In the printer business, the company possesses core hard technology and has promising international expansion prospects as a leading global manufacturer [2] - In the chip business, the company is making strides in automotive electronics and industrial sectors, enhancing its core competitiveness [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is positioned as a leading player in the global printer market, with its brand BenQ continuously enhancing its competitive edge and solidifying its market leadership [3]. - The semiconductor segment, particularly in automotive and industrial applications, is expanding, creating new growth opportunities for the company [3]. Summary by Sections Printer Business - The company has established itself as a global leader in the printer industry, with a sales network spanning over 110 countries and regions. It has developed a comprehensive supply chain covering key components, printers, and printing management services [10][13]. - BenQ's market share in the global printer market reached 2.9% in Q4 2024, up from 2.6% in Q3 2024, and is projected to increase to 3.1% in Q1 2025 [13]. - The company has a strong R&D team of over 2,000 people and holds more than 6,200 patents, showcasing its technological capabilities [19]. - The A3 printer segment saw a remarkable sales increase of 131.44% year-on-year in 2024, with a quarterly growth of 401.41% in Q4 [23]. - The introduction of AI features and smart printing solutions has further strengthened its position in the consumer market [24]. Semiconductor Business - The semiconductor division has been active for over 20 years, with significant investments leading to accelerated growth. The company has established itself as a key player in the semiconductor industry, particularly in automotive electronics [2][49]. - The company has successfully launched several chips for automotive applications, including the GURC01 ultrasonic sensor, which has been adopted by major automotive manufacturers [2]. - The company has developed a comprehensive product matrix in the semiconductor field, including high-performance microcontrollers and automotive-grade chips [62]. Financial Forecast and Investment Recommendations - The projected net profits for the company from 2025 to 2027 are estimated at 3.93 billion, 13.56 billion, and 19.06 billion CNY, respectively, with corresponding PE ratios of 85X, 25X, and 18X [3]. - The report highlights the potential for significant profit growth, especially after the divestiture of Lexmark, which is expected to enhance the company's focus on its core printing business [48].

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Insights - The company has successfully signed a strategic cooperation agreement with Huawei for the HarmonyOS, marking it as the first printer company to adapt and receive certification for the HarmonyOS [1][6] - The company is focusing on domestic printer production, which is expected to accelerate due to the partnership with Huawei and the increasing demand for localized products [6] - The sale of overseas assets has been completed, which is expected to help the company concentrate on its core brand and reduce debt, thereby improving its financial stability [6][7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 26,415 million, with a year-on-year growth rate of 9.8%. However, revenue is expected to decline to 19,312 million in 2025, reflecting a decrease of 26.9% [2][11] - The net profit attributable to the parent company is forecasted to be 749 million in 2024, dropping to 288 million in 2025, a decline of 61.6% [2][11] - The company anticipates a recovery in net profit to 1,359 million in 2026 and 1,889 million in 2027, with a compound annual growth rate (CAGR) of 42% from 2025 to 2027 [2][6][7] Market Data - As of July 23, 2025, the closing price of the company's stock is 24.46 yuan, with a market capitalization of 33,390 million [3][6] - The company has a price-to-earnings (PE) ratio of 46 for 2025, which is expected to decrease to 18 by 2027 [2][8] Valuation Analysis - The company is positioned in a growth phase within the domestic printer market, especially after the sale of overseas assets, which allows for strategic focus [7] - The report suggests a conservative PEG ratio of 1.1x, with a target market value of approximately 431 billion yuan, indicating a potential upside of 24% [7][8]

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

Performance Forecast - The company expects a net loss attributable to shareholders of 200 million to 400 million yuan for the first half of 2025, compared to a profit of 973.64 million yuan in the same period last year [1][2] - The net profit after deducting non-recurring gains and losses is projected to be a loss of 100 million to 200 million yuan, down from a profit of 623.52 million yuan year-on-year [1][2] - Basic earnings per share are expected to be a loss of 0.1406 to 0.2813 yuan, compared to earnings of 0.6891 yuan per share in the previous year [1][2] Business Segments Printer Business - The sales volume of printers in the Xinchuang market has significantly increased, with a year-on-year growth of approximately 65% in the first half of the year [1] - The sales volume of A3 copiers increased by about 115% year-on-year, with a quarter-on-quarter growth of approximately 30% in the second quarter [1] Integrated Circuit Business - Revenue from non-consumable chips reached approximately 254 million yuan, a year-on-year increase of about 52% [2] - The total shipment of chips was 168 million units, with a quarter-on-quarter growth of about 34% [2] General Consumables Business - Revenue from general consumables decreased by approximately 61% year-on-year, while total sales volume remained flat [2] Asset Disposal Impact - The company completed the major asset sale on July 1, 2025, which has significantly impacted the net profit and net profit after deducting non-recurring gains and losses [2] - The final confirmation of the transaction amount may be adjusted, potentially affecting the performance forecast data [2]

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

[Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a net loss for H1 2025, primarily due to a major asset sale's accounting impact, with core business profit projected at RMB 300-400 million 2025 H1 Performance Forecast | Item | Current Period (2025 H1) | Prior Year (2024 H1) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Loss: RMB 200 million - RMB 400 million | Profit: RMB 973.64 million | | Net Profit Excluding Non-Recurring Items | Loss: RMB 100 million - RMB 200 million | Profit: RMB 623.52 million | | Basic Earnings Per Share | Loss: RMB 0.1406/share - RMB 0.2813/share | Profit: RMB 0.6891/share | - The shift from profit to loss is primarily due to the accounting treatment of a major asset sale[2](index=2&type=chunk)[6](index=6&type=chunk) - Excluding this one-off impact, the company expects net profit attributable to shareholders to be **RMB 300 million to RMB 400 million**[2](index=2&type=chunk)[6](index=6&type=chunk) [Performance Changes and Segment Business Review](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Performance changes reflect varied segment results, including printer revenue growth with profit decline, integrated circuit pressure offset by non-consumable chip growth, and a sharp drop in general consumables profit [Printer Business (Pantum)](index=1&type=section&id=(I)%20Printer%20Business) In H1 2025, Pantum's printer business saw revenue grow by 10% to approximately RMB 2.309 billion, but net profit declined 16% to RMB 324 million, despite a strong Q2 recovery and robust growth in Xinchuang and A3 copier markets Pantum Business H1 2025 Key Data | Indicator | 2025 H1 | Year-over-Year Change | | :--- | :--- | :--- | | Operating Revenue | Approx. RMB 2.309 billion | +10% | | Net Profit | Approx. RMB 324 million | -16% | | Overall Printer Sales Volume | - | -5% | - Q2 performance significantly improved quarter-over-quarter: revenue increased by **33%**, net profit by **136%**, and printer sales by **24%**[5](index=5&type=chunk) - Strong growth in segmented markets: Xinchuang market printer sales grew **65%** year-over-year in H1, and A3 copier sales increased by **115%**[5](index=5&type=chunk) [Integrated Circuit Business (Geehy Semiconductor)](index=2&type=section&id=(II)%20Integrated%20Circuit%20Business) In H1 2025, Geehy Semiconductor's revenue fell 18% to RMB 556 million and net profit dropped 94% to RMB 18 million, yet non-printer consumable chips (industrial control, automotive) saw strong growth, with Q2 showing clear signs of recovery Geehy Semiconductor Business H1 2025 Key Data | Indicator | 2025 H1 | Year-over-Year Change | | :--- | :--- | :--- | | Operating Revenue | Approx. RMB 556 million | -18% | | Net Profit | Approx. RMB 18 million | -94% | | Total Chip Shipments | 293 million units | +16% | - Non-consumable chip business (industrial control, automotive, etc.) achieved strong counter-cyclical growth, with H1 revenue of approximately **RMB 254 million**, up **52%** year-over-year, and sales volume of approximately **182 million units**, up **47%**[5](index=5&type=chunk) - Q2 saw quarter-over-quarter recovery: total revenue grew **19%**, total shipments increased **34%**, with non-consumable chip sales growing **50%** quarter-over-quarter[6](index=6&type=chunk) [Printer General Consumables Business](index=2&type=section&id=(III)%20Printer%20General%20Consumables%20Business) In H1 2025, the general consumables business maintained stable revenue and sales volume at approximately RMB 2.7 billion, but net profit significantly declined by 61% to about RMB 30 million General Consumables Business H1 2025 Key Data | Indicator | 2025 H1 | Year-over-Year Change | | :--- | :--- | :--- | | Operating Revenue | Approx. RMB 2.7 billion | Flat | | Net Profit | Approx. RMB 30 million | -61% | | Total Sales Volume | - | Flat | [Impact of Major Asset Sale](index=2&type=section&id=(IV)%20Investment%20Loss) The completed sale of a major asset (Lexmark) on July 1, 2025, significantly impacted the current period's net profit and non-recurring net profit attributable to shareholders due to preliminary accounting treatment, causing the reported loss - The major asset sale was completed on **July 1, 2025**, and its accounting treatment significantly impacted the net profit for the current period[6](index=6&type=chunk) - Excluding this impact, net profit attributable to shareholders from the company's core businesses is projected to be **RMB 300 million to RMB 400 million**[6](index=6&type=chunk) [Other Explanations and Risk Warnings](index=2&type=section&id=IV.%20Other%20Relevant%20Explanations) The company emphasizes that this performance forecast is preliminary and subject to adjustment due to ongoing review of the Lexmark sale's final settlement funds, advising investors to exercise caution - This performance forecast data is a preliminary estimate and has not been audited by an accounting firm[3](index=3&type=chunk)[7](index=7&type=chunk) - The review of settlement funds for the sale of 100% equity in Lexmark International is ongoing, and the final settlement amount may be adjusted, potentially affecting the accuracy of this performance forecast[7](index=7&type=chunk)[8](index=8&type=chunk) - The company advises that if the final financial data significantly differs from the forecast, a revised disclosure will be made promptly, urging investors to make cautious decisions[8](index=8&type=chunk)

纳思达（002180）公告，2025年上半年预计业绩情况为亏损2亿元-4亿元。公司重大资产出售已于2025 年7月1日完成交割，初步测算对本期归母净利润及扣非归母净利润均产生了较大影响。剔除该影响后， 归属上市公司股东的净利润为3亿元-4亿元。 ...