证券研究报告 非金融公司|公司点评|纳思达（002180） 上半年净利润高增，奔图销量连续环比 改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 纳思达发布 2024 年半年度报告，2024 年上半年公司实现营收 127.94 亿元，同比增长 4.01%； 归母净利润 9.74 亿元，同比增长 177.37%；扣非归母净利润 6.24 亿元，同比增长 48.48%； 毛利率为 33.22%，同比提升 0.74pct。2024 年第二季度公司实现营收 65.02 亿元，同比增长 12.47%；归母净利润 6.96 亿元，同比增长 398.97%；扣非归母净利润 3.58 亿元，同比增长 65.39%；毛利率为 35.16%，同比提升 5.37pct。 |分析师及联系人 黄楷 SAC：S0590522090001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月02日 纳思达(002180) 上半年净利润高增，奔图销量连续环比改善 | --- | --- | |--------------- ...

纳思达 投资者关系活动记录表 编号： | --- | --- | --- | |-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 29.61 per share [2][8]. Core Views - The report highlights that the company has successfully advanced its A3 product line and emphasizes the importance of monitoring changes in the competitive landscape of the printing market [1][2]. - The company reported a revenue of RMB 12.794 billion for H1 2024, representing a year-over-year increase of 4.01%, and a net profit of RMB 974 million, which is a significant increase of 177.37% year-over-year [2][3]. - The report anticipates that the company's earnings per share (EPS) for 2024, 2025, and 2026 will be RMB 0.87, RMB 1.19, and RMB 1.63, respectively [2][3]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of RMB 12.794 billion, with a net profit of RMB 974 million, marking a year-over-year increase of 177.37% [2]. - The Q2 2024 revenue was RMB 6.502 billion, reflecting a year-over-year growth of 12.47% and a quarter-over-quarter increase of 3.34% [2]. - The company’s gross margin improved significantly, with a net profit margin of 18.4% for H1 2024, up 6.0 percentage points year-over-year [3]. Business Segments - The printing and chip segments are projected to generate net profits of RMB 8.3 billion and RMB 4.1 billion, respectively, for 2024 [2]. - The report assigns a price-to-earnings (PE) ratio of 34.3x for the printing business and 33.3x for the chip business, reflecting the high technological barriers associated with the company's self-developed A3 printers [2]. Market Outlook - The company has launched new A3 series products that cover 75% of market demand, which is expected to drive revenue growth [3]. - The integrated circuit business reported a revenue of RMB 675 million for H1 2024, with a net profit margin of 44%, indicating a strong performance despite a year-over-year revenue decline of 12% [4]. - The report expresses optimism regarding the recovery of downstream demand in the global printing market, which is expected to positively impact the revenue of the company's subsidiaries [5].

证券代码：002180 证券简称：纳思达 公告编号：2024-078 纳思达股份有限公司 关于境外子公司为其子公司提供担保的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 为保护纳思达股份有限公司（以下简称"公司"或"本公司"）境外控股子 公司 Lexmark International, Inc.（"Lexmark"）避免受到汇率波动的风险， 降低汇率波动对公司的影响，Lexmark、 Lexmark International Tech, SARL ("LITSARL")以及 Lexmark International Financial Services DAC（"LIFSDAC"） 拟与 UBS AG（"UBS"）签署包括《ISDA Master Agreement》（"《ISDA 主协 议》"）、《Credit Support Agreement》等 ISDA 协议文件，（"ISDA 协议文 件"），以开展货币对冲交易。 基于上述，公司境外控股子公司 Lexmark International II LLC（"Lexmark II" ...

Financial Performance - The company's revenue for the first half of 2024 reached ¥12,793,826,681.54, representing a 4.01% increase compared to ¥12,300,495,203.60 in the same period last year[11]. - Net profit attributable to shareholders was ¥973,641,211.72, a significant increase of 177.37% from ¥351,025,764.41 in the previous year[11]. - The net profit after deducting non-recurring gains and losses was ¥623,515,530.59, up 48.48% from ¥419,924,814.96 year-on-year[11]. - Basic earnings per share increased to ¥0.6891, reflecting a growth of 178.31% compared to ¥0.2476 in the same period last year[11]. - The weighted average return on equity rose to 9.89%, an increase of 7.72% from 2.17% in the previous year[11]. - The company reported a significant increase of 258.47% in cash flow from investing activities, totaling ¥859,531,941.95, compared to a negative cash flow of ¥542,390,410.24 in the previous year[43]. - The company reported a net profit contribution of RMB 2.1 billion from its subsidiary Zhuhai Bentu Electronics, accounting for 21.24% of the total net profit[74]. Assets and Liabilities - Total assets at the end of the reporting period were ¥37,093,301,348.38, a decrease of 3.08% from ¥38,273,224,134.63 at the end of the previous year[11]. - Net assets attributable to shareholders increased to ¥10,179,925,306.08, up 7.30% from ¥9,487,570,567.53 at the end of the previous year[11]. - Total liabilities decreased by 2.00% to ¥10,046,280,000.05, accounting for 27.08% of total assets[50]. - The company reported a total of 5,017,000,000.00 CNY in overseas assets, accounting for 50.17% of the company's net assets[52]. - The company has a total of 3,913,379,901.30 CNY in intangible assets, representing 38.44% of the company's net assets[52]. Cash Flow - The net cash flow from operating activities was ¥491,162,076.79, down 35.85% from ¥765,651,510.10 in the same period last year[11]. - Cash and cash equivalents decreased by 2.04% to ¥6,415,933,928.65, representing 17.30% of total assets[50]. - The company's cash and cash equivalents at the end of the period stood at ¥506,213,631.10, down from ¥2,707,966,804.10 at the end of the first half of 2023, a decline of approximately 81.3%[180]. Research and Development - The company's R&D investment for the reporting period was ¥832,139,844.04, a decrease of 4.75% from ¥873,628,081.12 in the previous year[43]. - The company is actively pursuing new technology research and development initiatives to enhance its competitive edge[185]. Market and Business Operations - The company is focusing on expanding its market presence in developing countries and enhancing its product offerings to meet diverse user needs[20]. - The printing industry accounted for ¥12,118,593,644.10 of the total revenue, which is 94.72% of the overall revenue, showing a growth of 5.09% from ¥11,531,235,008.71 in the same period last year[44]. - The company has established a full industry chain in the printing sector, providing services to over 150 countries and regions worldwide[38]. Environmental Compliance - The company strictly adheres to environmental protection laws and standards, including the "Solid Waste Pollution Prevention Law" and "Water Pollution Prevention Law" among others[92]. - The company’s air pollutant emissions, specifically particulate matter, are well below the local standard of 120 mg/m³, with a measured concentration of 1.6 mg/m³[94]. - The company has implemented a series of regulations for environmental risk management and waste classification[92]. Shareholder and Stock Information - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - A total of 1,096,012.4 stock options were eligible for exercise, representing 0.774% of the company's total share capital of 141,627.7738 million shares, with an exercise price of 27.29 yuan per share[81]. - The company plans to repurchase shares using its own funds, with a total repurchase amount between RMB 100 million and RMB 200 million, at a price not exceeding RMB 61.00 per share[86]. Legal and Regulatory Matters - The company is involved in a lawsuit in the U.S. International Trade Court regarding its inclusion in the Xinjiang entity list, with no expected liabilities as the case is still ongoing[122]. - The company has confirmed that there are no legal obstacles to transferring the shares to the listed company[109]. Future Outlook - Future outlook indicates a focus on market expansion and new product development to drive revenue growth[183]. - Strategic mergers and acquisitions are being considered to strengthen market presence and operational capabilities[183].

证券代码：002180 证券简称：纳思达 公告编号：2024-072 二、以 3 票同意，0 票反对，0 票弃权的表决结果审议并通过了《关于 2024 年 半年度募集资金存放与实际使用情况的专项报告》 纳思达股份有限公司 第七届监事会第十七次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假 记载、误导性陈述或者重大遗漏承担责任。 纳思达股份有限公司（以下简称"公司"）第七届监事会第十七次会议于 2024 年 8 月 30 日以通讯方式召开，会议通知于 2024 年 8 月 23 日以电子邮件的方式送达 各位监事，应到监事三名，实际出席会议监事三名，三名监事参与了表决。本次会 议由公司监事会主席李东飞先生主持，会议的召开和表决程序符合《公司法》《公司 章程》《监事会议事规则》等有关规定，会议审议并通过了如下议案： 一、以 3 票同意，0 票反对，0 票弃权的表决结果审议并通过了《2024 年半年 度报告全文及摘要》 经审议，监事会认为：公司董事会编制和审核公司 2024 年半年度报告的程序符 合法律、行政法规和中国证监会、深圳证券交易所的相关规定，报告内容真实、准 确、完整地反 ...

证券代码：002180 证券简称：纳思达 公告编号：2024-071 纳思达股份有限公司 纳思达股份有限公司（以下简称"公司"）第七届董事会第十八次会议于 2024 年 8 月 30 日以通讯方式召开，会议通知于 2024 年 8 月 23 日以电子邮件的方式送达 各位董事，应到董事九名，实际出席会议董事九名，九名董事参与了表决。本次会 议由公司董事长汪东颖先生主持，公司监事会全体成员及公司全体高级管理人员均 列席会议。会议的召开和表决程序符合《公司法》《公司章程》《董事会议事规则》 等有关规定，会议审议并通过了如下议案： 一、以 9 票同意，0 票反对，0 票弃权的表决结果审议并通过了《2024 年半年 度报告全文及摘要》 公司 2024 年半年度报告全文及摘要真实、准确、完整地反映了公司 2024 年半 年度的经营情况。根据《证券法》第八十二条的要求，公司董事、高级管理人员对 公司2024年半年度报告签署书面确认意见，保证公司2024年半年度报告内容真实、 准确、完整，不存在虚假记载、误导性陈述或者重大遗漏。 《2024 年半年度报告》详见巨潮资讯网（www.cninfo.com.cn）。 第七届董事会第 ...

证券代码：002180 证券简称：纳思达 公告编号：2024-077 纳思达股份有限公司 关于注销 2019 年股票期权激励计划预留授予部分股票期权的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假 记载、误导性陈述或者重大遗漏承担责任。 2024 年 8 月 30 日，纳思达股份有限公司（以下简称"公司"）召开第七届董事 会第十八次会议和第七届监事会第十七次会议，分别审议通过了《关于注销 2019 年股票期权激励计划预留授予部分股票期权的议案》，同意对 2019 年股票期权激励 计划预留授予部分中不符合行权条件的 41 名激励对象已获授但尚未行权的股票期 权共计 330,256 份予以注销。具体内容公告如下： 一、公司 2019 年股票期权激励计划已履行的相关审批程序 2019 年 9 月 18 日，公司召开第六届董事会第二次会议和第六届监事会第二次 会议，审议通过了《关于<纳思达股份有限公司 2019 年股票期权激励计划（草案）> 及其摘要的议案》《关于<纳思达股份有限公司 2019 年股票期权激励计划实施考核管 理办法>的议案》等议案，关联董事、监事均已回避表决，公司独立董事邹 ...

证券代码：002180 证券简称：纳思达 公告编号：2024-075 纳思达股份有限公司 关于公司及子公司使用部分闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 纳思达股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开第七届 董事会第十八次会议和第七届监事会第十七次会议，分别审议通过了《关于公司 及子公司使用部分闲置自有资金进行现金管理的议案》，本着股东利益最大化原 则，为提高闲置自有资金使用效率，在确保不影响公司经营需要使用的情况下， 公司及子公司计划使用最高额度不超过 20 亿元人民币的闲置自有资金进行现金 管理，适时购买风险低、安全性高、流动性好的银行、证券公司等金融机构发行 的现金管理类产品（包括但不限于结构性存款、理财产品等），并授权公司经营 管理层决定及签署相关文件，授权期限为 2024 年第三次临时股东大会审议通过 之日起 12 个月。现将相关事项公告如下： 公司及子公司在 12 个月内购买银行、证券公司等金融机构发行的现金管理 类产品使用的闲置自有资金不超过 20 亿元人民币，在该 ...

2019 年股票期权激励计划预留授予第三行权期可行权 激励对象名单 纳思达股份有限公司 一、预留授予第三个行权期可行权分配情况汇总表 | 姓名 | 职务 | 预留获授期权 数量（万份） | 占预留授予期 权总数的比例 | 本次可行权的 股票期权数量 （万份） | | --- | --- | --- | --- | --- | | 武安阳 | 董事会秘书 | 6.0000 | 0.6073% | 2.4000 | | 小计 | | 6.0000 | 0.6073% | 2.4000 | | 中层管理人员（49 | 人） | 402.9080 | 40.7831% | 161.1632 | | 核心骨干人员（218 | 人） | 335.3900 | 33.9488% | 134.1560 | | 合计 | | 744.2980 | 75.3391% | 297.7192 | 注：合计数与各明细数直接相加之后在尾数上如有差异，是由于四舍五入所造成。 二、预留授予第三个行权期可行权分配名单 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 武安阳 | 董事会秘书 | | 2 | ...