公司研究 证券研究报告 [Table_ReportType] 点评报告 [Table_StockAndRank] 纳思达(002180.SZ) 投资评级：买入 上次评级：买入 [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 国产打印机龙头地位稳固，非耗材芯片布局初具成效 [Table_ReportDate] 2025 年 9 月 1 日 [Table_S 事件：纳思达ummar发布y] 2025 年半年度报告，公司 2025 年上半年实现营收 123.27 亿元，同比减少 3.65%；实现归母净利润-3.12 亿元，同比减少 132.02%； 实现扣非净利润-1.65 亿元，同比减少 126.51%；单 2025Q2 来看，公司实 现营收 63.99 亿元，同比减少 1.58%；实现归母净利润-3.96 亿元。 [Table_Ot ...

Group 1: Company Overview - As of the first half of 2025, the company reported total operating revenue of 12.327 billion, a year-on-year decrease of 3.65% [2] - The net profit attributable to shareholders was -312 million, a year-on-year decline of 132.02% [2] - The net profit after deducting non-recurring gains and losses was -165 million, a year-on-year decrease of 126.51% [2] Group 2: Pantum Business Performance - In the first half of 2025, Pantum achieved operating revenue of 2.309 billion, a year-on-year increase of 10% [3] - The net profit was 324 million, a year-on-year decrease of 16% [3] - Overall printer sales decreased by 5%, while A3 copier sales increased by 115% [3] Group 3: Strategic Partnerships and Innovations - Pantum signed a strategic cooperation agreement with Huawei's HarmonyOS, becoming the first third-party printer company to adapt to the HarmonyOS [4] - The company has completed deep adaptation with over 10 domestic operating systems and more than 20 domestic office software [4] - Pantum's "heavy-duty series" service printer was recognized as the "world's most durable printer," capable of printing over 400,000 pages with a paper jam rate of less than 0.02‰ [4] Group 4: Jihai Microelectronics Business Overview - In the first half of 2025, Jihai Microelectronics reported operating revenue of 556 million, a year-on-year decrease of 18% [5] - The net profit was 18 million, a year-on-year decline of 94% [5] - Total chip shipments reached 293 million, a year-on-year increase of 16% [5] Group 5: Product Development and Market Position - Jihai Micro's R&D investment exceeded 30% of its operating revenue [6] - In the second quarter of 2025, operating revenue was 302 million, a quarter-on-quarter increase of 19% [6] - The company launched several new products in the automotive electronics sector, including the AK2 ultrasonic sensor chip and DSI3 network transceiver chip [6][7] Group 6: General Printing Consumables Business - In the first half of 2025, the general consumables business reported operating revenue of 2.697 billion, remaining stable year-on-year [10] - The net profit was 28 million, a year-on-year decrease of 64% [10] - Total sales volume of general consumables remained flat year-on-year [10] Group 7: Market Expansion and Future Strategies - Pantum has made significant progress in the financial sector, with state-owned banks gradually replacing their printers [12] - The company has also achieved initial success in the medical and education sectors, developing smart printers in collaboration with leading AI companies [12] - Jihai Micro aims to position itself among the top integrated circuit design companies in China, focusing on domestic chip replacement [13]

Overview - The report provides insights into the performance of various companies across different industries, highlighting key financial metrics and growth prospects for the first half of 2025 [1][2]. Key Insights - The coal industry shows signs of recovery with companies like 潞安环能 and 山煤国际 reporting improved performance in Q2 2025, driven by increased production and cost optimization [34][40]. - The electric equipment sector is witnessing stability in pricing due to the phosphoric iron lithium development initiative, which aims to support sustainable growth in the industry [5]. - The construction and decoration industry, represented by companies like 中国建筑 and 矩阵股份, is experiencing accelerated growth in Q2 2025, with improved cash flow and profitability [10][14]. - The agricultural sector, particularly 温氏股份, is seeing a rebound in chicken prices, which is expected to enhance profitability in the latter half of 2025 [12]. - The media and entertainment industry, with companies like 风语筑 and 荣信文化, is leveraging AI and digital transformation to enhance revenue streams and improve financial performance [18][27]. Company Summaries Coal Industry - 潞安环能 reported a Q2 2025 revenue of 71.01 billion yuan, a decrease of 21.05% year-on-year, but with a significant improvement in production and cost management [34]. - 山煤国际's Q2 2025 revenue was 51.58 billion yuan, down 33.03% year-on-year, but the company is optimistic about recovery due to rising coal prices in the second half of the year [40]. Electric Equipment - The phosphoric iron lithium initiative aims to stabilize prices and improve profitability for companies in the sector, with a focus on sustainable development [5]. Construction and Decoration - 中国建筑 achieved a Q2 2025 net profit of 466 billion yuan, reflecting a 1% increase year-on-year, supported by improved cash flow and reduced impairment losses [10]. - 矩阵股份 reported a significant increase in net profit, with a 103% growth in non-recurring profit, driven by enhanced asset quality and cash flow [14]. Agriculture - 温氏股份 sold 1,793.19 million pigs in H1 2025, a 25% increase year-on-year, with a notable drop in costs leading to improved profitability [12]. Media and Entertainment - 风语筑's H1 2025 revenue grew by 33.97% to 7.75 billion yuan, marking a turnaround to profitability, while 荣信文化 is focusing on AI-driven marketing strategies to enhance growth [18][27]. Financial Projections - The report includes projections for various companies, indicating expected growth in net profits for 2025-2027 across multiple sectors, with specific figures provided for companies like 海尔智家 and 龙净环保 [28][30].

Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 12.33 billion yuan, a year-on-year decrease of 3.65%, and a net profit attributable to shareholders of -312 million yuan, down 132.02% year-on-year [1] - The second quarter of 2025 saw significant growth for the subsidiary, with revenue of 1.316 billion yuan, a quarter-on-quarter increase of 33%, and net profit of 227 million yuan, up 136% quarter-on-quarter [2] - The launch of the A3 high-end product line marks a significant technological advancement for the company, establishing a comprehensive self-developed technology barrier in the laser printer industry [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 12.33 billion yuan, a decrease of 3.65% year-on-year, and a net profit of -312 million yuan, down 132.02% year-on-year [1] - The second quarter of 2025 showed a revenue of 1.316 billion yuan for the subsidiary, with a quarter-on-quarter growth of 33% and a net profit of 227 million yuan, reflecting a 136% increase quarter-on-quarter [2] Product Development - The company successfully launched its first fully self-developed A3 printer in May 2024, indicating a breakthrough in mastering core technologies in the laser printer industry [3] - The A3 series products are expected to cover 75% of the market demand, providing efficient, intelligent, and cost-effective solutions for enterprise users [3] Market Position - The subsidiary's printer sales in the domestic market grew significantly, with a year-on-year increase of 65% in shipment volume in the first half of 2025, and a quarter-on-quarter growth of 130% in the second quarter [2] - The company has established strategic partnerships with major domestic operating systems, enhancing its position in the domestic market [2]

Market Overview - The Shanghai Composite Index is at 3812.43 points, above the annual line, with a change of 0.32% [1] - The total trading volume of A-shares is 1,230.98 billion yuan [1] Stocks Breaking Annual Line - 23 A-shares have broken above the annual line today, with notable stocks including Chuangyi Information, Zhongfu Information, and Qifeng New Materials, showing divergence rates of 11.29%, 5.02%, and 3.05% respectively [1] - Stocks with smaller divergence rates that have just crossed the annual line include Guizhou Tire, Andisoo, and Haier Smart Home [1] Top Stocks by Divergence Rate - Chuangyi Information (300366) has a daily increase of 13.27% and a divergence rate of 11.29% [1] - Zhongfu Information (300659) has a daily increase of 6.91% and a divergence rate of 5.02% [1] - Qifeng New Materials (002521) has a daily increase of 3.24% and a divergence rate of 3.05% [1] Additional Stocks with Minor Divergence - Anuoqi (300067) shows a daily increase of 2.60% with a divergence rate of 1.87% [1] - Henglin Shares (603661) has a daily increase of 2.56% and a divergence rate of 1.35% [1] - Other stocks with minor divergence rates include Rabbit Baby (002043), Landun Optoelectronics (300862), and Transsion Holdings (688036) [1]

Group 1: Nasda (奔图) - Significant growth in printer sales in the information technology innovation market, with a year-on-year increase of 65% in shipment volume in the first half of the year and a quarter-on-quarter increase of 130% in the second quarter [1] - Provided printing support for major national events such as the Two Sessions, Boao Forum, and Summer Davos [1] - Deep adaptation completed with over 10 domestic operating systems and more than 20 office software [1] - Positive progress in the financial sector with state-owned and joint-stock banks gradually replacing printers [1] - Achieved some bids in the medical sector with top-tier hospitals and collaborating with leading companies in the education sector to develop smart printers [1] - After selling Lexmark, the company's operations have become more stable, with plans to expand into European and Belt and Road markets [1] - A3 products will start from the Chinese market, aiming to cover nearly 90% of the demand in developing countries within two years [1] Group 2: New Zhobang (新宙邦) - In the first half of 2025, achieved operating revenue of 4.248 billion yuan, a year-on-year increase of 18.58%, and a net profit of 484 million yuan, a year-on-year increase of 16.36% [2] - Revenue from battery chemicals reached 2.815 billion yuan, up 22.77%, while organic fluorine chemicals revenue was 722 million yuan, up 1.37%, and electronic information chemicals revenue was 679 million yuan, up 25.18% [2] - The fluorinated liquid business is benefiting from market opportunities due to the shutdown of international mainstream manufacturers, with capacity reserves completed in hydrogen fluoride ether and perfluoropolyether fields [2] - The capacity utilization rate of the Poland electrolyte factory is stable at 50%-70%, covering overseas customer demand [2] - The lithium hexafluorophosphate product from Shilei Fluorine Materials is fully produced and sold, with expectations for improved profitability in the second half of the year [2] - Domestic electrolyte market has low gross margins, while the European market has higher gross margins [2] - Projects Haidefu and Haisefu are expected to start production by the end of 2026 and 2027, respectively [2] - Perfluoroisobutylene products have achieved large-scale sales, with an expected market space of several billion yuan [2] - Revenue and profit from capacitor chemicals business have seen double-digit growth, driven by rapid demand growth for solid-state capacitors and supercapacitors [2]

Group 1 - The core viewpoint of the article is the performance briefing held by Nasda, which attracted participation from 60 institutions including Zhonggeng Fund Management Co., Ltd. and Xinhua Asset Management Co., Ltd. [1] Group 2 - Overall performance: In the first half of 2025, the company achieved total operating revenue of 12.327 billion yuan, a year-on-year decrease of 3.65%; net profit attributable to shareholders was -312 million yuan, a year-on-year decrease of 132.02%; net profit after deducting non-recurring gains and losses was -165 million yuan, a year-on-year decrease of 126.51% [1] Group 3 - Business segment performance: - Pantum: In the first half of 2025, Pantum's operating revenue was 2.309 billion yuan, a year-on-year increase of 10%; net profit was 324 million yuan, a year-on-year decrease of 16%; overall printer sales decreased by 5% year-on-year, while A3 copier sales increased by 115%. In Q2, Pantum's operating revenue was 1.316 billion yuan, a quarter-on-quarter increase of 33%; net profit was 227 million yuan, a quarter-on-quarter increase of 136%; overall printer sales increased by 24% quarter-on-quarter, and A3 copier sales increased by 30% [1] - Jihai Microelectronics: In the first half of 2025, Jihai's operating revenue was 555.6 million yuan, a year-on-year decrease of 18%; however, revenue from non-consumable chips in industrial control and automotive sectors was 254 million yuan, a year-on-year increase of 52%. Net profit was 18 million yuan, a year-on-year decrease of 94%; net profit after deducting non-recurring gains and losses was 11 million yuan, a year-on-year decrease of 84%. Total chip shipments reached 293 million pieces, a year-on-year increase of 16%, with non-consumable chip sales at 182 million pieces, a year-on-year increase of 47% [1] - General printing consumables: In the first half of 2025, the general consumables business achieved operating revenue of 2.697 billion yuan (after internal offset), which was basically flat year-on-year; net profit was 28 million yuan, a year-on-year decrease of 64%, with total sales of general consumables remaining flat year-on-year [1] Group 4 - Q&A session highlights: - Progress in the Xinchuang field: Pantum's printer sales in the Xinchuang market showed significant growth, with substantial progress in domestic replacement in the financial sector and initial progress in education and healthcare sectors [1] - Domestic and international business strategy: After selling Lexmark, the company's operations have become more stable, with Pantum having advantages in the domestic computer peripheral market and potential to capture shares in Europe and Belt and Road countries; Jihai Microelectronics aims to be among the top domestic integrated circuit design companies [1] - Lexmark project risks: The company is actively addressing arbitration matters, and risks are considered controllable [1] - A3 product strategy: The self-developed A3 products are suitable for developing country markets, focusing on product improvement and stability, with plans to cover nearly 90% of market demand in developing countries within two years, starting from the Chinese market [1]

Financial Performance - In the first half of 2025, the company achieved total revenue of CNY 12.327 billion, a year-on-year decrease of 3.65% [3] - Net profit attributable to shareholders was CNY -312 million, a decline of 132.02% year-on-year [3] - The net profit after deducting non-recurring gains and losses was CNY -165 million, down 126.51% year-on-year [3] Business Segment Performance Pantum Electronics - Pantum's revenue for the first half of 2025 was CNY 2.309 billion, a year-on-year increase of 10% [3] - Net profit was CNY 324 million, a decrease of 16% year-on-year [3] - Overall printer sales decreased by 5%, while A3 copier sales increased by 115% [3] - In Q2 2025, Pantum's revenue was CNY 1.316 billion, a quarter-on-quarter increase of 33% [3] - Q2 net profit was CNY 227 million, a quarter-on-quarter increase of 136% [3] - Printer sales in the信创 (Xinchuang) market grew significantly, with a year-on-year increase of 65% and a quarter-on-quarter increase of 130% [3] Extreme Sea Microelectronics - Revenue for the first half of 2025 was CNY 556 million, a year-on-year decrease of 18% [4] - Net profit was CNY 18 million, down 94% year-on-year [4] - Total chip shipments reached 293 million units, a year-on-year increase of 16% [4] - In Q2 2025, revenue was CNY 302 million, a quarter-on-quarter increase of 19% [4] - Total chip shipments in Q2 reached 168 million units, a quarter-on-quarter increase of 34% [4] Strategic Developments - Pantum has established strategic cooperation with Huawei's HarmonyOS, becoming the first third-party printer company to obtain certification [3] - The company is actively expanding its presence in the financial, medical, and educational sectors, with significant progress in the financial sector [9] - The company aims to cover over 50% of A3 product demand in the Chinese market, with plans to expand to developing countries [10] Market Trends and Challenges - The company is addressing the challenges posed by the sale of Lexmark and is focused on maintaining stable operations [10] - The domestic chip industry is undergoing a significant transformation, with Extreme Sea aiming to be a leading player among thousands of integrated circuit design companies [10]

纳思达 20250826 摘要 纳思达 2025 年上半年整体净利润亏损，但扣除特定影响后，净亏损约 为 2.4 亿元。奔图打印机业务自 2016 年并购利盟以来显著增长，尤其 在 A4 黑白低端机市场，但未来将扩展到中速黑白机、彩色机和 A3 机等 品类，以支撑营收增长。 奔图中国在国产化替代方面表现出色，商用市场保持增长，部分省份超 越行业龙头。国际化战略是重要方向，通过产品丰富和海外市场拓展， 摆脱对局部市场的依赖。董事长正积极制定出海战略，以期实现全球市 场份额的增长。 全球激光打印机市场规模约为 300 亿美元，A4 占 100 亿美元，A3 占 200 亿美元。奔图推出"扛打系列"中档打印设备，解决卡纸等痛点， 并获得世界纪录认证。2025 年上半年，信创市场同比增长 65%，为未 来市场拓展奠定基础。 中国信息安全测评中心新增打印机主控芯片品类，提升打印终端信息安 全重视度，奔图积极参与送测，有望提升市场占有率。芯片业务已转型 培养第二增长曲线，团队达 1,100 人，每年投入营收的 40%用于新业 务，非耗材芯片出货量显著增加。 Q&A 纳思达 2025 年上半年业绩如何？ 2025 年上半年 ...

纳思达（002180.SZ）2025 年半年报点评 打印机市场龙头地位巩固，芯片业务多点开花 2025 年 08 月 25 日 ➢ 事件概述：2025 年 8 月 23 日公司发布 2025 年半年报，2025 年上半年公 司实现营业总收入 123.27 亿元，同比下降 3.65%，归母净利润-3.12 亿，同比 止盈转亏。 ➢ 重大资产出售对利润产生影响，短期波动不改长期发展前景。公司重大资产 出售已于 2025 年 7 月 1 日完成交割。根据公司半年报，公司 2025 年上半年持 有待售资产的减值额度较大。但短期波动不改长期预期，近几年利盟业绩波动较 大，待剥离完成后，公司业务发展将更加稳健。 ➢ 奔图实现产品结构升级与技术突破，市场拓展等方面不断取得进展。1）高 端产品放量：A3 复印机成为核心增长引擎，上半年销量同比激增 115%。2）技 术可靠性验证：发布的"扛打系列"打印机创下连续打印超 40 万页、卡纸率< 0.02‰的世界纪录。3）信创市场突破：信创打印机出货量同比增长 65%，二季 度环比增长 130%，深度适配鸿蒙、统信 UOS 等 10 余种国产操作系统。 ➢ 极海微在多个应用场景实现 ...