证券研究报告 | 季报点评 2024年04月30日 纳思达（002180.SZ） 24Q1 财报超预期，自主打印领军或迎拐点 事件：4月29日，公司发布2024年一季报，2024Q1公司实现营收62.92亿元，同 买入（维持） 比下滑3.49%；归母净利润为2.78亿元，同比增长31.34%，业绩超出市场预期。 股票信息 奔图Q1业绩超预期，A3打印机出货量实现突破。1）奔图：2024年第一季度，奔 行业 半导体 图营业收入10.27亿元，同比下滑约20.22%；净利润1.93亿元，同比增长约21.89%。 前次评级 买入 2024 年一季度，奔图打印机销量同比下滑 33.89%，环比增长 24.91%，原装耗材 4月29日收盘价(元) 24.96 出货量同比增长12.73%。2024年一季度，奔图出货产品结构改善明显，A3打印机 出货量同比增长约40%，一季度毛利率较去年同期增长约9%。2）集成电路业务： 总市值(百万元) 35,353.60 2024年一季度，极海微营业收入3.16亿元，同比下滑26.27%。净利润0.39亿元， 总股本(百万股) 1,416.41 同比下滑78.72%，环比增长121.5 ...

Financial Performance - The company reported a revenue of CNY 6.29 billion for Q1 2024, a decrease of 3.49% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 277.90 million, an increase of 31.34% year-over-year[4]. - The net profit excluding non-recurring gains and losses was CNY 265.40 million, reflecting a growth of 30.48% compared to the previous year[4]. - Basic earnings per share rose to CNY 0.1965, up 31.53% from CNY 0.1494 in the prior year[4]. - The net profit for the first quarter of 2024 was CNY 302,786,760.17, compared to CNY 218,973,874.14 in the same period last year, representing an increase of approximately 38.2%[24]. - Operating profit for the first quarter was CNY 260,099,075.19, down from CNY 442,998,352.80 year-over-year, indicating a decrease of about 41.2%[24]. - Total revenue from operating activities was CNY 6,316,170,658.27, compared to CNY 6,890,301,524.08 in the previous year, reflecting a decline of approximately 8.3%[25]. - The company reported a total comprehensive income of CNY 240,850,292.44 for the quarter, compared to CNY 211,855,839.10 in the previous year, marking an increase of about 13.7%[24]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 196.81 million, a turnaround from a negative cash flow of CNY -260.71 million in the same quarter last year, marking a 175.49% increase[4]. - Cash and cash equivalents increased dramatically by 2152.93% to CNY 562.06 million, driven by improved cash flow management[8]. - Cash flow from operating activities generated a net inflow of CNY 196,813,467.24, a significant recovery from a net outflow of CNY -260,709,662.81 in the same quarter last year[25]. - The company recorded a cash inflow from investment activities of CNY 259,556,749.92, compared to a cash outflow of CNY -367,194,755.49 in the same quarter last year[25]. - The total cash inflow from financing activities was CNY 2,739,281,624.09, compared to CNY 2,001,256,512.51 in the previous year, indicating an increase of approximately 36.8%[26]. - Cash and cash equivalents at the end of the quarter totaled CNY 7,338,288,194.22, an increase from CNY 7,166,269,948.05 at the end of the previous year[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 37.96 billion, a slight decrease of 0.81% from the end of the previous year[4]. - The company’s total current assets decreased to RMB 19,587,878,690.76 from RMB 19,873,703,004.33, a decline of approximately 1.4%[20]. - Total liabilities decreased to ¥28,125,652,407.60 from ¥28,550,164,672.72, indicating a reduction in financial obligations[22]. - The company's goodwill increased slightly to ¥5,138,796,729.02 from ¥5,130,490,119.62, reflecting stable intangible asset valuation[22]. - The company reported a decrease in accounts payable from ¥4,151,407,205.64 to ¥4,106,238,487.05, indicating better supplier payment terms[22]. Investment and R&D - The company experienced a significant increase in investment income, which rose by 111.20% to CNY 8.97 million due to higher financial investment returns[8]. - Pantum's R&D investment in Q1 2024 was 116 million CNY, a year-over-year increase of 34.08%[9]. - Jihai Micro's R&D expenses for Q1 2024 were 121 million CNY, up 28.84% year-over-year[11]. - Research and development expenses increased to ¥433,862,061.76 from ¥415,859,553.28, indicating a continued focus on innovation[23]. Shareholder and Equity Information - The top shareholder, Zhuhai Saina Technology Co., Ltd., held 28.95% of shares, with a total of 410,093,916 shares[13]. - The company completed the grant registration of stock options, granting a total of 40,340,400 stock options to 2,102 individuals at an exercise price of RMB 22.26 per share[16]. - As of March 31, 2024, the company repurchased a total of 5,000,000 shares, accounting for 0.35% of the total share capital, with a total payment of RMB 94,254,927.81[18]. - The total equity attributable to shareholders increased to ¥9,625,006,058.68 from ¥9,487,570,567.53, reflecting a strengthening of the equity position[22]. Operational Efficiency - The company plans to continue optimizing inventory structure and controlling procurement to enhance operational efficiency in the future[8]. - Total operating costs for Q1 2024 were ¥6,048,191,290.75, down from ¥6,080,727,242.03, reflecting a cost reduction strategy[23]. - Inventory decreased to RMB 5,684,623,844.84 from RMB 5,871,426,214.49, indicating a reduction of about 3.2%[20]. - The company’s development expenditure decreased to RMB 319,736,225.37 from RMB 401,698,388.76, a decline of approximately 20.4%[20].

证券代码：002180 证券简称：纳思达 公告编号：2024-051 纳思达股份有限公司 公司定于 2024 年 5 月 6 日（星期一）15:00-17:00 在"进门财经" （https://s.comein.cn/A9AuF）举办公司 2023 年度业绩网上说明会，本次年度业 绩说明会将采用网络远程的方式举行，与投资者进行沟通和交流，广泛听取投资者 的意见和建议。 参与方式一：访问网址 https://s.comein.cn/A9AuF 参与方式二：使用微信扫描下方小程序码 出席本次说明会的人员：公司董事长汪东颖先生、独立董事唐天云先生、董事 会秘书武安阳先生、财务负责人陈磊先生、助理总裁兼资本市场总监冯兵先生（如 遇特殊情况，参会人员可能进行调整）。 关于举办 2023 年度业绩网上说明会的公告 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 4 月 26 日召开了第七届 董事会第十五次会议和第七届监事会第十四次会议，分别审议通过了《2023 年度报 告全文及摘要》，《2023 年度报 ...

| 1 | | 4 | | --- | --- | --- | | 关于本报告 | 01 | 践行 ESG 管理 | | | | 4.1 ESG 管理理念 | | | | 4.2 ESG 管理政策 | | 2 | | 4.3 可持续发展承诺 | | | | 4.4 完善 ESG 治理架构 | | 总裁致辞 | 03 | 4.5 ESG 管理实践 | | 3 | | | | 关于本公司 | | | | 3.1 公司简介 | 05 | 5 | | 3.2 公司产业布局 | 06 | | | 3.3 企业文化 | 07 | 重要性评估 | | 3.4 核心价值观 | 07 | | | 3.5 年度亮点 | 07 | | | 4.1 ESG 管理理念 | 13 | | --- | --- | | 4.2 ESG 管理政策 | 14 | | 4.3 可持续发展承诺 | 15 | | 4.4 完善 ESG 治理架构 | 17 | | 4.5 ESG 管理实践 | 19 | | 4.6 将重要 ESG 议题纳入日常运营管理 | 19 | | 4.7 开展广泛培训，赋能员工发展 | 20 | | 4.8 加强 ESG 利益相 ...

纳思达股份有限公司 募集资金存放与使用情况 专项报告的鉴证报告 2023 年度 信会师报字[2024]第ZM10150号 纳思达股份有限公司全体股东： 我们接受委托，对后附的纳思达股份有限公司（以下简称"纳思达"） 2023年度募集资金存放与使用情况专项报告（以下简称"募集资金专 项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 纳思达董事会的责任是按照中国证券监督管理委员会《上市公司 监管指引第2号——上市公司募集资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15号）、《深圳证券交易所上市公 司自律监管指引第1号——主板上市公司规范运作》以及《深圳证券交 易所上市公司自律监管指南第2号——公告格式》的相关规定编制募 集资金专项报告。这种责任包括设计、执行和维护与募集资金专项报 告编制相关的内部控制，确保募集资金专项报告真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 三、工作概述 我们按照《中国注册会计师其他鉴证业务准则第3101号——历史 财务信息审计或审阅以外的鉴证业务》的 ...

2、变更日期 证券代码：002180 证券简称：纳思达 公告编号：2024-045 纳思达股份有限公司 关于会计政策变更的公告 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。 纳思达股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开第七届 董事会第十五次会议和第七届监事会第十四次会议，分别审议通过了《关于会计 政策变更的议案》，根据财政部、中华人民共和国应急管理部"财资〔2022〕136 号"、财政部"财会〔2022〕31 号"通知的要求，对会计政策进行合理变更。 现将相关内容公告如下： 一、 本次会计政策变更概述 1、变更原因及适用 2022 年 11 月 21 日，财政部、应急管理部印发关于《企业安全生产费用提 取和使用管理办法》的通知(财资(2022)136 号) （以下简称"安全生产费用管 理办法"），要求在中华人民共和国境内直接从事煤炭生产、非煤矿山开采、石油 天然气开采、建设工程施工、危险品生产与储存、交通运输、烟花爆竹生产、民 用爆炸物品生产、冶金、机械制造武器装备研制生产与试验(含民用航空及核燃 料)、电力生产与供应的企业及 ...

纳思达股份有限公司 审计报告及财务报表 二○二三年度 纳思达股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-7 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-152 | | 三、 | 事务所执业资质证明 | | 审计报告 信会师报字[2024]第 ZM10145 号 纳思达股份有限公司全体股东： 一、 审计意见 我们审计了纳思达股份有限公司（以下简称纳思达）财务报表， 包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合 并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者 权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准 ...

Financial Performance - Ninestar Corporation reported a significant increase in revenue, achieving a total of RMB 5.2 billion for the year, representing a year-over-year growth of 15%[7]. - The company reported a significant increase in revenue, with a focus on integrated circuit products and components, computer peripherals, and related software products[10]. - The company's operating revenue for 2023 was ¥24,062,010,361.56, a decrease of 6.94% compared to ¥25,855,355,245.38 in 2022[14]. - The net profit attributable to shareholders for 2023 was -¥6,185,109,897.95, representing a decline of 432.02% from ¥1,862,890,140.81 in 2022[14]. - The company achieved total revenue of 24.06 billion CNY in 2023, a decrease of 6.94% year-on-year, with a net profit attributable to shareholders of -6.185 billion CNY, down 432.02% compared to the previous year[34]. - The company reported a significant non-recurring loss of CNY 6.57 billion in the fourth quarter, primarily due to asset impairment and other extraordinary expenses[17]. - The company reported a total of CNY 53,451,747,577.75 in restricted assets, primarily due to loan pledges[64]. Research and Development - Ninestar has invested RMB 300 million in R&D for new product development, focusing on eco-friendly printing solutions and advanced printing technologies[7]. - The company invested 4.35 billion CNY in R&D for Pantum, an increase of 40.49%, representing 11.19% of its revenue[35]. - The company is developing a high-precision, ultra-low power consumption metering chip, which is expected to significantly enhance market revenue due to high demand[54]. - The company has a robust research and development approach, focusing on market demand and technological innovation to provide effective printing solutions[27]. - The number of R&D personnel increased to 4,861 in 2023, a growth of 5.90% from 4,590 in 2022, with R&D personnel accounting for 22.10% of the total workforce, up from 20.55%[54]. Market Expansion and Strategy - The company plans to expand its market presence, targeting a 20% increase in user base by the end of 2024 through strategic marketing initiatives[3]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market share, with a focus on complementary technology firms[3]. - The company aims to address key technological challenges in the printing sector, leveraging its extensive patent portfolio to support domestic industrialization efforts[27]. - The company plans to continue focusing on high-end product development and expanding its market presence in developing countries[35]. - The company is positioned to benefit from the trend of domestic printer replacement, with substantial growth potential in the Chinese market, which is the largest printer shipment market globally[27]. Sustainability and Environmental Responsibility - Ninestar is committed to sustainability, with plans to reduce carbon emissions by 30% over the next five years through innovative manufacturing processes[7]. - The company has established a series of regulations for environmental risk management and waste classification to fulfill its environmental responsibilities[182]. - The company aims to achieve carbon neutrality by 2060 and is actively promoting low-carbon transformation and green production practices[189]. - The company has implemented a wastewater treatment system that meets the DB-44/26-2001 standards, ensuring that treated wastewater is discharged into the municipal sewage system[188]. - The company has made significant investments in environmental protection facilities to ensure compliance with pollution discharge standards and has paid the required environmental protection taxes[189]. Corporate Governance and Compliance - The company strictly adheres to relevant laws and regulations, ensuring accurate and complete information disclosure, with no instances of false records or misleading statements[107]. - The company has established a performance evaluation system for directors and senior management, ensuring transparency and fairness in the hiring and compensation process[113]. - The company has independent operational capabilities, with no interference from controlling shareholders in business decisions[109]. - The internal control system has been established and effectively implemented, with no significant deficiencies reported during the reporting period[175]. - The company has established five specialized committees under the board of directors to assist in decision-making and oversight[110]. Employee and Management Practices - The company has a total of 21,997 employees at the end of the reporting period, with 284 in the parent company and 21,713 in major subsidiaries[148]. - The company emphasizes a performance-driven compensation policy, linking variable pay to performance achievements[149]. - The company conducted 15 training programs in 2023, focusing on enhancing management capabilities across all levels[150]. - The company has established a performance management system to encourage higher productivity and align with strategic goals[149]. - The company plans to implement a new stock option incentive plan by the end of 2023 and early 2024, along with a long-term partnership plan[149]. Shareholder Engagement and Financial Activities - The company has been actively engaged in share repurchase activities throughout 2023, demonstrating a commitment to enhancing shareholder value[171]. - The company plans to initiate a new share repurchase program with a total fund of no less than RMB 100 million and no more than RMB 200 million, with a maximum price of RMB 61.00 per share[170]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 23.5004 million[137]. - The company has not reported any penalties from securities regulatory agencies for directors, supervisors, and senior management in the past three years[136]. - The company has completed its previous share repurchase program within the stipulated timeframe, achieving the lower limit of the repurchase amount[169]. Challenges and Risks - The company faces risks from external economic conditions and exchange rate fluctuations, as a significant portion of its revenue comes from overseas[99]. - Intellectual property disputes are a potential risk, as the industry is heavily reliant on patents and technology for competitive advantage[100]. - The company reported a net profit of -5707.01 CNY from the acquisition of Zhuhai Hainayuan Real Estate Co., Ltd., highlighting challenges in its merger and acquisition strategy[92]. - The company has not reached the planned progress or expected returns for certain projects, with specific reasons detailed in the report[87]. - The company reported a significant increase in lease liabilities to ¥1,628,538,653.90, which is 4.26% of total assets, due to new warehouse leases and sale-leaseback transactions[59].

纳思达股份有限公司 2023年度独立董事述职报告 （独立董事：汪国有） 各位股东及股东代表： 本人作为纳思达股份有限公司（以下简称"公司"）的独立董事，在2023年度 任职期间，本人根据《公司法》《证券法》《上市公司治理准则》《上市公司独立 董事管理办法》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规 范运作》等法律法规及《公司章程》《独立董事制度》等相关要求，诚信、勤勉、 独立地履行职责，有效发挥独立董事的作用，切实维护了公司整体利益和全体股东 特别是中小股东的合法权益。 现就2023年度本人履行独立董事职责情况述职如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人未在公司担任除独立董事外的其他职务，与公司及其主要股东不存在直接 或者间接利害关系，或者其他可能影响进行独立客观判断的关系；独立履行职责， 1 不受公司及其主要股东等单位或者个人的影响。2023年，本人对独立性情况进行了 自查，确认已满足适用各项监管规定中对于出任公司独立董事所应具备的独立性要 求，并将自查情况提交董事会；董事会对本人的独立性情况进行了评估，未发现可 能影响本人作为独立董事进行独立客观判断的情形，认为本 ...

纳思达股份有限公司 营业收入扣除情况表 鉴证报告 2023 年度 关于纳思达股份有限公司2023年度 营业收入扣除情况表的鉴证报告 信会师报字[2024]第ZM10149号 纳思达股份有限公司全体股东： 我们审计了纳思达股份有限公司（以下简称"纳思达"）2023 年度 的财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表、 2023 年度合并及母公司利润表、合并及母公司现金流量表、合并及母 公司所有者权益变动表和相关财务报表附注，并于 2024 年 4 月 26 日 出具了报告号为信会师报字[2024]第ZM10145号的无保留意见审计报 告。 在对上述财务报表执行审计的基础上，我们接受委托，对后附的 纳思达2023年度营业收入扣除情况表（以下简称"营业收入扣除情况 表"）执行了合理保证的鉴证业务。 一、管理层的责任 纳思达管理层的责任是按照《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指南第1号——业务办理》的相关规 定编制营业收入扣除情况表，确保营业收入扣除情况表真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证 ...