纳思达的前世今生：汪东颖掌舵下打印与芯片双业务驱动，原装打印机及耗材营收占比超七成，信创市场扩张可期

Core Viewpoint - Nasda is a well-known global manufacturer of printing consumables, with a strong technical foundation and full industry chain advantages in the printing and integrated circuit fields [1] Group 1: Business Performance - In Q3 2025, Nasda achieved a revenue of 14.504 billion, ranking 2nd in the industry out of 63, significantly above the industry average of 3.504 billion and the median of 677 million [2] - The main business composition includes original printers and consumables at 9.179 billion (74.46%), general consumables and accessories at 2.453 billion (19.90%), others at 367 million (2.98%), and chips at 327 million (2.66%) [2] - The net profit for the same period was -367 million, ranking last in the industry, below the industry average of 102 million and the median of 14.953 million [2] Group 2: Financial Ratios - As of Q3 2025, Nasda's debt-to-asset ratio was 44.35%, down from 71.35% year-on-year but still above the industry average of 34.38% [3] - The gross profit margin for Q3 2025 was 30.03%, a decline from 32.82% year-on-year and below the industry average of 34.46% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.57% to 62,200, with an average holding of 21,900 circulating A-shares, a decrease of 2.51% [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked third with 28.6233 million shares, an increase of 838,200 shares from the previous period [5] Group 4: Future Outlook - CITIC Securities projects Nasda's revenue for 2025, 2026, and 2027 to be 15.676 billion, 19.394 billion, and 23.753 billion respectively, with net profits of 1.560 billion, 2.212 billion, and 2.990 billion, corresponding to PE ratios of 21, 15, and 11 times [6] - Key business highlights include significant growth in the sales of the BenTu brand in the trusted computing market, with a 65% year-on-year increase in shipments in the first half of the year and a 130% quarter-on-quarter increase in Q2 [6]