Ninestar(002180) Guolian Securities·2024-07-16 09:30Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company expects a significant increase in net profit for the first half of 2024, with a forecasted range of 850-1050 million yuan, representing a year-on-year growth of 142.15%-199.12% [2] - The second quarter of 2024 is projected to show an even more substantial increase in net profit, with estimates between 572-772 million yuan, reflecting a year-on-year growth of 311.51%-455.40% [2] - The report highlights improvements in the company's three main business segments, particularly in overseas sales and the "信创" (Xinchuang) market, which saw a year-on-year growth of approximately 30% in shipment volume [3][4] Financial Performance Summary - The company is projected to achieve revenues of 262.56 billion yuan in 2024, with growth rates of 9.12%, 11.66%, and 12.87% for the years 2024, 2025, and 2026 respectively [6] - The expected net profit for 2024 is forecasted at 11.29 billion yuan, with a year-on-year growth of 118.26% [6] - Earnings per share (EPS) are projected to be 0.80 yuan in 2024, increasing to 1.56 yuan by 2026 [6] Business Segment Analysis - The "奔图" (Bentu) segment is expected to generate approximately 2.1 billion yuan in revenue for the first half of 2024, with a net profit of around 400 million yuan, marking a year-on-year increase of about 40% [3] - The "利盟" (Lexmark) segment is projected to achieve revenues of approximately 1.08 billion USD in the first half of 2024, with a year-on-year growth of about 5% [4] - The "极海微" (Jihaiwei) segment is expected to see a net profit of around 300 million yuan, with a year-on-year increase of over 100% [5]