Ninestar(SZ:002180) Guolian Securities·2024-09-02 11:00Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant increase in net profit for the first half of 2024, with a year-on-year growth of 177.37% [10] - The revenue for the first half of 2024 reached 12.794 billion yuan, representing a year-on-year increase of 4.01% [10] - The gross profit margin improved to 33.22%, up by 0.74 percentage points compared to the previous year [10] - The second quarter of 2024 saw a revenue of 6.502 billion yuan, a year-on-year increase of 12.47%, and a net profit of 696 million yuan, which is a remarkable year-on-year growth of 398.97% [10] Financial Performance Summary - In the first half of 2024, the company achieved a net profit of 974 million yuan, with a non-recurring net profit of 624 million yuan, showing growth rates of 177.37% and 48.48% respectively [10] - The second quarter's gross profit margin was 35.16%, reflecting an increase of 5.37 percentage points year-on-year [10] - The company expects revenues for 2024-2026 to be 26.256 billion, 29.317 billion, and 33.089 billion yuan, with respective growth rates of 9.12%, 11.66%, and 12.87% [11] Business Segment Performance - The company's printer segment, BenTu, reported a revenue of 2.102 billion yuan in the first half of 2024, despite a year-on-year decline of 4%, but net profit increased by 43% [11] - The overall sales of BenTu printers decreased by 15% year-on-year, but there was a continuous quarter-on-quarter improvement for three consecutive quarters [11] - International sales of BenTu showed significant growth, with a quarter-on-quarter increase of approximately 50% in the second quarter [11]