Ninestar(SZ:002180) Xinda Securities·2024-09-03 01:00Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company has shown significant improvement in profitability, with a notable increase in revenue and net profit for the first half of 2024. Revenue reached 12.794 billion yuan, a year-on-year growth of 4%, while net profit attributable to shareholders was 974 million yuan, up 177% year-on-year [1]. - The successful launch of the domestically produced A3 laser printer is expected to enhance the company's market competitiveness and sales potential. The company is focusing on brand promotion and channel development, which is anticipated to lead to substantial growth in printer sales [2]. - The company is projected to achieve earnings per share (EPS) of 1.12, 1.23, and 1.43 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 21.84, 19.74, and 17.06 [2]. Financial Summary - In the first half of 2024, the company achieved a gross margin of 33.22%, an increase of 0.74 percentage points year-on-year. The total operating income for the first half was 12.794 billion yuan, with a net profit of 974 million yuan, reflecting a significant year-on-year increase [1]. - The company's revenue from general consumables reached 3.193 billion yuan in the first half of 2024, a year-on-year increase of 10%, with net profit also growing by 10% [1]. - The company’s overall revenue is projected to be 25.855 billion yuan in 2024, with a year-on-year growth rate of 8.9% [3].