纳思达：打印芯片龙头，汽车/工控芯片新秀

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.16 CNY, based on a 36x PE valuation for comparable companies in 2024 [2][4]. Core Insights - The company emphasizes core chip technology and synergistic development between its consumables, printers, and chip businesses, aiming for a vertical integration similar to Huawei and HiSilicon [1][13]. - The company has established itself as a leader in the printer consumables chip sector through both organic growth and strategic acquisitions, maintaining a significant market share [1][15]. - The company is committed to developing domestically produced printer control chips to enhance information security and reduce reliance on foreign technology [1][30]. - The company is expanding its product lines to include MCU, SoC, and mixed-signal ICs, targeting growth opportunities in industrial and automotive electronics [1][7]. Financial Summary - The company's revenue for 2022 was 25,855 million CNY, with a projected decline to 24,062 million CNY in 2023, followed by a recovery to 27,817 million CNY in 2024 [3]. - The net profit for 2022 was 1,863 million CNY, which is expected to drop to a loss of 6,185 million CNY in 2023, before rebounding to 1,504 million CNY in 2024 [3]. - The earnings per share (EPS) are projected to be 1.06 CNY in 2024, increasing to 1.76 CNY by 2026 [2][3]. Business Development - The company has a strong focus on R&D, having invested 500 million CNY in the development of its core SoC project, which has led to the successful launch of domestically produced CPU-based printer control chips [1][30]. - The company has actively pursued acquisitions to enhance its technological capabilities, including the purchase of Static Control Components and Hong Kong Shengdi Technology [1][26][27]. - The company’s chip business, particularly in printer consumables, remains a significant revenue driver, accounting for approximately 71% of its revenue in the first half of 2023 [29].