Ninestar(SZ:002180) Guohai Securities·2024-11-05 14:34Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][26]. Core Views - The company has shown significant improvement in profitability, with a net profit of 1.08 billion yuan in Q3 2024, reversing previous losses. The revenue for the first three quarters of 2024 reached 19.393 billion yuan, a year-on-year increase of 8.07% [1][2][8]. - The growth in revenue is attributed to the strong performance of the printer and integrated circuit segments, with the A3 printer production capacity steadily increasing [1][5][21]. - The company is positioned to benefit from the growing demand for domestic printers and integrated circuits, particularly in the context of government policies favoring local production [5][21][24]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 6.6 billion yuan, reflecting a year-on-year growth of 16.91%. The net profit for the same period was 1.08 billion yuan, marking a return to profitability [1][2][8]. - For the first three quarters of 2024, the gross margin was 32.82%, an increase of 0.94 percentage points year-on-year, while the net margin improved to 6.78%, up by 6.09 percentage points [3][17]. Business Segments - Printer Segment: The company’s printer business, particularly the "Bentu" brand, generated 3.176 billion yuan in revenue, a 9.79% increase year-on-year. The net profit for this segment was 475 million yuan, up 35.67% [2][13]. - Integrated Circuit Segment: The revenue from the integrated circuit business was 1.038 billion yuan, with a net profit of 353 million yuan, showing a significant year-on-year increase of 127.65% [2][15]. Market Outlook - The domestic printer market is expected to grow significantly due to increasing automation and the push for local production in various sectors such as government and education. The company has launched the first fully domestically developed A3 laser copier, capturing 75% of the market share [5][21][22]. - The report forecasts revenue growth for the company, projecting revenues of 27.162 billion yuan, 30.389 billion yuan, and 33.715 billion yuan for 2024, 2025, and 2026, respectively [26][29].