纳思达：自研A3产品高增长，新创市场进一步回暖

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown significant growth in its self-developed A3 products, with a recovery in the new market [4][6] - The printer business is recovering, with notable improvements in profitability for brands like BenQ and Lexmark [4] - The integrated circuit business is improving, while the consumables business faces short-term pressure [5] - The growth logic is clear, with strong potential for domestic printer brands, particularly in the信创 market [6] Financial Performance Summary - In Q3 2024, the company achieved revenue of 6.6 billion yuan, a year-on-year increase of 16.91% [4] - The net profit attributable to the parent company for Q3 2024 was 108 million yuan, up 177.64% year-on-year [4] - The net profit for the first three quarters of 2024 reached 1.081 billion yuan, a staggering increase of 408.87% year-on-year [4] - The gross profit margin for Q3 2024 was 32.03%, an increase of 1.47 percentage points year-on-year [4] - For the first three quarters of 2024, the company reported a gross profit margin of 32.82%, up 0.94 percentage points year-on-year [4] Business Segment Performance - The printer segment saw revenue growth, with BenQ and Lexmark achieving revenues of 3.176 billion yuan and 1.655 billion USD respectively in the first three quarters of 2024, with growth rates of 9.79% and 7.83% [4] - The A3 printer sales increased by 34.07% year-on-year, contributing to the overall growth in the printer segment [4] - The integrated circuit business reported revenue of 1.038 billion yuan, with a year-on-year decline of 5.37% [5] - The consumables business generated revenue of 4.851 billion yuan, showing a year-on-year growth of 13.80% [5] Future Outlook - The company is expected to see continued growth in net profit, with projections of 1.36 billion yuan, 1.81 billion yuan, and 2.05 billion yuan for 2024, 2025, and 2026 respectively [6] - The current price-to-earnings (PE) ratios are projected to be 29x, 22x, and 20x for the respective years [6]