Ninestar(002180) Xinda Securities·2025-04-15 07:14Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 26.415 billion yuan for 2024, representing a year-on-year growth of 9.78%. The net profit attributable to shareholders was 749 million yuan, a significant increase of 112.11% year-on-year. The non-deductible net profit reached 353 million yuan, up by 105.6% year-on-year. In Q4 2024, the company achieved a revenue of 7.021 billion yuan, with a year-on-year growth of 14.79%, while the net profit attributable to shareholders was -332 million yuan, reflecting a growth of 94.81% [1][2] Financial Performance Summary - The total revenue for 2023 was 24.062 billion yuan, with a year-on-year decline of 6.9%. The projected revenues for 2025, 2026, and 2027 are 29.148 billion yuan, 32.323 billion yuan, and 36.444 billion yuan, respectively, indicating a growth rate of 10.3%, 10.9%, and 12.8% [3] - The net profit attributable to shareholders for 2023 was -6.185 billion yuan, with a forecasted recovery to 1.201 billion yuan in 2025, 1.507 billion yuan in 2026, and 1.823 billion yuan in 2027, showing growth rates of 60.3%, 25.5%, and 20.9% respectively [3] - The gross margin for 2024 was 32.3%, an increase of 0.61 percentage points year-on-year. The company managed to reduce its sales, management, and R&D expenses by 4.00%, 14.87%, and 2.70% respectively, leading to an overall decrease of 8.7% in total expenses [2][3] Earnings Forecast and Investment Rating - The company is expected to benefit from significant growth in the industry, particularly in the domestic market with the launch of a fully autonomous A3 printer. The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 0.84 yuan, 1.06 yuan, and 1.28 yuan, corresponding to price-to-earnings (P/E) ratios of 27.82, 22.16, and 18.32 respectively. The investment rating remains "Buy" [4]