Ninestar(SZ:002180) China Securities·2025-05-18 15:55Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Views - In 2024, the company's revenue is projected to be 26.415 billion yuan, representing a year-on-year growth of 9.78%. The net profit attributable to shareholders is expected to reach 749.2 million yuan, a significant increase of 112.11% year-on-year [2][4]. - The company is expected to benefit from the continuous growth in domestic demand for innovative printing solutions and strong overseas demand driven by the Belt and Road Initiative. The sales of A3 printers are anticipated to grow rapidly [13]. - For the years 2025 to 2027, the company's revenue is forecasted to be 15.676 billion yuan, 19.394 billion yuan, and 23.753 billion yuan, with year-on-year changes of -40.65%, 23.72%, and 22.48% respectively. The net profit attributable to shareholders is expected to be 1.560 billion yuan, 2.212 billion yuan, and 2.990 billion yuan, with year-on-year growth rates of 108.28%, 41.73%, and 35.21% respectively [13]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 26.415 billion yuan, with a net profit of 749.2 million yuan and a non-recurring net profit of 353 million yuan, reflecting growth rates of 9.78%, 112.11%, and 105.60% respectively [2][4]. - The gross margin improved by 0.61 percentage points to 32.27% due to increased sales of consumables [4]. - In Q1 2025, the company reported a revenue of 5.927 billion yuan, a decline of 5.79% year-on-year, and a net profit of 84 million yuan, down 69.64% year-on-year [3][4]. Business Segments - The original printer segment saw a revenue of 4.658 billion yuan in 2024, with a year-on-year growth of 19.87%. The sales of A3 printers surged by 131.44% [9]. - The integrated circuit segment reported a revenue of 1.400 billion yuan in 2024, with a net profit of 363 million yuan, marking a year-on-year increase of 109.97% [11]. - The general consumables segment generated a revenue of 6.172 billion yuan in 2024, with a year-on-year growth of 10.45% [12]. Strategic Developments - The company announced a major asset sale of its 100% stake in Lexmark, with an estimated transaction price between 75 million to 150 million USD, aiming to optimize its financial structure and focus on its own brands [13].