Ninestar(SZ:002180) Huaxin Securities·2025-06-29 15:13Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [2][8]. Core Insights - The company is experiencing pressure on its performance, with a 5.79% year-on-year decline in revenue for Q1 2025, amounting to 5.927 billion yuan, and a significant drop in net profit by 69.64% to 84 million yuan [4]. - The printer business is ranked fourth globally in laser printer market share, with significant growth in the output of the BenTu laser printer business, which is leading the industry [5]. - The chip business is innovating continuously, with successful product launches in automotive electronics and industrial applications, indicating strong market recognition [6][7]. - Revenue forecasts for 2025-2027 are projected at 29.215 billion, 32.599 billion, and 36.421 billion yuan respectively, with expected EPS of 0.70, 1.05, and 1.18 yuan [8][10]. Summary by Sections Market Performance - The company's stock price is currently at 22.89 yuan, with a total market capitalization of 32.6 billion yuan and an average daily trading volume of 412.01 million yuan [2]. Business Segments - The printer segment has seen a decline in revenue, with BenTu's international printer sales dropping by 27.11% year-on-year, while the integrated circuit business also faced a 19.72% revenue decline [4]. - Despite the challenges, the overall output of chips from JiHaiWei reached 125 million units, marking a 9.38% increase year-on-year, with non-consumable chip sales growing by 38.22% [4]. Strategic Developments - The company is expanding its printer business across the entire industry chain and has made significant inroads into the信创 market, achieving a 50% year-on-year increase in output volume for 2024 [5]. - In the automotive sector, JiHaiWei has launched several innovative chips, gaining project approvals from major domestic and international car manufacturers [6]. Financial Projections - The company anticipates a gradual recovery in profitability, with net profit expected to rise to 994 million yuan in 2025, followed by 1.488 billion yuan in 2026 [10].