Ninestar(SZ:002180) Minsheng Securities·2025-08-01 03:26Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is positioned as a leading player in the global printer market, with its brand BenQ continuously enhancing its competitive edge and solidifying its market leadership [3]. - The semiconductor segment, particularly in automotive and industrial applications, is expanding, creating new growth opportunities for the company [3]. Summary by Sections Printer Business - The company has established itself as a global leader in the printer industry, with a sales network spanning over 110 countries and regions. It has developed a comprehensive supply chain covering key components, printers, and printing management services [10][13]. - BenQ's market share in the global printer market reached 2.9% in Q4 2024, up from 2.6% in Q3 2024, and is projected to increase to 3.1% in Q1 2025 [13]. - The company has a strong R&D team of over 2,000 people and holds more than 6,200 patents, showcasing its technological capabilities [19]. - The A3 printer segment saw a remarkable sales increase of 131.44% year-on-year in 2024, with a quarterly growth of 401.41% in Q4 [23]. - The introduction of AI features and smart printing solutions has further strengthened its position in the consumer market [24]. Semiconductor Business - The semiconductor division has been active for over 20 years, with significant investments leading to accelerated growth. The company has established itself as a key player in the semiconductor industry, particularly in automotive electronics [2][49]. - The company has successfully launched several chips for automotive applications, including the GURC01 ultrasonic sensor, which has been adopted by major automotive manufacturers [2]. - The company has developed a comprehensive product matrix in the semiconductor field, including high-performance microcontrollers and automotive-grade chips [62]. Financial Forecast and Investment Recommendations - The projected net profits for the company from 2025 to 2027 are estimated at 3.93 billion, 13.56 billion, and 19.06 billion CNY, respectively, with corresponding PE ratios of 85X, 25X, and 18X [3]. - The report highlights the potential for significant profit growth, especially after the divestiture of Lexmark, which is expected to enhance the company's focus on its core printing business [48].