Ninestar(SZ:002180) Soochow Securities·2025-08-14 13:56Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is a leading domestic printer manufacturer with continuously strengthening competitiveness. The introduction of national standards for information security is expected to enhance the market share of its products [8] - The company has made significant advancements in its product performance, particularly with the launch of its A3 laser printer and the "Kangda" series, which has set a world record for continuous printing [8] - The report anticipates that the company's market share will continue to grow due to its strategic partnerships and the increasing demand for domestic products in the printing sector [8] Financial Forecasts - Total revenue is projected to increase from 24,062 million RMB in 2023 to 33,892 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 7.12% [1] - The net profit attributable to the parent company is expected to rise from a loss of 6,185.11 million RMB in 2023 to a profit of 2,394.04 million RMB in 2027, reflecting a significant recovery and growth trajectory [1] - The earnings per share (EPS) is forecasted to improve from -4.35 RMB in 2023 to 1.68 RMB in 2027, indicating a strong turnaround in profitability [1] Market Data - The closing price of the company's stock is 23.76 RMB, with a market capitalization of approximately 33,783.84 million RMB [6] - The price-to-earnings (P/E) ratio is projected to decrease from 45.09 in 2024 to 14.11 in 2027, suggesting an improving valuation as earnings grow [1][6] Operational Highlights - The company has successfully adapted over 200 products to the Huawei HarmonyOS, enhancing its competitive edge in the domestic market [8] - The report notes that the company has established partnerships with major automotive manufacturers, which will support its growth in the automotive chip sector [8]