Ninestar(SZ:002180) Minsheng Securities·2025-08-25 13:42Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company has solidified its position as a leader in the printer market, with its subsidiary, Bantu, continuously enhancing its competitiveness [3]. - The semiconductor business of Jihaiwei is showing sustained growth, indicating successful transformation efforts [2]. - Despite a decline in total revenue of 3.65% year-on-year to 12.327 billion yuan in the first half of 2025, the company is expected to have a more stable business development following the completion of significant asset disposals [1][3]. Financial Performance Summary - In the first half of 2025, the company reported a net profit attributable to shareholders of -312 million yuan, marking a shift from profit to loss [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 393 million, 1.356 billion, and 1.906 billion yuan, respectively, with corresponding PE ratios of 96X, 28X, and 20X [3][4]. - Revenue is expected to grow from 26.415 billion yuan in 2024 to 38.295 billion yuan in 2027, reflecting a compound annual growth rate of 16.6% [4][9]. Product and Market Developments - Bantu has achieved significant progress in product structure upgrades and technology breakthroughs, with A3 copiers becoming a core growth driver, showing a 115% year-on-year increase in sales [1]. - The company has also made strides in the domestic innovation market, with a 65% year-on-year increase in shipments of domestic printers, and a 130% quarter-on-quarter growth in the second quarter [1].