纳思达（002180）：资产剥离轻装前行，政策引领拐点可期

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is undergoing significant asset divestiture, which is expected to improve its financial structure despite short-term performance disruptions. The anticipated net profit for 2025 is projected to be between negative 600 million to negative 900 million yuan, primarily due to major asset sales and industry policy adjustments [1]. - The updated "Security and Reliability Assessment Work Guidelines (V3.0)" is expected to lead to standardized procurement in the printer market, as it includes new requirements for printer main control chips [1]. - The commercial market is showing signs of recovery, with a 50%+ quarter-on-quarter sales increase in both domestic and overseas markets in Q4 2025 [2]. Financial Summary - The company’s projected total revenue for 2025-2027 is estimated at 16.819 billion, 12.710 billion, and 15.833 billion yuan respectively, with net profits expected to be negative 724 million, positive 811 million, and positive 1.294 billion yuan [3][4]. - The company’s earnings per share (EPS) is projected to be negative 0.51 yuan for 2025, turning positive to 0.57 yuan in 2026 and 0.91 yuan in 2027 [4][5]. - The asset-liability ratio is expected to improve significantly following the divestiture, with projections showing a decrease from 48.9% in 2025 to 45.4% in 2027 [4][8].