纳思达：资产剥离轻装前行，政策引领拐点可期-20260204

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is expected to face short-term performance disturbances due to significant asset disposals, with a projected net profit attributable to shareholders for 2025 ranging from negative 600 million to negative 900 million yuan. Excluding non-recurring losses, the net profit is expected to be between negative 450 million to negative 650 million yuan [1]. - The asset disposal is anticipated to improve the financial structure, significantly reducing the debt-to-asset ratio. The impact of the asset impairment from the disposal is estimated to negatively affect the net profit by 700 million to 900 million yuan, leading to an adjusted net profit of 0 to 100 million yuan [1]. - The updated "Security and Reliability Assessment Work Guidelines (V3.0)" is expected to drive standardized procurement in the printer market by including main control chips for printers in the assessment categories [1]. Financial Performance Summary - For 2025, the company is projected to generate total revenue of 16.819 billion yuan, a decrease of 36.3% year-on-year, with a net profit of negative 724 million yuan [4]. - The company’s revenue is expected to recover in 2026 and 2027, with projections of 12.710 billion yuan and 15.833 billion yuan respectively, showing a growth rate of 24.6% in 2027 [4]. - The earnings per share (EPS) is forecasted to be negative 0.51 yuan in 2025, improving to 0.57 yuan in 2026 and 0.91 yuan in 2027 [4]. Market Dynamics - The overall printer market is experiencing a decline, with sales of BenTu printers expected to drop by 17% in 2025. However, the domestic commercial market is showing a steady growth of 3% year-on-year [2]. - The A3 printer segment is performing well, with a 55.62% increase in sales in the first three quarters of 2025, indicating a positive trend in high-value products and original consumables [2]. - The commercial market is showing signs of recovery, with sales in both domestic and overseas markets increasing by over 50% quarter-on-quarter in Q4 2025 [2].