Ninestar(SZ:002180) Soochow Securities·2024-05-09 03:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 24.06 billion yuan in 2023, a year-on-year decline of 6.94%, and a net loss attributable to shareholders of 6.185 billion yuan, a year-on-year decline of 432%. In Q1 2024, the company achieved a revenue of 6.3 billion yuan, a year-on-year decline of 3.5%, but a net profit of 278 million yuan, a year-on-year increase of 31%, which met market expectations [2][3] - The company has successfully commercialized high-end models, with the first self-developed A3 black-and-white and color copiers passing batch verification and external certification, officially entering commercial application [3] - The company has maintained a leading position in the general consumables market, with a revenue of 5.588 billion yuan in 2023, a year-on-year decline of 9%, but overall consumables shipment volume improved by 12% in Q1 2024 [3] Financial Forecasts and Valuation - The company's EPS for 2024-2025 has been revised down from 1.67/2.10 yuan to 0.86/1.19 yuan, with an expected EPS of 1.55 yuan for 2026. The company is expected to benefit from accelerated industry innovation and domestic semiconductor substitution, leading to continuous improvement in operational quality [4] - The company's total revenue is projected to reach 26.127 billion yuan in 2024, with a year-on-year growth of 8.58%, and a net profit of 1.211 billion yuan, representing a year-on-year growth of 119.59% [4][9]