根据市场公开信息及8月27日披露的机构调研信息，知名私募大朴资产近期对2家上市公司进行了调研， 相关名单如下： 上海大朴资产管理有限公司，创立于2012年1月。大朴资产的投资团队均来自于国内知名的证券研究机 构和投资机构，具有丰富的研究和投资经验。团队专注于中国证券市场的投资和研究，并保持主动管 理、稳中求进的投资风格。公司秉持规范经营和专业投资的理念，完整的公司治理结构充分体现了激励 充分、投资独立、专业分工、持续经营的原则，为公司的持续稳健发展打下了坚实基础。 调研纪要：奔图在信创市场打印机销量增长显著，上半年出货量同比增长65%，二季度环比增长 130%。公司为全国两会、博鳌论坛、夏季达沃斯等重要会议提供文印保障。已与统信UOS、麒麟OS等 10余款国产操作系统及20余款办公软件完成深度适配。金融行业进展良好，国有大行及股份制银行逐步 开展打印机替代；医疗行业取得部分三甲医院中标；教育行业正与头部企业合作开发智能打印机。出售 利盟后公司经营更稳健，奔图将拓展欧洲及一带一路市场，极海微力争国产芯片前列。利盟相关仲裁风 险可控。A3产品以中国市场为起点，计划两年内覆盖近90%发展中国家需求。 以上内容为证券 ...

近日，纳思达举行业绩说明会，吸引了中庚基金管理有限公司、新华资产管理股份有限公司等60家机构 参与。以下为本次投资者关系活动的详细情况： 1.基本信息-投资者活动关系类别：业绩说明会 -时间： 未提及 -地点：未提及 -参与单位名称：中庚基金管理有限公司、新华资产管理股份有限公司等60家机 构 -上市公司接待人员姓名：奔图财务总监刘永维 2.公司经营情况-整体业绩：2025年上半年，公司实现 营业总收入123.27亿元，同比下降3.65%；归属于上市公司股东的净利润 -3.12亿元，同比下降 132.02%；扣除非经常性损益后的净利润 -1.65亿元，同比下降126.51%。 -各业务板块情况-奔图电子 （PANTUM）：2025年上半年，奔图营业收入23.09亿元，同比增长10%；净利润3.24亿元，同比下降 16%；打印机整体销量同比下降5%，A3复印机销量同比增长115%。第二季度，奔图营业收入13.16亿 元，环比增长33%；净利润2.27亿元，环比增长136%；打印机整体销量环比增长24%，A3复印机销量环 比增长30%。在信创市场，上半年出货量同比增长65%，二季度环比增长130%。同时，奔图与华 ...

纳思达 20250826 摘要 纳思达 2025 年上半年整体净利润亏损，但扣除特定影响后，净亏损约 为 2.4 亿元。奔图打印机业务自 2016 年并购利盟以来显著增长，尤其 在 A4 黑白低端机市场，但未来将扩展到中速黑白机、彩色机和 A3 机等 品类，以支撑营收增长。 奔图中国在国产化替代方面表现出色，商用市场保持增长，部分省份超 越行业龙头。国际化战略是重要方向，通过产品丰富和海外市场拓展， 摆脱对局部市场的依赖。董事长正积极制定出海战略，以期实现全球市 场份额的增长。 全球激光打印机市场规模约为 300 亿美元，A4 占 100 亿美元，A3 占 200 亿美元。奔图推出"扛打系列"中档打印设备，解决卡纸等痛点， 并获得世界纪录认证。2025 年上半年，信创市场同比增长 65%，为未 来市场拓展奠定基础。 中国信息安全测评中心新增打印机主控芯片品类，提升打印终端信息安 全重视度，奔图积极参与送测，有望提升市场占有率。芯片业务已转型 培养第二增长曲线，团队达 1,100 人，每年投入营收的 40%用于新业 务，非耗材芯片出货量显著增加。 Q&A 纳思达 2025 年上半年业绩如何？ 2025 年上半年 ...

纳思达（002180.SZ）2025 年半年报点评 打印机市场龙头地位巩固，芯片业务多点开花 2025 年 08 月 25 日 ➢ 事件概述：2025 年 8 月 23 日公司发布 2025 年半年报，2025 年上半年公 司实现营业总收入 123.27 亿元，同比下降 3.65%，归母净利润-3.12 亿，同比 止盈转亏。 ➢ 重大资产出售对利润产生影响，短期波动不改长期发展前景。公司重大资产 出售已于 2025 年 7 月 1 日完成交割。根据公司半年报，公司 2025 年上半年持 有待售资产的减值额度较大。但短期波动不改长期预期，近几年利盟业绩波动较 大，待剥离完成后，公司业务发展将更加稳健。 ➢ 奔图实现产品结构升级与技术突破，市场拓展等方面不断取得进展。1）高 端产品放量：A3 复印机成为核心增长引擎，上半年销量同比激增 115%。2）技 术可靠性验证：发布的"扛打系列"打印机创下连续打印超 40 万页、卡纸率< 0.02‰的世界纪录。3）信创市场突破：信创打印机出货量同比增长 65%，二季 度环比增长 130%，深度适配鸿蒙、统信 UOS 等 10 余种国产操作系统。 ➢ 极海微在多个应用场景实现 ...

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

Group 1 - The core viewpoint of the report is that Nasta (002180) is positioned as a leading domestic printer manufacturer with strengthening competitiveness, supported by the introduction of national standards for information security and testing [1][3] - The new 3.0 version of the evaluation guidelines from the China Information Security Testing Center is expected to enhance the demand for domestic components in printers, which will likely lead to an increase in market share for Nasta's brand, Bantu [1] - Bantu has established a strategic partnership with Huawei, adapting over 200 products to the HarmonyOS, which is anticipated to further solidify its position in the domestic market [1] Group 2 - Nasta's self-developed A3 laser printer is set to launch in 2024, with performance metrics showing significant improvements, including a world record for continuous printing [1] - The company is actively expanding into the high-end printer market, which is expected to drive up product average prices and gross margins [1] - The report predicts a decrease in EPS for 2025 and 2026 due to the sale of Lexmark and increased R&D investments, but maintains a positive outlook on market share growth and product introductions [3]

Investment 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]

Group 1 - The core viewpoint of the article indicates that Yingmei Holdings (02028) is expecting a loss of RMB 35 million to 40 million in the first half of 2025, following a loss of RMB 43.495 million in the same period last year [1] - The primary reasons for the losses are attributed to a decline in printer demand, asset impairment provisions, and the lack of scale sales in medical products [1] - The company has applied for its shares to resume trading starting from 9:00 AM on August 13, 2025 [1]

旗舰产品是紫光激光多功能一体机UNI A406DNL。它的A4纸张单面打印速度为每分钟40页，A5横向打 印速度达到每分钟65页 。由于采用独特的双纸路设计，其双面打印效率达到90% 。它还攻克了陶瓷片 薄膜定影技术，首页打印的响应时间小于4秒，并且在中国国产品牌中第一个实现了国家一级能效标 准。 新紫光集团与汉图科技已于近日达成战略合作，新紫光集团是一家覆盖半导体和ICT设备等领域的科技 产业集团，能够提供完善的供应链体系和品牌渠道资源。汉图科技则在打印核心技术和产品研发方面有 长期积累。双方合作的目标是打造一个具有全球竞争力的打印机品牌。 本次合作发布的十款打印机，全部使用了国产的龙芯打印主控芯片。其中，紫光UNI P226L和UNI P228L两款黑白激光打印机，首次采用了龙芯2P0300打印主控芯片 。这款芯片是龙芯的新产品，主频达 到1.2GHz，成本更低，因而适合小型激光打印机。这延续了紫光汉图与龙芯的合作，双方自2022年开 始合作，并在2024年获得了龙芯授予的"杰出产品奖"。 发布会共推出了十款激光打印机新品，分为商用与安全两大系列 。商用系列包括UNI P226L （22PPM）、UNI ...

Group 1 - The core viewpoint of the report is a recommendation for Nasda (002180.SZ) with a current price of 23.29 yuan, highlighting its strong potential in both printer and chip businesses [2] Group 2 - In the printer business, the company possesses core hard technology and has promising international expansion prospects as a leading global manufacturer [2] - In the chip business, the company is making strides in automotive electronics and industrial sectors, enhancing its core competitiveness [2]