Core Insights - New Unisplendour Group and Hantu Technology have recently formed a strategic partnership to create a globally competitive printer brand [1] - The collaboration aims to leverage Unisplendour's supply chain and brand resources alongside Hantu's expertise in printing technology [1] Product Launch - Ten new laser printers were launched, all utilizing domestically produced Loongson printing control chips [1] - The UNI P226L and UNI P228L black-and-white laser printers feature the new Loongson 2P0300 chip, which operates at a frequency of 1.2GHz and is cost-effective for small laser printers [1] - The product lineup includes commercial and security series, with the commercial series featuring models like UNI P226L (22 PPM) and UNI P356DNL (35 PPM) [1] Flagship Product - The flagship product is the Unisplendour laser multifunction printer UNI A406DNL, which has a single-sided printing speed of 40 pages per minute for A4 paper and 65 pages per minute for A5 [2] - It features a unique dual paper path design, achieving a 90% efficiency in double-sided printing and a first-page print response time of less than 4 seconds [2] - The printer is the first among domestic brands to meet the national一级能效标准 (Grade 1 Energy Efficiency Standard) [2] AI Integration - Unisplendour Hantu has introduced the "Unihannto AI Intelligent Platform" to enhance printer functionality with artificial intelligence [2] - For the government sector, a "Dedicated Document Assistant" has been launched, which offers features like out-of-the-box usability and data physical isolation [2] - In the education sector, the K12 intelligent grading machine can process up to 100 sheets at once, utilizing AI for exam paper grading and note removal without external devices [2] Future Plans - The company aims to continue investing in core technology research and collaborate with Loongson to develop the next generation of domestic printing chips [2] - The goal is to provide users with "genuine domestic, Chinese chips, high performance, and good brand" printing products [2]

Group 1 - The core viewpoint of the article highlights that Nasda holds key hard technology with broad international prospects for leading global manufacturers [1] - The company possesses the source code and complete firmware core technology for printers, along with proprietary intellectual property for printer engines [1] - In 2024, Buntu is expected to make significant breakthroughs in key industries such as finance, with a year-on-year growth of 50% in the trusted computing market's shipment volume [1] Group 2 - The company is a leader in the global printer market, with Buntu's competitive strength continuously improving and its leading position being reinforced [1] - Jihaiwei, as a leading enterprise in the domestic semiconductor field, is expanding into automotive and industrial sectors, opening up new growth opportunities [1] - The report initiates coverage with a "recommended" rating [1]

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]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is positioned as a leading player in the global printer market, with its brand BenQ continuously enhancing its competitive edge and solidifying its market leadership [3]. - The semiconductor segment, particularly in automotive and industrial applications, is expanding, creating new growth opportunities for the company [3]. Summary by Sections Printer Business - The company has established itself as a global leader in the printer industry, with a sales network spanning over 110 countries and regions. It has developed a comprehensive supply chain covering key components, printers, and printing management services [10][13]. - BenQ's market share in the global printer market reached 2.9% in Q4 2024, up from 2.6% in Q3 2024, and is projected to increase to 3.1% in Q1 2025 [13]. - The company has a strong R&D team of over 2,000 people and holds more than 6,200 patents, showcasing its technological capabilities [19]. - The A3 printer segment saw a remarkable sales increase of 131.44% year-on-year in 2024, with a quarterly growth of 401.41% in Q4 [23]. - The introduction of AI features and smart printing solutions has further strengthened its position in the consumer market [24]. Semiconductor Business - The semiconductor division has been active for over 20 years, with significant investments leading to accelerated growth. The company has established itself as a key player in the semiconductor industry, particularly in automotive electronics [2][49]. - The company has successfully launched several chips for automotive applications, including the GURC01 ultrasonic sensor, which has been adopted by major automotive manufacturers [2]. - The company has developed a comprehensive product matrix in the semiconductor field, including high-performance microcontrollers and automotive-grade chips [62]. Financial Forecast and Investment Recommendations - The projected net profits for the company from 2025 to 2027 are estimated at 3.93 billion, 13.56 billion, and 19.06 billion CNY, respectively, with corresponding PE ratios of 85X, 25X, and 18X [3]. - The report highlights the potential for significant profit growth, especially after the divestiture of Lexmark, which is expected to enhance the company's focus on its core printing business [48].

Core Insights - The Chinese printer and projector market is undergoing significant structural changes driven by digital transformation, consumption upgrades, and the demand for efficient, low-carbon, and intelligent products [1][2] - Epson's strategy in China focuses on "technology + localization" to provide high-quality products and services, positioning the market as a key growth engine for the company [1][2] Market Trends - The market has shifted from scale-driven growth to quality-driven development, necessitating brands to adapt to changing consumer needs [1] - The printer market is expected to see a 12.5% year-on-year decline in shipment volume in 2024, attributed to economic fluctuations and a rebound in demand following the pandemic [2] Company Strategies - Epson is restructuring its value chain to address changes in home printing demand, utilizing its "technology + localization" strategy and partnerships to enhance product appeal [2] - The "Epson Cloud Printing" WeChat mini-program has over 8.39 million registered users, and collaborations with Disney have introduced themed printers to attract family consumers [2] Technological Innovations - Epson's inkjet multifunction printers utilize "cold printing technology," which improves efficiency and reduces energy consumption, aligning with the growing emphasis on sustainability [5] - The company is also focusing on digitalization in commercial and industrial printing to enhance customer convenience while minimizing environmental impact [5] Competitive Landscape - New entrants in the market are viewed as a driving force for Epson's progress rather than mere competition [4] - The rise of large-screen LCD TVs is impacting the projector market, but Epson sees projectors as complementary solutions rather than direct substitutes [6] Smart Transformation - Digital transformation is identified as a critical challenge and a key to exponential growth, with Epson leveraging core hardware technology and partnerships across various sectors [7] - The "Epson Carrot Shared Printing" service allows users to print without owning a printer, meeting the demand for convenient, on-the-go printing [7] Collaborative Efforts - Epson is actively pursuing partnerships to build smart scene ecosystems, exemplified by collaborations with Tencent to enhance smart projection solutions [8] - The joint marketing efforts with Tencent Video aim to popularize smart projection products in the home market, targeting the "large-screen smart entertainment" segment [8]

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Insights - The company has successfully signed a strategic cooperation agreement with Huawei for the HarmonyOS, marking it as the first printer company to adapt and receive certification for the HarmonyOS [1][6] - The company is focusing on domestic printer production, which is expected to accelerate due to the partnership with Huawei and the increasing demand for localized products [6] - The sale of overseas assets has been completed, which is expected to help the company concentrate on its core brand and reduce debt, thereby improving its financial stability [6][7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 26,415 million, with a year-on-year growth rate of 9.8%. However, revenue is expected to decline to 19,312 million in 2025, reflecting a decrease of 26.9% [2][11] - The net profit attributable to the parent company is forecasted to be 749 million in 2024, dropping to 288 million in 2025, a decline of 61.6% [2][11] - The company anticipates a recovery in net profit to 1,359 million in 2026 and 1,889 million in 2027, with a compound annual growth rate (CAGR) of 42% from 2025 to 2027 [2][6][7] Market Data - As of July 23, 2025, the closing price of the company's stock is 24.46 yuan, with a market capitalization of 33,390 million [3][6] - The company has a price-to-earnings (PE) ratio of 46 for 2025, which is expected to decrease to 18 by 2027 [2][8] Valuation Analysis - The company is positioned in a growth phase within the domestic printer market, especially after the sale of overseas assets, which allows for strategic focus [7] - The report suggests a conservative PEG ratio of 1.1x, with a target market value of approximately 431 billion yuan, indicating a potential upside of 24% [7][8]

Core Insights - The article highlights the success of QuYin Technology, a company based in Zhuhai, which has transformed from producing printing consumables to developing portable printers, achieving a revenue growth from 4 million to 1.8 billion yuan in 11 years, marking a 449-fold increase [1][4]. Group 1: Company Overview - QuYin Technology, originally known as AiMo Technology, started by producing label ribbons and faced significant challenges, including three consecutive years of losses [3][1]. - The company has become a leading player in the portable printer market, with its brands such as Phomemo and AiMo, and has been recognized as the global sales leader in portable printers since 2022 [4][1]. Group 2: Market Context - Zhuhai is a major production hub for printer consumables, supplying 80% of the global market for printer ribbons, while the printer market itself is dominated by Japanese and American companies, which control nearly 80% of the market [2][1]. - The global printer market is characterized by saturation and declining shipment volumes due to economic instability and tightening user budgets [2]. Group 3: Product Development - QuYin Technology identified a niche in the portable printer market, launching a lightweight A4 printer aimed at frequent travelers, which weighs only 285 grams [6][1]. - The company has successfully expanded its product line from label printers to various portable printing solutions, focusing on specific consumer needs in different scenarios [11][1]. Group 4: Consumer Engagement - QuYin Technology has tapped into the DIY creative market, recognizing a significant demand for personalized printing solutions among overseas consumers, particularly in the U.S. [13][1]. - The company has developed multiple mobile applications to enhance user experience, offering various content services and engaging with consumers through social media and community events [14][1].

Performance Forecast - The company expects a net loss attributable to shareholders of 200 million to 400 million yuan for the first half of 2025, compared to a profit of 973.64 million yuan in the same period last year [1][2] - The net profit after deducting non-recurring gains and losses is projected to be a loss of 100 million to 200 million yuan, down from a profit of 623.52 million yuan year-on-year [1][2] - Basic earnings per share are expected to be a loss of 0.1406 to 0.2813 yuan, compared to earnings of 0.6891 yuan per share in the previous year [1][2] Business Segments Printer Business - The sales volume of printers in the Xinchuang market has significantly increased, with a year-on-year growth of approximately 65% in the first half of the year [1] - The sales volume of A3 copiers increased by about 115% year-on-year, with a quarter-on-quarter growth of approximately 30% in the second quarter [1] Integrated Circuit Business - Revenue from non-consumable chips reached approximately 254 million yuan, a year-on-year increase of about 52% [2] - The total shipment of chips was 168 million units, with a quarter-on-quarter growth of about 34% [2] General Consumables Business - Revenue from general consumables decreased by approximately 61% year-on-year, while total sales volume remained flat [2] Asset Disposal Impact - The company completed the major asset sale on July 1, 2025, which has significantly impacted the net profit and net profit after deducting non-recurring gains and losses [2] - The final confirmation of the transaction amount may be adjusted, potentially affecting the performance forecast data [2]

Core Viewpoint - The article discusses the strategic decision of Nasda to sell Lexmark International to Xerox for approximately $90 million, highlighting the challenges faced by Lexmark in the current geopolitical environment and the company's shift towards focusing on its own brand, Pantum [2][3][6][21]. Group 1: Sale of Lexmark International - Nasda completed the sale of Lexmark International for about $90 million, with the transaction involving the transfer of 100% equity to Xerox [3][16]. - Prior to the sale, Nasda held a 63.59% stake in Lexmark through Ninestar Holdings [10]. - Lexmark contributed $2.24 billion in revenue to Nasda last year, accounting for 60% of the parent company's total revenue [13]. Group 2: Reasons for the Sale - The management cited increasing external complexities and regulatory pressures on Lexmark's overseas operations as key reasons for the sale [6][17]. - The company faced significant financial strain, with a goodwill impairment of 7.88 billion yuan related to the acquisition of Lexmark, leading to a loss of nearly 6.2 billion yuan [20]. - The sale is expected to optimize Nasda's financial structure and enhance its risk management capabilities [21]. Group 3: Focus on Pantum - Following the sale, Nasda aims to concentrate on developing its own printer brand, Pantum, which has sold over 20 million units [7][22]. - Pantum's R&D expenses increased by 42% year-on-year, with plans to reach 14% of revenue by 2025 [27]. - The company is positioned to capture opportunities in the domestic market, particularly in sectors like finance, with a 50% year-on-year increase in shipments in the信创 market [32]. Group 4: Competitive Landscape - Pantum is currently the fourth largest in the global laser printer market, competing against major players like HP, Epson, and Canon [50]. - The company has expanded its international presence, exporting to over 110 countries, which constitutes about half of its total shipments [51]. - Management plans to enhance global market share and profitability in the printer and consumables sectors by 2025 [52].

Core Insights - The company launched the "Kangda Series" of printers at the Tianjin Summer Davos Forum, achieving a world record certification for its performance, including the ability to print 400,000 pages with a paper jam rate of less than 0.02‰ [1][5] - The new series incorporates four major technological upgrades and cross-platform intelligent solutions, redefining reliability standards in the printing industry [1][3] Technological Breakthroughs - The R&D team optimized over 40 technologies and design changes over three years, resulting in a comprehensive reliability solution [3] - Key innovations include a ceramic low-temperature heating technology that doubles the lifespan of heating components and reduces energy consumption by 30%, and a multi-roller paper feeding system that ensures precise paper transport with a jam rate significantly below 0.02‰ [3] - The three-state transmission technology guarantees paper positioning accuracy of ±0.1mm during high-speed printing, suitable for double-sided printing scenarios [3] Application Scenarios - The new printers successfully completed a 72-hour high-intensity printing task during the Tianjin Summer Davos, achieving zero-failure operation [5] - The technology is adaptable for various sectors, including logistics, healthcare, and finance, with specific features like silent operation for medical environments and secure printing for sensitive documents [5][7] Market Position and Innovation - The company has established itself as the only domestic brand mastering the entire laser printer technology chain, with over 300 supporting suppliers and 12 industry standards set [7] - Since its inception in 2010, the company has broken foreign monopolies in the A4 laser printer market and filled gaps in high-end printing technology with the A3 copier [5][7] - The company has a global presence in 110 countries, with cumulative sales exceeding 20 million units and maintaining the fastest growth rate in the global market for eight consecutive years [7]