智通财经APP讯，纳思达(002180.SZ)发布2025年半年度报告，该公司营业收入为123.27亿元，同比减少 3.65%。归属于上市公司股东的净亏损为3.12亿元。归属于上市公司股东的扣除非经常性损益的净亏损 为1.65亿元。基本每股亏损为0.2193元。 ...

Core Viewpoint - Ninestar Group Company Limited, a subsidiary of the company, has completed all necessary foreign antitrust reviews for the sale of its 100% stake in Lexmark International II, LLC to Xerox Corporation. The transaction has not yet been formally closed, and the company will fulfill its information disclosure obligations based on subsequent developments [1]. Summary by Relevant Sections - **Transaction Details** - The sale involves a 100% stake in Lexmark International II, LLC [1]. - The transaction is pending formal closure [1]. - **Regulatory Approval** - All necessary foreign antitrust reviews have been completed [1]. - **Future Actions** - The company will provide timely information disclosures as the situation progresses [1].

Core Viewpoint - The company is responding to inquiries regarding the significant asset sale of its subsidiary, Lexmark International, and the implications of this transaction on its financial health and operational capabilities. Financial Impact - As of December 31, 2024, the total assets of the company are expected to decrease by 48.91% post-sale, with net assets declining by 2.26% and operating revenue dropping significantly [6][16] - The asset-liability ratio is projected to improve from 72.61% to 47.58%, indicating a substantial enhancement in financial stability [16] Operational Impact - The sale of Lexmark International is anticipated to reduce the company's reliance on external suppliers and improve its operational independence, particularly in the printer business [7][8] - The collaboration with Lexmark International has been significantly affected by the entity list incident, leading to a 65% decrease in cooperative business scale [7][10] Business Segments - The printer business, which previously benefited from synergies with Lexmark, is expected to maintain its competitive position due to its established market presence and independent operational capabilities [8][11] - The consumables business has developed independently over the years, with a strong global market presence, and is not expected to suffer significant adverse effects from the sale [11][12] - The integrated circuit business, primarily focused on consumable chips, has not shown significant dependency on Lexmark, thus its market position remains stable post-sale [12][13] Future Outlook - The company aims to focus more on its proprietary brand printer business and chip business, which are seen as growth areas, enhancing long-term shareholder value [17] - The anticipated loss from the sale of Lexmark is estimated at $0.59 billion, but the company expects to redirect resources towards more profitable segments [15][17]

Core Viewpoint - Nasda's frequent external mergers and acquisitions appear to lack growth quality despite significant scale, with nearly 200 billion in revenue over ten years but a loss of 1 billion. The aftereffects of acquisitions are becoming evident, as the company plans to sell Lexmark International, acquired for over 10 billion, for less than 150 million, raising questions about the underlying motives and the quality of the acquired assets [1][4][13]. Group 1: Financial Performance - The company has reported cumulative revenue of nearly 200 billion over ten years but has incurred a total loss of 1 billion [7][9]. - Lexmark International, acquired for 27 billion USD, has contributed significant revenue but limited profit, with an average annual revenue contribution of around 15 billion from 2017 to 2024, yet the operating profit margin has been below 3% [9][12]. - The company’s revenue has significantly declined since 2019, with a notable drop in performance leading to substantial goodwill impairment in 2023 [15][19]. Group 2: Acquisition Strategy - From 2015 to 2021, Nasda engaged in acquisitions totaling over 25 billion, including the significant purchase of Lexmark International [5][6]. - The company plans to sell Lexmark International for a price significantly lower than its acquisition cost, raising concerns about the rationale behind such a decision [13][23]. - The acquisition of BenTu Electronics was marked by high premiums, with the transaction valued at 6.6 billion, involving related parties, which raises questions about potential capital arbitrage [24][25]. Group 3: Goodwill and Asset Quality - As of 2024, the company reported a goodwill balance of 135 billion, primarily from the Lexmark acquisition, which has not been adequately impaired despite declining revenues [15][20]. - The company has faced scrutiny regarding the reasonableness of its goodwill impairment assessments, particularly in light of significant revenue declines and unfulfilled performance commitments from acquired entities [16][19]. - Lexmark's own financials indicate a concerning trend, with its goodwill consistently exceeding its net assets, suggesting potential issues with asset quality [20][21]. Group 4: Market Reaction and Stock Performance - Despite the company's efforts to enhance investor confidence through share buybacks, the stock price has faced downward pressure, dropping over 60% from its peak [2][23]. - The company's financial metrics indicate that while revenue has surged, profitability remains weak, leading to skepticism in the market regarding its long-term viability [7][12]. Group 5: External Environment Impact - The company has cited adverse external conditions affecting its operations, particularly the impact of the COVID-19 pandemic on Lexmark's business, which has led to significant declines in sales and operational challenges [17][19]. - The overall financial health of the company has deteriorated, with rising debt levels and increasing financial pressure, prompting the decision to divest Lexmark [22][23].

Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Views - In 2024, the company's revenue is projected to be 26.415 billion yuan, representing a year-on-year growth of 9.78%. The net profit attributable to shareholders is expected to reach 749.2 million yuan, a significant increase of 112.11% year-on-year [2][4]. - The company is expected to benefit from the continuous growth in domestic demand for innovative printing solutions and strong overseas demand driven by the Belt and Road Initiative. The sales of A3 printers are anticipated to grow rapidly [13]. - For the years 2025 to 2027, the company's revenue is forecasted to be 15.676 billion yuan, 19.394 billion yuan, and 23.753 billion yuan, with year-on-year changes of -40.65%, 23.72%, and 22.48% respectively. The net profit attributable to shareholders is expected to be 1.560 billion yuan, 2.212 billion yuan, and 2.990 billion yuan, with year-on-year growth rates of 108.28%, 41.73%, and 35.21% respectively [13]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 26.415 billion yuan, with a net profit of 749.2 million yuan and a non-recurring net profit of 353 million yuan, reflecting growth rates of 9.78%, 112.11%, and 105.60% respectively [2][4]. - The gross margin improved by 0.61 percentage points to 32.27% due to increased sales of consumables [4]. - In Q1 2025, the company reported a revenue of 5.927 billion yuan, a decline of 5.79% year-on-year, and a net profit of 84 million yuan, down 69.64% year-on-year [3][4]. Business Segments - The original printer segment saw a revenue of 4.658 billion yuan in 2024, with a year-on-year growth of 19.87%. The sales of A3 printers surged by 131.44% [9]. - The integrated circuit segment reported a revenue of 1.400 billion yuan in 2024, with a net profit of 363 million yuan, marking a year-on-year increase of 109.97% [11]. - The general consumables segment generated a revenue of 6.172 billion yuan in 2024, with a year-on-year growth of 10.45% [12]. Strategic Developments - The company announced a major asset sale of its 100% stake in Lexmark, with an estimated transaction price between 75 million to 150 million USD, aiming to optimize its financial structure and focus on its own brands [13].

Core Viewpoint - In 2024, the company's revenue reached 26.415 billion yuan, a year-on-year increase of 9.78%, while net profit attributable to shareholders was 749 million yuan, up 112.11% year-on-year, and net profit excluding non-recurring items was 353 million yuan, an increase of 105.60% year-on-year. [1][2][3] - For Q1 2025, the company reported revenue of 5.927 billion yuan, a decline of 5.79% year-on-year, and net profit attributable to shareholders of 84 million yuan, down 69.64% year-on-year. [2][3] - The company expects revenues for 2025-2027 to be 15.676 billion, 19.394 billion, and 23.753 billion yuan, with year-on-year changes of -40.65%, 23.72%, and 22.48%, respectively, and net profits of 1.560 billion, 2.212 billion, and 2.990 billion yuan, with year-on-year growth of 108.28%, 41.73%, and 35.21%, respectively. [1][9] Revenue and Profit Analysis - In 2024, the gross profit margin continued to improve, with net profit attributable to shareholders exceeding 1.5 billion yuan after excluding long-term asset impairment impacts. [3] - The gross profit margin increased by 0.61 percentage points to 32.27% in 2024, primarily due to the growth in consumables sales. [3] - For Q1 2025, the gross profit margin improved to 31.70% year-on-year, despite a revenue decline, indicating effective cost control measures. [3] Business Segment Performance - In 2024, the original printer business generated revenue of 4.658 billion yuan, a year-on-year increase of 19.87%, with net profit of 615 million yuan, up 10.87%. [5] - The integrated circuit segment reported revenue of 1.400 billion yuan in 2024, a slight decline of 1.52%, but net profit increased by 109.97% to 363 million yuan. [6] - The general consumables business achieved revenue of 6.172 billion yuan in 2024, a year-on-year increase of 10.45%, although net profit decreased by 44.17% due to industry competition. [8] Future Outlook - The company plans to divest its stake in Lexmark International, with an estimated transaction price between 75 million and 150 million USD, aiming to optimize its financial structure and focus on its own brands. [9] - The company anticipates continued growth in domestic and overseas demand for its products, particularly in the context of the Belt and Road Initiative and the increasing sales of A3 printers. [9]

Core Insights - Nasda's revenue for Q1 2025 reached 5.927 billion yuan, with a net profit attributable to shareholders of 84 million yuan, and a net profit of 80 million yuan after deducting non-recurring gains and losses [1] - The company is focusing on enhancing its R&D, brand promotion, and offline service channels, which has led to increased expenses [1] - The company has seen growth in its key sectors, particularly in the domestic commercial market and the financial and government sectors [1][3] Business Segment Summary - **Printing Brand (Bentu)**: Revenue of 999.2 million yuan and a net profit of 97 million yuan. The brand has increased its market share in key industries, with a year-on-year sales growth of 11.24% in the trust and innovation market and 7.11% in the domestic commercial market [1] - **Lexmark**: Revenue of 513 million USD and a net profit of 2.5382 million USD [1] - **Integrated Circuit Business**: Revenue of 254 million yuan and a net profit of 12 million yuan. The total chip shipment reached 125 million units, a year-on-year increase of 9.38%, with non-consumable chip revenue growing by 58.52% [2] - **General Consumables**: Revenue of 1.322 billion yuan and a net profit of 16 million yuan. The company is expanding its client base in overseas markets, contributing to future market share and profit growth [2] Strategic Developments - Nasda's subsidiary, Gezhige, has formed a strategic partnership with JD.com to enhance its service capabilities in government and enterprise procurement [2] - The company is actively involved in the robotics sector, providing ultrasonic radar technology for Utree Technology and has been recognized for its innovative products in the robotics industry [3] - Continuous innovation investments and adjustments in the international market are expected to create growth opportunities in upcoming quarters [3]