证券研究报告 | 半年报点评 gszqdatemark 2025 08 28 年 月 日 风险提示：宏观经济波动风险，新业务开拓不及预期，政策进展不及预期。 纳思达（002180.SZ） 半年报业绩符合预期，自主打印领军或迎拐点 事件：8 月 23 日，公司发布 2025 年半年报，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%。业绩符合预期。 业绩符合预期，奔图 Q2 净利环比+136%。1）奔图 2025 年第二季度， 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%；奔图打印机整体销量环比增长24%，A3复印机销量环比增长30%。 信创市场方面，随着行业信创的进一步深入，奔图在信创市场的打印机销 量增长显著，上半年出货量同比增长 65%，二季度信创市场打印机销量 环比增长 130%。奔图与华为鸿蒙系统（HarmonyOS）战略合作签约仪式 于今年 6 月在东莞成功举办。作为首家进行鸿蒙系统适配开发工作，也是 ...

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]

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].