Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report emphasizes that the company maintains its leading position in the domestic printer market, and its non-consumable chip layout is beginning to show results [1] - The significant asset sale has impacted profits, but it is expected to stabilize the company's business development moving forward [2] - The company is experiencing short-term profit fluctuations due to the asset sale, but the long-term growth prospects remain positive [3] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 123.27 billion, a year-on-year decrease of 3.65%, and a net profit attributable to shareholders of -3.12 billion, a decrease of 132.02% [1] - The second quarter of 2025 saw revenue of 63.99 billion, a year-on-year decrease of 1.58%, with a net profit attributable to shareholders of -3.96 billion [1] - The overall gross margin for the first half of 2025 was 31.05%, a decrease of 2.18 percentage points year-on-year [2] - The company’s operating cash flow net amount was 5.62 billion, a year-on-year increase of 14.45% [2] Business Segment Highlights - The subsidiary, Bentu, reported a revenue of 23.09 billion in the first half of 2025, a year-on-year increase of 10%, with a net profit of 3.24 billion [2] - The non-consumable chip business of Jihai Micro is showing promising results, with revenue from non-consumable chips growing by 52% year-on-year [2] - The company has made significant advancements in high-end printer products, particularly in the A3 printer segment, which saw a 115% increase in sales [2] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.61, 0.88, and 1.05 respectively, with corresponding P/E ratios of 40.70, 28.50, and 23.70 [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company has solidified its position as a leader in the printer market, with its subsidiary, Bantu, continuously enhancing its competitiveness [3]. - The semiconductor business of Jihaiwei is showing sustained growth, indicating successful transformation efforts [2]. - Despite a decline in total revenue of 3.65% year-on-year to 12.327 billion yuan in the first half of 2025, the company is expected to have a more stable business development following the completion of significant asset disposals [1][3]. Financial Performance Summary - In the first half of 2025, the company reported a net profit attributable to shareholders of -312 million yuan, marking a shift from profit to loss [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 393 million, 1.356 billion, and 1.906 billion yuan, respectively, with corresponding PE ratios of 96X, 28X, and 20X [3][4]. - Revenue is expected to grow from 26.415 billion yuan in 2024 to 38.295 billion yuan in 2027, reflecting a compound annual growth rate of 16.6% [4][9]. Product and Market Developments - Bantu has achieved significant progress in product structure upgrades and technology breakthroughs, with A3 copiers becoming a core growth driver, showing a 115% year-on-year increase in sales [1]. - The company has also made strides in the domestic innovation market, with a 65% year-on-year increase in shipments of domestic printers, and a 130% quarter-on-quarter growth in the second quarter [1].

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]

Core Insights - The collaboration between Jihai and GAC Group marks a significant advancement in the domestic automotive chip industry with the launch of the AK2 ultrasonic sensor chip and dual-channel DSI3 network transceiver chip [1][2] - The chips are designed with a focus on "safe driving," integrating technologies for automatic parking, environmental perception, and redundant safety, thereby enhancing the reliability and efficiency of smart vehicles [1][2] Industry Summary - The partnership signifies a new phase in technological collaboration in the automotive chip sector, successfully overcoming foreign technology barriers and utilizing a fully domestic supply chain [1] - The AK2 ultrasonic sensor chip and DSI3 network transceiver chip have completed validation and entered mass production, filling a gap in the domestic market for automotive ultrasonic sensor chips [2] - This strategic alliance aims to advance the entire automotive chip ecosystem, including design, manufacturing capabilities, application ecology, and testing certification systems [2] - The development represents a step towards high-end and safe domestic automotive chips, evolving from single-function to high-precision and high-safety technologies [2] - The focus on user needs will drive further innovation in the domestic automotive chip industry, supporting China's transition from a major automotive nation to a strong automotive nation [2]