纳思达交流纪要

Financial Data and Key Metrics Changes - The company expects net profits for 2024, 2025, and 2026 to be 1.2 billion, 1.8 billion, and 2.2 billion respectively, with corresponding P/E ratios decreasing from 32 times to 21 times and then to 17 times [7][9] Business Line Data and Key Metrics Changes - The company's compatible consumables market size has increased from over 3 billion to nearly 6 billion, maintaining a market share of around 20% [5][6] - Sales of the integrated circuit business are projected to approach 2 billion by 2024, up from 1.259 billion in 2015 and 1.36 billion in 2019 [6][7] Market Data and Key Metrics Changes - The global laser printer market is experiencing a compound annual growth rate (CAGR) of 0.3%, while the inkjet printer market shows a range of -0.5% to 0.5%, with an overall printer CAGR of 0.19% [6][7] - The Chinese printer market is steadily increasing, with laser printers accounting for over half of the market share [6][7] Company Strategy and Development Direction - The company aims to develop its chip business as a second growth curve, focusing on compatible consumables chips, printer chips, and non-printer MCU business [7] - The company is actively pursuing product innovation, including the launch of an AI printer expected in June [7][8] Management Comments on Operating Environment and Future Outlook - The management highlighted recent changes in the new industry, including proactive fiscal policies and the issuance of long-term special government bonds, which are expected to positively impact the industry [5][6] - The management noted that the current year is a weak period for the industry, but changes in policies and demand signal opportunities for structural optimization and new development [5][6] Other Important Information - The company has secured orders from major clients such as the State Grid and financial institutions, indicating strong competitiveness in the domestic market [7][8] Q&A Session Summary Question: What is the company's main business and market position? - The company covers integrated chips, printer consumables, and complete printers, ranking fourth globally in laser printer shipments and holding a 70% market share in the domestic financial consumables market [3][4] Question: What recent changes in the new industry have impacted the company? - Recent fiscal policies and the issuance of special government bonds are expected to stabilize the funding chain for the industry, providing a favorable environment for companies like Nasda [5] Question: How has the company performed in the printer industry? - The company has seen growth in the compatible consumables market, with a significant increase in market share and revenue despite a slow global printer market [6][7] Question: What are the company's plans for chip business development? - The company aims to enhance its chip business, with significant growth expected in the sales of compatible consumables chips and the development of MCU products [7]