Ninestar(002180) 信达证券·2025-04-15 08:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in net profit, with a year-on-year growth of 112.11%, reaching 749 million yuan in 2024. Revenue for the same year was 26.415 billion yuan, reflecting a growth of 9.78% [1][4] - The printer business continues to improve, with notable performance from the company's subsidiary, BenTu, which achieved a revenue of 4.658 billion yuan, a year-on-year increase of 19.87% [2] - The company is expected to benefit from the domestic market's demand for intelligent and AI-driven printing solutions, which could enhance its market share [4] Financial Summary - In 2024, the company achieved total revenue of 26.415 billion yuan, with a year-on-year growth rate of 9.8%. The net profit attributable to the parent company was 749 million yuan, marking a 112.1% increase [3] - The gross margin for 2024 was 32.3%, an increase of 0.61 percentage points compared to the previous year [2][3] - The company forecasts earnings per share (EPS) of 0.84 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 27.82, 22.16, and 18.32 for the years 2025, 2026, and 2027 respectively [4]