纳思达20240520

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 PE ratios decreasing from 32 times to 21 times and then to 17 times [2][10] 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% [1][7] - Sales of the integrated circuit business rose from 1.259 billion in 2015 to 1.36 billion in 2019, with expectations to approach 2 billion by 2024 [1][8] - The sales of consumable chips have reached nearly 600 million, with a market share of 40% [1][8] Market Data and Key Metrics Changes - The global laser printer market has a compound growth rate of 0.3%, while the inkjet printer market ranges from -0.5% to 0.5%, with an overall printer market growth rate of 0.19% [1][7] - The Chinese printer market is steadily increasing, with laser printers accounting for over half of the market [1][7] Company Strategy and Development Direction - The company aims to develop its chip business as a second growth curve, including compatible consumable chips, printer chips, and non-printer MCU business [2][8] - The company is focusing on product innovation, with plans to launch an AI printer in June [2][9] Management's Comments on Operating Environment and Future Outlook - The management noted that recent changes in the new industry, including proactive fiscal policies and the issuance of long-term special bonds, are expected to positively impact the industry and provide opportunities for the company [1][5] - The management highlighted that the company has secured orders from major clients like the State Grid and financial institutions, indicating strong competitiveness in the market [2][9] Other Important Information - The company has expanded its market presence through acquisitions, owning several well-known brands in the industry [1][6] - The company has developed a chip design team and is creating typical products in the non-printer MCU field [2][5] Q&A Session Summary Question: What is the company's main business and market position? - The company covers integrated chips, printer consumables, and printer machines, 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 have occurred in the new industry and their impact on the company? - Recent changes include active fiscal policies and the issuance of special bonds, which are expected to stabilize the funding sources for upstream and downstream clients, positively affecting the industry [5] Question: What is the company's development history and core technologies? - Since its establishment in 2004, the company has focused on the large-scale and industrialization of domestic chips, possessing multiple core technologies [6] Question: How is the company's performance in the printer industry chain? - The company has achieved breakthroughs in the printer industry chain, with the compatible consumables market expanding significantly [7] Question: What are the company's plans and expectations for chip business development? - The company aims to enhance its chip business, with significant growth expected in the sales of compatible consumable chips and the development of SOC main control chips [8] Question: What are the latest developments in product innovation and market demand? - The company has launched new printer models and is set to introduce an AI printer, with strong demand from sectors like finance and energy [9] Question: What are the company's future performance expectations and valuation? - The company anticipates steady growth in net profits over the next few years, with decreasing PE ratios indicating a focus on stable and growth-oriented investments [10]