Nasda (002180): Print the entire industry chain layout core leader in the era of science and technology


Nasda (002180): Print the entire industry chain layout “core” leader in the era of science and technology
This report reads: Nasda is a global leader in science and technology with a complete printer industry chain coverage and high intellectual property barriers. After the inflection point in 2017, its performance in 2018 has reached a record high, and its core strength has been continuously strengthened. Investment Highlights: Coverage for the first time, give overweight rating, target price 45.29 yuan.We forecast the company’s net profit to be 9 in 2018-2020.71, 11.76, 14.35 trillion, corresponding to eps 0.91, 1.11, 1.35 yuan.Based on comparable company estimates, we give companies 40 in 2019.8 times PE, corresponding to 四川耍耍网 expected 45.29 yuan. The company’s business is based on chips, consumables as the foundation, and printers as the future. It is a leading enterprise in the printing industry that completes the entire industrial chain layout.The company adopts the strategy of M & A and integration to expand the advantages of scale. Since its listing in 2014, the company has successively integrated and merged domestic and foreign counterparts, forming a group structure covering the entire industrial chain from chips, consumables to printers. After the inflection point of profit and loss in 2017, the company’s financial position is fully normal, and it hit a record high in 2018.Due to the intangible assets and inventory stalls caused by the acquisition of Lexmark, the company replaced Q1 and Q2 in 2017.However, through the sale of the ES division and the consolidation effect, the company achieved profit in 17Q3 and achieved 9 in 2018.The net profit of 700 million attributable to the mother indicates that the company’s operations and finances have initially returned to normal, and that future performance will continue to improve through the integration effect. The three major barriers of the company’s intellectual property, investment and industrial chain layout are gradually strengthened, and its competitive advantages are prominent.The company’s technology patents increase year by year, and capital expenditures increase year by year. The “turret / blade mode” is adopted to further consolidate the competitive advantage. risk warning.Sino-US trade war; exchange rate risk.