研报掘金丨华鑫证券:首予纳思达“买入”评级,信创业务不断推进,芯片业务持续创新

格隆汇
Jun 30, 2025

华鑫证券研报指出,纳思达信创业务不断推进,芯片业务持续创新。公司打印机业务整体出货量在全球激光打印机市场份额中排名第四位。目前奔图已销往海外110余个国家和地区,占奔图总出货量的比例接近50%。同时,针对人形机器人应用进行了全面的芯片布局,包括关节控制器和灵巧手实时控制DSP芯片、智能编码器芯片、小脑计算芯片、电池管理主控芯片、视觉雷达传感器芯片和力矩传感器芯片等,目前部分已实现批量出货。看好公司打印机业务市占率稳步提升,集成电路业务全面布局,未来有望带来新增长。首次覆盖,给予“买入”投资评级。

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