Financial Performance - The company achieved total operating revenue of RMB 179,740.04 million, a year-on-year increase of 42.86%[3] - Net profit attributable to shareholders of the parent company reached RMB 42,015.78 million, up 29.18% compared to the previous year[3] - Basic earnings per share increased to RMB 2.35, reflecting a growth of 27.72% year-on-year[3] - Total assets at the end of the reporting period were RMB 432,889.56 million, representing a 21.81% increase from the beginning of the period[3] - The company's equity attributable to shareholders of the parent company rose to RMB 315,206.41 million, a 10.75% increase year-on-year[3] - The weighted average return on net assets improved to 14.01%, an increase of 1.53 percentage points from the previous year[3] Business Strategy - The company focused on the intelligent manufacturing equipment industry, leveraging opportunities for digital transformation in downstream industries[5] - The increase in operating revenue was driven by the release of production capacity and expansion into new product application areas[6] - The company implemented a capital increase plan, resulting in a significant rise in share capital during the reporting period[6] - The company emphasizes the importance of innovation and R&D investment to maintain its industry-leading position[5]

Meta 入局人形机器人，工程机械需求持续复苏 [Table_Industry] 机械行业 | | | ——机械行业周报 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [table_Authors] 肖群稀(分析师) | 徐乔威(分析师) | 刘麒硕(研究助理) | | | --- | --- | --- | --- | | 0755-23976830 | 021-38676779 | 0755-23976666 | | | xiaoqunxi027589@gtjas.com | xuqiaowei023970@gtjas.com | liuqishuo028693@gtjas.com | [Table_Report] 相关报告 | | 登记编号S0880522120001 | S0880521020003 | S0880123070153 | 机械行业《新时达发布定增预案，海尔集团或入 | 本报告导读： 上周（2025/2/10-2025/2/14）机械设备指数涨跌幅为+0.23%。关注人形机器人等 领域科技创新，工 ...

证券代码：688789 证券简称：宏华数科 公告编号：2025-002 杭州宏华数码科技股份有限公司 关于持股 5%以上股东减持股份计划时间届满暨减 持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 本次减持实施前，浙江新湖智脑投资管理合伙企业（有限合伙）（以下简称 "新湖智脑"）持有杭州宏华数码科技股份有限公司（以下简称"公司"或"宏 华数科"）18,198,726 股股份，占公司总股本的 10.14%。上述股份来源为公司首 次公开发行股票并上市前取得及上市后以资本公积转增股本取得的股份，且已于 2022 年 7 月 8 日起上市流通。 减持计划的实施结果情况 2024 年 10 月 21 日，公司在上海证券交易所网站（www.sse.com.cn）披露 了《杭州宏华数码科技股份有限公司关于持股 5%以上股东以大宗交易方式减持 股份计划公告》（公告编号：2024-066），公司股东新湖智脑因自身资金需求， 拟自本公告披露之日起 15 个交易日之后的 3 个月内 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The strategic partnership with a state-owned investment company is expected to enhance the company's core competitiveness and risk resilience [2] - The digital printing industry is experiencing significant growth opportunities driven by the demand for fast fashion in textiles, leading to an increase in small-batch, flexible orders [3] - The company is expanding its production capacity and developing an integrated production line for digital printing equipment, which is projected to be the largest in the world [3] Financial Summary - The company's revenue is projected to grow from 1,258.16 million yuan in 2023 to 2,741.56 million yuan in 2026, with growth rates of 40.65%, 36.20%, 29.35%, and 23.69% respectively [4] - The net profit attributable to the parent company is expected to increase from 325.26 million yuan in 2023 to 685.11 million yuan in 2026, with growth rates of 33.84%, 30.93%, 29.98%, and 23.76% respectively [4] - The company's earnings per share (EPS) is forecasted to be 2.70 yuan in 2023 and increase to 3.82 yuan by 2026 [4] Industry Insights - The digital inkjet printing market is expanding due to technological advancements that are reducing printing costs, making it competitive with traditional printing methods [3] - The collaboration with the state-owned company is expected to support the company's comprehensive development in the digital printing sector, enhancing resource synergy and overall competitiveness [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has received support from state-owned capital, enhancing its risk resistance capabilities. A share transfer agreement was signed, with 9.0987 million shares (5.07% of total shares) being transferred at a price of 63.30 CNY per share, totaling 576 million CNY [1][3] - The digital printing market is accelerating its penetration, with traditional customers showing a willingness to transition to digital printing due to the demand for small-batch, short-cycle, and high-flexibility orders. The company has set ambitious performance targets for its stock incentive plan, indicating strong confidence in its growth [3] - The company is expected to achieve net profits of 425 million CNY, 553 million CNY, and 738 million CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 30.6%, 30.1%, and 33.6%. The corresponding P/E ratios are projected to be 29.1X, 22.4X, and 16.8X [3] Financial Summary - Total revenue is projected to grow from 895 million CNY in 2022 to 2,817 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 26.8% [3] - The gross profit margin is expected to decline slightly from 47.2% in 2022 to 44.5% in 2026, while the return on equity (ROE) is projected to increase from 14.4% in 2022 to 17.5% in 2026 [3] - Earnings per share (EPS) is forecasted to rise from 1.35 CNY in 2022 to 4.11 CNY in 2026, reflecting strong profitability growth [3]

本次权益变动属于股份协议转让，不涉及要约收购，不会导致公司控制权发 生变化，不会对公司持续稳定经营产生不利影响。宏华数科全体董事、监事、高级管 理人员通过宁波驰波间接持有宏华数科的全部股份及宏华数科核心技术人员通过宁 波驰波间接持有的宏华数科股份数量的 50%，不在本次股份协议转让计划内。 本次股份协议转让事项的受让方国有运营公司承诺在转让完成后的十八个 月内不减持本次交易所受让的公司股份。 证券代码：688789 证券简称：宏华数科 公告编号：2025-001 杭州宏华数码科技股份有限公司 关于持股 5%以上股东拟协议转让部分股份引入战略投资者暨权益 变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 为引入认可公司内在价值和看好未来发展的战略投资者、推动上市公司战略 发展，杭州宏华数码科技股份有限公司（以下简称"公司""宏华数科"）持股 5% 以上股东宁波驰波投资有限公司（以下简称"宁波驰波""转让方"）于 2025 年 1 月 16 日与浙江省国有资本运营有限公司（以下简称"国有运营公司 ...

Group 1: Product Development and Market Position - The company continuously updates and iterates its products based on customer demand to maintain competitiveness [3] - The main products are digital printing equipment and inks, primarily serving the textile industry, which has a large market size and low customer concentration [3] - The company aims to enhance product competitiveness through ongoing technological and product innovation, while controlling costs and expenses to ensure sustained profitability [3] Group 2: Customer and Market Dynamics - The company plans to pass some cost reductions to customers to promote the adoption and use of digital printing equipment [7] - The overseas market remains stable, with sales primarily to South Asian countries like Pakistan, India, and Bangladesh, as well as traditional textile countries in Europe such as Italy [7] - As traditional dyeing factories transition, customer scales are expected to expand [3] Group 3: Future Growth and Strategy - Future profit growth will focus on industrial applications of digital textile printing, leveraging industry experience and understanding of the supply chain [9] - The company will adopt a "equipment first, consumables follow" business model to provide high-cost performance products [9] - Plans to replicate core technology applications in non-textile fields through mergers, independent divisions, and ODM methods are in place to establish a solid foundation for future growth [9]

| 序号 | 制度名称 | 制定或变 | 是否提请 | | --- | --- | --- | --- | | | | 更情况 | 股东大会审议 | | 1 | 《杭州宏华数码科技股份有限公司市值管理 | 制定 | 否 | | | 制度》 | | | | 2 | 《杭州宏华数码科技股份有限公司舆情管理 | 制定 | 否 | | | 制度》 | | | | 3 | 《杭州宏华数码科技股份有限公司授权管理 | 制定 | 否 | | | 制度》 | | | 本次新制定的管理制度已经公司第七届董事会第二十三次会议审议通过，自公 司董事会审议通过之日起生效，无需提交股东大会审议。 特此公告。 杭州宏华数码科技股份有限公司董事会 杭州宏华数码科技股份有限公司 关于制定公司部分管理制度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 杭州宏华数码科技股份有限公司（以下简称"公司"）于 2024 年 12 月 24 日召 开第七届董事会第二十三次会议，审议通过了《关于制定公司部分管理制度的议案》， 现将具体情况公告如下： 为进一步促 ...

Group 1: Company Growth Strategy - The company will focus on the industrial application of digital printing in textiles, leveraging long-term industry experience and understanding of the textile supply chain to meet customer needs [2] - The business model will emphasize a combination of high-cost performance digital printing equipment and consumables, promoting sales through linked products [4] - The company plans to replicate core technology applications in non-textile fields such as publishing, decorative materials, and functional coatings through acquisitions and independent divisions [4] Group 2: Product Development and Market Strategy - New products will be promoted mainly through participation in domestic and international trade shows, with a dedicated team tracking industry trends and enhancing R&D investment [4] - The company aims to continuously update products based on customer needs to maintain competitiveness, with annual iterations planned [4] - The primary downstream customers are in the textile industry, characterized by a large market size and low customer concentration, with expectations of increased customer scale as traditional dyeing factories transition [4] Group 3: Cost Management and Market Expansion - The demand for ink has been increasing due to the deeper promotion of digital printing equipment, leading to a gradual decrease in ink costs, which will be partially passed on to customers [6] - The overseas market remains stable, primarily exporting to South Asian countries like Pakistan, India, and Bangladesh, as well as traditional textile countries in Europe such as Italy [6] - The company is focused on internal development while seeking external collaborations to enhance its supply chain and product line [6]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688789 证券简称：宏华数科 公告编号：2024-077 杭州宏华数码科技股份有限公司 关于持股 5%以上股东权益变动的提示性公告 2、本次权益变动情况 注：上表中变动比例按照公司各时点总股本计算。 本次权益变动为减持，不触及要约收购。 本次权益变动系杭州宏华数码科技股份有限公司（以下简称"公司"）股东 浙江新湖智脑投资管理合伙企业（有限合伙）（以下简称"新湖智脑"）因集中竞价 减持、大宗交易减持导致其持有的公司股份发生权益变动。本次权益变动后，新湖智 脑持有公司股份数量为 15,702,226 股，占公司总股本的比例为 8.75%。 本次权益变动为持股 5%以上非第一大股东股份变动，不会使公司实际控制人 发生变化，公司仍无控股股东。 公司于 2024 年 12 月 12 日收到公司股东新湖智脑出具的《简式权益变动报告 书》。新湖智脑自 2023 年 2 月 16 日至 2024 年 12 月 11 日期间，通过大宗交易、集 中竞价交易方式减持公 ...