Investment Rating - The report assigns a "Buy-A" rating to the company, with a target price of 124.25 CNY, corresponding to a 35x dynamic PE for 2024 [17]. Core Insights - The company is positioned as a leading player in the digital printing industry, leveraging its strong technological capabilities and R&D investments to drive growth and expand its product matrix [12][17]. - The digital printing technology offers significant advantages in terms of pattern complexity and color richness compared to traditional printing methods, which is expected to enhance market penetration in the apparel manufacturing sector [12][39]. - The company has seen a substantial increase in R&D spending, reaching 90.1 million CNY in 2023, a year-on-year growth of over 50%, which supports the launch of innovative products like the Eco Print digital printing machine [13]. Summary by Sections Company Overview - The company has over 30 years of experience in the textile industry, evolving from software development to a comprehensive digital printing equipment manufacturer [51][53]. - It has established a stable shareholding structure and a technically proficient management team [60]. Industry Analysis - The digital printing industry is characterized by a significant growth potential, with a low penetration rate in Asia compared to Europe, indicating room for expansion [39][46]. - The report highlights the increasing demand for digital printing due to its efficiency in small-batch and personalized production, as well as its environmental benefits [38][69]. Financial Performance - The company has shown stable growth in revenue, with a projected net profit of 4.3 billion CNY in 2024, increasing to 6.9 billion CNY by 2026 [17][33]. - The gross margin for digital printing equipment is expected to improve, reflecting the company's strategic focus on upstream supply chain integration [33][72]. Product Development - The company is continuously innovating its product offerings, with a focus on enhancing the performance of its digital printing machines to align with international standards [12][17]. - Recent product launches include the Eco Print machine, which is designed to be more energy-efficient and environmentally friendly [13]. Market Outlook - The report anticipates that the company will benefit from ongoing technological advancements and equipment upgrades in the downstream dyeing industry, leading to a gradual increase in market share [17][39]. - The digital printing market is expected to grow significantly, driven by the increasing adoption of digital technologies in textile printing [39][46].

Financial Performance - In 2023, the company achieved operating revenue of 125,816.30 million yuan, a year-on-year increase of 40.65% [3] - The net profit attributable to shareholders was 32,526.15 million yuan, up 33.83% from the previous year [3] - As of December 31, 2023, total assets reached 355,387.23 million yuan, an increase of 73.97% year-on-year [3] - Net assets attributable to shareholders were 284,612.50 million yuan, reflecting a growth of 68.89% [3] - In Q1 2024, operating revenue was 36,849.32 million yuan, a 30.23% increase year-on-year, with net profit of 8,652.48 million yuan, up 34.95% [3] Investment Projects - The company’s IPO fundraising project for an annual production of 2,000 sets of digital printing equipment has officially commenced production [4] - The project for an annual production of 3,520 sets of industrial digital printing equipment is in the construction phase, with completion expected in the second half of 2024 [4] - The new projects will expand production capacity to approximately 5,520 units, establishing the largest digital printing equipment production base globally [4] Product Development and Market Strategy - The company focuses on continuous product updates based on customer needs, aiming to maintain competitiveness [5] - New product promotion primarily occurs through participation in domestic and international trade shows [5] - The company is expanding into non-textile fields, achieving significant progress in digital book printing [6] Cost Management and Pricing Strategy - The increase in market demand for ink has led to a reduction in costs, allowing the company to pass some savings to customers [5] - The company plans to maintain competitive pricing for its ink products while expanding its business scale [5] Employee Stock Ownership Plan - The employee stock ownership plan launched in April 2024 has a subscription price of 51 yuan per share [7] - Performance indicators for unlocking shares are based on net profit growth, with a target of no less than 30% for 2024 and a cumulative growth rate of no less than 200% over 2024 and 2025 [7] Communication and Compliance - The company ensured thorough communication with investors during the meeting, adhering to regulations for information disclosure [7]

关于 2024 年员工持股计划完成非交易过户的公告 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。 证券代码：688789 证券简称：宏华数科 公告编号：2024-034 杭州宏华数码科技股份有限公司 杭州宏华数码科技股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日召 开第七届董事会第十七次会议、第七届监事会第十二次会议，于 2024 年 5 月 24 日 召开 2023 年年度股东大会，审议通过了《关于公司<2024 年员工持股计划（草案）> 及其摘要的议案》《关于公司<2024 年员工持股计划管理办法>的议案》等相关议案， 同意公司实施 2024 年员工持股计划（以下简称"本次员工持股计划"），同时股东 大会授权董事会办理与本次员工持股计划相关的事宜。具体内容详见公司分别于 2024 年 4 月 30 日、2024 年 5 月 25 日在上海证券交易所网站（www.sse.com.cn）披 露的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》《上海证 券交易所科创板上市公司自律 ...

证券代码：688789 证券简称：宏华数科 公告编号：2024-035 杭州宏华数码科技股份有限公司 2024 年员工持股计划第一次持有人会议决议公告 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。 一、持有人会议召开情况 杭州宏华数码科技股份有限公司（以下简称"公司"）2024 年员工持股计划第 一次持有人会议于 2024 年 6 月 14 日（星期五）以通讯表决方式召开。本次会议由 公司董事会秘书俞建利先生主持，出席本次会议的持有人共 78 人，代表公司 2024 年员工持股计划份额 42,330,000 份，占公司 2024 年员工持股计划已认购总份额的 100%，占公司 2024 年员工持股计划总份额的 95.95%。本次会议的召集、召开、表决 程序符合公司 2024 年员工持股计划的相关规定，所作决议合法有效。 二、持有人会议审议情况 （一）审议通过《关于设立公司 2024 年员工持股计划管理委员会的议案》 根据《杭州宏华数码科技股份有限公司 2024 年员工持股计划》和《杭州宏华数 码科技股份有限公司2024年 ...

杭州宏华数码科技股份有限公司 关于持股 5%以上股东部分股份解除质押的公告 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。 重要内容提示： 一、本次股份解除质押情况 公司于 2024 年 6 月 12 日接到公司股东新湖智脑通知，获悉其所持有公司的部 分股份解除质押，具体事项如下： 单位：股 证券代码：688789 证券简称：宏华数科 公告编号：2024-033 注：上述数据比例均以本公告日股东持股数计算所得。 截至本公告日，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"） 持有公司股份 13,260,687 股，占公司总股本的 11.01%。 公司股东新湖智脑本次解除质押股份 908,000 股，本次解除质押后，新湖 智脑累计质押公司股份 12,172,000 股，占其持股总数的 91.79%，占公司 总股本的 10.11%。 公司股东新湖智脑本次解除质押的股份暂无后续质押计划。未来如有变动，新 湖智脑将根据实际情况及时履行告知义务，公司将按照相关规定 ...

证券代码：688789 证券简称：宏华数科 公告编号：2024-032 杭州宏华数码科技股份有限公司 一、本次权益变动情况 | | 名称 | | | | | | | | 浙江新湖智脑投资管理合伙企业（有限合伙） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息披露义 务人基本 | 住所 | | | | | 浙江省衢州市凯旋南路 | | | 6 号 | 1 幢 | A | 区 | 240 | 室 | | 信息 | | | | | | | | | | | | | | | | | 权益变动 时间 | | | 2023 | 年 | 7 | 月 | 3 日至 | | 2024 年 6 | 月 | 6 | 日 | | | | 变动方式 | | | 变动日期 | | | | 股份 | | 减持股数 | | | | 减持比例 | | | | | | | | | | 种类 | | （股） | | | | （%） | | 权益变动 | 集中竞价 | 2023 | ...

证券代码：688789 证券简称：宏华数科 杭州宏华数码科技股份有限公司 投资者关系活动记录表 编号：2024-010 特定对象调研 □分析师会议 □媒体采访 业绩说明会 投资者关系活动 □新闻发布会 □路演活动 现场参观 其他 （线 类别 上电话会议） 东亚前海证券、网上投资者 参与单位名称 时间 2024年6月6日 公司会议室 地点 上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） 董事长、总经理金小团先生 上市公司接待人 董事会秘书俞建利先生 员姓名 ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------|--------------| | 股票数据 | | | 05 [ Table_StockInfo 月 31 日收盘价（元） ] | 114.96 | | 52 周股价波动（元） | 71.52-122.29 | | 总股本 / 流通 A 股（百万股） | 120/71 | | 总市值 / 流通市值（百万元） | 13845/8153 | | 相关研究 | | | [Table_ReportInfo] 《数码喷印设备翘楚，全产业链优势 | + 应用拓 | | 展打开成长空间》 2024.03.14 | | | --- | --- | --- | --- | --- | |--------------------------|--------|---------|--------|-------| | -24.50% 2023/6 | 2023/9 | 2023/12 | 2024/3 | | | 沪深 30 ...

是公司"设备先行，耗材跟进"经营模式优势的体现。 分业务来看，公司的营业收入主要数码喷印设备和墨水，2023 年公司数码喷 印设备营收占比达 48.7%，墨水占比为 32.7%，自动缝纫设备占 8.4%，数字印刷 设备占 5%。从分业务毛利率来看，数码喷印设备和墨水毛利率在 2017-2023 年 间较为稳定，墨水毛利率略高于数码喷印设备，这与墨水近年来成本降低有关，也 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 6 宏华数科(688789)/机械 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 7 参考《全球电子商务报告》数据，2024 年全球十大电子商务市场预计分别是 中国（3.0 万亿美元）、美国（1.2 万亿美元）、英国（0.2 万亿美元）、日本（0.19 万亿美元）、韩国（0.15 万亿美元）、印度（0.12 万亿美元）、德国（973 亿美元）、 印尼（971 亿美元）、加拿大（828 亿美元）、法国（794 亿美元）。 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 8 宏华数科(688789)/机械 2.2 SHE ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Insights - The company has a strong competitive advantage in the digital printing industry, focusing on integrated solutions for digital printing equipment and consumables, with a revenue CAGR of 28.2% and a net profit CAGR of 34.8% from 2017 to 2023 [1]. - The global digital printing trend is accelerating, driven by e-commerce expansion and the demand for personalized products, with projections indicating that the global digital printing penetration rate could reach 27% by 2025 [1][31]. - The company is positioned to benefit from the rising demand in the downstream market, with significant growth expected in net profits from 2024 to 2026 [1]. Summary by Sections Company Overview - Established in 1992, the company has been a pioneer in applying digital printing technology in the textile industry for nearly 30 years, winning national technology invention awards and participating in multiple national high-tech research projects [1]. - The company offers a range of products including digital direct printing machines and high-speed industrial printers, focusing on providing integrated solutions to enhance customer relationships and revenue streams [1]. Market Trends - The digital printing technology in textiles offers advantages over traditional methods, such as no need for screens, faster production times, and environmental benefits, aligning with global trends towards sustainability and personalized consumption [1]. - The penetration of digital printing in the textile market has increased significantly, with projections for further growth in both global and Chinese markets [1][31]. Competitive Advantages - The company maintains a unique competitive edge through proprietary software development and control systems, ensuring consistent printing quality and operational stability [1]. - The business model integrates equipment and consumables, allowing for better customer retention and revenue generation, with plans to enhance ink production capabilities through acquisitions [1]. Financial Projections - Forecasted net profits for 2024, 2025, and 2026 are expected to be 456 million, 598 million, and 798 million yuan respectively, with corresponding PE ratios of 30X, 23X, and 17X [1][16].