中信证券股份有限公司 中信证券股份有限公司 关于杭州宏华数码科技股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对杭州宏华数码科技股份有限公司（以下简称"宏华数科""公司" "上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 （五）现场检查内容 现场检查人员对本持续督导期内宏华数科公司治理和内部控制情况、信息披 露情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 2025 年 4 月 2 日（赵旭亮）及 2025 年 5 月 13 日（马齐玮、赵旭亮） （二）保荐代表人 马齐玮、赵旭亮 （三）现场检查人员 马齐玮、赵旭亮 ...

证券研究报告：机械设备|公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 65.98 | | --- | --- | | 总股本/流通股本（亿股）1.79 | / 1.79 | | 总市值/流通市值（亿元）118 | / 118 | | 52 周内最高/最低价 | 118.41 / 56.71 | | 资产负债率(%) | 24.9% | | 市盈率 | 28.44 | | 第一大股东 | 宁波维鑫企业管理合伙 | | | 企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 宏华数科(688789) 业绩快速增长，数码印花加速渗透 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 17.90 亿元，同增 42.30%；实现归母净利润 4.14 亿元，同增 27.40%； 实现扣非归母净利润 3.92 亿元，同增 25 ...

Core Viewpoint - The company, Honghua Digital Technology, has shown rapid growth in performance, with significant revenue and profit increases, particularly in the digital printing sector, leading to an "Accumulate" rating from Zhongyou Securities [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.79 billion yuan, a year-on-year increase of 42.30%, and a net profit attributable to shareholders of 414 million yuan, up 27.40% [2]. - For Q1 2025, the company reported revenue of 478 million yuan, a 29.79% increase year-on-year, and a net profit of 108 million yuan, up 25.20% [2]. Product Performance - The digital printing equipment segment grew by 47.84%, with revenues from digital printing equipment, ink, automation sewing equipment, digital printing devices, and others reaching 905 million, 518 million, 145 million, 136 million, and 69 million yuan respectively, with growth rates of 47.84%, 26.15%, 37.67%, 114.66%, and 15.16% [3]. - The gross margin for 2024 was 44.95%, a decrease of 1.59 percentage points, with specific declines in digital printing equipment and ink margins [3]. Capacity Expansion - The company is progressing with key projects, including a factory capable of producing 2,000 sets of industrial digital printing equipment, which has reached significant production capacity [4]. - The construction of a new production line for 3,520 sets of industrial digital printing equipment is also advancing, with foundational work completed and key equipment being installed [4]. Market Exploration - The company is leveraging its core digital printing technology to explore applications in other fields, such as book printing and decorative materials, with revenues from book printing equipment reaching 136 million yuan, a 114.66% increase [5]. - The company is also developing solutions for high-end small-batch dyeing fabrics and is integrating its German subsidiary with domestic automation equipment departments to reduce manufacturing costs [5]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 2.32 billion, 2.99 billion, and 3.78 billion yuan, with year-on-year growth rates of 29.73%, 28.80%, and 26.44% respectively [6]. - The estimated net profit for the same period is 532 million, 680 million, and 858 million yuan, with corresponding growth rates of 28.47%, 27.77%, and 26.10% [6].

证券研究报告：机械设备|公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 65.98 | | --- | --- | | 总股本/流通股本（亿股）1.79 | / 1.79 | | 总市值/流通市值（亿元）118 | / 118 | | 52 周内最高/最低价 | 118.41 / 56.71 | | 资产负债率(%) | 24.9% | | 市盈率 | 28.44 | | 第一大股东 | 宁波维鑫企业管理合伙 | | | 企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 宏华数科(688789) 业绩快速增长，数码印花加速渗透 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 17.90 亿元，同增 42.30%；实现归母净利润 4.14 亿元，同增 27.40%； 实现扣非归母净利润 3.92 亿元，同增 25 ...

Core Viewpoint - The digital inkjet printing equipment industry is experiencing significant growth driven by advancements in technology and increasing market demand, with a shift from traditional printing methods to digital solutions [1][5][7]. Group 1: Industry Definition and Classification - Digital inkjet printing equipment utilizes digital technology to directly spray ink onto textiles or other materials, creating precise patterns without the need for traditional plate-making [2][5]. - The equipment can be categorized based on technology (thermal, piezoelectric, continuous), application (textile, UV, industrial), scale (desktop, industrial), and ink type (water-based, solvent-based, UV, latex) [2][5]. Group 2: Industry Development Status - The digital inkjet printing technology combines textile printing with digital inkjet printing, offering advantages such as fine patterns, rich colors, eco-friendliness, and suitability for small batch production [5][7]. - In China, the installed capacity of digital inkjet printing equipment increased from 5,300 units in 2015 to 11,800 units in 2021, followed by a decline to 5,420 units in 2022 due to economic downturns [7]. - The installed capacity is projected to recover to 7,600 units in 2024, with a significant portion being transfer digital printing equipment [1][7]. Group 3: Industry Value Chain - The industry value chain includes upstream suppliers of ink, print heads, and mechanical components; midstream manufacturers of digital printing equipment; and downstream applications in textiles, home decor, and advertising [9][11]. - The ink used in digital inkjet printing is crucial, with China's consumption expected to reach approximately 20 tons in 2024 [11]. Group 4: Competitive Landscape - The digital inkjet printing industry in China has over 20 years of development, with increasing numbers of suppliers and improved manufacturing capabilities [15][17]. - Major companies include Honghua Digital Technology, Hangzhou Yisheng, and others, with Honghua Digital being a leading player with a market share of approximately 21-22% in 2024 [15][17][20]. Group 5: Industry Development Trends - Digital inkjet printing is characterized by its pollution-free, small-batch, and personalized production capabilities [25]. - The integration of digital printing with internet technologies and ongoing improvements in key technologies are expected to enhance production efficiency and reduce costs [25].

公司报告 | 年报点评报告 24 年全年毛利率/净利率分别为 44.95%/24.17%，同比-1.59/-2.53pct。全年 销售/管理/研发/财务费用率分别为 7.3%/5.27%/6.78%/-1.32%。其中全年完 成股权激励目标，确认股份支付费用达 2339 万元。 24Q4：实现营收 5.25 亿元，同比+39.82%，环比+17.05%；实现归母净利 润 1.04 亿元 ，同 比+21.54% ，环 比-4.97% 。毛 利率/ 净利 率 分别为 41.34%/21.24%，同比-1.82/-1.44pct，环比-6.23/-4.05pct。 25Q1：实现营收 4.78 亿元，同比+29.79%，环比-8.98%；实现归母净利润 1.08 亿元，同比+25.2%，环比+3.78%。毛利率/净利率分别为 42.84%/23.56%， 同比-2.79pct/-0.82pct，环比+1.5pct/+2.32pct。 全年数码喷印设备/墨水/自动化缝纫设备/数字印刷设备营收分别达 9.1/5.2/1.5/1.4 亿元，同比+47.84%/26.15%/37.67%/114.66%；毛利率分别为 43 ...

事件1：公司发布2024 年年度报告。2024 年公司实现营业收入17.90 亿元，同比+42.30%；归母净利润 4.14 亿元，同比+27.40%；扣非净利润3.92 亿元，同比+25.55%；毛利率44.95%，同比-1.59pct；净利率 24.17%，同比-2.53pct。其中2024Q4 实现营业收入5.25 亿元，同比+39.82%；归母净利润1.04 亿元，同 比+21.54%；扣非净利润0.93 亿元，同比+15.65%；毛利率41.34%，同比-1.82pct；净利率21.24%，同 比-1.44pct。 事件2：公司发布2025 年一季报。2025Q1 公司实现营业收入4.78 亿元，同比+29.79%；归母净利润1.08 亿元，同比+25.20%；扣非净利润1.02 亿元，同比+20.67%；毛利率42.84%，同比-2.79pct；净利率 23.56%，同比-0.82pct。 强化"设备先行、耗材跟进"经营模式，带动业绩持续增长。公司产品与服务覆盖数码喷印装备、配套墨 水及耗材、工艺方案、技术服务与培训等多个环节，已形成完整的产业生态体系。公司充分利用下游行 业传统工艺向数码化转型的 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a rapid revenue growth with 2024 annual revenue reaching 1.79 billion yuan, a year-on-year increase of 42.3%, and a net profit attributable to shareholders of 410 million yuan, up 27.4% year-on-year [1][3] - In Q1 2025, the company achieved revenue of 480 million yuan, with a net profit of 110 million yuan, reflecting a year-on-year growth of 29.8% and 25.2% respectively [1][3] - The growth in revenue is driven by the digital printing equipment and ink segments, which saw revenues of 905 million yuan and 518 million yuan in 2024, growing 47.8% and 26.1% year-on-year [3] - The company is expanding into new areas beyond its main business, including packaging and automatic sewing, which are expected to provide additional growth momentum [4] Financial Summary - The company’s total revenue is projected to grow from 1.79 billion yuan in 2024 to 3.77 billion yuan by 2027, with a compound annual growth rate (CAGR) of 24.4% [5] - The net profit attributable to shareholders is expected to increase from 414 million yuan in 2024 to 917 million yuan in 2027, with a CAGR of 26.5% [5] - The gross margin is forecasted to decline from 45.0% in 2024 to 41.4% in 2027, reflecting changes in product mix and pricing pressures [5] - The earnings per share (EPS) is projected to rise from 2.31 yuan in 2024 to 5.11 yuan in 2027, indicating strong profitability growth [5][6] Cash Flow and Receivables - The company reported a net operating cash flow of 164 million yuan in 2024, a year-on-year increase of 4.61% [3] - By the end of 2024, accounts receivable amounted to 727 million yuan, representing 40.6% of total revenue, indicating a rising trend in receivables [3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2025 年 5 月 12 日 [Table_S 事件：公司发布 ummary]2024 年年报、2025 年一季报，2024 年年实现营业收入 17.9 亿元、归母净利润 4.1 亿元、扣非净利润 3.9 亿元，同比分别增长 42.3%、 27.4%、25.6%。2025 年一季度实现收入 4.8 亿元、归母净利润 1.1 亿元、 扣非净利润 1.0 亿元，同比分别增长 29.8%、25.2%、20.7%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] | [Table_StockAndRank] 宏华数科 (688789.SH) | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_A 王锐 机械行业首席分析师 uthor] 执业编号：S1500523080006 邮箱：wangrui1@cindasc.com 韩冰 机械行业分析师 执业编号：S150052 ...

2025 年 5 月 杭州宏华数码科技股份有限公司 2024 年年度股东大会会议资料 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 2024 年年度股东大会会议资料 -1- 一、公司负责本次股东大会的议程安排和会务工作，为确认出席大会的股 东或其代理人或其他出席者的出席资格，会议工作人员将对出席会议者的身份 进行必要的核对工作，请被核对者给予配合。 -2- 杭州宏华数码科技股份有限公司 2024 年年度股东大会会议资料 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 2024 年年度股东大会会议资料 目 录 | 年年度股东大会会议须知 2024 | 3 | | --- | --- | | 2024 年年度股东大会会议议程 | 5 | | 2024 年年度股东大会会议议案 | 7 | | 议案一：关于《2024 年董事会工作报告》的议案 | 7 | | 议案二：关于《2024 年监事会工作报告》的议案 | 8 | | 议案三：关于《2024 年年度报告及其摘要》的议案 | 9 | | 议案四：关于《2024 年度财务决算报告》的议案 | 10 | | 议案五：关于 年年度 ...