Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [7]. Core Views - The company benefits from the increasing penetration of digital printing, with a growth strategy driven by an integrated "equipment + consumables" model. This positions the company well for future growth as it expands its production capacity and market reach [7][4]. - The company has seen significant revenue growth, with a reported revenue of 1.79 billion yuan in 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% [1][9]. - The company is focusing on both domestic and international markets, with domestic sales revenue reaching 850 million yuan (up 46.37% year-on-year) and international sales at 924 million yuan (up 37.60% year-on-year) in 2024 [4][1]. Financial Performance - In 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]. - The company's digital printing equipment revenue reached 905 million yuan in 2024, growing by 47.84%, while ink revenue was 518 million yuan, up 26.15% [4]. - The company’s net profit margin for 2024 was 24.17%, with a gross margin of 44.95% [5]. Future Projections - The company is projected to achieve net profits of 550 million yuan, 700 million yuan, and 870 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 32.2%, 28.5%, and 23.5% [7][9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 3.1 yuan, 3.9 yuan, and 4.9 yuan, respectively [7]. Market Strategy - The company aims to consolidate its presence in traditional markets in South Asia, Southeast Asia, and Europe while focusing on expanding into new markets in South America and North America [4]. - The company is enhancing its "equipment first, consumables follow" business model, which is expected to strengthen its position in the digital printing industry [7].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [9]. Core Insights - The company is benefiting from the increasing penetration of digital printing, with a growth strategy focused on an integrated "equipment + consumables" model, which is expected to drive future growth [9]. - The company reported a revenue of 1.79 billion yuan for 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% year-on-year [1]. - The company aims to expand its market presence in South America and North America while consolidating its traditional markets in South Asia, Southeast Asia, and Europe [3]. Financial Performance - In 2024, the company achieved domestic sales revenue of 850 million yuan, a year-on-year increase of 46.37%, and international sales revenue of 924 million yuan, up 37.60% [3]. - The revenue from digital printing equipment reached 905 million yuan in 2024, growing by 47.84% year-on-year, while ink revenue was 518 million yuan, increasing by 26.15% [4]. - The company's net profit margin for 2024 was 24.17%, with a gross margin of 44.95% [5]. Future Projections - The company expects to achieve net profits of 550 million yuan, 700 million yuan, and 870 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 32.2%, 28.5%, and 23.5% [9]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.1 yuan, 3.9 yuan, and 4.9 yuan, respectively [9]. - The company plans to expand its production capacity to approximately 5,520 units, establishing itself as the largest digital printing equipment production base globally [9].

宏华数科 20250507 摘要 • 宏华数科 2025 年一季度营收同比增长 30%，净利润增长 25%，但受股 权支付费用税前约 1,100 万影响，实际利润增长表现良好。公司数码印花 设备和墨水业务稳健增长，国内市场受益于数码化转型需求增加，国外市 场在南亚和东南亚保持增长。 • 美国加征关税对宏华数科影响甚微，因公司几乎没有直接对美出口业务， 主要客户集中在南亚和东南亚，这些地区的印花产品主要用于本地消费。 仅少量国内传统工艺客户可能受到轻微冲击，总体影响可忽略不计。 • 2024 年宏华数科共销售 1,159 台数码印花设备，转印设备收入持平，直 喷机和 Single Pass 高速机显著增长，高速机营收近 1 亿，同比增长近三 倍，直喷机增速超 50%。公司淡化数量指标，关注机器效率与生产能力提 升。 • Single Pass 设备均价在 2024 年提升，主要因产品结构变化，国内市场 对效率和宽幅要求更高，家纺类客户需求的高速宽幅机器价格在 1,000 万 以上。2024 年 Single Pass 设备订单中，国内和国外客户各占一半， 2023 年主要来自海外。 Q&A 请介绍宏华数科 20 ...

宏华数科 20250506 摘要 • 宏华数科 2025 年第一季度营收保持 30%增长，但利润受股份支付费用影 响，剔除该费用后，利润增速预计与收入增长持平，约为 30%-35%。 • 2024 年数码转移印花机收入与上年持平，直喷设备增长超 44%，Single Pass 设备增长比例更高，主要受益于国内市场数码化转型需求旺盛。 • 2024 年墨水销量超 11,000 吨，同比增长超 30%，但因价格下降，总金 额增长约 20%。2025 年 4 月国内直销客户墨水出货量创新高，单月超 700 吨。 • 公司应收款状况面临行业竞争压力，同行通过降价或延长信用期抢占市场， 公司通过中信保保单等方式管理风险，预计后续将加强回款工作。 • 数字印刷业务 2024 年增长迅速，出口毛利率高于国内，预计 2025 年增 速将超过数码印花业务。中美关税对公司直接影响几乎为零，间接影响较 小。 • 涂料机因环保优势在家纺行业应用广泛，2024 年设备销量贡献约占总销 量的小 1/3，预计未来发展更快，公司或将加大推广力度。 • 公司目标 2025 年设备端增长超 40%，墨水端增长约 20%，最终实现 30%左右增量 ...

1）2024 年，公司数码喷印设备和墨水分别实现营收9.1/5.2 亿元，合计营收占比达到约80%，营收同比 分别+47.8%/26.2%，毛利率同比分别-2.2pct/-3.5pct。 2）从销量来看，2024 年实现数码喷印设备销量1159 台，同比+37.8%；实现墨水销量11423 吨，同比 +38.2%。墨水收入增长比例小于设备主要原因系2024 年单价有所下降。 3）数字印刷设备收入和毛利率均实现快速增长，2024 年实现数字印刷设备营收1.4 亿元，同比 +115%，毛利率50.1%，同比+6.4pct。 投资要点: 2025 年4 月30 日和4 月26 日，宏华数科分别公告2025 年一季报及2024 年年报。 1）2024 年：公司实现营收17.9 亿元，同比+42.3%，主要系公司充分利用下游行业传统工艺向数码化转 型的契机，积极开拓市场，业务规模持续扩大，同时公司以技术创新推动产业发展，加大研发投入及产 品方案的创新迭代，主要产品销量同比增长所致；实现归母净利润4.1 亿元，同比+27.4%，扣非归母净 利润3.9 亿元，同比+25.6%；实现经营活动现金流1.6 亿元，同比+4.6% ...

证 券 研 究 报 告 宏华数科（688789）2024 年报及 2025 年一季报点评 强推（维持） 业绩快速增长，延伸产业链布局及下游应用 领域 事项： 公司发布 2024 年报及 2025 年一季报。2024 年公司实现收入 17.90 亿元，同 比+42.3%，实现归母净利润 4.14 亿元，同比+27.40%。2025Q1 公司实现收入 4.78 亿元，同比+29.79%，实现归母净利润 1.08 亿元，同比+25.20%。 证券分析师：范益民 评论： 公司研究 其他专用机械 2025 年 05 月 05 日 | 目标价：79.73 | 元 | | --- | --- | | 当前价：62.02 | 元 | 华创证券研究所 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 17,945.13 | | --- | --- | | 已上市流通股(万股) | 17,945.13 | | 总市值(亿元) | ...

公司发布 2024 年报及 2025 年一季报。2024 年公司实现收入 17.90 亿元，同 比+42.3%，实现归母净利润 4.14 亿元，同比+27.40%。2025Q1 公司实现收入 4.78 亿元，同比+29.79%，实现归母净利润 1.08 亿元，同比+25.20%。 评论： 公司研究 其他专用机械 2025 年 05 月 05 日 证 券 研 究 报 告 宏华数科（688789）2024 年报及 2025 年一季报点评 强推（维持） 业绩快速增长，延伸产业链布局及下游应用 领域 事项： | 目标价：79.73 | 元 | | --- | --- | | 当前价：62.02 | 元 | 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 17,945.13 | | --- | --- | | 已上市流通股(万股) | 17,945.13 | | 总市值(亿元) | ...

杭州宏华数码科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 07 日（星期三）至 05 月 13 日（星期二）前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 honghua01@atexco.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 一、 说明会类型 杭州宏华数码科技股份有限公司（以下简称"公司"）已于 2025 年 04 月 26 日在上海证券交易所网站（www.sse.com.cn）披露公司《2024 年年度报告》， 于 2025 年 04 月 30 日在上海证券交易所网站（www.sse.com.cn）披露公司《2025 年第一季度报告》，为加强与投资者的深入交流，使投资者更加全面、深入地了 解公司情况，公司拟以网络互动的方式召开 2024 年 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 478,277,626.29, representing a year-on-year increase of 29.79% compared to CNY 368,493,182.74 in the same period last year[4]. - Net profit attributable to shareholders was CNY 108,328,394.49, up 25.20% from CNY 86,524,846.42 in the previous year[4]. - Basic earnings per share increased to CNY 0.60, reflecting a growth of 25.00% from CNY 0.48 in the same period last year[4]. - The company reported a net profit margin of approximately 25.2% for Q1 2025, compared to 27.7% in Q1 2024, indicating a slight decrease in profitability[18]. - The net profit for the first quarter of 2025 was CNY 112,679,007.56, representing an increase of 25.5% compared to CNY 89,830,881.46 in the same period of 2024[19]. - The total comprehensive income for the first quarter of 2025 was CNY 114,707,702.64, compared to CNY 88,482,397.47 in the same quarter of 2024, reflecting a growth of 29.6%[20]. Research and Development - The total R&D investment reached CNY 31,011,792.62, an increase of 30.59% compared to CNY 23,747,449.99 in the same period last year[5]. - The proportion of R&D investment to operating revenue was 6.48%, slightly up from 6.44% in the previous year, indicating a stable commitment to innovation[5]. - Research and development expenses increased to CNY 31,011,792.62 in Q1 2025 from CNY 23,747,449.99 in Q1 2024, representing a growth of 30.5%[19]. Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 78.25%, amounting to CNY 7,838,608.56, down from CNY 36,040,696.10 in the previous year[4][8]. - The company reported a net cash flow from operating activities of CNY 7,838,608.56 for Q1 2025, a decrease from CNY 36,040,696.10 in Q1 2024[22]. - The company experienced a net cash outflow from financing activities of CNY 99,974,321.37 in Q1 2025, compared to a net outflow of CNY 36,855,729.98 in Q1 2024[23]. - Cash and cash equivalents as of March 31, 2025, amounted to RMB 1,155,884,364.75, a decrease of 5.1% from RMB 1,218,066,541.84 at the end of 2024[14]. - The cash and cash equivalents at the end of Q1 2025 were CNY 874,377,121.63, compared to CNY 829,604,106.71 at the end of Q1 2024[23]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,183,596,590.91, a decrease of 2.91% from CNY 4,309,115,661.76 at the end of the previous year[5]. - Total assets decreased to RMB 4,183,596,590.91 as of March 31, 2025, down from RMB 4,309,115,661.76 at the end of 2024, a decline of 2.9%[16]. - Total liabilities as of March 31, 2025, were RMB 822,381,968.11, down from RMB 1,073,922,464.22 at the end of 2024, a reduction of 23.4%[16]. - The company's equity attributable to shareholders increased to RMB 3,268,454,713.94 as of March 31, 2025, compared to RMB 3,146,979,859.56 at the end of 2024, an increase of 3.9%[16]. - Long-term investments rose to RMB 170,043,207.76 as of March 31, 2025, compared to RMB 153,525,422.38 at the end of 2024, reflecting an increase of 10.7%[14]. Operating Costs and Expenses - Total operating costs for Q1 2025 were RMB 357,938,320.14, up 34.4% from RMB 266,229,073.98 in Q1 2024[18]. - Operating income for Q1 2025 was RMB 120,339,306.15, reflecting a growth of 20.5% compared to RMB 102,264,108.76 in Q1 2024[18]. - The total operating expenses for Q1 2025 were CNY 31,373,751.23 in sales expenses, up from CNY 24,771,337.72 in Q1 2024, marking a rise of 26.5%[19].

2025 年产能爬坡，降本增效。根据年报，公司预计"年产3,520 套工业数码喷印设备智能化生产线"项目 和子公司天津宏华"年产4.7 万吨数码喷印墨水"在2025H2 投产，我们认为或带来转固压力。此外，公司 优化喷头组件供应商，优化墨水配方，推动中长期降本增效。 盈利预测与估值 考虑到转固压力，我们下调2025/2026 年净利润预测2.9%/5.4%至5.4 亿元（同比+30.7%）/7.1 亿元（同 比+30.6%），当前股价对应2025/2026 年22x/17x P/E。考虑到近期纺织设备受海外关税影响估值下降， 我们下调目标价8%至75.3 元，对应2024/2025 年25x/19x P/E，对应涨幅空间为13.7%。 风险 2024 年报符合我们预期 公司公布2024 年年报：2024 年实现营业收入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%。单4Q24 实现营收5.25 亿元，同比+39.8%；归母净利润 1.04 亿元，同比+21.5%，符合此前业绩快报。 数码直喷设备放量。分业务看，1）2024 年 ...