宏华数科(688789)：科创板业绩符合预期 25Q1盈利能力环比改善

Core Insights - The company reported significant revenue growth in 2024, achieving 1.79 billion yuan, a year-on-year increase of 42.3%, driven by market expansion and technological innovation [1] - The company’s net profit for 2024 was 410 million yuan, up 27.4% year-on-year, with a cash flow from operating activities of 160 million yuan, reflecting a 4.6% increase [1] - The company’s gross margin for its main business was 44.6%, a decrease of 1.9 percentage points compared to the previous year [1] Revenue Growth and Profitability - In Q4 2024, the company achieved revenue of 530 million yuan, a year-on-year increase of 39.8%, with a net profit of 104 million yuan, up 21.5% [1] - For Q1 2025, the company reported revenue of 480 million yuan, a year-on-year increase of 29.8%, and a net profit of 108 million yuan, reflecting a 25.2% increase [1] - The gross margin for Q1 2025 was 42.8%, down 2.8 percentage points year-on-year but up 1.5 percentage points quarter-on-quarter [1] Product Performance - In 2024, the company’s digital printing equipment and ink generated revenues of 910 million yuan and 520 million yuan, respectively, accounting for approximately 80% of total revenue, with year-on-year growth rates of 47.8% and 26.2% [2] - The company sold 1,159 units of digital printing equipment in 2024, a year-on-year increase of 37.8%, and ink sales reached 11,423 tons, up 38.2% [2] - The revenue from digital printing equipment grew significantly, reaching 140 million yuan in 2024, a year-on-year increase of 115%, with a gross margin of 50.1%, up 6.4 percentage points [2] Market Trends and R&D Investment - The penetration rate of digital printing in the textile industry has increased from 2.1% in 2015 to 18.2% in 2023, with an annual growth rate of 37.4% [3] - The company’s R&D investment reached 120 million yuan in 2024, accounting for 6.8% of revenue, reflecting a year-on-year increase of 34.74% [3] - The company applied for 52 new patents in 2024, enhancing its R&D capabilities and focusing on stability, print quality consistency, precision, and efficiency [3] Product Development - The company has developed high-concentration inks and is continuously optimizing formulations to improve ink-saving effects [4] - New products include high-temperature dispersible inks and coating inks that meet various fabric requirements and environmental standards [5] Future Projections - The company is expected to achieve revenues of 2.4 billion yuan, 3.2 billion yuan, and 4.3 billion yuan from 2025 to 2027, with corresponding net profits of 550 million yuan, 720 million yuan, and 940 million yuan [5] - The company is positioned to capture more market share in the digital printing sector due to its technological advantages and the growing demand for personalized consumption [5]