宏华数科：东方财富证券、山西证券等多家机构于5月9日调研我司

Core Viewpoint - The company, Honghua Digital Technology (688789), reported a significant revenue growth of 42.30% in 2024, driven by the digital transformation of traditional industries and increased market expansion efforts [2]. Business Performance and Future Plans - The company achieved notable progress in digital printing and automated sewing sectors, with combined revenue exceeding 280 million yuan, marking growth rates of 37.67% and 114.66% respectively [2]. - In 2025, the company plans to expand its product offerings in digital printing equipment and automated sewing machines, focusing on enhancing sales channels and product diversity [2]. - The company aims to integrate its supply chain and manufacturing capabilities, particularly through collaboration with its German subsidiary, Texpa GmbH, to reduce manufacturing costs while maintaining quality [2][3]. Investment Projects and Capacity Planning - The company is advancing its fundraising projects and self-built projects, ensuring timely and high-quality production to support business growth [3]. - The project for an annual production capacity of 2,000 sets of industrial digital printing equipment has reached production capacity, while the project for 3,520 sets is progressing well [3]. Research and Development - In 2024, the company invested approximately 121.4 million yuan in R&D, accounting for 6.78% of its revenue, with a year-on-year increase of 34.74% [6]. - The company plans to continue focusing on core technologies in digital printing, including advancements in print head control and material compatibility, to strengthen its competitive edge [6]. Market Strategy - The company is strategically positioned to enhance its overseas market presence, focusing on service capabilities and supply chain optimization [9]. - The impact of U.S.-China tariffs on the company's business is minimal, as most exports are directed towards South Asian and European markets, with a low proportion of products exported to the U.S. [8]. Financial Performance - In Q1 2025, the company reported a main revenue of 478 million yuan, a year-on-year increase of 29.79%, and a net profit of 108 million yuan, up 25.2% [10]. - The company's gross margin stands at 42.84%, indicating a healthy profitability level [10].