中邮证券：给予宏华数科增持评级

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].