【私募调研记录】理成资产调研宏华数科

Group 1 - The core viewpoint of the news is that Honghua Digital Science has made significant progress in the digital printing field, with a notable increase in revenue from automation sewing equipment and digital printing equipment in 2024 [1] - In 2024, the company achieved a total revenue of over 280 million yuan from automation sewing and digital printing equipment, representing a year-on-year growth of 37.67% and 114.66% respectively [1] - The company plans to expand further into book and periodical digital printing equipment, automatic sewing equipment, and spray dyeing equipment in 2025 [1] Group 2 - The company has successfully reached production capacity for its project of "annual production of 2,000 sets of industrial digital printing equipment and consumables intelligent factory" in 2024 and will continue to advance subsequent construction in 2025 [1] - Overall downstream demand remains stable and continues to grow, with an increase in penetration rates in the textile sector and rapid growth in overseas demand [1] - The company operates on a "sales-driven production" principle, with variations in machine assembly and transportation times [1] Group 3 - The decrease in ink costs is leading to a trend of price reductions, which is expected to continue; however, this is acceptable as long as sales growth is assured [1] - The company emphasizes "controllable risks" and continuously optimizes its full-process management, enhancing daily management and overdue collection [1] - The impact of China-US tariffs on the company's business is minimal, with major sales directed towards South Asia, Southeast Asia, and European countries and regions [1] Group 4 - The company aims to enhance service capabilities, deepen customer relationships, and optimize supply chain management to consolidate and expand its overseas market [1] - The focus is on organic growth while maintaining an open attitude towards collaboration with external excellent resources [1] - Shareholder Zhejiang Xinhuhua Investment Management Partnership (Limited Partnership) plans to transfer part of its shares through block trading from November to December 2024, with future changes to be disclosed in a timely manner [1]