宏华数科(688789)：2025H1符合预期 净利润率稳定

Core Viewpoint - The company reported strong revenue and profit growth for H1 2025, with a focus on digital printing equipment and ink sales, while facing challenges in the sewing equipment segment [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.038 billion yuan, a year-on-year increase of 27.16% - The net profit attributable to shareholders was 251 million yuan, up 25.15% year-on-year - The non-recurring net profit was 228 million yuan, reflecting an 18.73% year-on-year growth - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares (tax included) [1]. Business Segments - Digital printing equipment revenue reached 670 million yuan, a significant year-on-year increase of 42.75%, driven by the acceleration of digital transformation in traditional printing enterprises and the ramp-up of Single Pass high-speed equipment [1]. - Ink business revenue was 272 million yuan, with a year-on-year growth of 15%, although the growth rate was lower than that of sales volume due to price adjustments [1]. - Sewing equipment revenue declined, with automated sewing equipment generating 42 million yuan, a decrease of 30% year-on-year [2]. Development Trends - New production capacity is set to be released, with a project for an annual production of 3,520 sets of industrial digital printing equipment expected to be completed in Q3 2025 - The project for producing 47,000 tons of digital printing ink is also in progress, which is anticipated to bring scale effects [3]. - The company is making positive progress in new fields such as spray dyeing equipment and book printing, which may create a second growth curve [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged at 540 million yuan (up 30.7% year-on-year) and 710 million yuan (up 30.6% year-on-year) respectively - The current stock price corresponds to a P/E ratio of 25x for 2025 and 19x for 2026 - The target price has been raised by 17% to 88 yuan, corresponding to a 22x P/E for 2026, indicating a potential upside of 16% [4].