宏华数科：2024H1业绩快速增长，小单快反助力公司数码印花链接上下游

Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The textile and apparel industry remains in good condition, with the printing and dyeing sector showing steady progress. The macroeconomic policies in China have positively impacted the recovery of the national economy, leading to increased demand in the printing and dyeing industry [3] - The company is a pioneer in digital printing technology with a strong competitive edge, benefiting from a stable customer base both domestically and internationally. The ongoing investment projects are expected to enhance production capacity, indicating a broad market potential [5] - The company anticipates significant revenue growth in the first half of 2024, with projected total revenue between CNY 760 million and CNY 810 million, representing a year-on-year increase of 35.80% to 44.73% [22] Financial Summary - Revenue is projected to grow from CNY 1,258 million in 2023 to CNY 1,705 million in 2024, reflecting a year-on-year growth rate of 35.5% [2] - The net profit attributable to the parent company is expected to increase from CNY 325 million in 2023 to CNY 423 million in 2024, with a growth rate of 30.0% [2] - The company's earnings per share (EPS) is forecasted to rise from CNY 2.70 in 2023 to CNY 3.51 in 2024 [2] - The company is expected to maintain a healthy return on equity (ROE), projected at 13.1% for 2024, up from 11.6% in 2023 [2] Industry Insights - The printing and dyeing industry has shown a recovery in demand, with production volume increasing by 3.96% year-on-year in the first quarter of 2024 [3] - The company is focusing on building a scalable, flexible supply chain platform to enhance its competitiveness in the textile industry, aiming for an Industry 4.0 transformation [23]