宏华数科：与州际数码、东伸工业签战略合作，共推数码印花在家纺行业转型升级

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7][11] Core Viewpoints - The report highlights the strategic partnership between the company and Interstate Digital and Dongshen Industrial to promote digital printing in the home textile industry, focusing on innovation and smart upgrades [5] - The home textile industry is experiencing accelerated penetration of Singlepass technology, driven by increasing consumer demand for personalized and customized products, which traditional production methods struggle to meet [5] - The company is expanding its full industry chain layout to gain cost advantages and explore growth opportunities across multiple sectors, including textiles and non-textile applications [5][8] Financial Summary - The company is expected to achieve revenue of 16.39 billion, 20.66 billion, and 25.30 billion yuan in 2024, 2025, and 2026 respectively, with year-on-year growth rates of 30.3%, 26.0%, and 22.5% [6][8] - The net profit forecast for the same years is 4.24 billion, 5.29 billion, and 6.56 billion yuan, with corresponding growth rates of 30.4%, 24.8%, and 23.9% [6][8] - The gross margin is projected to remain stable at around 44.5% for digital printing equipment and 50.2% for ink products [8][10] Market Position and Valuation - The company is the only listed digital printing equipment manufacturer in its industry, covering a comprehensive industry chain that includes equipment, consumables, and applications [7][11] - The report suggests a PEG valuation of 1.20-1.25 for 2024, corresponding to a PE ratio of 35.64-37.13, with a reasonable share price range of 84.11-87.62 yuan [7][11]