宏华数科：牵手国资战略投资者，数码印花潜力持续释放

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The strategic partnership with a state-owned investment company is expected to enhance the company's core competitiveness and risk resilience [2] - The digital printing industry is experiencing significant growth opportunities driven by the demand for fast fashion in textiles, leading to an increase in small-batch, flexible orders [3] - The company is expanding its production capacity and developing an integrated production line for digital printing equipment, which is projected to be the largest in the world [3] Financial Summary - The company's revenue is projected to grow from 1,258.16 million yuan in 2023 to 2,741.56 million yuan in 2026, with growth rates of 40.65%, 36.20%, 29.35%, and 23.69% respectively [4] - The net profit attributable to the parent company is expected to increase from 325.26 million yuan in 2023 to 685.11 million yuan in 2026, with growth rates of 33.84%, 30.93%, 29.98%, and 23.76% respectively [4] - The company's earnings per share (EPS) is forecasted to be 2.70 yuan in 2023 and increase to 3.82 yuan by 2026 [4] Industry Insights - The digital inkjet printing market is expanding due to technological advancements that are reducing printing costs, making it competitive with traditional printing methods [3] - The collaboration with the state-owned company is expected to support the company's comprehensive development in the digital printing sector, enhancing resource synergy and overall competitiveness [2]