宏华数科（688789）：2024年报及2025年一季报点评：业绩快速增长，延伸产业链布局及下游应用领域

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][9]. Core Insights - The company reported a revenue of 1.79 billion yuan for 2024, a year-on-year increase of 42.3%, and a net profit attributable to shareholders of 414 million yuan, up 27.4% year-on-year. For Q1 2025, revenue reached 478 million yuan, reflecting a 29.79% year-on-year growth, with a net profit of 108 million yuan, up 25.2% year-on-year [2][9]. - The company is experiencing rapid growth in its digital printing equipment and ink segments, with revenues of 905 million yuan and 518 million yuan respectively for 2024, representing increases of 47.84% and 26.15% year-on-year [8][9]. - The report highlights the company's strategic focus on extending its industrial chain and expanding into downstream application areas, benefiting from the digital transformation of traditional industries [2][8]. Financial Performance Summary - For 2024, the company achieved a gross margin of 44.95%, a slight decrease of 1.59 percentage points year-on-year. The net profit margin was 23.15%, down 2.7 percentage points year-on-year [8][10]. - The company’s revenue and profit forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 2.33 billion yuan, 2.98 billion yuan, and 3.62 billion yuan respectively, reflecting year-on-year growth rates of 30.4%, 27.5%, and 21.4% [9][10]. - The projected net profits for the same period are 530 million yuan, 679 million yuan, and 824 million yuan, with growth rates of 27.9%, 28.1%, and 21.4% respectively [9][10]. Market Position and Strategy - The company is positioned to benefit from the increasing penetration of digital printing technology, which is gradually replacing traditional printing methods due to its efficiency and environmental advantages [8][9]. - The report emphasizes the company's integrated business model of "equipment + ink," which is expected to enhance its competitive edge in the market [8][9].