宏华数科（688789）：全产业链布局，业绩稳健增长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company achieved a revenue of 1.79 billion yuan in 2024, representing a year-on-year growth of 42.3%, and a net profit attributable to shareholders of 414 million yuan, up 27.4% year-on-year [1]. - In Q1 2025, the company reported a revenue of 478 million yuan, a year-on-year increase of 29.79%, and a net profit of 108 million yuan, up 25.2% year-on-year [2]. - The company is focused on a "Equipment + Consumables" model, with a full industry chain layout in digital printing, and is expected to enhance its market share in consumables as the installed base of digital printing equipment increases [2][3]. - The company has initiated a project for an integrated base for digital printing equipment, which is expected to further support its strategic development [2]. - The company is expanding its non-woven business successfully, with digital printing equipment revenue reaching 136 million yuan, a growth of 114.66% year-on-year [3]. Financial Summary - The company’s revenue is projected to grow from 1.79 billion yuan in 2024 to 3.89 billion yuan in 2027, with corresponding growth rates of 42.3%, 32.48%, 29.40%, and 26.75% [5]. - The net profit attributable to shareholders is expected to increase from 414 million yuan in 2024 to 876 million yuan in 2027, with growth rates of 27.40%, 28.76%, 29.16%, and 27.10% respectively [5]. - The company’s EBITDA is forecasted to rise from 615 million yuan in 2024 to over 1 billion yuan in 2027 [5]. - The company’s PE ratio is projected to decrease from 29.36 in 2024 to 13.89 in 2027, indicating an improving valuation over time [5].