宏华数科（688789）：业绩快速增长，数码印花加速渗透

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within six months [9][15]. Core Insights - The company reported a revenue of 1.79 billion yuan for 2024, representing a year-on-year growth of 42.30%, and a net profit attributable to shareholders of 414 million yuan, up 27.40% [3][9]. - The digital printing equipment segment saw a revenue growth of 47.84%, indicating a rapid penetration of digital printing technology [4]. - The company is progressing with key projects, including a factory for industrial digital printing equipment, which is expected to significantly enhance production capacity [5]. Financial Performance - For 2025, the company is projected to achieve revenues of 2.32 billion yuan, with a year-on-year growth of 29.73%, and a net profit of 532 million yuan, reflecting a growth of 28.47% [9][11]. - The gross margin for 2024 was reported at 44.95%, a decrease of 1.59 percentage points compared to the previous year [4]. - The company’s earnings per share (EPS) for 2024 is estimated at 2.31 yuan, with projections of 2.97 yuan, 3.79 yuan, and 4.78 yuan for 2025, 2026, and 2027 respectively [11][14]. Product Segmentation - Revenue from digital printing equipment reached 905 million yuan, with a growth rate of 47.84%, while ink sales increased by 26.15% to 518 million yuan [4]. - The company is exploring applications of its digital printing technology in various fields, including book printing and decorative materials, which are expected to drive future revenue growth [6]. Capacity Expansion - The company has successfully completed the construction of a factory capable of producing 2,000 sets of industrial digital printing equipment annually, with significant capacity release expected [5]. - Ongoing projects include a production line for 3,520 sets of industrial digital printing equipment, which is in the installation and commissioning phase [5]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 22.24, 17.41, and 13.80 respectively, indicating a favorable valuation trend [9][11]. - The company’s asset-liability ratio stands at 24.9%, reflecting a solid financial position [2].