宏华数科：业绩快速增长，数码印花加速渗透-20250519

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][6]. 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 the years 2025, 2026, and 2027 respectively [11][14]. Market Position and Growth Potential - The company is actively exploring applications of its core digital printing technology in various fields, including book printing and decorative materials, which could further drive revenue growth [6]. - The projected revenue growth rates for 2025 to 2027 are 29.73%, 28.80%, and 26.44% respectively, indicating a strong growth trajectory [9][11].