宏华数科（688789）：墨水收入放量值得期待

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 91.80 [1]. Core Insights - The company reported Q3 revenue of RMB 594 million, a year-over-year increase of 32.40% and a quarter-over-quarter increase of 6.27%. The net profit attributable to the parent company was RMB 137 million, up 24.95% year-over-year but down 3.48% quarter-over-quarter [1]. - The company is expected to see significant growth in ink revenue due to the increasing penetration of digital printing technology [1][4]. - The company is actively expanding its market presence by leveraging the shift from traditional processes to digitalization in downstream industries, which is expected to drive future growth [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a total revenue of RMB 1.632 billion, representing a year-over-year growth of 29.02%, with a net profit of RMB 388 million, up 25.08% year-over-year [1]. - The gross margin for Q3 2025 was 44.37%, and the net margin was 25.05%, showing a slight decline in gross margin compared to the first half of 2025, attributed to changes in product mix [3]. Production Capacity and Future Outlook - The company has increased its fixed assets to RMB 940 million, with ongoing construction projects expected to enhance production capacity significantly. The ink production capacity is projected to reach 47,000 tons annually, which could potentially generate an additional RMB 1.5 billion in revenue once fully operational [4]. - The company anticipates that the new ink production capacity will contribute significantly to its revenue, potentially accounting for 80% of total revenue in 2024 under conservative pricing assumptions [4]. Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 520 million, RMB 610 million, and RMB 730 million, respectively, with a compound annual growth rate (CAGR) of 21% [5]. - The company is valued at a price-to-earnings (PE) ratio of 28 for 2025, with a target price adjustment reflecting a favorable growth outlook in the digital printing sector [5].