宏华数科（688789）：三季度业绩稳健增长，各版块共同推进

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company reported a robust growth in Q3, with revenue reaching 5.94 billion yuan, a year-on-year increase of 32.4% and a quarter-on-quarter increase of 6.26% [1]. - The company is transitioning from traditional dyeing equipment to digital printing equipment, leading to an increase in orders and sales [1][2]. - The projected net profit for the company from 2025 to 2027 is expected to be 5.31 billion yuan, 6.78 billion yuan, and 8.42 billion yuan respectively, reflecting a year-on-year growth of 28%, 28%, and 24% [3]. Financial Performance - For the first three quarters, the company achieved a revenue of 1.63 billion yuan, up 29.0% year-on-year, and a net profit of 388 million yuan, up 25.1% year-on-year [1]. - The gross margin and net margin for the first three quarters were 44% and 25.32% respectively, showing a slight decrease compared to the previous year [1]. - The company’s revenue is projected to grow at rates of 40.65%, 42.30%, 31.72%, 29.56%, and 25.36% from 2023 to 2027 [5]. Segment Analysis - In the digital printing equipment segment, the company is enhancing product technology and market competitiveness, capitalizing on the shift from traditional printing methods to digital [2]. - The ink segment is expected to grow alongside the digital printing equipment market, with a focus on an integrated production base for digital printing ink [2]. - The company is expanding its sales network for digital printing of books and magazines, with significant growth in overseas sales [2]. Financial Projections - The company’s projected net profit for 2023 is 325.26 million yuan, with expected growth rates of 33.84% for 2024 and 28.17% for 2025 [5]. - The earnings per share (EPS) is projected to be 2.70 yuan in 2023, decreasing to 2.31 yuan in 2024, and then increasing to 2.96 yuan in 2025 [5]. - The price-to-earnings (P/E) ratio is expected to decrease from 28.36 in 2023 to 16.32 by 2027 [5].