宏华数科（688789）：业绩稳健增长，拓展多元化应用

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [6]. Core Insights - The company is projected to achieve a revenue of 2.308 billion yuan in 2025, representing a year-on-year growth of 28.9%. The net profit attributable to shareholders is expected to reach 529 million yuan, with a growth of 27.63% [3][6]. - The company has shown strong quarterly performance, with Q4 net profit increasing by 36% and non-recurring net profit rising by 34%. The quarterly revenue for 2025 is forecasted to be 478 million yuan, 559 million yuan, 594 million yuan, and 676 million yuan, with respective year-on-year growth rates of 30%, 25%, 32%, and 29% [4]. - The company is expanding its market presence in the textile sector, focusing on digital printing equipment, and is leveraging its R&D capabilities to enhance product offerings and customer service [4][5]. Financial Performance and Projections - The company’s revenue projections for 2025-2027 are 2.308 billion yuan, 2.961 billion yuan, and 3.738 billion yuan, with year-on-year growth rates of 28.90%, 28.29%, and 26.24% respectively. The net profit attributable to shareholders is expected to be 529 million yuan, 660 million yuan, and 820 million yuan for the same period, with growth rates of 27.63%, 24.73%, and 24.30% [6][9]. - The company’s earnings per share (EPS) are projected to be 2.93 yuan in 2025, 3.66 yuan in 2026, and 4.55 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 27.26, 21.85, and 17.58 [9][10].