Investment Rating - The report gives the company a "Outperform the Market" rating with a reasonable valuation range of 13.8-14.4 billion yuan and a target price range of 114.80-120.02 yuan per share [7] Core Views - The company is the only listed digital printing equipment company in China with a comprehensive industry chain covering equipment, consumables (ink), and textile applications [7] - The digital printing industry is in its early stages with low penetration rates, and the company has higher gross margins for both consumables and equipment compared to peers, giving it strong competitiveness [7] - The company is expected to achieve revenue of 1.254/1.590/1.964 billion yuan in 2023/2024/2025, with year-on-year growth of 40.2%/26.8%/23.5%, and net profit of 333/420/533 million yuan, with year-on-year growth of 37.0%/26.1%/26.9% [52] Company Development - The company has gone through four stages of development: textile printing software and hardware R&D (1992-1999), digital printing product promotion (2000-2006), diversified application of digital printing technology (2007-2016), and professional application of textile digital printing machines (2017-present) [3][12][26][34] - Key milestones include launching China's first textile digital printing machine in 2000, winning the National Technology Invention Award in 2017, and being recognized as a national manufacturing champion in 2020 [3] Business and Products - Main products include digital direct printing machines, digital inkjet transfer printing machines, and ultra-high-speed industrial printing machines, with series such as D, VEGAX1, MODELXplus, MODELH, SINGLEPASS, flatbed+, and rotary+ [4][13] - The company also produces inks, including reactive and disperse inks, which account for 40% of total digital printing production costs [6] Industry Analysis - The global digital printing market grew significantly in 2021, with digital direct printing and thermal transfer printing accounting for 47% and 53% respectively [101] - China's digital inkjet printing output has maintained rapid development, with direct printing accounting for about 30% of the global market [102] - The global digital printing ink market is expected to reach 93,800/127,600/162,700 tons in 2023/2025, with year-on-year growth of 22.40%/36.00%/27.50% [6] Financial Performance - The company's overseas revenue increased from 79.15 million yuan in 2017 to 458.23 million yuan in 2022, with a CAGR of 42.08%, and the proportion of overseas revenue increased from 27.98% to 51.22% [22] - In 2022 and 2023Q1-Q3, the company's gross profit margin was 47.20% and 47.98%, and the net profit margin was 28.01% and 28.41%, respectively [38] Strategic Expansion - The company has implemented a "vertical extension, horizontal expansion" strategy, acquiring upstream ink and raw material companies and downstream textile automation equipment companies to form a complete industrial chain [10][27][29] - Key acquisitions include Tianjin Jingli Digital (67% equity in 2022), Texpa GmbH (100% equity in 2022), and Shandong Yingkejie Digital (51% equity in 2023) [10][27][64]
数码喷印设备翘楚，全产业链优势+应用拓展打开成长空间