宏华数科 摘要 2025 年上半年，Single Pass 机器销售显著增长，验收 18 台，国内 10 台，海外 8 台，总收入约 1.3 亿元。下游客户需求旺盛，预计下半年 继续增长。该设备占比提升但毛利率低于正常扫描机，影响整体盈利能 力。 2025 年上半年墨水销量近 7,000 吨，同比增长约 28.7%，但均价下降， 主要因市场竞争加剧。墨水毛利率仍维持在接近 50%水平，对整体毛利 率形成支撑。国内数码转移印花用低温分散墨水无增量，拉低整体平均 量。 公司毛利率维持主要受益于成本端下降，特别是原材料占比更大的化工 类产品如染料和化工中间体价格下降。但墨水成本构成限制了未来大幅 降低成本的空间，需做好毛利率略有下降的准备。 德国自动缝纫业务（TEXPAR）上半年受 CEO 交接及订单周期影响，营 收和利润同比下降，预计亏损超 1,000 万元。下半年订单有望恢复，国 产化计划进行中，预计下半年会有较大改善。 Q&A 2025 年上半年宏华数科的核心财务数据和经营情况如何？ 2025 年上半年，宏华数科在股份支付影响下仍表现出显著增长。扣除股份支 付影响后，利润增长约 35%。毛利率方面，相较去年同 ...

Market Overview - The A-share market is experiencing a mixed trend, with the Shanghai Composite Index rising due to strong performance in banking and other heavyweight sectors, while the Shenzhen Component Index is underperforming due to the divergence in thematic stocks [2][9] - The market is expected to maintain a strong oscillating trend, with structural opportunities being abundant despite short-term fluctuations [10][12] Short-term Market Dynamics - The market is currently above 3500 points, and further upward movement requires sustained trading volume support. Recent trading volume has decreased to approximately 1.45 trillion yuan, indicating a need for market consolidation [10][12] - The policy environment remains supportive of the capital market, with expectations of long-term incremental capital inflows, limiting the potential downside during technical corrections [10][12] Investment Strategy - Investors are advised to adopt a strategy of buying on dips while being cautious of rapid market changes. It is important to avoid blindly chasing sectors that have seen significant recent gains [3][11] - Three main investment themes are highlighted: 1. Stocks with better-than-expected mid-year performance forecasts, focusing on those with improving earnings outlooks [3][11] 2. Technology sectors including robotics, AI, semiconductors, and digital economy, with a caution to avoid overvalued speculative plays [3][11] 3. Rebound opportunities in sectors like new energy and brokerage firms, suggesting a buy-on-dips approach [3][11] Sector Performance - The PEEK materials sector saw significant gains due to a major contract win, indicating strong growth potential driven by demand in humanoid robotics and other applications [6][7] - The robotics industry has shown substantial growth, with a 60% increase in the humanoid robot sector since early January, supported by strong policy backing and increasing global demand for industrial robots [7][8] - The electricity sector is also active, driven by rising electricity consumption due to high temperatures and the growth of emerging industries, with a reported 10.3% increase in electricity usage in high-tech manufacturing [8]