证券代码：688789 证券简称：宏华数科 公告编号：2025-042 杭州宏华数码科技股份有限公司 关于向特定对象发行股票募投项目结项 二、募集资金投资项目情况 根据公司披露的《杭州宏华数码科技股份有限公司2022年度向特定对象发行A股股票募集说明书（注册 稿）》，公司2022年度向特定对象发行A股股票（以下简称"本次发行"）募集资金投资项目及使用计划 如下： 单位：万元 并将节余募集资金永久补充流动资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 杭州宏华数码科技股份有限公司（以下简称"公司"或"宏华数科"）于2025年9月24日召开第八届董事会 第二次会议，审议通过了《关于向特定对象发行股票募投项目结项并将节余募集资金永久补充流动资金 的议案》，同意公司向特定对象发行股票募集资金投资项目（以下简称"募投项目"）"年产3,520套工业 数码喷印设备智能化生产线"结项，并将节余募集资金（含利息收入）16,326.14万元（实际金额以资金 转出当日计算的该项目募集资金剩余金额为准）用于永久补充流动资金。保荐机构中 ...

格隆汇9月24日丨宏华数科(688789.SH)公布，公司于2025年9月24日召开第八届董事会第二次会议，审 议通过了《关于向特定对象发行股票募投项目结项并将节余募集资金永久补充流动资金的议案》，同意 公司向特定对象发行股票募集资金投资项目（称"募投项目"）"年产3,520套工业数码喷印设备智能化生 产线"结项，并将节余募集资金（含利息收入）16,326.14万元（实际金额以资金转出当日计算的该项目 募集资金剩余金额为准）用于永久补充流动资金。 ...

Core Viewpoint - Honghua Digital Technology (688789.SH) announced the conclusion of its fundraising project for the production line of 3,520 sets of industrial digital printing equipment and plans to use the remaining funds for working capital [1] Group 1 - The company held its eighth board meeting on September 24, 2025, where it approved the conclusion of the fundraising project [1] - The remaining funds from the fundraising project, including interest income, amount to 163.2614 million yuan, which will be permanently allocated to supplement working capital [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7]. Core Insights - The company reported a revenue of 1.038 billion yuan for the first half of 2025, representing a year-on-year increase of 27.16%, and a net profit attributable to shareholders of 251 million yuan, up 25.15% year-on-year [1]. - The company continues to expand its digital printing applications, leveraging opportunities from traditional processes transitioning to digital [6]. - The gross margin slightly decreased to 43.79%, while the net margin slightly increased to 25.47% in the first half of 2025 [6]. - The sales of Singlepass models have significantly increased, contributing to a revenue of 670 million yuan from digital printing equipment, a 42.75% year-on-year growth [6]. - The company is actively exploring extended applications of digital printing technology, enhancing its market presence both domestically and internationally [6]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.038 billion yuan, with a net profit of 251 million yuan [1]. - The projected revenues for 2025, 2026, and 2027 are 2.335 billion yuan, 2.978 billion yuan, and 3.616 billion yuan, respectively, with year-on-year growth rates of 30.4%, 27.5%, and 21.4% [8]. - The projected net profits for the same years are 530 million yuan, 679 million yuan, and 824 million yuan, with growth rates of 27.9%, 28.1%, and 21.4% [8]. - The company’s earnings per share (EPS) are expected to be 2.95 yuan in 2025, 3.78 yuan in 2026, and 4.59 yuan in 2027 [8].

Core Viewpoint - The company is actively advancing its fundraising projects and production capacity, aiming for high-quality output and market expansion, with significant growth in revenue and net profit reported for Q1 2025. Group 1: Fundraising Projects and Production Capacity - The company adheres to a principle of "overall planning and phased implementation" to ensure timely and high-quality production of its fundraising projects [2] - The "annual production of 2,000 sets of industrial digital printing equipment and consumables intelligent factory" project has nearly reached full production capacity in 2024 [2] - The construction of the "integrated printing industry base project" with an annual output of 47,000 tons of digital printing ink is expected to be completed in 2025, enhancing the company's competitiveness in key consumables [2] Group 2: Business Development and Future Plans - In 2024, the company achieved significant revenue growth in digital printing and automated sewing equipment, with total revenue exceeding 280 million yuan, representing a year-on-year increase of 37.67% and 114.66% respectively [3] - The company plans to expand its product offerings in digital printing equipment and automated sewing machines, focusing on both product and market development [4] - The company aims to enhance its product matrix to meet diverse customer needs and improve sales channels, including the development of domestic and international sales agencies [4] Group 3: Financial Performance - In Q1 2025, the company reported a main revenue of 478 million yuan, a year-on-year increase of 29.79%, and a net profit attributable to shareholders of 108 million yuan, up 25.2% [12] - The company's gross profit margin stands at 42.84%, with a debt ratio of 19.66% [12] Group 4: Market Strategy and Risk Management - The company maintains a "risk controllable" principle in managing accounts receivable, ensuring low bad debt rates and optimizing overall process control [6] - The impact of US-China tariffs on the company's business is minimal, as most exports are directed towards South Asian and European markets, with a low proportion of products exported to the US [10] - The company plans to strengthen its overseas market presence by enhancing service capabilities and optimizing supply chain management [11]

Core Viewpoint - The company's 2024 annual report meets expectations, showing significant revenue and profit growth across various segments, particularly in digital printing equipment and inks [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.79 billion yuan, a year-on-year increase of 42.3%, and a net profit attributable to shareholders of 414 million yuan, up 27.4% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 525 million yuan, reflecting a 39.8% year-on-year growth, with a net profit of 104 million yuan, up 21.5% [1]. - The overall gross margin for 2024 was 44.2%, a decrease of 1.4 percentage points year-on-year, with ink gross margin at 50.41%, down 3.46 percentage points [2]. Business Segments - Digital printing equipment generated revenue of 905 million yuan in 2024, a 47.84% increase, driven by the acceleration of digital transformation in traditional printing enterprises [1]. - Ink revenue reached 518 million yuan, up 26.15%, with sales volume of 11,000 tons, a 38.21% increase [1]. - The automation sewing equipment segment reported revenue of 145 million yuan, a 37.67% increase, primarily contributed by the German subsidiary Texpa [2]. - Digital printing equipment revenue surged to 136 million yuan, reflecting a 114.66% increase [2]. Development Trends - The company anticipates production capacity ramp-up in 2025, with projects for industrial digital printing equipment and ink production expected to commence in the second half of 2025 [3]. - Efforts to optimize supply chain components and ink formulations are expected to drive long-term cost reduction and efficiency improvements [3]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted downwards by 2.9% and 5.4% to 540 million yuan and 710 million yuan, respectively, with expected year-on-year growth of 30.7% and 30.6% [4]. - The target price has been reduced by 8% to 75.3 yuan, corresponding to price-to-earnings ratios of 25x and 19x for 2024 and 2025, indicating a potential upside of 13.7% [4].

Investment Rating - The report does not explicitly state an investment rating for the specialized equipment industry or the specific company being analyzed [1]. Core Insights - The company focuses on the development of intelligent manufacturing equipment, leveraging the digital transformation of traditional processes to expand its market presence [18][21]. - In 2024, the company achieved a total revenue of 1,797.40 million yuan, representing a year-on-year growth of 42.86%, and a net profit of 420.16 million yuan, up 29.18% year-on-year [18][19]. - The company is actively expanding its production capacity and product applications, with plans to establish a large-scale digital printing equipment production base [22]. Summary by Sections 1. Basic Research Information - The research was conducted on March 5, 2025, focusing on the specialized equipment industry, with participation from various investment institutions [1][13]. 2. Financial Performance - The company reported significant growth in 2024, driven by increased demand in downstream industries and a shift from traditional printing equipment to digital printing solutions [21]. - The company plans to enhance its production capacity to approximately 5,520 units with the completion of its new production facility [22]. 3. Market Development and Strategy - The company aims to strengthen its market position by enhancing service capabilities and optimizing supply chain management, particularly in overseas markets [30]. - Future product development will focus on upgrading existing products and expanding the product matrix to meet diverse customer needs [23]. 4. Cost Management and Profitability - The company maintains stable gross margins and plans to enhance profitability through continuous innovation and cost control measures [28]. - Increased sales and management expenses are attributed to market expansion efforts and rising stock incentive costs [24][25]. 5. Future Outlook - The company is exploring strategic partnerships and potential capital investments to support its growth trajectory and enhance operational efficiency [31][34].