Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is focused on building autonomous AI agent solutions to drive B-end applications, serving over 7,000 leading enterprises across various sectors including manufacturing, finance, retail, and energy [4]. - The company has successfully transformed from a pure ERP service provider to a software product vendor, achieving a revenue growth of 8.57% year-on-year in 2024, with significant contributions from its proprietary software products [6][7]. - The company launched a series of B-end AI application products called "De·Ling," which includes multiple product lines and services aimed at supporting enterprises in building AI capabilities [5]. - The company has implemented a stock incentive plan to stabilize its core team and enhance long-term growth potential [8][9]. - The earnings forecast for 2025-2027 indicates an expected EPS of 0.25, 0.31, and 0.38 yuan, with corresponding P/E ratios of 80.00, 64.29, and 52.94 [10]. Company Overview - The latest closing price of the company's stock is 19.73 yuan, with a total market capitalization of 194 billion yuan and a total share capital of 985 million shares [3]. - The company has a debt-to-asset ratio of 18.0% and a current P/E ratio of 103.84 [3].

证券研究报告：计算机 | 公司点评报告 发布时间：2025-05-08 股票投资评级 买入 |首次覆盖 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -23% 7% 37% 67% 97% 127% 157% 187% 217% 247% 277% 汉得信息 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.73 | | --- | --- | | 总股本/流通股本（亿股）9.85 | / 9.48 | | 总市值/流通市值（亿元）194 | / 187 | | 52 周内最高/最低价 | 25.22 / 5.76 | | 资产负债率(%) | 18.0% | | 市盈率 | 103.84 | | 第一大股东 | 陈迪清 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 自主软件产品业务全年实现收入 17.74 亿 ...

Core Viewpoint - Han's Information is focusing on building autonomous AI agent solutions to promote B-end applications, aiming to enhance its digital and intelligent product offerings for large enterprise clients [1][2]. Group 1: Company Overview - Han's Information has been deeply engaged in the computer software service sector, providing digital and intelligent products and solutions to over 7,000 leading enterprises across various industries including manufacturing, finance, retail, and energy [1]. - The company has transitioned from being a pure ERP service provider to a software product vendor, establishing four main business lines and focusing on traditional ERP and ITO services for stability while driving growth through self-developed products [3]. Group 2: Product Development - At the 2025 Han's User Conference, the company launched its B-end AI application product/service series "De.Ling," which includes three major product series and one service series, aimed at supporting enterprises in building AI capability systems and upgrading their intelligence [2]. - The company plans to release version 1.6 of the Lingyuan AI platform by the end of May 2024, which will fully support MCP [2]. Group 3: Financial Performance - In 2024, the company achieved an 8.57% year-on-year revenue growth, with self-developed software product revenue reaching 1.774 billion yuan, a 16.17% increase from the previous year [4]. - The revenue from self-developed software products accounted for 54.83% of total revenue in 2024, up from 51.24% in 2023, with industrial digitalization showing the most significant growth at 21.27% [4]. Group 4: Incentives and Growth Strategy - In April 2024, the company announced a restricted stock incentive plan, proposing to grant 41.98 million shares to 268 incentive targets, which represents 4.26% of the total share capital [5]. - The incentive plan includes ambitious revenue and net profit targets for 2025, which are expected to enhance the company's competitive capabilities and motivate employees [5]. Group 5: Investment Outlook - The company is projected to have EPS of 0.25, 0.31, and 0.38 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 80.00, 64.29, and 52.94 times [6]. - Given its position as a leading digital service provider and the integration of advanced technologies with ecosystem partners, the company is expected to accelerate the deployment of AI agents in enterprises, leading to a "buy" rating [6].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [5] Core Viewpoints - The computer industry is experiencing a bottoming phase with a slight increase of 0.99% in the index during the week of April 21-25, 2025. The overall market sentiment is positive, with the Shanghai Composite Index rising by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74% [1][10] - The report highlights the significant growth in the AI sector, driven by national policy support and increasing investments from companies in product development and application scenarios. The long-term growth potential of the AI industry is emphasized [3][19] - Companies like Hand Information are focusing on AI as a strategic development area, with successful implementations in various sectors such as marketing, supply chain, and finance, leading to high-quality incremental revenue [3][20] Summary by Sections Market Review - The computer index showed a slight upward trend, with specific sub-sectors like software development and IT services performing better than hardware [1][12] Performance Summary - Hand Information reported a revenue of 3.235 billion yuan in 2024, a year-on-year increase of 8.57%, with a net profit of 188 million yuan [2][16] - Koyuan Wisdom achieved a revenue of 1.682 billion yuan, up 19.55%, and a net profit of 252 million yuan, reflecting a growth of 56.64% [2][16] - Rui Ming Technology reported a revenue of 2.777 billion yuan, a significant increase of 63.45%, with a net profit growth of 184.50% [2][16] Investment Insights - The report indicates that the computer industry is under pressure in terms of overall operating performance for 2024, but the AI sector is seeing increased investment and positive outcomes. The collaboration between companies and AI partners is leading to successful applications and revenue growth [3][20]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [5] Core Viewpoints - The computer industry is experiencing a bottoming out phase with a slight increase of 0.99% in the index during the week of April 21-25, 2025. The overall market sentiment is cautious, with a focus on the performance of AI applications and their implementation [1][19] - The Chinese government is emphasizing the development and regulation of artificial intelligence, indicating a long-term growth potential for the AI sector within the computer industry [19][20] - Despite overall pressure on operating performance in 2024, companies are increasing investments in AI, leading to promising results in product development and application scenarios [20] Summary by Sections Market Review - The computer (Shenwan) index showed a slight increase of 0.99% during the week, while the Shanghai Composite Index rose by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74% [1][10] - In terms of sub-sectors, the Shenwan secondary industry indices for computer equipment, software development, and IT services showed increases of 0.27%, 0.59%, and 2.04% respectively, with software outperforming hardware [1][12] Performance Summary - Han's Information reported a revenue of 3.235 billion yuan in 2024, a year-on-year increase of 8.57%, with a net profit of 188 million yuan [2][16] - Koyuan Wisdom achieved a revenue of 1.682 billion yuan, up 19.55%, and a net profit of 252 million yuan, up 56.64% [2][16] - Ruiming Technology reported a revenue of 2.777 billion yuan, a significant increase of 63.45%, with a net profit of 290 million yuan, up 184.50% [2][16] Investment Insights - The report highlights that the computer industry is entering a peak period for disclosing 2024 performance, with a particular focus on AI developments. The government’s support for AI is expected to drive substantial growth in the sector [19][20] - Companies like Han's Information are prioritizing AI as a strategic focus, leading to successful applications in various business areas, contributing to incremental revenue growth [20] - The collaboration between Zhongke Chuangda and Huoshan Engine aims to enhance intelligent automotive solutions, showcasing the integration of AI in practical applications [20]

Financial Performance - The company reported a cash balance of 1.2 billion and a credit line of 2.4 billion, indicating a strong liquidity position despite considering future financing options [2] - In Q4 2024, the company achieved its highest quarterly revenue, but the net profit after deducting non-recurring items was only around 20 million, primarily due to increased management expenses [3] - The first quarter of 2025 saw a nearly 30% growth in net profit after deducting non-recurring items, and a 100% increase compared to the same period last year when excluding stock incentive costs [5] Business Adjustments and Growth - The company is experiencing a normal growth rate in its proprietary software products, while traditional ERP business has slightly declined due to strategic adjustments towards AI market demands [4] - AI-related business opportunities have increased significantly since the Spring Festival, but the conversion of orders typically takes several months, with expectations for acceleration in Q2 and Q3 [4][6] - The company plans to enhance its AI agent and MCP (Multi-Cloud Platform) capabilities, focusing on autonomous agents that can improve operational efficiency in manufacturing [6] Strategic Initiatives - The company launched an enterprise-level AI application product/service system named "DeLing," which includes various AI products and services contributing to its revenue [8] - The company aims for over 10% growth in overseas markets by transitioning from "service export" to "product export," with positive reception for its AI products [8] - The company is exploring the integration of AI applications in the healthcare sector through its subsidiary, Dingyi Information, which is developing AI solutions for hospitals [9] Profitability Outlook - The gross margin for the AI agent business exceeded 40% last year, with plans to optimize for higher profitability this year [7] - Future profit growth is expected from the increasing maturity of proprietary software products and the anticipated strong performance of new strategic business areas, including enterprise AI applications and PaaS platforms [9]

资金面上看，今日数据安全概念板块获主力资金净流出39.43亿元，其中，122股获主力资金净流出，13 股主力资金净流出超亿元，净流出资金居首的是浙大网新，今日主力资金净流出4.64亿元，净流出资金 居前的还有中科曙光、中国长城、汉得信息等，主力资金分别净流出2.21亿元、1.93亿元、1.75亿元。 今日主力资金净流入居前的概念股有万兴科技、ST华通、海天瑞声等，主力资金分别净流入7076.44万 元、4615.66万元、2811.74万元。（数据宝） 数据安全概念资金流出榜 截至4月24日收盘，数据安全概念下跌3.07%，位居概念板块跌幅榜前列，板块内，星光股份、*ST信通 等跌停，东方通、信雅达、永信至诚等跌幅居前，股价上涨的有6只，涨幅居前的有ST证通、ST华通、 陕鼓动力等，分别上涨5.10%、2.39%、1.98%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 3.70 | 电子身份证 | -3.20 | | 丙烯酸 | 1.89 | 华为盘古 | -3.13 | | 天津自贸 ...

Group 1: Xianheng International - The company achieved revenue of 3.606 billion yuan, a year-on-year increase of 23.15%, and a net profit of 223 million yuan, a year-on-year increase of 130.67% [1] - In 2024, the company plans to deepen its focus on the power grid sector and expand into oil and gas, power generation, etc., with projected sales of 1.091 billion yuan, a year-on-year increase of 70.97% [1] - The company is utilizing technologies such as drones and embodied intelligence for secondary research and development, leading to product upgrades [1] - The dividend plan for 2024 is set at 0.36 yuan per share, with a total cash dividend and buyback amounting to 203 million yuan, representing a cash dividend ratio of 91.24% [1] - In 2025, the company aims to enhance quality and efficiency, optimize the supply chain, strengthen talent development, and pursue strategic external expansion, including potential mergers and acquisitions [1] - The impact of the China-US tariff trade war on the company is minimal, as its main clients are domestic state-owned enterprises, with a small proportion of overseas business [1] Group 2: Hand Information - In 2024, the company reported revenue of 3.235 billion yuan, a year-on-year increase of 8.57%, and turned a profit with improved cash flow, while its proprietary software business grew by 16.17% [2] - In Q1 2025, the company maintained stable revenue of 740 million yuan [2] - The company aims to gradually increase its profit margin, targeting a return to a historical high of 16%, with AI business revenue expected to double by 2025, reaching 33 million yuan in Q1 [2] - By 2027, AI business is anticipated to become mainstream, with a focus on technology research and development, product layout, and market expansion over the next two to three years [2] - Over 90% of revenue comes from existing customers, providing a solid foundation for promoting new business [2] - The company plans to launch proprietary intelligent agents and MCP business in the second half of the year, with a strong profit margin in AI business and high customer stickiness [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported a revenue of 3.235 billion yuan for 2024, representing a year-on-year growth of 8.57%, and a net profit attributable to the parent company of 188 million yuan, a significant recovery from a loss of 25 million yuan in the previous year [1] - The emergence of enterprise-level AI applications presents significant opportunities, with the company positioned to benefit from the growing demand in various sectors such as software and information services, finance, and manufacturing [1] - The gross margin for the company's proprietary software business improved significantly to 37.20% in 2024, an increase of 7.06 percentage points year-on-year, driven by product maturity and AI-related business growth [1] Financial Performance Summary - The company achieved total revenue of 32.35 billion yuan in 2024, with a year-on-year growth rate of 8.57% [3] - The net profit attributable to the parent company for 2024 was 188 million yuan, a remarkable increase of 842.3% compared to the previous year [3] - The gross margin for 2024 was reported at 32.9%, up from 26.8% in 2023, indicating improved profitability [3] - The company expects EPS of 0.25 yuan, 0.30 yuan, and 0.35 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 73.77, 60.30, and 51.89 [3]

Financial Performance - In 2024, the company achieved a revenue of 3.235 billion CNY, a year-on-year increase of approximately 8.57% [10] - The net profit attributable to shareholders reached 188 million CNY, with a significant increase of 842.28% year-on-year [3][5] - The overall gross margin improved to 32.92%, an increase of 6.12 percentage points compared to the previous year [5] Revenue Structure - The main revenue source was the proprietary software business, generating 1.774 billion CNY, with a year-on-year growth of 16.17% [4] - Traditional business remained stable, aligning with the company's strategic layout for 2024 [4] Cash Flow and Profitability - The company focused on profit and cash flow as core operational goals, achieving a substantial improvement in cash flow [5] - Sales expenses decreased by nearly 19.3%, reflecting effective cost control measures [5] AI Business Development - AI-related business generated approximately 78 million CNY in 2024, marking significant growth compared to 2023 [5] - In Q1 2025, AI projects achieved revenue of about 33 million CNY, with a notable increase in business opportunities [8][10] Market Trends and Strategic Focus - The company is transitioning from service-based to product-based business models, aiming to enhance profitability and market competitiveness [16] - The focus on AI and PaaS platforms is expected to drive future revenue growth, with a strategic shift towards these areas [9][12] Customer Engagement and Retention - Over 90% of AI-related revenue comes from existing customers, highlighting strong customer loyalty and trust [15] - The company plans to leverage its established relationships to promote new AI offerings effectively [15] Future Outlook - The company anticipates that by 2027, AI will become a primary revenue driver, surpassing traditional digital transformation solutions [12] - Continuous investment in R&D and market expansion is planned to maintain competitive advantage in the evolving AI landscape [19][20]