中邮证券有限责任公司孙业亮,常雨婷近期对汉得信息（300170）进行研究并发布了研究报告《构建自主 AI agent，推动B端落地》，首次覆盖汉得信息给予买入评级。 过去几年，公司完成了从单纯ERP实施服务商向软件产品商转型，梳理了四大业务线，并明确以传统ERP 及ITO服务业务作为基本盘维持稳定、以基于自主产品开展的产业数字化及财务数字化作为新增长动力的 发展策略。2024年公司整体业务稳中有进，营收取得了8.57%的同比增长。其中，传统的泛ERP及IT外包 业务保持稳定，主要的增长动力来自于自主软件产品业务(产业数字化+财务数字化)。 自主软件产品业务全年实现收入17.74亿元，同比增长16.17%。收入占比由2023年同期的51.24%上升至 2024年的54.83%。其中，以工业软件、数字营销、供应链为主的产业数字化表现最为突出。产业数字化 全年实现营业收入10.24亿元，同比增长21.27%。财务数字化业务在2024年也有较好的增速，全年实现营 业收入7.50亿元，同比增长9.87%。自主软件产品业务的快速增长，一方面源于公司近几年坚持走自主产 品策略，保持较大力度进行开拓发展，另一方面则得益于新兴 ...

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]

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]

Summary of HanDe Information Conference Call Company Overview - **Company**: HanDe Information - **Industry**: Software and Digital Transformation Key Financial Performance - **2024 Overall Revenue**: 32.35 billion, a year-on-year increase of approximately 8.57% [3] - **2024 Gross Margin**: Increased to 32.92%, up 6 percentage points from 2023, indicating a return to healthy operational status [1][4] - **2024 Net Profit**: Approximately 1.88 billion, with a non-GAAP net profit of about 1.37 billion [10][12] - **2025 Q1 Revenue**: Approximately 7.4 billion, maintaining stability [7] - **2025 Q1 Gross Margin**: Increased by 3.29 percentage points year-on-year, driven by AI technology and business structure adjustments [8] Business Segments Self-Developed Software - **2024 Revenue Growth**: Self-developed software revenue grew by 16.17%, with industrial digitalization as the main growth driver [1][5] - **Cost Control**: Sales expenses decreased by nearly 20% due to effective cost management [5] AI-Related Business - **2024 AI Revenue**: Approximately 78 million, significantly higher than 2023, driven by increased orders for AI platforms and agents [1][6] - **2025 Q1 AI Revenue**: Approximately 33 million, with expectations for annual AI revenue to reach 200 to 300 million, showing significant growth compared to 2024 [2][19] - **AI Business Development**: Focus on autonomous agents that can plan and execute tasks independently, crucial for B-end enterprises [36][38] Strategic Direction - **2025 Revenue Target**: Aiming for a 10% increase in annual revenue, with a profit target of 250 million [14] - **Focus Areas**: Emphasis on cash flow management and business structure adjustments, particularly in AI and PaaS platform strategies [1][14] - **Long-term Goals**: Targeting a net profit margin of approximately 16%, with gradual improvements expected [18] Market Trends and Challenges - **ERP Market Changes**: Shift from traditional ERP systems to specialized systems for different business functions, leading to a decrease in core ERP demand [25][26] - **Domestic Market Dynamics**: Increased focus on digital marketing, industrial software, and financial digitalization to meet modern enterprise needs [27][28] Customer Insights - **Existing Customer Base**: Approximately 4,000 active customers, with an estimated 20% expected to initiate AI projects in 2025 [30] - **Revenue from Existing Customers**: Over 90% of AI revenue in 2024 came from existing customers, highlighting strong customer loyalty [29] Future Outlook - **2026 Revenue Expectations**: If 2025 targets are met, aiming for 500 to 600 million in 2026, with continued high growth rates anticipated [23] - **AI as a Growth Driver**: AI is expected to become a major growth point by 2027, with increasing adoption across various industries [24] Conclusion - HanDe Information is positioned for steady growth through strategic focus on AI and digital transformation, with a strong emphasis on improving profit margins and customer engagement. The company is adapting to market changes and leveraging its existing customer base to drive future revenue growth.

证券代码：300170 证券简称：汉得信息 公告编号：2025-012 上海汉得信息技术股份有限公司 关于向银行申请综合授信额度的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2025 年 4 月 21 日，上海汉得信息技术股份有限公司（以下简称"公司"） 召开第五届董事会第二十六次会议，审议通过了《关于向银行申请综合授信额度 的议案》，同意公司及子公司向上海浦东发展银行股份有限公司青浦支行、招商 银行股份有限公司上海分行、宁波银行股份有限公司上海分行、交通银行股份有 限公司上海徐汇支行、中国银行股份有限公司上海宝山支行、中国农业银行股份 有限公司上海长三角一体化示范区支行、中国民生银行股份有限公司上海分行、 中信银行股份有限公司上海分行、汇丰银行（中国）有限公司上海分行、中国光 大银行股份有限公司上海分行、中国建设银行股份有限公司上海长三角一体化示 范区支行、上海银行股份有限公司市南分行、中国工商银行股份有限公司上海长 三角一体化示范区支行、上海农村商业银行股份有限公司青浦支行、华夏银行青 浦支行申请总额不超过人民币 242,000 万元的综合授信（ ...

证券代码：300170 证券简称：汉得信息 公告编号： 2025-020 上海汉得信息技术股份有限公司 关于公司会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据财政部发布的《企业数据资源相关会计处理暂行规定》（财会〔2023〕 11 号）、《企业会计准则解释第 17 号》（财会〔2023〕21 号）、《企业会计准则解 释第 18 号》（财会〔2024〕24 号）的要求，上海汉得信息技术股份有限公司（以 下简称"公司"）对原会计政策进行相应变更。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等有关规定，本次会计政策变更无需提交董事会及股东大会审议。现将 相关事宜公告如下： 一、本次会计政策变更概述 （一）会计政策变更的原因 1、财政部于 2023 年 8 月 1 日发布了《企业数据资源相关会计处理暂行规 定》（财会〔2023〕11 号），适用于按照企业会计准则相关规定确认为无形资产或 存货等资产类别的数据资源，以及企业合法拥有或控制的、预期会给企业带来经 济利益的、但由于不满足资产确认条件而未确认为资产 ...

上海汉得信息技术股份有限公司 2024年年度 募集资金存放与使用情况专项报告 上海汉得信息技术股份有限公司 2024年年度募集资金存放与使用情况专项报告 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、深圳证券交易 所颁布的《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》以及《深圳证券交易所创业板上市公司自律监管指南第 2 号——公告格式》的相 关规定，上海汉得信息技术股份有限公司（以下简称"本公司"或"公司"）就 2024 年年度募集资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 (一) 实际募集资金金额、资金到账时间 经中国证券监督管理委员会证监许可[2020] 2812 号《关于同意上海汉得信息技术股 份有限公司向不特定对象发行可转换公司债券注册的批复》的核准同意，公司本次发 行面值总额 937,150,000.00 元的可转换公司债券，每张可转债面值为人民币 100.00 元，按面值发行，期限 6 年。截至 2020 年 11 月 27 日，本次向不特定对象 ...

上海汉得信息技术股份有限公司 关于开展外汇衍生品交易业务的可行性分析报告 一、公司开展外汇衍生品交易业务的背景 随着海外业务的发展，上海汉得信息技术股份有限公司（以下简称"公司"） 及合并报表范围内的子公司在开展国际业务过程中外汇收支不断增加。在人民币 汇率双向波动及利率市场化的金融市场环境下，为有效规避外汇市场风险，防范 汇率大幅波动对公司及子公司造成不利影响，结合资金管理要求和日常经营需要， 公司及合并报表范围内的子公司在不影响公司主营业务发展的前提下，拟开展外 汇衍生品交易业务。 二、公司开展外汇衍生品交易业务的情况概述 公司及子公司开展外汇衍生品交易业务以正常生产经营为基础，以具体经营 业务为依托，以规避和防范汇率风险为目的，不进行以投机和套利为目的的衍生 品交易。具体情况如下： （一）交易额度及期限 公司及下属公司（包含纳入公司合并报表范围的各级子公司）拟开展所需交 易保证金（含占用金融机构授信额度的保证金）上限不超过人民币 8 亿元或等值 其他外币金额，任一交易日持有的最高合约价值不超过人民币 8 亿元或等值其他 外币金额的外汇衍生品交易业务，使用期限自股东大会审议通过之日起不超过 12 个月。在 ...

上海汉得信息技术股份有限公司董事会审计委员会 对会计师事务所 2024 年度履职情况评估及履行监督职责情况的报告 （4）组织形式：特殊普通合伙 （5）首席合伙人：朱建弟 （6）人员信息：截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2498 名、从业人员总数 10,021 名，签署过证券服务业务审计报告的注册会计师 743 名。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所创 业板上市公司自律监管指南第 1 号——业务办理》和《公司章程》等规定和要求， 上海汉得信息技术股份有限公司（以下简称"公司"）董事会审计委员会本着勤 勉尽责的原则，恪尽职守，认真履职。现将董事会审计委员会对会计师事务所 2024 年度履职情况评估及履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 （1）机构名称：立信会计师事务所（特殊普通合伙）（以下简称"立信"） （2）成立日期：2011 年 1 月 24 日 （3）注册地址：上海市黄浦区南京东路 61 号四楼 （二）聘任会计师事 ...