Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights the rapid growth of AI applications, particularly in the media sector, indicating significant investment opportunities [4][10] - The daily token usage of the Doubao large model has surged to over 12.7 trillion, which is three times that of December 2024 and 106 times compared to its initial release [4] - The report emphasizes the advancements in AI models, including the release of Doubao 1.5 and its capabilities in various fields such as mathematics, coding, and creative writing [6][8][9] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -6.58% over one month, 1.3% over three months, and 8.21% over twelve months compared to the CSI 300 index [2] Key Developments - The Doubao 1.5 model has been released with a new MoE architecture and dual-track reward mechanism, showcasing superior performance in reasoning tasks [5][6] - The Doubao text-to-image model 3.0 has been upgraded to produce better text layout and high-quality images, ranking among the top globally [8] - The Doubao visual understanding model has improved its capabilities in video localization and understanding, applicable in various commercial scenarios [9] Investment Opportunities - The report suggests focusing on companies such as Hand Information, Chuangye Heima, and Hehe Information for potential investment in AI applications [10]

人民财讯3月13日电，据汉得信息公司消息，近日，深圳盛弘电气股份有限公司（简称"盛弘股份"）携 手汉得信息，正式启动基于H-ZERO PaaS数字化平台建设项目。 该项目旨在通过引入H-ZERO平台，助力盛弘股份搭建高效、智能的企业数字化技术平台，加速实现数 字化转型。 汉得信息同时公布，H-AI飞码代码大模型即将发布，将助力H-ZERO开发效率再提升30%。 ...

证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交23.14亿元，其中，买入成交额为10.15亿 元，卖出成交额为12.98亿元，合计净卖出2.83亿元。 汉得信息今日上涨0.15%，全天换手率39.79%，成交额77.00亿元，振幅15.56%。龙虎榜数据显示，机构 净卖出1.18亿元，深股通净买入7425.10万元，营业部席位合计净卖出2.39亿元。 深交所公开信息显示，当日该股因日换手率达39.79%上榜，机构专用席位净卖出1.18亿元，深股通净买 入7425.10万元。 融资融券数据显示，该股最新（1月24日）两融余额为10.27亿元，其中，融资余额为10.25亿元，融券余 额为275.40万元。近5日融资余额合计增加2.31亿元，增幅为29.06%，融券余额合计增加96.46万元，增 幅53.91%。（数据宝） 汉得信息1月27日交易公开信息 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买三、卖四，合计买入金额1.44亿 元，卖出金额2.62亿元，合计净卖出1.18亿元，深股通为第一大买入营业部及第一大卖出营业部，买入 金额为3.77亿元，卖出金额为3.03亿元，合计净买入742 ...

证券代码：300170 证券简称：汉得信息 公告编号：2025-002 上海汉得信息技术股份有限公司 关于股票交易异常波动的公告 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。 一、股票交易异常波动的具体情况 上海汉得信息技术股份有限公司（以下简称"公司"）股票（证券简称：汉 得信息；证券代码：300170）交易价格连续 3 个交易日（2025 年 1 月 21 日、2025 年 1 月 22 日、2025 年 1 月 23 日）收盘价格涨幅偏离值累计达 30%，根据《深圳 证券交易所交易规则》的相关规定，属于股票交易异常波动情况。 二、公司对重要问题的关注、核实情况 针对公司本次股票交易异常波动的情况，公司董事会对公司控股股东及实际 控制人就相关事项进行了核实，现就相关情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处。 2、近期公司经营情况及内外部经营环境未发生重大变化。 3、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 4、经核查，公司、公司控股股东及实际控制人不存在关于公司的应披露而 未披露的 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of between 17,000 and 21,000 million yuan for 2024, a significant recovery from a loss of 2,538.03 million yuan in the previous year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between 12,000 and 16,000 million yuan, compared to a loss of 8,339.30 million yuan in the same period last year[3]. Business Growth Drivers - The overall business is expected to grow steadily, driven by rapid growth in self-developed products, particularly in industrial software, digital marketing, and supply chain sectors[5]. - The AI-related and PaaS business segments are anticipated to contribute significantly to revenue growth in 2024, following their launch in 2023[5]. Profitability and Efficiency Improvements - The company aims to improve quality and efficiency, leading to a notable year-on-year change in profit margins, primarily due to a significant increase in gross profit margin[6]. - Effective execution of cost control measures is expected to keep sales, management, financial, and R&D expenses stable, resulting in a relative decrease in overall expense ratio[7]. - The company has achieved a higher gross profit margin due to the competitive advantage of AI and PaaS businesses, which are expected to drive incremental revenue[7]. - The maturity of self-developed application products is improving, leading to higher standardization and driving gross margin growth[7]. Strategic Focus and Future Plans - The company plans to leverage the foundation built in 2024 to continue focusing on AI applications, PaaS expansion, data elements, and international markets[6]. Investor Caution - The financial data presented is preliminary and will be detailed in the 2024 annual report, with a caution for investors regarding investment risks[8].

Investment Rating - The investment rating for the company is "Buy" [3][6]. Core Insights - The company is positioned as a core vendor for B-end applications of large AI models, with a promising outlook for its main business in high-end ERP solutions [4][10]. - The B-end AI Agent market in China is expected to grow significantly, with a projected market size of 171.8 billion yuan by 2025, reflecting a year-on-year growth of 150% [5][27]. - The company has a strong client base, having served over 6,000 enterprises, including more than 300 Fortune 500 companies, which enhances its market position [5][11]. - The company aims to replace traditional ERP systems with its self-developed products, leveraging its extensive experience in consulting, implementation, and software development [12][56]. Summary by Sections Company Overview - The company has a total market capitalization of 11.956 billion yuan and a total share capital of 9.85 billion shares, with a closing price of 12.14 yuan [3]. - The company has experienced a recent one-month stock price increase of 6.64% [3]. Financial Performance - The company forecasts revenue growth from 3.22 billion yuan in 2024 to 3.92 billion yuan in 2026, with year-on-year growth rates of 8.1%, 9.8%, and 11.0% respectively [6][7]. - The projected net profit for 2024 is 212 million yuan, increasing to 285 million yuan by 2026, with corresponding P/E ratios of 56, 49, and 42 [6][7]. Market Trends - The traditional ERP systems are gradually being decoupled, leading to a shift towards modular and AI-enhanced solutions, which the company is well-positioned to capitalize on [10][19]. - The company has initiated its AI intelligent application business, which is expected to generate approximately 25 million yuan in revenue in the first half of 2024 [5][19]. Strategic Partnerships - The company has established a deep partnership with ByteDance's Volcano Engine, enhancing its capabilities in deploying large AI models for enterprise applications [10][41]. - The collaboration has been recognized with awards for excellence in solution partnerships, indicating a strong alignment with industry leaders [42]. Product Development - The company has developed a comprehensive digital product system named HERO, which includes various platforms and applications aimed at facilitating digital transformation for enterprises [56].

Investment Rating - The report assigns a "Buy" rating for the company HanDe Information (300170.SZ) [3][6]. Core Insights - HanDe Information is positioned as a core vendor for B-end applications of large AI models, with a promising outlook for its main business in high-end ERP solutions [4][5]. - The company has a strong foundation in enterprise digitalization, with over 20 years of experience and a significant client base, including more than 300 Fortune 500 companies [5][10]. - The B-end AI Agent market is projected to grow significantly, with a forecasted market size of 171.8 billion yuan by 2025, reflecting a 150% year-on-year increase [5][27]. - HanDe's AI-driven products and services are expected to generate substantial revenue, with projections of over 60 million yuan in related income for the year 2024 [5][6]. - The company aims to replace traditional ERP systems with its self-developed products, leveraging its expertise in consulting, implementation, and software development [12][56]. Summary by Sections Company Overview - HanDe Information has a total market capitalization of 11.956 billion yuan and a total share capital of 9.85 billion shares, with a closing price of 12.14 yuan [3][6]. - The company has experienced a recent monthly stock price increase of 6.64% [3]. Financial Projections - Revenue forecasts for 2024-2026 are 3.22 billion yuan, 3.54 billion yuan, and 3.92 billion yuan, respectively, with year-on-year growth rates of 8.1%, 9.8%, and 11.0% [6][7]. - The projected net profit for 2024-2026 is 212 million yuan, 247 million yuan, and 285 million yuan, with corresponding P/E ratios of 56, 49, and 42 [6][7]. Market Trends - The report highlights a clear trend of traditional ERP systems gradually decoupling, with a shift towards modular and AI-enhanced solutions [9][19]. - The demand for AI integration in enterprise IT systems is increasing, with companies expected to invest more in AI technologies [29][30]. Strategic Partnerships - HanDe has established a deep partnership with ByteDance's Volcano Engine, enhancing its capabilities in AI model applications [26][42]. - The collaboration aims to leverage large AI models to drive digital transformation in enterprises, showcasing successful case studies in various industries [41][42]. Product Development - The HERO digital product system developed by HanDe includes a PaaS platform and various specialized applications, aimed at facilitating enterprises' digital transformation [56]. - The company is actively developing its AI capabilities, with over 500 R&D personnel and 2,000 AI business consultants [11][43].

Summary of the Conference Call Company and Industry Involved - The conference call involved **Hand Information Technology** and the **AI industry**. Key Points and Arguments 1. **Investment Focus on AI**: The team has shifted its investment focus towards AI, particularly in domestic computing power, starting from early 2023. They have previously recommended companies like Huawei Chain, Sheng Teng, and HOMO as part of their investment strategy [2][3][4]. 2. **Market Potential**: The market space for Hand Information is expected to triple due to the integration of AI agents. Currently, the company generates around 3 billion CNY in revenue, primarily from ERP services to over 3,000 clients, with each client contributing approximately 1 million CNY [5][6]. 3. **Ecosystem Binding**: The company emphasizes the importance of binding with ecosystems to achieve growth. They believe that software companies must integrate into larger ecosystems to thrive, as seen in their collaboration with ByteDance [4][6]. 4. **AI Agent Impact**: The introduction of AI agents is projected to significantly enhance the company's market space, with estimates suggesting a threefold increase without accounting for new client acquisitions [6][25]. 5. **Client Engagement**: The average annual revenue per client is expected to increase significantly as companies adopt AI solutions. The potential for larger enterprises to utilize multiple AI agents is highlighted, with estimates suggesting that large companies could deploy dozens to hundreds of agents [15][16]. 6. **Revenue Growth Projections**: The company initially aimed for a revenue target of 200 million CNY for 2024 but adjusted expectations to a range of 40 to 50 million CNY due to economic conditions. However, they remain optimistic about future growth [12][38]. 7. **Collaboration with ByteDance**: The partnership with ByteDance is described as strong and mutually beneficial, focusing on marketing and AI solutions. The collaboration has led to several successful projects and recognition in the industry [8][19]. 8. **AI Deployment Strategy**: The company plans to deploy AI solutions across various sectors, including marketing, manufacturing, and supply chain management. They aim to create standardized solutions that can be adapted for both large and small enterprises [30][37]. 9. **Market Trends**: The overall market sentiment is cautiously optimistic, with indications that large state-owned enterprises are beginning to increase their investment in AI technologies [39][40]. 10. **Future Directions**: The company is committed to expanding its AI capabilities and enhancing its product offerings, with a focus on creating lighthouse projects that can serve as examples for other businesses [35][36]. Other Important but Possibly Overlooked Content 1. **Client Acquisition**: The company has a solid base of over 6,000 clients, with a significant portion actively engaging in transactions. This client base is seen as a critical asset for future growth [34]. 2. **Cost Efficiency**: The integration of AI is expected to reduce operational costs and improve efficiency, making it easier for companies to justify investments in AI solutions [20][21]. 3. **Long-term Vision**: The leadership expresses a strong commitment to AI, indicating that the company has invested significantly in talent and resources to support its AI initiatives [33][51]. 4. **Competitive Landscape**: The company notes a lack of similar partnerships in the market, suggesting a unique position in the AI space compared to competitors [46][47]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's focus on AI and its implications for future growth and market positioning.

Group 1: Financial Performance - The company's revenue for the first three quarters of 2024 reached 2.353 billion CNY, a year-on-year increase of 4.5%, with a single-quarter revenue of 832 million CNY, up 6.67% year-on-year [2] - Net profit attributable to shareholders for the first three quarters was 136 million CNY, a significant increase of 238% year-on-year, while the net profit after deducting non-recurring items was 114 million CNY, up 633% year-on-year [2] - The net cash flow from operating activities increased by 67% year-on-year, with a single-quarter operating net cash flow reaching 103 million CNY, a significant improvement compared to 26 million CNY in the same period last year [2] Group 2: Business Transformation - The company is transitioning from a single ERP consulting service provider to a provider of products and solutions, with its self-developed products (industrial digitalization and financial digitalization) continuing to grow [2] - Revenue from self-developed products reached 1.286 billion CNY in the first three quarters, accounting for 54.66% of total revenue, with industrial digitalization growing by 16.97% year-on-year and financial digitalization by 4.79% [2] - The overall gross margin increased by 2.94 percentage points, with the gross margin for self-developed products reaching 37.28%, up 4.24 percentage points year-on-year [2] Group 3: Market Opportunities and Challenges - The company has observed an increase in IT spending by state-owned enterprises in the third quarter, indicating potential opportunities in this sector [3] - Despite the positive trend, the conversion of this trend into significant order growth may take time, as many enterprises are still in the learning phase regarding digital transformation [3] - The supply chain segment's growth rate is estimated to be between 30% and 40%, driven by increased investments from large enterprises in supply chain management [5] Group 4: Future Outlook - The company plans to focus on improving operational quality and health, maintaining its commitment to self-product strategies, and continuing investments in PaaS platforms and AI applications [3] - Due to macroeconomic uncertainties, the company has not provided clear guidance for 2025, but expects fourth-quarter performance to be on par with or slightly better than the third quarter [5] - The company anticipates that as market confidence improves, order growth will accelerate, particularly among large enterprises that recognize the importance of digitalization [8]