新股覆盖研究：汉朔科技

Investment Rating - The investment rating for the company is "Buy" [26]. Core Viewpoints - The company, Hanshuo Technology, is a leader in the electronic price tag industry in China and ranks among the top three globally. The electronic price tags offer advantages over traditional paper labels, such as real-time pricing and quick positioning, which benefit the retail sector by reducing costs and increasing efficiency. The global penetration rate of electronic price tags is currently only 15%, indicating significant growth potential [17][18]. - The company has shown impressive revenue growth, with projected revenues of 2.862 billion yuan, 3.775 billion yuan, and 4.486 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 77.44%, 31.91%, and 18.84%. The net profit attributable to the parent company is expected to reach 208 million yuan, 678 million yuan, and 710 million yuan for the same years, with year-on-year growth rates of 3246.17%, 226.20%, and 4.81% [8][5]. Summary by Sections Company Overview - Hanshuo Technology focuses on the digitalization of retail stores, building a business system centered around electronic price tag systems and SaaS cloud platform services. The company has developed a high-density low-power wireless communication protocol, enhancing its competitive edge in communication efficiency and stability [7][17]. Financial Performance - The company achieved revenues of 2.862 billion yuan in 2022, 3.775 billion yuan in 2023, and is projected to reach 4.486 billion yuan in 2024, with corresponding net profits of 208 million yuan, 678 million yuan, and 710 million yuan [5][8]. Industry Situation - The electronic price tag market is expected to grow significantly, with a global market size projected to reach 34.9 billion yuan by 2028, driven by increasing digitalization in retail and the need for cost-effective solutions [14][16]. Company Highlights - The company has launched over 40 models of electronic price tags to meet diverse application needs and has developed a SaaS cloud deployment architecture to provide comprehensive services to retailers [18][19]. Comparison with Peers - Compared to similar companies, Hanshuo Technology's revenue and gross margin are below the industry average, with peer companies averaging revenues of 29.035 billion yuan and a gross margin of 46.30% [22][23].