HAND(SZ:300170) China Post Securities·2025-05-08 06:06Investment 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 and service series 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]. Financial Overview - As of the latest data, the company's total market capitalization is 194 billion yuan, with a total share capital of 9.85 billion shares [3]. - The company reported a net profit of 188.39 million yuan in 2024, with a staggering growth rate of 842.28% [12]. - The revenue from proprietary software products reached 1.774 billion yuan in 2024, representing a year-on-year growth of 16.17% [7]. - The company’s asset-liability ratio stands at 18.0%, indicating a strong financial position [3].