Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company has experienced a decline in revenue and net profit in the first half of 2025, with revenue at 1.974 billion yuan (YoY -7%) and net profit at 222 million yuan (YoY -42%) [1][5]. - The global demand for retail digitalization continues to grow, with a significant increase in electronic shelf label (ESL) module shipments, which reached 248 million units in the first half of 2025, a 56% year-on-year increase [1][2]. - The company has established a comprehensive business system centered around electronic price tag systems and SaaS cloud platform services, and has expanded its international presence to over 70 countries and regions [2][5]. Financial Performance Summary - In the first half of 2025, the company's gross margin was 31.6%, down 5.7 percentage points from the first half of 2024, and the net profit margin was 11.2%, down 6.7 percentage points from the previous year [1]. - The company expects revenue growth from 5.16 billion yuan in 2025 to 7.31 billion yuan in 2027, with projected growth rates of 15%, 18%, and 20% respectively [2][3]. - The earnings per share (EPS) is projected to increase from 1.94 yuan in 2025 to 2.76 yuan in 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 29.8 to 20.9 [3].
汉朔科技（301275）：北美市场潜力释放，零售数字化持续加速