HAND(SZ:300170) Shanxi Securities·2025-11-03 07:34Investment Rating - The report maintains a "Buy-A" rating for the company [2][9] Core Insights - The company's revenue for the first three quarters of 2025 reached 2.439 billion yuan, a year-on-year increase of 3.67%, with a net profit attributable to shareholders of 145 million yuan, up 6.96% year-on-year [5] - The company's gross margin improved to 34.92%, an increase of 2.13 percentage points compared to the same period last year, driven by product structure optimization and the maturity of self-developed products [6] - AI product commercialization is accelerating, with AI business revenue reaching approximately 210 million yuan in the first three quarters, and a target of 300 million yuan in AI revenue for the current year [7] Financial Performance - For the first three quarters of 2025, the company's revenue from industrial digitalization reached 833 million yuan, a year-on-year increase of 13.58%, while financial digitalization revenue was 577 million yuan, up 4.55% [6] - The company reported a net profit margin of 6.13% for the first three quarters, an increase of 0.14 percentage points year-on-year [6] - The projected earnings per share (EPS) for 2025-2027 are 0.25, 0.30, and 0.36 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 72.4, 60.6, and 50.0 [8][11]