免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 （记者 曾健辉） 每经AI快讯，海通国际9月29日发布研报称，给予汉朔科技（301275.SZ）"优于大市"评级。评级理由主 要包括：1）业绩短期承压，静待需求释放；2）全球零售数字化需求延续，电子价签北美市场快速增 长；3）数字门店解决方案有望成为新增长点。风险提示：全球宏观经济政策变化风险；技术迭代应用 不及预期；需求不及预期；汇率波动风险；市场竞争加剧。 每经头条（nbdtoutiao）——重磅解读！中国将不寻求WTO新的特殊和差别待遇，意味着什么？ ...

首次覆盖：北美客户拓展顺利，静待需求释放 汉朔科技(301275) 汉朔科技 2025 年半年报点评 股票研究 /[Table_Date] 2025.09.12 2025-09-29 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -4% -7% 相对指数 -19% -34% -60% [Table_Report] 相关报告 电子价签龙头，深度赋能泛零售行业数字化变革 2025.04.01 -22% 2025/3 2025/5 2025/7 2025/9 计算机 [Table_Industry] /信息科技 [Table_Invest] 评级： 增持 [Table_Target] 目标价格(元): 65.97 [Table_CurPrice] 当前价格(元)： 54.91 [Table_Market] 交易数据 本报告导读： 公司 2025 年上半年业绩短期承压，随着北美客户需求释放，以及存量电子价签大规 模替换来临，需求有望重回高增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company's performance in the first half of 2025 was under pressure due to U.S. tariff policies and the gradual release of global electronic shelf label (ESL) demand. However, with the anticipated demand recovery from North American customers and the large-scale replacement of existing electronic price tags, high growth is expected to return [2][13]. - The report projects revenues for 2025, 2026, and 2027 to be 49.53 billion, 59.49 billion, and 70.46 billion yuan respectively, with net profits attributable to the parent company expected to be 7.53 billion, 9.20 billion, and 11.49 billion yuan respectively [13]. Financial Summary - Total revenue for 2023 is reported at 3,775 million yuan, with projections of 4,486 million yuan for 2024, 4,953 million yuan for 2025, 5,949 million yuan for 2026, and 7,046 million yuan for 2027, reflecting growth rates of 31.9%, 18.8%, 10.4%, 20.1%, and 18.5% respectively [4]. - Net profit attributable to the parent company is expected to grow from 678 million yuan in 2023 to 1,149 million yuan in 2027, with growth rates of 226.2%, 4.8%, 6.0%, 22.1%, and 24.9% respectively [4]. - Earnings per share (EPS) is projected to increase from 1.60 yuan in 2023 to 2.72 yuan in 2027 [4]. Market Data - The current stock price is 54.91 yuan, with a target price set at 65.97 yuan, indicating a potential upside [6][7]. - The company has a total market capitalization of 23,194 million yuan and a total share capital of 422 million shares [7]. Industry Insights - The global demand for retail digitalization continues, with the North American market for electronic price tags experiencing rapid growth. In the first half of 2025, global ESL module shipments reached 248 million units, a year-on-year increase of 56% [13]. - The company is developing a complete digital store solution based on its electronic price tag system, which includes AI cameras, inspection robots, and smart shopping carts, aiming to enhance inventory and order management [13].

Group 1 - Alibaba's Gaode Map has formed a strategic partnership with Watsons to enhance the digital transformation of Watsons' offline stores in Hong Kong [1] - The collaboration will focus on the 20 most frequented Watsons stores in Hong Kong, leveraging Gaode's navigation and location services [1] - Gaode will provide three main capabilities: precise location services, strong platform traffic and technical support, and a variety of digital business tools [1] Group 2 - Watsons operates approximately 8,000 stores across 16 markets globally, including Asia, Europe, and the Middle East [2] - Gaode Map has over 800 million monthly active users, making it a leading platform in the travel and location services industry [2] - Other notable brands, such as Huangyue and city'super, have also partnered with Gaode Map to explore innovative paths in retail digitalization [2]

Group 1: Company Overview - Hanshuo Technology is a well-known provider of digital solutions for retail stores, focusing on electronic price tag systems as part of its smart retail solutions [3] - The company aims to bridge the digital gap between online and offline retail, enhancing operational efficiency and consumer shopping experiences through IoT technology [3] Group 2: Financial Performance - In the first half of 2025, the company's total assets reached CNY 6.345 billion, a year-on-year increase of 22.52% [3] - Operating revenue was CNY 1.874 billion, a decline of 6.73% year-on-year [3] - Net profit attributable to shareholders was CNY 222 million, down 41.68% year-on-year [3] - Net profit excluding non-recurring gains and losses was CNY 287 million, a decrease of 20.40% year-on-year [3] Group 3: Market Expansion and Challenges - The company has a solid foundation for future revenue growth through market expansion and customer reserves in the U.S. [4] - The U.S. market's growth has been impacted by tariff policies, which have slowed customer demand [4] - Some large customer orders are expected to be released in later quarters, contributing to future revenue [4] Group 4: Industry Trends - Global demand for retail digitalization continues to grow, with ESL module shipments reaching 248 million units in the first half of 2025, a 56% year-on-year increase [4] - The U.S. Walmart's large-scale application of electronic price tag solutions serves as a strong market driver [4] - In Europe, the penetration of electronic price tags is expanding from daily goods to other retail sectors, with a significant update cycle expected in Western Europe [4] Group 5: Product Strategy and Competitive Advantage - The company focuses on technological innovation to maintain its competitive edge in electronic price tag solutions [5] - The electronic price tag has evolved from a simple pricing tool to a multifunctional core device for store digital operations [5] - The company is expanding its product offerings to include AIoT solutions and digital energy management for retail, aiming to meet the increasing digitalization demands of large retail clients [5]

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].

Group 1 - The company achieved a revenue of 1.974 billion yuan in the first half of 2025, a year-over-year decrease of 7%, and a net profit of 222 million yuan, down 42% year-over-year [1] - In Q2 2025, the company reported a revenue of 993 million yuan and a net profit of 72 million yuan [1] - The gross margin for the first half of 2025 was 31.6%, a decrease of 5.7 percentage points compared to the first half of 2024, while the net profit margin was 11.2%, down 6.7 percentage points year-over-year [1] Group 2 - The company has established a business system centered around electronic shelf label (ESL) systems and SaaS cloud platform services, focusing on the digitalization of retail stores [2] - The company has implemented an international strategy and has subsidiaries in multiple countries, including France, Germany, the USA, and Japan, among others [2] Group 3 - As of the end of Q2 2025, the company has served over 500 clients across more than 70 countries and regions [3] - The global demand for retail digitalization continues to grow, with ESL module shipments reaching 248 million units in the first half of 2025, a year-over-year increase of 56%, driven by demand from major retailers like Walmart [1][3] - The company is expected to achieve revenues of 5.16 billion yuan, 6.09 billion yuan, and 7.31 billion yuan from 2025 to 2027, with projected year-over-year growth rates of 15%, 18%, and 20% respectively [3]

Core Insights - The global demand for retail digitization is expected to continue growing, particularly for electronic shelf label (ESL) solutions, with a projected shipment of 248 million ESL modules in the first half of 2025, representing a 56% year-on-year increase [1] Group 1: Market Trends - The demand for ESL solutions is significantly driven by major retailers like Walmart in North America, which serves as a strong example for other large retailers to accelerate their digital upgrades [1] - Europe remains a key market for ESL applications, with Western Europe showing high penetration rates as the use of ESLs expands from daily consumer goods to other retail sectors such as clothing and home improvement [1] Group 2: Future Projections - The market is entering a replacement cycle in Western Europe, with an expected 20% of global shipments in 2026 coming from replacement demand, increasing to 28% by 2027 [1]

Core Insights - The domestic electronic price tag solution penetration rate is lower than the global average due to low labor costs and the advanced online retail environment [1] - The company is a leading player in the domestic electronic price tag market, serving well-known retail clients such as Wumart, China Resources, and others [1] - The company reported a domestic revenue of 265 million yuan for 2024, representing a year-on-year growth of 63.58%, indicating a steady development trend in the domestic digitalization market [1] Company Relationships - The company has established close partnerships with Sam's Club China and Ole' China to promote digital transformation in the domestic retail industry [1] - The company serves a diverse range of clients across various retail sectors, including fresh food chains and other retail fields [1] Market Trends - The digitalization trend in the domestic market is steadily developing, with clear demand from multiple well-known retail clients [1]

Core Viewpoint - Hanshu Technology reported a steady performance in the first half of 2025, achieving an operating income of 1.974 billion yuan and a net profit attributable to shareholders of 222 million yuan, maintaining its leading position in the industry with a revenue scale ranking second among global peers [1] Group 1: Financial Performance - The company achieved an operating income of 1.974 billion yuan and a net profit of 222 million yuan in the first half of 2025 [1] - The net profit after deducting non-recurring gains and losses was 287 million yuan [1] - Total assets reached 6.345 billion yuan, reflecting a year-on-year increase of 22.52% [1] Group 2: Innovation-Driven Product Strategy - Since its establishment in 2012, the company has focused on digital upgrades in retail stores, enhancing the "people, goods, and space" elements [2] - The company has developed the HiLPC high-density low-power cellular wireless communication protocol, which offers strong anti-interference, high concurrency, and ultra-low energy consumption, establishing a competitive advantage in electronic price tag communication [2] - The electronic price tag has evolved from a simple pricing tool to a multifunctional core device that supports digital store operations and dynamic pricing, enhancing product competitiveness [2] Group 3: Global Expansion - Hanshu Technology operates globally, serving various sectors including retail, new energy, logistics, and office [3] - The company has established deep partnerships with major clients in Europe, North America, Japan, and Australia, characterized by long cooperation cycles and large order volumes [3] - The company has set up subsidiaries in multiple countries, covering over 70 countries and regions with more than 500 clients, including leading global retailers [3] Group 4: Future Outlook - The company aims to bridge the digital divide between online and offline retail, enhancing operational efficiency and consumer shopping experiences through IoT wireless communication technology [4]