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 | ...

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

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].

据证券之星公开数据整理，近期汉朔科技（301275）发布2025年中报。截至本报告期末，公司营业总收 入19.74亿元，同比下降6.73%，归母净利润2.22亿元，同比下降41.68%。按单季度数据看，第二季度营 业总收入9.93亿元，同比下降13.1%，第二季度归母净利润7212.11万元，同比下降65.9%。本报告期汉 朔科技应收账款上升，应收账款同比增幅达62.14%。 财务费用变动幅度为-2002.18%,原因:欧元汇率上升导致本期汇兑收益显著增加。 经营活动产生的现金流量净额变动幅度为-88.75%,原因:本期销售回款的增加额小于采购支出增加额及支 付各项税费金额增加综合影响。 投资活动产生的现金流量净额变动幅度为-783.18%,原因:本期购买短期理财支出增加及购建长期资产支 出增加综合影响。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率31.59%，同比减15.2%，净利率11.24%， 同比减37.47%，销售费用、管理费用、财务费用总计1.26亿元，三费占营收比6.41%，同比减43.5%，每 股净资产9.24元，同比增47.26%，每股经营性现金流0.13元，同比减89.88%， ...

Core Viewpoint - Han Shuo Technology announced a decline in performance for the first half of 2025, attributing it to several factors including tariff impacts, customer order timing, and a decrease in gross margin [1] Group 1: Performance Decline Reasons - Tariff Impact: The U.S. tariffs have affected the primary growth area, leading to a slowdown in customer demand in the U.S. market, which is considered the most potential market globally [1] - Customer Order Timing: The overall business progress remained stable, but some major customer orders were not released in the first half of the year and are expected to manifest in subsequent quarters [1] - Gross Margin Decline: The gross margin for the first half was 31.59%, a decrease of 5.66 percentage points year-on-year, primarily due to increased market competition from new customers and a decline in gross margin for electronic price tags [1] Group 2: Business Outlook - Core Customer Cooperation: The company continues to strengthen cooperation with core customers while steadily expanding its new customer base [1] - Global Project Reserves: The company has sufficient global project reserves, indicating a solid market layout [1] - Industry Trend: The overall industry trend remains positive, laying a strong foundation for future business development [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 - HanShuo Technology reported a decline in revenue and net profit for the first half of 2025, indicating short-term performance pressure due to various factors including a slight decrease in gross margin and losses from fair value changes [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 1.974 billion yuan, a year-on-year decrease of 6.73% [1] - The net profit attributable to shareholders was 222 million yuan, down 41.68% year-on-year, while the net profit excluding non-recurring items was 287 million yuan, a decrease of 20.40% [1] - In Q2 2025, revenue was 993 million yuan, a decline of 13.10% year-on-year, and net profit was 72 million yuan, down 65.90% year-on-year [1] Performance Drivers - The gross margin for H1 2025 was 31.59%, a decrease of 5.66 percentage points year-on-year, primarily due to changes in product structure [2] - Fair value changes resulted in a loss of 62 million yuan in H1 2025, compared to a gain of 13 million yuan in the same period last year, attributed to floating losses in foreign exchange hedging [2] - The company’s expense ratio decreased to 11.01%, down 4.95 percentage points year-on-year, with financial expenses significantly increasing due to foreign exchange gains from the rising euro [2] Competitive Advantages - The company has developed a proprietary HiLPC communication protocol that enhances network architecture, providing strong anti-interference capabilities and high throughput [3] - Since 2013, the company has launched over 40 electronic price tag products and continuously optimized its hardware and software solutions, maintaining a leading position in the industry [3] - The company is actively managing its domestic supply chain and promoting domestic chip substitution to maintain cost advantages, with gross margins consistently leading the global industry [4] Client Relationships - The company has established a global presence with subsidiaries in over 70 countries and regions, collaborating with major retail clients such as Auchan, Aldi, and Woolworths [4] - This extensive client base and partnerships are expected to drive continued revenue growth [4] Investment Outlook - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 4.562 billion, 5.594 billion, and 6.886 billion yuan respectively, with year-on-year growth rates of 1.7%, 22.6%, and 23.1% [5] - The net profit forecasts for the same period are 652 million, 899 million, and 1.200 billion yuan, with expected year-on-year changes of -8.2%, +37.9%, and +33.4% [5] - The closing price on August 25, 2025, was 59.22 yuan, corresponding to P/E ratios of 38.36x, 27.81x, and 20.85x for the respective years [5]

Group 1 - The report highlights the transformative impact of AI on machine vision, evolving from a "perception tool" to a "cognitive engine," enabling real-time analysis and adaptive adjustments [3][15] - Key beneficiaries in the machine vision sector include Opto, which is expanding its product offerings in consumer robotics and AI quality inspection [3][16] - Lingyun Optical is collaborating with Yushu to enhance humanoid robot training and data collection, with significant growth in orders expected in Q1 2025 [3][18] Group 2 - The electronic price tag market is projected to reach 34.9 billion yuan by 2028, driven by the rapid adoption of digital retail and the advantages of electronic tags over traditional paper tags [5][11] - The industry is highly concentrated, with leading companies like Hanshu Technology capturing approximately 91% of the global market share in 2023, benefiting from technological advantages and brand effects [5][11] - The report emphasizes the importance of electronic price tags in the digital transformation of retail, particularly in the post-pandemic recovery phase [5][11] Group 3 - The report recommends several themes and stocks, including smart automotive (Huguang Co., Ruihu Mould, Xinquan Co.), high-end manufacturing (Lingyun Optical, Opto), and outdoor products (Sanfu Outdoor) [6][26] - Specific companies like Ruihu Mould and Lingyun Optical have shown significant stock price increases, indicating strong market performance [26][27] - The report notes that the overall performance of small-cap indices has outpaced large-cap indices, suggesting a favorable environment for small-cap investments [4][23]

Summary of Key Points from Conference Call Records Industry and Company Overview - **Yingshi Innovation**: Leading global provider of panoramic cameras with a market share of 67.2%. The handheld smart imaging device market reached RMB 36.47 billion in 2023, growing at 14.3% annually. The panoramic camera market is valued at RMB 5.03 billion, with future growth expected from the integration of panoramic and action cameras and emerging applications [1][5]. - **Sikang Technology**: Dominates the industrial-grade 3D laser scanner market, holding the top position in China and second globally. Revenue projections for 2022-2024 are RMB 210 million, RMB 270 million, and RMB 330 million, with an annual growth rate of 20%-30% [1][12]. - **Hanshuo Technology**: The third-largest electronic shelf label supplier globally, with a domestic market share of approximately 12%. The global electronic shelf label market is expected to reach RMB 35 billion by 2028 [1][14]. - **Taihe Co., Ltd.**: A leading pesticide manufacturer in China, with core products like Bacillus thuringiensis accounting for over 50% of global capacity. Revenue projections for 2022-2024 are RMB 5.1 billion, RMB 3.87 billion, and RMB 4.24 billion [1][20]. Core Insights and Arguments - **Yingshi Innovation**: The company maintains a strong position in the smart imaging device market, with a balanced online and offline sales strategy. The introduction of the X5 series panoramic camera has seen high demand due to its advanced features [3][8]. - **Sikang Technology**: The company has established strong partnerships with major automotive and aerospace firms, indicating a solid competitive advantage in high-precision markets [11]. - **Hanshuo Technology**: The company is well-positioned to benefit from the increasing penetration of electronic shelf labels in retail, driven by rising labor costs and inflation [16][15]. - **Taihe Co., Ltd.**: The company has a robust international presence through long-term collaborations with multinational corporations, enhancing its market position [21]. Financial Performance - **Yingshi Innovation**: Revenue is projected to grow from RMB 2.04 billion in 2022 to RMB 5.57 billion in 2024, with an average growth rate exceeding 50%. The expected revenue for the first half of 2025 is between RMB 3.2 billion and RMB 3.8 billion [10]. - **Sikang Technology**: Revenue is expected to grow steadily, with net profits increasing significantly in the first quarter of 2025 [12]. - **Hanshuo Technology**: Revenue is projected to increase from RMB 2.8 billion in 2022 to RMB 4.49 billion in 2024, despite a slight decline in Q1 2023 [19]. - **Taihe Co., Ltd.**: Revenue is expected to stabilize despite slight declines in 2023, with a significant increase in net profit in Q1 2025 [25]. Potential Risks - **Sikang Technology**: Faces risks related to its small revenue base and the competitive landscape, as well as macroeconomic factors affecting industrial clients [13]. - **Taihe Co., Ltd.**: Risks include price volatility in agricultural products, uncertainties in the promotion of new varieties, and potential trade policy fluctuations [26]. Additional Important Insights - **Emerging Applications**: Yingshi Innovation is exploring new fields such as VR real estate viewing, panoramic news broadcasting, and security monitoring, which could provide additional growth opportunities [9]. - **Market Trends**: The electronic shelf label market is expected to grow significantly, with a current penetration rate of only 15% globally, indicating substantial room for growth [15].

Summary of Conference Call Records Company and Industry Overview 1. Company: Sanwei Chemical (三维化学, 002469) - Industry: Chemical Manufacturing 2. Company: Hanshuo Technology (汉朔科技, 301275) - Industry: Electronic Price Tag Technology Key Points and Arguments Sanwei Chemical 1. **Business Expansion and Growth Potential** - Acquired Nuoao Chemical in 2020, expanding into chemical product sales, benefiting from product price increase logic [1][3][5] - Chemical production lines can quickly switch to high-efficiency products, mitigating price volatility impacts on profitability [3][5] 2. **Revenue and Profit Forecast** - Expected net profits for 2025-2027: 3.8 billion, 4.9 billion, and 6 billion CNY, with growth rates of 43.69%, 30.23%, and 22.07% respectively [1][3] - Projected P/E ratios for the same period: 15.11, 11.60, and 9.51 [1][3] 3. **Production Capacity and Projects** - Leading in sulfur recovery device business, with revenue recognition peak expected in Q2 and Q3 of this year [1][7] - Ongoing construction of 50,000 tons/year isooctanoic acid and 15,000 tons/year cellulose capacity, expected to contribute to performance [1][3] 4. **Financial Data** - Revenue forecast for 2023-2027: 2,657.45 million, 2,554.29 million, 3,676.37 million, 4,213.36 million, and 4,816.81 million CNY [4] - Net profit forecast for the same period: 282.18 million, 262.65 million, 377.41 million, 491.49 million, and 599.97 million CNY [4] Hanshuo Technology 1. **Market Position and Technology** - Leading player in the electronic price tag industry with a comprehensive software and hardware technology system [2][11] - Developed key communication protocol HiLPC, enhancing software-hardware synergy [11][16] 2. **Market Penetration and Growth Forecast** - Global market penetration for electronic price tags in supermarkets is approximately 15%, with strong relationships with major clients ensuring stable order flow [2][11][13] - Expected net profits for 2025-2027: 8.18 billion, 9.68 billion, and 11.66 billion CNY, with growth rates of 15.2%, 18.3%, and 20.4% respectively [2][11] 3. **Financial Data** - Revenue forecast for 2023-2027: 3,775 million, 4,486 million, 5,160 million, 6,091 million, and 7,311 million CNY [12] - Net profit forecast for the same period: 678 million, 710 million, 818 million, 968 million, and 1,166 million CNY [12] Other Important Insights 1. **Risk Factors** - For Sanwei Chemical, risks include unexpected fluctuations in raw material prices [1][3] - For Hanshuo Technology, risks involve lower-than-expected downstream demand [2][11] 2. **Strategic Partnerships** - Both companies emphasize strong partnerships with major clients to ensure stable growth and market presence [11][14] 3. **Industry Trends** - Sanwei Chemical benefits from domestic production of acetate cellulose amid global trade uncertainties [3] - Hanshuo Technology is positioned to leverage digital transformation trends in the retail sector [11][16]