事件概述 业绩短期承压 客户优势：公司深入推进全球化布局，与头部客户达成深度合作。目前，公司已在法国、德国、荷兰、 澳大利亚、日本、美国、新西兰、新加坡、英国、瑞典、加拿大、越南、波兰、西班牙、马来西亚等国 家设立下属公司。截至2024 年底，公司已覆盖全球超过70 个国家和地区的500 余家客户，并与 Auchan、Aldi、Ahold、Woolworths、Leroy Merlin、华润万家、多点集团等全球零售头部企业开展合 作，持续提供业绩增长。 投资建议 汉朔科技发布2025 年半年报，25H1 实现营收19.74 亿元，同比-6.73%；归母净利润2.22 亿元，同 比-41.68%；扣非归母净利润2.87 亿元，同比-20.40%。单季度看，25Q2 实现营收9.93亿元，同 比-13.10%；归母净利润0.72 亿元，同比-65.90%；扣非归母净利润1.22 亿元，同比-40.88%。 业绩短期承压。主要系：1）毛利率小幅下滑。25H1 公司毛利率为31.59%，同比-5.66pct。其中25Q2 毛 利率为30.71%，同比-7.24pct，环比-1.77pct。我们认为主要是由于产品结构变 ...

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]

Investment Rating - Industry rating: Recommended [5] Core Insights - The electronic price tag industry has significant growth potential, with HanShuo Technology being the leading player in China. The company has developed a comprehensive business system centered around electronic price tag systems and SaaS cloud platform services, continuously innovating its product offerings [1][9] - The penetration rate of electronic price tags is expected to continue rising, with the current global penetration at approximately 15%. In China, the penetration rate is only 15% as of 2023, but it is projected to reach 40% in the next five years. The global electronic price tag market size has grown from 2.8 billion to 16.9 billion from 2017 to 2023, with a CAGR of 34.9%, and is expected to reach 34.9 billion by 2028 [2][14][15] Summary by Sections Section 1: Electronic Price Tag Industry Overview - HanShuo Technology is the top electronic price tag manufacturer in China and ranks among the top three globally. The company has established international operations since 2014 and has formed strategic partnerships with major retailers [1][9][10] - The company reported a revenue of 4.49 billion in 2024, an increase of 18.8% year-on-year, with electronic price tag terminal revenue at 4.113 billion, up 16.9% year-on-year [10] Section 2: Market Dynamics - The electronic price tag market is characterized by a high concentration of leading service providers, with HanShuo Technology holding a 62% market share in China and a 28% share globally. The competitive landscape is expected to continue favoring top-tier service providers as retailers increasingly invest in digital solutions [2][15] Section 3: Company Performance - HanShuo Technology's revenue has grown from 1.19 billion in 2020 to 4.49 billion in 2024, with a CAGR of 39.3%. The net profit attributable to the parent company increased from 0.82 billion to 0.71 billion during the same period, with a CAGR of 71.3% [10][11]

Group 1: Company Overview - Hanshuo Technology focuses on IoT wireless communication technology, primarily serving the retail industry's digital transformation [6] - The company has developed a high-density, low-power cellular wireless communication protocol, enhancing applications in smart retail, smart office, and intelligent manufacturing [6] Group 2: Financial Performance - In 2024, the company achieved a revenue of 18.84 billion yuan, a year-on-year increase of 44.86% [6] - The net profit attributable to shareholders was 7.10 billion yuan, up 4.81% year-on-year [6] - For Q1 2025, revenue reached 9.81 billion yuan, a growth of 0.74% [6] - The net profit after deducting non-recurring gains was 1.65 billion yuan, increasing by 7.14% [6] - Operating cash flow net amount was 938.3 million yuan, a significant rise of 590.64% [6] Group 3: Market Position and Strategy - Over 90% of the company's business is export-oriented, with major markets in Europe, the USA, Japan, and Australia [6] - The company maintains a gross margin above 30% for 2023, 2024, and Q1 2025, although quarterly fluctuations occur due to exchange rate volatility [7] - The global electronic price tag market is projected to reach approximately 35 billion yuan by 2028, with an annual growth rate exceeding 10% [9] Group 4: Product Development and Innovation - The company is focused on enhancing store operational efficiency and improving consumer shopping experiences through various solutions, including smart shopping carts and AI applications [12][14] - Future product upgrades are expected to follow a 2-3 year cycle, focusing on improvements in color, size, thickness, and power consumption [13] - The company is exploring new digital energy solutions, responding to the demand for ESG and green energy from large retail clients [16] Group 5: Market Expansion and Customer Base - The company holds a 60% market share in China, with plans to expand its presence in regions like Singapore, Malaysia, and Poland [15] - The SaaS services are primarily targeted at large overseas clients, with service fees based on store size and commercial negotiations [16]

Summary of Conference Call Records Company Overview - The primary focus is on **Macroview Technology**, a leading global supplier of panoramic camera lenses and imaging modules, with products used in various electronic devices, including smartphones, home appliances, and automobiles [1][2]. Key Industry Insights - **Smart Automotive Sector**: Macroview Technology has established stable partnerships with major automotive manufacturers and is involved in two main projects: capacity expansion and facility upgrades, aiming to increase production capacity by approximately 27.96 million units [2][3]. - **Growth in Camera Usage**: The average number of cameras per vehicle has increased from 1.7 in 2018 to 3 in 2023, with some models, like BYD's "Heavenly Eye," featuring up to 12 cameras, indicating a rapid growth trajectory in automotive camera installations [4][7]. Financial Performance - Projected revenues for Macroview Technology from 2022 to 2024 are approximately **450 million**, **770 million**, and **1.09 billion** CNY, respectively, with a compound annual growth rate (CAGR) exceeding 50% [9]. - The company’s net profit is expected to grow from **65 million** to **165 million** CNY over the same period, reflecting a strong financial outlook [9]. Competitive Position - Macroview Technology holds a significant market share in the panoramic camera sector, with a reported growth rate of **14.2%** in this segment [3]. - The company has a deep integration with leading players in the film and television industry, achieving a **75%** share in the imaging module market for cinematic applications [6]. Emerging Trends - The electronic price tag market is projected to grow significantly, with a global market penetration of only **15%** as of 2023, indicating substantial growth potential [11]. - The company is positioned to benefit from the increasing demand for digital retail solutions, with a focus on electronic price tags as a foundational technology for digital stores [12]. Risks and Challenges - Potential risks include reliance on specific suppliers for electronic paper film, which could impact production if supply issues arise [15]. - The company faces challenges related to raw material price volatility, which could affect profit margins due to the lack of pricing power [21]. Conclusion - Macroview Technology is well-positioned in the rapidly growing sectors of panoramic cameras and smart automotive applications, with strong financial projections and a competitive edge in partnerships and market share. However, it must navigate risks associated with supply chain dependencies and raw material costs to sustain its growth trajectory.

构建智慧零售生态，打破国际品牌垄断，物联网"隐形冠军"汉朔科技（301275）成功登陆创业板，开启 企业发展新纪元。 汉朔科技凭借自主研发的无线通信协议HiLPC及其软硬件核心技术体系，在电子价签领域展现出独有优 势。 从汉朔科技的招股说明书来看，该公司自主研发的无线通信协议HiLPC，广泛适用于各产品条线通信及 数据传输，可保证通信系统运行的流畅、稳定。最新一代HiLPC协议可实现单门店承载数百台蜂窝网络 基站设备，单基站每小时更新6万片次电子价签设备，在并发量上达到行业先进水平。 从2013年正式发布第一代商用电子价签产品及第一代电子价签通信基站，并同步推出单门店方案的电子 价签软件系统至今，汉朔科技已经推出多个系列合计超过40款电子价签产品，系统软件迭代版本超过20 次。当前，汉朔科技已构建起以电子价签系统、SaaS云平台服务等软硬件产品及服务为核心的业务体 系，实现零售数字化的全领域布局。 受益于全球零售数字化行业的快速发展，电子价签行业迎来高速增长期，汉朔科技凭借自主研发的核心 技术，突围国际品牌的垄断，在行业内形成不俗竞争优势。2023年，汉朔科技全球电子价签市场份额约 28%；从收入角度来看，根 ...

Core Viewpoint - HanShuo Technology is transforming the retail industry in China through its innovative electronic price tag solutions, which enhance operational efficiency and customer experience in supermarkets [2][5][21]. Company Overview - HanShuo Technology, founded in 2012, specializes in providing digital solutions centered around electronic price tags, integrating hardware and SaaS cloud platforms [2][3]. - The company has grown to become the leading electronic price tag provider in China and the third globally, serving over 400 clients across more than 50 countries [3][20]. Business Model and Growth - The electronic price tags replace traditional paper tags, allowing for real-time updates and online payment options, significantly reducing labor and material costs for retailers [5][9]. - HanShuo's electronic price tag system can update information for 3 million tags in 80 minutes, saving supermarkets substantial operational costs [9]. - The company has established partnerships with major retailers like Yonghui and Auchan, contributing to its rapid revenue growth [15][16]. Financial Performance - HanShuo's revenue has shown strong growth, with figures of 16.13 billion RMB in 2021, 28.62 billion RMB in 2022, and 37.75 billion RMB in 2023, alongside a net profit of 6.78 billion RMB in 2023 [15]. - The company’s gross profit margin has consistently exceeded industry averages, with a margin of 37.25% in the first half of 2024 [15][16]. Market Position - HanShuo holds a 62% market share in China's electronic price tag market and approximately 28% globally, ranking among the top three in revenue within the industry [20]. - The company has a strong international presence, with significant revenue derived from overseas markets, accounting for over 90% of its income in recent years [15][16]. Research and Development - HanShuo has invested heavily in R&D, with a cumulative investment of 5.12 billion RMB from 2021 to 2024, representing 4.94% of its total revenue during that period [20]. - The introduction of the Nebular series has driven substantial sales growth, with a compound annual growth rate of 487.21% from 2020 to 2023 [18][20]. Future Plans - The company plans to raise 11.8 billion RMB through its IPO, with funds allocated for digital solution industrialization, AIoT R&D, and working capital [21].

以下文章来源于天天IPO ，作者刘博 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 浙江排队IPO。 作者 I 刘博 报道 I 投资界-天天IPO A股久违的一幕出现了。 投资界-天天IPO消息，今日（3月11日），汉朔科技股份有限公司（下称"汉朔科技"）正式登 陆创业板，首发价格2 7. 5元/股，开盘大涨187%，市值一度超300亿元。 同时鸣锣的还有永杰新材，同样开盘涨超129%，市值93亿元。 而他们，都来自浙江。 开年De e pSe e k爆红，从杭州到浙江已被外界视为产业兴城的样本。而回望历史，每一波新产业 更迭，势必会催生新一轮的城市洗牌。 离开华为 他缔造一个300亿IPO 侯世国，出生于1975年，早年毕业于北京航空航天大学，曾在华为担任技术开发7年。此后， 他又先后任职于飞杰科思和简约纳电子，负责研发等工作。这些经历，也为他日后投身电子价 签行业埋下了伏笔。 侯世国也是一次偶然机会，在海外考察时发现，当地很多超市已经采用了电子价签，更新价格 省时省力，嗅到了机会。于是在2012年，侯世国带领16人团队，落户浙江嘉兴，投身到电子价 签产品行业，成立了汉朔科技。 创业维 ...