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汉得信息(300170):经营稳步向好,数据融合+AI驱动成效显现
Guotou Securities· 2025-09-22 07:05
Investment Rating - The investment rating for the company is "Buy-A" with a target price of 21.34 CNY, maintaining the rating [5]. Core Insights - The company has shown steady operational improvement, with a revenue of 1.575 billion CNY in the first half of 2025, representing a year-on-year growth of 3.54%. The net profit attributable to shareholders was 85 million CNY, up 1.90% year-on-year, while the net profit excluding non-recurring items increased by 31.56% to 81 million CNY. Notably, the operating cash flow turned positive for the first time in Q2 [1]. - The company has been recognized as the leader in the domestic software market with a market share of 6.12% and a year-on-year growth rate of 21.2% according to IDC [1]. - The company has been pursuing a self-developed product transformation strategy, enhancing its product system, which has led to improved profitability. The self-developed software business, including industrial and financial digitalization, grew by 9.98% year-on-year, with industrial digitalization achieving a growth rate of 13.75% [2][3]. - The gross margin for the overall self-developed software products reached 39.68%, an increase of 2.98 percentage points compared to the previous year, driven by higher product standardization and a more mature PaaS platform [2][3]. - The AI application business has made significant progress, with revenue exceeding 110 million CNY in the first half of 2025, supported by the development of various AI products tailored for B-end clients [4]. Financial Performance Summary - The company expects revenues of 3.596 billion CNY, 3.996 billion CNY, and 4.445 billion CNY for the years 2025, 2026, and 2027, respectively. The net profits are projected to be 254 million CNY, 317 million CNY, and 395 million CNY for the same years [10]. - The overall gross margin is expected to improve, with projections indicating a gross margin of 33.9% in 2025, increasing to 35.9% by 2027 [13]. - The company has a total market capitalization of approximately 18.31 billion CNY and a circulating market capitalization of about 17.64 billion CNY [5].