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？ ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 65.97 RMB, based on a projected 2025 forward PE of 37x [1][5][17]. Core Insights - The company's performance in the first half of 2025 was under pressure, with revenue of 1.97 billion RMB, down 6.73% year-on-year, and net profit attributable to shareholders of 0.22 billion RMB, down 41.68% year-on-year. The decline was attributed to the impact of tariffs and order timing [5][17]. - The North American market is showing positive signs of demand recovery, particularly with the large-scale adoption of electronic shelf labels (ESL) by major retailers like Walmart, which is expected to drive growth [5][17]. - The report highlights the ongoing global digitalization trend in retail, with ESL shipments in the first half of 2025 reaching 248 million units, a 56% increase year-on-year [5][17]. - The company is expanding its digital store solutions, which include AI cameras and smart carts, aiming to enhance inventory and order management through digital integration [5][17]. Financial Summary - Projected revenues for 2025, 2026, and 2027 are 4.95 billion RMB, 5.95 billion RMB, and 7.05 billion RMB, respectively. Net profit attributable to shareholders is projected at 0.75 billion RMB, 0.92 billion RMB, and 1.15 billion RMB for the same years [3][5][17]. - The gross profit margin for the first half of 2025 was 31.59%, a decrease of 5.66 percentage points year-on-year, primarily due to increased competition and lower margins on ESL terminals [5][17]. - The company maintains a strong balance sheet with a net asset return rate projected to be 16.7% in 2025, decreasing from 33.9% in 2023 [3][5][17].

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].

Core Viewpoint - Han Shuo Technology reported a decline in revenue and net profit for the first half of 2025, attributed to factors such as U.S. tariffs, project delivery delays, and a decrease in gross margin [2][3]. Group 1: Financial Performance - Total assets reached 6.345 billion, an increase of 22.52% year-on-year [2] - Operating revenue was 1.974 billion, a decrease of 6.73% year-on-year [2] - Net profit attributable to shareholders was 222 million, down 41.68% year-on-year [2] - Net profit excluding non-recurring gains and losses was 287 million, a decline of 20.40% year-on-year [2] Group 2: Reasons for Performance Decline - U.S. tariffs have slowed customer demand in the U.S. market, which is a significant growth area [3] - Delays in project acceptance have postponed revenue recognition, expected to be realized in subsequent quarters [3] - Gross margin decreased to 31.59%, down 5.66 percentage points year-on-year, due to increased competition and lower margins on electronic price tags [3] Group 3: Market and Customer Situation - Demand in the European market is steadily increasing, particularly in Eastern and Southern Europe, as well as the UK [4] - The North American market shows good potential for customer acquisition, with clarified tariff policies aiding demand planning [4] - Penetration rates in Japan, Australia, Southeast Asia, the Middle East, and West Asia are continuously improving [4] Group 4: Product Layout and Market Strategy - The company has developed a core technology system for electronic price tags based on high-performance IoT wireless communication protocols [5] - A complete digital store solution product portfolio has been established, including AI cameras, inspection robots, and smart shopping carts [5] - The company is deepening its globalization strategy, focusing on a balanced market presence among leading global retail brands [5] Group 5: U.S. and Domestic Market Situation - The U.S. market is expected to provide strong support for revenue over the next 2-3 years [6] - Domestic electronic price tag solution penetration is below the global average, but demand from well-known retail clients is clear [6] - In 2024, domestic revenue is projected to reach 265 million, a year-on-year increase of 63.58% [6] - Global retail digitalization demand continues to grow, with electronic price tag shipments expected to reach 120 million, a year-on-year increase of 56% [6]